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Statement of Cash Flows

for the year ended 30 June 2011

Statement of Cash Flows for the year ended 30 June 2011
Forecast
30 June 2011 		Actual
Budget 10
$m 		Budget 11
$m 		Note 30 June 2011
$m 		30 June 2010
$m

Cash Flows From Operations

Cash was provided from

52,681 50,094 Taxation receipts 2 50,418 50,104
4,792 4,768 Other sovereign receipts 2 4,693 4,268
15,173 15,027 Sales of goods and services 14,899 14,411
3,592 2,558 Interest and dividend receipts 2,682 2,378
2,960 3,204 Other operating receipts 2,990 2,974
79,198 75,651 Total cash provided from operations 75,682 74,135

Cash was disbursed to

22,642 22,426 Transfer payments and subsidies 22,172 21,335
54,693 56,604 Personnel and operating payments 55,152 50,767
3,979 3,378 Interest payments 3,107 2,420
394 - Forecast new operating spending - -
(410) (250) Top-down expense adjustment - -
81,298 82,158 Total cash disbursed to operations 80,431 74,522
(2,100) (6,507) Net cash flows from operations (4,749) (387)

Cash Flows From Investing Activities

Cash was provided from

450 1,221 Sale of physical assets 521 437
35,401 43,891 Sale of shares and other securities 42,120 42,248
- - Sale of intangible assets 1 -
2,286 1,630 Repayment of advances 2,295 3,521
- - Cash balance in relation to AMI 152 -
1 45 Sale of investments in associates 53 70
38,138 46,787 Total cash provided from investing activities 45,142 46,276

Cash was disbursed to

8,292 8,523 Purchase of physical assets 6,517 6,302
36,489 48,581 Purchase of shares and other securities 50,525 40,156
513 432 Purchase of intangible assets 601 377
3,712 3,974 Issue of advances 3,298 3,831
469 24 Acquisition of investments in associates 32 268
282 - Forecast for new capital spending - -
(300) (100) Top-down capital adjustment - -
49,457 61,434 Total cash disbursed to investing activities 60,973 50,934
(11,319) (14,647) Net cash flows from investing activities (15,831) (4,658)
(13,419) (21,154) Net cash flows from operating and investing activities (20,580) (5,045)

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

Statement of Cash Flows (continued) for the year ended 30 June 2011
Forecast
30 June 2011 		Actual
Budget 10
$m 		Budget 11
$m 		30 June 2011
$m 		30 June 2010
$m
(13,419) (21,154) Net cash flows from operating and investing activities (20,580) (5,045)

Cash Flows From Financing Activities

Cash was provided from

104 359 Issue of circulating currency 234 15
13,464 22,705 Issue of Government stock and treasury bills1 25,302 13,866
1 2,360 Issue of foreign currency borrowings 2,379 3,414
7,578 8,487 Issue of other New Zealand dollar borrowings 6,245 5,091
21,147 33,911 Total cash provided from financing activities 34,160 22,386

Cash was disbursed to

1,746 3,000 Repayment of Government stock and treasury bills1 4,214 6,709
5,321 3,892 Repayment of foreign currency borrowings 570 118
680 4,362 Repayment of other New Zealand dollar borrowings 6,151 8,842
- - Dividends paid to minority interests 13 13
7,747 11,254 Total cash disbursed to financing activities 10,948 15,682
13,400 22,657 Net cash flows from financing activities 23,212 6,704
(19) 1,503 Net movement in cash 2,632 1,659
6,143 7,774 Opening cash balance 7,774 6,268
2 (174) Foreign-exchange gains/(losses) on opening cash (605) (153)
6,126 9,103 Closing cash balance 9,801 7,774
  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 183.

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

Statement of Cash Flows (continued) for the year ended 30 June 2011
Forecast
30 June 2011 		Actual
Budget 10
$m 		Budget 11
$m 		30 June 2011
$m 		30 June 2010
$m

Reconciliation Between the Net Cash Flows from Operations
and the Operating Balance

(2,100) (6,507) Net Cash Flows from Operations (4,749) (387)
Items included in the operating balance but not in net cash flows from operations

Gains/(losses)

1,250 5,144 Net gains/(losses) on financial instruments 4,619 2,522
181 1,890 Net gains/(losses) on non-financial instruments 79 (960)
1,431 7,034 Total gains/(losses) 4,698 1,562

Other Non-cash Items in Operating Balance

(4,428) (4,786) Depreciation and amortisation (4,682) (4,229)
(896) (805) Write-down on initial recognition of financial assets (807) (855)
5 52 Impairment of financial assets (excl receivables) 105 33
337 382 Decrease/(increase) in defined benefit retirement plan liabilities 358 284
(1,329) (5,922) Decrease/(increase) in insurance liabilities (13,179) (974)
135 260 Other 238 244
(6,176) (10,819) Total other non-cash items in operating balance (17,967) (5,497)

Movements in Working Capital

225 3,779 Increase/(decrease) in receivables 6,605 (338)
(162) (68) Increase/(decrease) in accrued interest (599) (420)
51 150 Increase/(decrease) in inventories 149 78
(7) (13) Increase/(decrease) in prepayments 39 18
109 195 Decrease/(increase) in deferred revenue (46) (202)
(438) (3,188) Decrease/(increase) in payables/provisions (1,490) 677
(222) 855 Total movements in working capital 4,658 (187)
(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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