Information on State-owned Enterprises and Crown Entities
Accounting Policies
The Crown's financial interest in State-owned enterprises (“SOEs”) and Crown entities (“CEs”) is reported in accordance with the Crown's accounting policies. Adjustments have been made to restate the financial position and financial performance of certain entities, as reported in their own financial statements, to a basis consistent with the Crown's accounting policies.
With the exception of Tertiary Education Institutions (“TEIs”) the Crown has line-by-line combined all SOEs and CEs.
The Crown has equity accounted 100% of the net assets of TEIs on the basis that, in the event of disestablishment of a TEI (which is subject to a resolution of the House), 100% of the net assets revert to the Crown in the absence of a decision to transfer the assets to a new or existing institution and, in the meantime, the Crown enjoys the benefits of the provision of a higher education to the public of New Zealand (refer note 21).
Minority Interests
The ownership interest in Air New Zealand Limited is 75.49% (2008: 76.07%). The interest in Air New Zealand Limited is included within the SOE segment.
Balance Dates
Except for those entities listed below, all SOEs and significant CE's have a balance date of 30 June, and the information reported in these financial statements is for the period ended 30 June 2009:
| SOE's | Balance date | Information reported to |
|---|---|---|
| AsureQuality Limited | 30 September | 30 June 2009 |
Crown entities: |
||
| School boards of trustees | 31 December | 31 December 2008 |
| TEI's | 31 December | 30 June 2009 |
Annual Reports
The following entity results are presented using Crown accounting policies and classifications. As a consequence they may differ from the results published in individual entity annual reports.Information on State-owned Enterprises and Crown Entities (continued)
| 30 June 2009 | 30 June 2008 | |||||
|---|---|---|---|---|---|---|
|
Revenue (excl gains) $m |
Operating balance $m |
Distributions to Crown $m |
Revenue (excl gains) $m |
Operating balance $m |
Distributions to Crown $m |
|
State-owned enterprises |
||||||
| AgriQuality New Zealand Limited | - | - | - | 17 | (5) | - |
| Airways Corporation of New Zealand Limited | 140 | 5 | 6 | 139 | 11 | 6 |
| Asure New Zealand Limited | - | - | - | 10 | 1 | 2 |
| AsureQuality Limited | 137 | 6 | 3 | 104 | 5 | - |
| Electricity Corporation of New Zealand Limited | - | - | - | 1 | - | - |
| Genesis Power Limited | 1,940 | (136) | 36 | 2,545 | 99 | 29 |
| Landcorp Farming Limited | 11 | 10 | 13 | 8 | 59 | 12 |
| Meridian Energy Limited | 1,900 | 89 | 30 | 2,609 | 129 | 298 |
| Meteorological Service of New Zealand Limited | 36 | 4 | 1 | 35 | 3 | - |
| Mighty River Power Limited | 1,118 | 160 | 56 | 1,176 | 113 | 56 |
| New Zealand Post Limited | 2,167 | 72 | 13 | 1,729 | 110 | 27 |
| New Zealand Railways Corporation | 955 | 246 | - | 241 | (45) | - |
| Solid Energy New Zealand Limited | 985 | 111 | 60 | 555 | 36 | - |
| Timberlands West Coast Limited | 6 | (4) | 25 | 19 | (24) | - |
| Transpower New Zealand Limited | 701 | 93 | - | 642 | 76 | - |
| Kordia Group Limited | 254 | (1) | - | 239 | 1 | 9 |
| Animal Control Products Limited | 6 | 1 | 1 | 6 | 1 | 1 |
| Learning Media Limited | 24 | 2 | - | 24 | (2) | - |
| Quotable Value New Zealand | 37 | 2 | 1 | 41 | 18 | 5 |
| KiwiRail Limited | 158 | (6) | - | - | - | - |
| Total State-owned enterprises | 10,575 | 654 | 245 | 10,140 | 586 | 445 |
| Air New Zealand Limited | 4,704 | 101 | 69 | 4,784 | 278 | 105 |
| Total SOE's and Air New Zealand Limited | 15,279 | 755 | 314 | 14,924 | 864 | 550 |
| Intra-segmental eliminations | (377) | 156 | - | (327) | (141) | - |
| Total per statement of segments | 14,902 | 911 | 314 | 14,597 | 723 | 550 |
Crown Entities |
||||||
| Accident Compensation Corporation | 4,734 | (4,773) | - | 4,200 | (2,408) | - |
| Crown research institutes | 675 | 11 | 10 | 644 | 21 | - |
| District health boards | - | - | ||||
| (including the Crown Health Funding Agency) | 10,641 | (161) | - | 9,896 | (24) | - |
| Earthquake Commission | 513 | 36 | - | 439 | 107 | - |
| Housing New Zealand Corporation | 962 | (64) | 2 | 891 | 18 | 13 |
| Museum of New Zealand Te Papa | 48 | (10) | - | 44 | (14) | - |
| New Zealand Fire Service Commission | 315 | 12 | - | 296 | 3 | - |
| New Zealand Transport Agency | 1,980 | 98 | 3 | - | - | - |
| Public Trust | 125 | (46) | - | 124 | (28) | - |
| Schools | 5,916 | 28 | - | 5,403 | 52 | - |
| Tertiary Education Commission | 2,795 | 52 | 49 | 2,642 | 2 | - |
| TEIs | - | 49 | - | - | 225 | - |
| Transit New Zealand | - | - | - | 1,206 | 600 | - |
| Television New Zealand | 384 | (1) | - | 392 | 19 | 10 |
| Other | 3,137 | 227 | 4 | 4,925 | 47 | 2 |
| Total Crown Entities | 32,225 | (4,542) | 68 | 31,102 | (1,380) | 25 |
| Intra-segmental eliminations | (896) | (185) | - | (2,089) | (146) | - |
| Total per statement of segments | 31,329 | (4,727) | 68 | 29,013 | (1,526) | 25 |
|
Total Financial Interest in SOEs, Crown Entities and Air New Zealand Limited |
46,231 | (3,816) | 382 | 43,610 | (803) | 575 |
