Audited Financial Statements

Statement of Financial Performance

Statement of Financial Performance for the year ended 30 June 2010
Forecast				Actual
Original Budget $m	Estimated Actuals $m		Note	30 June 2010 $m	30 June 2009 $m
		Revenue
51,052	50,234	Taxation revenue	2	50,347	54,145
4,860	4,663	Other sovereign revenue	2	4,682	4,118
55,912	54,897	Total revenue levied through the Crown's sovereign power		55,029	58,263
16,049	14,335	Sales of goods and services	3	14,331	15,356
3,159	3,294	Interest revenue and dividends	4	2,315	2,997
2,814	3,154	Other revenue	5	3,050	2,890
22,022	20,783	Total revenue earned through operations		19,696	21,243
77,934	75,680	Total revenue (excluding gains)		74,725	79,506
		Expenses
21,175	21,400	Transfer payments and subsidies	6	21,213	19,962
18,324	18,710	Personnel expenses	7	18,477	18,064
4,126	4,144	Depreciation and amortisation	8	4,229	4,305
34,855	32,102	Other operating expenses	9	31,338	34,116
3,349	3,571	Interest expenses	10	2,777	3,070
3,890	3,135	Insurance expenses	11	3,006	3,882
254	-	Forecast new operating spending		-	-
(300)	(455)	Top-down expense adjustment		-	-
85,673	82,607	Total expenses (excluding losses)		81,040	83,399
(7,739)	(6,927)	Operating balance before gains/(losses)		(6,315)	(3,893)
1,416	3,916	Net gains/(losses) on financial instruments	12	2,522	(2,634)
204	(205)	Net gains/(losses) on non-financial instruments	13	(960)	(4,165)
1,620	3,711	Total gains/(losses)		1,562	(6,799)
390	37	Net surplus from associates and joint ventures		227	212
(5,729)	(3,179)	Operating balance (including minority interest)		(4,526)	(10,480)
-	-	Operating balance attributable to minority interest in Air New Zealand		17	(25)
(5,729)	(3,179)	Operating balance		(4,509)	(10,505)

The accompanying notes (including accounting policies) are an integral part of these statements.

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