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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2014

Statement of Cash Flows for the year ended 30 June 2014

Statement of Cash Flows for the year ended 30 June 2014
Forecast
Note Actual
Budget
2013
$m
Budget
2014
$m
30 June
2014
$m
30 June
2013
$m


Cash Flows From Operations
 


Cash was provided from
 
60,695 60,442 Taxation receipts 2 59,853 56,413
4,747 4,969 Other sovereign receipts 2 4,974 4,806
17,175 16,460 Sales of goods and services
16,608 16,651
3,175 2,888 Interest and dividend receipts
2,945 2,694
5,443 6,168 Other operating receipts
5,737 5,933
91,235 90,927 Total cash provided from operations
90,117 86,497


Cash was disbursed to
 
23,877 23,800 Transfer payments and subsidies
23,447 22,780
62,622 60,717 Personnel and operating payments
59,891 58,450
4,629 4,412 Interest payments
4,312 4,369
461 77 Forecast new operating spending
(600) (660) Top-down expense adjustment
90,989 88,346 Total cash disbursed to operations
87,650 85,599
246 2,581 Net cash flows from operations
2,467 898


Cash Flows From Investing Activities
 


Cash was provided from
 
553 591 Sale of physical assets
651 525
73,154 72,893 Sale of shares and other securities
77,916 75,722
Sale of intangible assets
7
1,279 1,574 Repayment of advances
1,953 1,603
47 132 Sale of investments in associates
140 287
75,033 75,190 Total cash provided from investing activities
80,660 78,144


Cash was disbursed to
 
7,787 7,378 Purchase of physical assets
6,154 5,694
78,375 78,229 Purchase of shares and other securities
83,641 69,380
516 568 Purchase of intangible assets
658 588
3,308 3,740 Advances made
3,482 3,008
(18) 98 Acquisition of investments in associates
67 7
503 13 Forecast for new capital spending
(50) (395) Top-down capital adjustment
90,421 89,631 Total cash disbursed to investing activities
94,002 78,677
(15,388) (14,441) Net cash flows from investing activities
(13,342) (533)
(15,142) (11,860) Net cash flows from operating and investing activities
(10,875) 365

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

Statement of Cash Flows for the year ended 30 June 2014 (continued)
Forecast
Note Actual
Budget
2013
$m
Budget
2014
$m
30 June
2014
$m
30 June
2013
$m
(15,142) (11,860) Net cash flows from operating and investing activities
(10,875) 365


Cash Flows From Financing Activities
 


Cash was provided from
 
141 382 Issue of circulating currency
274 234
1,500 2,216 Government share offer programme 35 2,186 1,547
10,245 7,769 Issue of Government bonds
7,716 15,458
51 621 Issue of foreign currency borrowings
1,524 447
6,010 6,536 Issue of other New Zealand dollar borrowings
6,315 10,278
17,947 17,524 Total cash provided from financing activities
18,015 27,964


Cash was disbursed to
 
2,046 Repayment of Government bonds
2,196 9,982
570 673 Repayment of foreign currency borrowings
82 3,373
3,363 6,285 Repayment of other New Zealand dollar borrowings
7,147 10,912
120 246 Dividends paid to minority interests
166 20
4,053 9,250 Total cash disbursed to financing activities
9,591 24,287
13,894 8,274 Net cash flows from financing activities
8,424 3,677
(1,248) (3,586) Net movement in cash
(2,451) 4,042
16,492 14,924 Opening cash balance
14,924 10,686
(230) Foreign-exchange gains/(losses) on opening cash
(585) 196
15,244 11,108 Closing cash balance
11,888 14,924

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

Statement of Cash Flows for the year ended 30 June 2014 (continued)
Forecast
Actual
Budget
2013
$m
Budget
2014
$m
30 June
2014
$m
30 June
2013
$m


Reconciliation Between the Net Cash Flows from Operations and the Operating Balance  
246 2,581 Net Cash Flows from Operations 2,467 898


Items included in the operating balance
but not in net cash flows from operations
 


Gains/(losses)  
1,748 3,604 Net gains/(losses) on financial instruments 4,820 7,270
443 1,590 Net gains/(losses) on non-financial instruments 540 3,706
2,191 5,194 Total gains/(losses) 5,360 10,976


Other Non-cash Items in Operating Balance  
(4,640) (4,644) Depreciation and amortisation (4,872) (4,812)
(723) (843) Write-down on initial recognition of financial assets (789) (684)
23 (18) Impairment of financial assets (excl receivables) (47) (497)
461 458 Non-cash movement in defined benefit retirement plan liabilities 442 385
2,517 1,730 Non-cash movement in insurance liabilities 1,409 1,106
201 14 Other 223 299
(2,161) (3,303) Total other non-cash items in operating balance (3,634) (4,203)


Movements in Working Capital  
(1,119) (1,346) Increase/(decrease) in receivables (1,553) (1,302)
526 222 Increase/(decrease) in accrued interest 143 257
73 18 Increase/(decrease) in inventories (41) (94)
(29) (24) Increase/(decrease) in prepayments 39 32
26 (87) Decrease/(increase) in deferred revenue (248) (2)
605 (282) Decrease/(increase) in payables/provisions 275 363
82 (1,499) Total movements in working capital (1,385) (746)
358 2,973 Operating balance 2,808 6,925

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

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