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

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 of Parliament), 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 73.13% (2011: 73.72%). 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 2012:

Balance Dates
  Balance date Information reported to

SOEs

    
AsureQuality Limited 30 September 30 June 2012

Crown entities:

    
New Zealand Symphony Orchestra 31 December 30 June 2012
School boards of trustees 31 December 31 December 2011
TEIs 31 December 30 June 2012

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.

Annual Reports
 30 June 2012  30 June 2011
Revenue
(excl
gains) 		Expenses
(excl
losses) 		Operating
balance
 		 Distributions
to Crown 		Revenue
(excl
gains) 		Expenses
(excl
losses) 		Operating
balance 		Distributions
to Crown
$m $m $m $m $m $m $m $m

State-owned enterprises

       
Airways Corporation of New Zealand Limited 164 154 9 5 152 147 5 6
AsureQuality Limited 154 148 7 7 148 141 8 5
Genesis Power Limited 2,233 2,163 90 -  1,777 1,742 53 - 
Landcorp Farming Limited 3 181 (9) 28 3 189 117 18
Meridian Energy Limited 2,577 2,530 75 141 2,056 1,805 303 684
Meteorological Service of New Zealand Limited 42 40 1 1 38 35 3 2
Mighty River Power Limited 1,499 1,309 70 121 1,153 1,002 128 95
New Zealand Post Limited 1,836 1,785 170 12 1,824 1,860 (36) 11
New Zealand Railways Corporation 890 3,173 (1,812) -  1,016 845 34 - 
Solid Energy New Zealand Limited 983 1,063 (40) 30 833 776 87 20
Transpower New Zealand Limited 795 581 85 110 737 568 78 - 
Kordia Group Limited 398 386 12 1 294 308 (15) - 
Animal Control Products Limited 6 5 1 1 7 6 2 1
Learning Media Limited 27 28 (1) -  23 23 1 - 
Quotable Value New Zealand 46 44 3 -  46 50 (3) - 
AMI Insurance Limited 262 422 (25) -  157 177 (19) - 
Total State-owned enterprises 11,915 14,012 (1,364) 457 10,264 9,674 746 842
Air New Zealand Limited 4,508 4,286 208 49 4,374 4,132 31 76
Total State-owned enterprises and Air New Zealand Limited 16,423 18,298 (1,156) 506 14,638 13,806 777 918
Intra-segmental eliminations (392) (675) (267) -  (392) (357) (450) - 
Total per statement of segments 16,031 17,623 (1,423) 506 14,246 13,449 327 918

Crown Entities

       
Accident Compensation Corporation 5,649 4,124 (474) -  5,643 4,047 3,548 - 
Crown Asset Management -  1 1 -  -  -  -  - 
Crown Fibre Holdings Limited 3 24 (21) -  1 24 (23) - 
Crown Research Institutes 705 675 21 2 684 667 18 1
District Health Boards (including the Crown Health Funding Agency) 12,161 12,199 (25) -  11,717 11,727 (8) - 
Earthquake Commission 729 1,112 (436) -  4,624 11,817 (7,083) - 
Housing New Zealand Corporation 1,096 907 120 68 1,283 948 275 71
Museum of New Zealand Te Papa 54 60 (7) -  45 59 (12) - 
New Zealand Fire Service Commission 339 317 21 -  330 324 2 - 
New Zealand Transport Agency 1,995 1,955 38 -  1,918 1,965 (46) - 
Public Trust 87 89 8 -  88 95 1 - 
Schools 6,608 6,562 38 -  6,334 6,309 20 - 
Southern Response Earthquake Services 5 243 (164) -  -  -  -  - 
Tertiary Education Commission 2,763 2,725 37 36 2,799 2,792 7 10
TEIs -  -  134 -  -  -  168 - 
Television New Zealand 382 363 8 14 377 366 -  5
Other Crown entities 2,609 2,420 208 5 2,996 2,826 159 7
Total Crown entities 35,185 33,776 (493) 125 38,839 43,966 (2,974) 94
Intra-segmental eliminations (714) (556) (148) -  (803) (638) (169) - 
Total per statement of segments 34,471 33,220 (641) 125 38,036 43,328 (3,143) 94
Total financial interest in SOEs, Crown entities and
Air New Zealand Limited 		50,502 50,843 (2,064) 631 52,282 56,777 (2,816) 1,012
Annual Reports
 30 June 2012 30 June 2011
Purchase
of PPE 		Total
PPE 		Total
assets 		Borrowings Total
liabilities 		Equity
  		Equity
$m $m $m $m $m $m $m

