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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2010

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 74.69% (2009: 75.49%). The interest in Air New Zealand Limited is included in 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 2010:

SOE's Balance date Information reported to
AsureQuality Limited 30 September 30 June 2010
Crown entities:    
School boards of trustees 31 December 31 December 2009
TEI's 31 December 30 June 2010

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 entities' individual annual reports.

Information on State-owned Enterprises and Crown Entities
30 June 2010 30 June 2009
Revenue
(excl gains)
$m 		Expenses
(excl losses)
$m 		Operating
balance
$m 		Distributions
to Crown
$m 		Revenue
(excl gains)
$m 		Expenses
(excl losses)
$m 		Operating
balance
$m 		Distributions
to Crown
$m

State-owned enterprises

       
Airways Corporation of New Zealand Limited 145 146 (1) 5 140 136 5 6
AsureQuality Limited 136 133 4 5 137 130 6 3
Electricity Corporation of New Zealand Limited -  -  -  -  -  -  -  - 
Genesis Power Limited 1,875 1,834 69 39 1,940 1,834 (136) 36
Landcorp Farming Limited 7 163 (6) 10 11 156 10 13
Meridian Energy Limited 2,064 1,787 184 353 1,900 1,657 89 30
Meteorological Service of New Zealand Limited 37 34 2 1 36 34 4 1
Mighty River Power Limited 1,097 1,003 80 286 1,118 914 160 56
New Zealand Post Limited 1,639 1,662 1 6 1,745 1,686 72 13
New Zealand Railways Corporation 1,106 914 173 -  955 694 246 - 
Solid Energy New Zealand Limited 690 646 68 54 985 765 111 60
Timberlands West Coast Limited -  -  -  -  6 11 (4) 25
Transpower New Zealand Limited 735 541 65 -  701 544 93 - 
Kordia Group Limited 258 257 (1) -  254 254 (1) - 
Animal Control Products Limited 6 6 1 1 6 5 1 1
Learning Media Limited 24 22 2 -  24 23 2 - 
Quotable Value New Zealand 46 47 1 1 37 35 2 1
KiwiRail Limited -  -  -  -  158 164 (6) - 
Total State-owned enterprises 9,865 9,195 642 761 10,153 9,042 654 245
Air New Zealand Limited 4,083 3,991 96 70 4,704 4,881 101 69
Total SOE's and Air New Zealand Limited 13,948 13,186 738 831 14,857 13,923 755 314
Intra-segmental eliminations (369) (374) (103) -  (377) (305) 156 - 
Total per statement of segments 13,579 12,812 635 831 14,480 13,618 911 314

Crown Entities

       
Accident Compensation Corporation 5,281 3,931 2,500 -  4,734 4,829 (4,773) - 
Crown research institutes 688 693 (12) 1 675 659 11 10
District health boards (including the Crown Health Funding Agency) 11,255 11,359 (91) -  10,641 10,822 (161) - 
Earthquake Commission 434 107 363 -  513 126 36 - 
Housing New Zealand Corporation 998 1,670 (691) 132 962 909 (64) 2
Museum of New Zealand Te Papa 47 60 (12) -  48 58 (10) - 
New Zealand Fire Service Commission 313 303 9 -  315 300 12 - 
New Zealand Transport Agency 1,995 1,980 15 -  1,980 1,884 98 3
Public Trust 91 96 5 -  125 141 (46) - 
Schools 6,190 6,166 19 -  5,916 5,883 28 - 
Tertiary Education Commission 2,858 2,842 16 14 2,795 2,744 52 49
TEIs -  -  208 -  -  -  49 - 
Television New Zealand 357 385 (26) 1 384 381 (1) - 
Other 3,081 2,919 173 9 3,137 2,913 227 4
Total Crown Entities 33,588 32,511 2,476 157 32,225 31,649 (4,542) 68
Intra-segmental eliminations (942) (844) (103) -  (896) (688) (185) - 
Total per statement of segments 32,646 31,667 2,373 157 31,329 30,961 (4,727) 68
Total Financial Interest in SOEs, Crown Entities and Air New Zealand Limited 46,225 44,479 3,008 988 45,809 44,579 (3,816) 382

