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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2012

Statement of Cash Flows
for the year ended 30 June 2012

Statement of Cash Flows
Forecast
30 June 2012 		Note Actual
Budget 11
$m 		Budget 12
$m 		30 June
2012
$m 		30 June
2011
$m
Cash Flows From Operations   
Cash was provided from   
53,959 53,178 Taxation receipts 2 53,582 50,418
4,878 4,889 Other sovereign receipts 2 4,890 4,693
16,046 16,284 Sales of goods and services 16,812 14,899
2,594 2,808 Interest and dividend receipts 2,603 2,682
4,536 4,738 Other operating receipts 4,395 2,990
82,013 81,897 Total cash provided from operations 82,282 75,682
Cash was disbursed to   
23,435 23,049 Transfer payments and subsidies 22,840 22,172
59,108 60,303 Personnel and operating payments 59,107 55,152
4,583 4,045 Interest payments 3,954 3,107
463 87 Forecast new operating spending -  - 
(310) (450) Top-down expense adjustment -  - 
87,279 87,034 Total cash disbursed to operations 85,901 80,431
(5,266) (5,137) Net cash flows from operations (3,619) (4,749)
Cash Flows From Investing Activities   
Cash was provided from   
393 757 Sale of physical assets 596 521
50,570 57,796 Sale of shares and other securities 61,477 48,191
-  -  Sale of intangible assets 1 1
1,733 1,302 Repayment of advances 1,845 2,295
-  -  Cash balance in relation to AMI -  152
45 169 Sale of investments in associates 181 53
52,741 60,024 Total cash provided from investing activities 64,100 51,213
Cash was disbursed to   
8,245 7,231 Purchase of physical assets 6,362 6,517
45,943 53,098 Purchase of shares and other securities 61,053 54,967
532 547 Purchase of intangible assets 568 601
3,772 3,401 Issue of advances 3,129 3,298
182 67 Acquisition of investments in associates 296 32
142 88 Forecast for new capital spending -  - 
(170) (250) Top-down capital adjustment -  - 
58,646 64,182 Total cash disbursed to investing activities 71,408 65,415
(5,905) (4,158) Net cash flows from investing activities (7,308) (14,202)
(11,171) (9,295) Net cash flows from operating and investing activities (10,927) (18,951)

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

Statement of Cash Flows (continued)
for the year ended 30 June 2012

Statement of Cash Flows (continued)
Forecast
30 June 2012 		Actual
Budget 11
$m 		Budget 12
$m 		30 June
2012
$m 		30 June
2011
$m
(11,171) (9,295) Net cash flows from operating and investing activities (10,927) (18,951)
Cash Flows From Financing Activities   
Cash was provided from   
219 306 Issue of circulating currency 203 234
13,580 16,951 Issue of Government stock and treasury bills 15,155 19,231
900 458 Issue of foreign currency borrowings 1,004 2,379
13,756 16,760 Issue of other New Zealand dollar borrowings 14,196 6,245
28,455 34,475 Total cash provided from financing activities 30,558 28,089
Cash was disbursed to  
7,602 7,602 Repayment of Government stock and treasury bills 7,601 - 
7,539 9,232 Repayment of foreign currency borrowings 7,426 570
2,366 3,300 Repayment of other New Zealand dollar borrowings 3,843 5,923
-  -  Dividends paid to minority interests 7 13
17,507 20,134 Total cash disbursed to financing activities 18,877 6,506
10,948 14,341 Net cash flows from financing activities 11,681 21,583
(223) 5,046 Net movement in cash 754 2,632
9,103 9,801 Opening cash balance 9,801 7,774
6 52 Foreign-exchange gains/(losses) on opening cash 131 (605)
8,886 14,899 Closing cash balance 10,686 9,801

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

Statement of Cash Flows (continued)
for the year ended 30 June 2012

Statement of Cash Flows (continued)
Forecast
30 June 2012 		Actual
Budget 11
$m 		Budget 12
$m 		30 June
2012
$m 		30 June
2011
$m
Reconciliation Between the Net Cash Flows from Operations and the Operating Balance  
(5,266) (5,137) Net Cash Flows from Operations (3,619) (4,749)
Items included in the operating balance
but not in net cash flows from operations 		 
Gains/(losses)  
1,973 917 Net gains/(losses) on financial instruments 692 4,619
172 (3,371) Net gains/(losses) on non-financial instruments (6,526) 79
2,145 (2,454) Total gains/(losses) (5,834) 4,698
Other Non-cash Items in Operating Balance  
(4,631) (4,520) Depreciation and amortisation (6,350) (4,682)
(806) (855) Write-down on initial recognition of financial assets (850) (807)
85 82 Impairment of financial assets (excl receivables) 248 105
377 483 Non-cash movement in defined benefit retirement plan liabilities 512 358
1,269 1,080 Non-cash movement in insurance liabilities 1,070 (13,179)
307 253 Other 232 238
(3,399) (3,477) Total other non-cash items in operating balance (5,138) (17,967)
Movements in Working Capital  
(1,081) (312) Increase/(decrease) in receivables (242) 6,605
356 (111) Increase/(decrease) in accrued interest (175) (599)
70 (7) Increase/(decrease) in inventories (74) 149
(3) 25 Increase/(decrease) in prepayments 32 39
62 244 Decrease/(increase) in deferred revenue (38) (46)
(177) 587 Decrease/(increase) in payables/provisions 191 (1,490)
(773) 426 Total movements in working capital (306) 4,658
(7,293) (10,642) Operating balance (14,897) (13,360)

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

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