State-owned enterprises

             
Airways Corporation of New Zealand Limited 17 109 143 30 96 47 44
AsureQuality Limited 4 28 73 13 38 35 35
Electricity Corporation of New Zealand Limited -  -  -  -  -  -  1
Genesis Power Limited 70 3,010 3,636 1,095 1,835 1,801 1,712
Landcorp Farming Limited 47 1,196 1,653 304 321 1,332 1,355
Meridian Energy Limited 517 7,964 8,684 2,151 3,859 4,825 4,931
Meteorological Service of New Zealand Limited 4 25 38 17 24 14 14
Mighty River Power Limited 311 5,063 5,867 1,625 2,850 3,017 2,907
New Zealand Post Limited 27 315 15,834 14,667 15,021 813 647
New Zealand Railways Corporation 513 4,045 4,262 560 802 3,460 12,638
Solid Energy New Zealand Limited 160 702 1,111 313 688 423 519
Transpower New Zealand Limited 812 4,037 4,933 2,972 3,397 1,536 1,561
Kordia Group Limited 30 114 254 76 163 91 81
Animal Control Products Limited -  3 7 -  1 6 6
Learning Media Limited 1 1 12 -  7 5 6
Quotable Value New Zealand -  1 30 -  7 23 20
AMI Insurance Limited 5 -  -  -  -  -  216
Total State-owned enterprises 2,518 26,613 46,537 23,823 29,109 17,428 26,693
Air New Zealand Limited 527 2,836 5,066 1,706 3,759 1,307 1,027
Total State-owned enterprises and Air New Zealand Limited 3,045 29,449 51,603 25,529 32,868 18,735 27,720
Intra-segmental eliminations (38) (181) (346) (155) (213) (133) (480)
Total per statement of segments 3,007 29,268 51,257 25,374 32,655 18,602 27,240

Crown Entities

             
Accident Compensation Corporation 84 52 25,543 37 32,725 (7,182) (6,707)
Crown Asset Management -  -  106 -  8 98 - 
Crown Fibre Holdings Limited 33 65 159 -  2 157 12
Crown Research Institutes 51 511 732 9 206 526 502
District Health Boards (including the Crown Health Funding Agency) 547 5,074 8,402 4,041 6,067 2,335 2,133
Earthquake Commission 11 24 7,301 -  8,894 (1,593) (1,157)
Housing New Zealand Corporation 125 15,164 15,884 2,049 3,905 11,979 11,611
Museum of New Zealand Te Papa 6 1,172 1,204 -  11 1,193 1,158
New Zealand Fire Service Commission 39 548 613 9 102 511 497
New Zealand Transport Agency 1,123 25,957 26,364 130 481 25,883 25,027
Public Trust 3 9 821 778 791 30 22
Schools 88 1,356 2,636 111 812 1,824 1,741
Southern Response Earthquake Services -  1 2,015 -  2,062 (47) - 
Tertiary Education Commission 1 3 86 45 64 22 20
TEIs -  -  7,914 -  -  7,914 7,968
Television New Zealand 6 117 269 11 86 183 184
Other Crown entities 27 308 1,347 37 542 805 797
Total Crown entities 2,144 50,361 101,396 7,257 56,758 44,638 43,808
Intra-segmental eliminations (8) (422) (2,495) (1,932) (2,076) (422) (378)
Total per statement of segments 2,136 49,939 98,901 5,325 54,682 44,216 43,430
Total financial interest in SOEs, Crown entities and Air New Zealand Limited 5,143 79,207 150,158 30,699 87,337 62,818 70,670
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