Information on State-owned Enterprises and Crown Entities (continued)
    30 June 2010
  Purchase
of PPE
$m 		PPE
$m 		Total
assets
$m		 Borrowings
$m 		Total
liabilities
$m 		Equity
$m		 30 June 2009
Equity
$m

State-owned enterprises

           
Airways Corporation of New Zealand Limited 10 106 141 37 96 45 52
AsureQuality Limited 7 30 59 6 27 32 34
Electricity Corporation of New Zealand Limited -  -  2 -  -  2 2
Genesis Power Limited 85 2,026 2,561 573 1,115 1,446 1,393
Landcorp Farming Limited 28 1,156 1,505 260 268 1,237 1,360
Meridian Energy Limited 453 8,207 8,712 1,869 3,642 5,070 4,284
Meteorological Service of New Zealand Limited 8 19 29 9 16 13 12
Mighty River Power Limited 199 4,308 4,886 1,255 2,206 2,680 2,622
New Zealand Post Limited 48 341 13,075 12,101 12,390 685 669
New Zealand Railways Corporation 549 13,024 13,249 503 856 12,393 12,561
Solid Energy New Zealand Limited 177 563 962 191 518 444 434
Timberlands West Coast Limited -  -  6 -  -  6 4
Transpower New Zealand Limited 481 2,985 3,590 1,804 2,108 1,482 1,427
Kordia Group Limited 21 149 252 97 156 96 97
Animal Control Products Limited 1 3 7 -  2 5 5
Learning Media Limited -  1 11 -  5 6 5
Quotable Value New Zealand 1 2 33 1 11 22 22
KiwiRail Limited -  -  -  -  -  -   - 
Total State-owned enterprises 2,068 32,920 49,080 18,706 23,416 25,664 24,983
Air New Zealand Limited 372 2,561 4,539 1,138 3,066 1,473 1,659
Total SOE's and Air New Zealand Limited 2,440 35,481 53,619 19,844 26,482 27,137 26,642
Intra-segmental eliminations (238) (246) (380) (97) (123) (257) (183)
Total per statement of segments 2,202 35,235 53,239 19,747 26,359 26,880 26,459

Crown Entities

           
Accident Compensation Corporation 19 55 17,211 25 27,463 (10,252) (12,751)
Crown research institutes 70 510 714 35 229 485 497
District health boards (including the Crown Health Funding Agency) 526 4,487 7,158 3,194 5,043 2,115 2,151
Earthquake Commission 3 15 6,028 -  93 5,935 5,571
Housing New Zealand Corporation 306 15,167 15,467 1,954 3,951 11,516 11,779
Museum of New Zealand Te Papa 9 1,104 1,133 -  11 1,122 1,024
New Zealand Fire Service Commission 47 523 573 2 79 494 479
New Zealand Transport Agency 1,267 24,858 25,320 -  366 24,954 24,299
Public Trust 1 7 920 891 900 20 (15)
Schools 131 1,323 2,528 110 800 1,728 1,732
Tertiary Education Commission 1 4 123 21 99 24 21
TEIs -  -  7,740 -  -  7,740 7,417
Television New Zealand 21 152 294 37 104 190 217
Other 32 168 1,289 42 632 657 565
Total Crown Entities 2,433 48,373 86,498 6,311 39,770 46,728 42,986
Intra-segmental eliminations -  (264) (1,750) (1,476) (1,514) (236) (208)
Total per statement of segments 2,433 48,109 84,748 4,835 38,256 46,492 42,778
Total Financial Interest in SOEs, Crown Entities and Air New Zealand Limited 4,635 83,344 137,987 24,582 64,615 73,372 69,237
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