Note 22: Intangible Assets and Goodwill
| Forecast | Actual | |||
|---|---|---|---|---|
|
Original Budget $m |
Estimated Actuals $m |
30 June 2009 $m |
30 June 2008 $m |
|
By type |
||||
| Computer software | 1,177 | 1,045 | ||
| Net Kyoto position (refer note 27) | 207 | - | ||
| Goodwill | 461 | 444 | ||
| Other intangible assets | 323 | 262 | ||
| 1,929 | 1,928 | Total intangible assets and goodwill | 2,168 | 1,751 |
By maturity |
||||
| Expected to be sold or consumed within one year | 318 | 287 | ||
| Expected to be sold or consumed after one year | 1,850 | 1,464 | ||
| Total intangible assets and goodwill | 2,168 | 1,751 | ||
By source |
||||
| 1,053 | 933 | Core Crown | 1,135 | 845 |
| 337 | 404 | Crown entities | 425 | 386 |
| 539 | 591 | State-owned enterprises | 607 | 520 |
| - | - | Inter-segment eliminations | 1 | - |
| 1,929 | 1,928 | Total intangible assets and goodwill | 2,168 | 1,751 |
| Actual | ||
|---|---|---|
|
30 June 2009 $m |
30 June 2008 $m |
|
Computer Software |
||
Internally-Generated Computer Software |
||
Cost |
||
| Opening balance | 1,839 | 1,533 |
| Additions | 287 | 342 |
| Disposals | (95) | (70) |
| Other movements | (97) | 34 |
| Total cost | 1,934 | 1,839 |
Accumulated Amortisation |
||
| Opening balance | 1,103 | 880 |
| Eliminated on disposal | (89) | (64) |
| Impairment losses charged to operating balance | (3) | 11 |
| Reversals of impairment losses charged to operating balance | - | - |
| Amortisation | 189 | 178 |
| Other movements | (27) | 98 |
| Total accumulated amortisation | 1,173 | 1,103 |
| Carrying value of internally-generated computer software | 761 | 736 |
Purchased Computer Software |
||
Cost |
||
| Opening balance | 1,067 | 1,046 |
| Additions | 216 | 176 |
| Disposals | (25) | (59) |
| Other movements | 57 | (96) |
| Total cost | 1,315 | 1,067 |
Accumulated Amortisation |
||
| Opening balance | 758 | 755 |
| Eliminated on disposal | (14) | (41) |
| Impairment losses charged to operating balance | 2 | - |
| Reversals of impairment losses charged to operating balance | (1) | - |
| Amortisation | 129 | 109 |
| Other movements | 25 | (65) |
| Total accumulated amortisation | 899 | 758 |
| Carrying value of purchased computer software | 416 | 309 |
| Total computer software | 1,177 | 1,045 |
| Actual | ||
|---|---|---|
|
30 June 2009 $m |
30 June 2008 $m |
|
Net Kyoto Position/(Provision) |
||
| Opening net position/(provision) | (562) | (704) |
| Change in the price of carbon and foreign exchange rate | (41) | (226) |
| Change in net projected emission units | 810 | 368 |
| Closing net position/(provision) | 207 | (562) |
|
30 June 2009 Emission Units million tonnes (Mt) |
30 June 2008 Emission Units million tonnes (Mt) |
|
|---|---|---|
Net Kyoto Position |
||
| Kyoto target (assigned amount units) | 309.6 | 309.6 |
| Less AAUs allocated to emission reducing projects | 6.8 | 7.0 |
| Total commitment target | 302.8 | 302.6 |
Projected emission units |
||
| Agriculture | 184.0 | 198.5 |
| Energy (incl. transport) and industrial processes | 185.6 | 185.6 |
| Waste | 8.3 | 7.2 |
| Solvent and other product use | 0.2 | 0.2 |
| Total projected emission units | 378.1 | 391.5 |
| Removals via forest | 92.3 | 84.1 |
| Deforestation emissions | (7.4) | (16.9) |
| Less net removals via forests | 84.9 | 67.2 |
| Net projected emission units | 293.2 | 324.3 |
| Surplus/(deficit) in units | 9.6 | (21.7) |
The New Zealand Government has committed under the Kyoto Protocol to ensuring that New Zealand's average net emissions of greenhouse gases over 2008-2012 (the first commitment period of the Kyoto Protocol or CP1) is reduced to 1990 levels or to take responsibility for the difference. New Zealand can meet its commitment through emissions reductions and use of the Kyoto Protocol flexibility mechanisms such as Joint Implementation, the Clean Development Mechanism, and offsetting increased emissions against carbon removed by forests. The position will crystallise when the first Kyoto commitment period is settled up post-2012. These financial statements report on the New Zealand Government's obligations for the first commitment period, but not for future commitment periods which are currently being negotiated.
New Zealand's net Kyoto position as at 30 June 2009 of $NZ207 million (2008: $NZ(562) million) is based on the projected surplus of 9.6 million Kyoto Protocol emission units and a carbon price of €10 per unit. The carbon price in New Zealand dollars equates to $NZ21.61, using the 30 June 2009 exchange rate of €0.46280 = $NZ1 (30 June 2008: €0.48285 = $NZ1, and a carbon price of €12.50 per unit).
The carbon price has been determined by the Treasury, based on market transactions that have occurred.
