Audited Financial Statements

Statement of Financial Performance

Statement of Financial Performance for the year ended 30 June 2011
Budget 10 $m	Budget 11 $m		Note	30 June 2011 $m	30 June 2010 $m
Forecast 30 June 2011			Note	Actual
		Revenue
53,457	50,640	Taxation revenue	2	51,128	50,347
5,759	5,444	Other sovereign revenue	2	5,281	4,682
59,216	56,084	Total revenue levied through the Crown's sovereign power		56,409	55,029
15,399	15,128	Sales of goods and services	3	15,084	14,331
4,063	2,618	Interest revenue and dividends	4	2,570	2,315
3,103	6,339	Other revenue	5	7,500	3,050
22,565	24,085	Total revenue earned through operations		25,154	19,696
81,781	80,169	Total revenue (excluding gains)		81,563	74,725
		Expenses
22,628	22,340	Transfer payments and subsidies	6	22,172	21,213
19,109	18,859	Personnel expenses	7	19,088	18,477
4,428	4,786	Depreciation and amortisation	8	4,682	4,229
35,927	38,137	Other operating expenses	9	35,829	31,338
4,612	3,506	Interest expenses	10	3,596	2,777
3,725	9,519	Insurance expenses	11	14,592	3,006
394	-	Forecast new operating spending		-	-
(410)	(250)	Top-down expense adjustment		-	-
90,413	96,897	Total expenses (excluding losses)		99,959	81,040
(8,632)	(16,728)	Operating balance before gains/(losses)		(18,396)	(6,315)
1,250	5,144	Net gains/(losses) on financial instruments	12	4,619	2,522
181	1,890	Net gains/(losses) on non-financial instruments	13	79	(960)
1,431	7,034	Total gains/(losses)		4,698	1,562
134	257	Net surplus from associates and joint ventures		237	227
(7,067)	(9,437)	Operating balance (including minority interest)		(13,461)	(4,526)
-	-	Operating balance attributable to minority interest in Air New Zealand		101	17
(7,067)	(9,437)	Operating balance		(13,360)	(4,509)

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

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