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Statement of Cash Flows

for the year ended 30 June 2010

Statement of Cash Flows for the year ended 30 June 2010
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		Note 30 June 2010
$m 		30 June 2009
$m
Cash Flows From Operations  
Cash was provided from  
50,268 50,267 Taxation receipts 2 50,104 51,119
4,290 4,282 Other sovereign receipts 2 4,268 3,716
16,472 14,497 Sales of goods and services 14,411 16,592
2,697 3,220 Interest and dividend receipts 2,378 2,792
2,734 2,973 Other operating receipts 2,974 2,204
76,461 75,239 Total cash provided from operations 74,135 76,423
Cash was disbursed to  
21,159 21,450 Transfer payments and subsidies 21,335 19,673
54,128 51,586 Personnel and operating payments 50,767 50,391
3,042 2,966 Interest payments 2,420 2,880
254 -  Forecast new operating spending -  - 
(300) (455) Top-down expense adjustment -  - 
78,283 75,547 Total cash disbursed to operations 74,522 72,944
(1,822) (308) Net cash flows from operations (387) 3,479
Cash Flows From Investing Activities  
Cash was provided from  
300 379 Sale of physical assets 437 765
27,093 42,647 Sale of shares and other securities 42,248 38,602
18 -  Sale of intangible assets -  - 
2,919 3,714 Repayment of advances 3,521 3,709
4 24 Sale of investments in associates 70 2
30,334 46,764 Total cash provided from investing activities 46,276 43,078
Cash was disbursed to  
7,979 6,989 Purchase of physical assets 6,302 6,202
23,206 44,364 Purchase of shares and other securities 40,156 40,250
368 368 Purchase of intangible assets 377 433
3,570 4,074 Issue of advances 3,831 4,838
-  -  Acquisition of Toll (NZ) Limited -  690
50 33 Acquisition of investments in associates 268 401
72 -  Capital contingency provision -  - 
(100) (125) Top-down capital adjustment -  - 
35,145 55,703 Total cash disbursed to investing activities 50,934 52,814
(4,811) (8,939) Net cash flows from investing activities (4,658) (9,736)
(6,633) (9,247) Net cash flows from operating and investing activities (5,045) (6,257)

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

Statement of Cash Flows (continued)
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2010
$m 		30 June 2009
$m
(6,633) (9,247) Net cash flows from operating and investing activities (5,045) (6,257)
Cash Flows From Financing Activities  
Cash was provided from  
181 34 Issue of circulating currency 15 475
8,991 13,459 Issue of Government stock and treasury bills[1] 13,866 6,109
169 1,898 Issue of foreign currency borrowings 3,414 2,448
6,650 4,334 Issue of other New Zealand dollar borrowings 5,091 10,772
15,991 19,725 Total cash provided from financing activities 22,386 19,804
Cash was disbursed to  
5,121 5,697 Repayment of Government stock and treasury bills[1] 6,709 3,765
3,877 2,652 Repayment of foreign currency borrowings 118 4,284
682 2,131 Repayment of other New Zealand dollar borrowings 8,842 3,003
-  -  Dividends paid to minority interests 13 17
9,680 10,480 Total cash disbursed to financing activities 15,682 11,069
6,311 9,245 Net cash flows from financing activities 6,704 8,735
(322) (2) Net movement in cash 1,659 2,478
5,353 6,268 Opening cash balance 6,268 3,804
11 (123) Foreign-exchange gains/(losses) on opening cash (153) (14)
5,042 6,143 Closing cash balance 7,774 6,268

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

Statement of Cash Flows (continued)
Forecast Actual
Original
Budget
$m 		Estimated
Actuals
$m 		30 June 2010
$m 		30 June 2009
$m
Reconciliation Between the Net Cash Flows from Operations and the Operating Balance  
(1,822) (308) Net Cash Flows from Operations (387) 3,479
Items included in the operating balance but not in net cash flows from operations  
Gains/(losses)  
1,416 3,916 Net gains/(losses) on financial instruments 2,522 (2,634)
204 (205) Net gains/(losses) on non-financial instruments (960) (4,165)
1,620 3,711 Total gains/(losses) 1,562 (6,799)
Other Non-cash Items in Operating Balance  
(4,126) (4,144) Depreciation and amortisation (4,229) (4,305)
(578) (867) Write-down on initial recognition of financial assets (855) (630)
3 (1) Impairment of financial assets (excl receivables) 33 (851)
274 243 Decrease/(increase) in defined benefit retirement plan liabilities 284 (41)
(1,209) (957) Decrease/(increase) in insurance liabilities (974) (1,592)
390 37 Other 244 187
(5,246) (5,689) Total other non-cash items in operating balance (5,497) (7,232)
Movements in Working Capital  
305 (805) Increase/(decrease) in receivables (338) 461
155 (530) Increase/(decrease) in accrued interest (420) 16
67 95 Increase/(decrease) in inventories 78 118
8 (49) Increase/(decrease) in prepayments 18 31
5 95 Decrease/(increase) in deferred revenue (202) (134)
(821) 301 Decrease/(increase) in payables 677 (445)
(281) (893) Total movements in working capital (187) 47
(5,729) (3,179) Operating balance (4,509) (10,505)

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

Notes

  • [1]Net issues of Government stock and treasury bills is after elimination of holdings by entities such as NZS Fund, ACC and EQC. Further information on the proceeds and repayments of Government stock ("domestic bonds") is available on page 167.
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