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

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).

Mixed Ownership Companies

In addition to the core Crown's direct investment in the mixed ownership companies (Air New Zealand, Genesis Energy, Meridian Energy and Mighty River Power) a number of Crown Financial Institutions (CFIs) have invested in the company as part of their normal investment activities. These investments have the effect of reducing the overall minority interest.

Company % minority interest
before CFI investment  
% minority interest
after CFI investment  
Air New Zealand 47.58% 44.78%
Genesis Energy 47.61% 45.05%
Meridian Energy 48.96% 43.83%
Mighty River Power 47.36% 44.44%

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 2014:

SOEs Balance date Information reported to

SOEs

   
AsureQuality Limited 30 September 30 June 2014

Crown entities

   
New Zealand Symphony Orchestra 31 December 30 June 2014
School boards of trustees 31 December 31 December 2013
TEIs 31 December 30 June 2014

Annual Reports

The results presented in the following tables use Crown accounting policies and classifications. These may differ from those used by the company in their own reporting. As a consequence the results may differ from those published in individual annual reports and profit announcements.


 30 June 2014  30 June 2013
Revenue (excl gains)
$m
Expenses (excl losses)
$m
Operating balance
$m
Distri-butions
$m
Revenue (excl gains)
$m
Expenses (excl losses
$m
Operating balance
$m
Distributions to Crown
$m

State-owned enterprises

       
Airways Corporation of New Zealand Limited 181 169 12 3 183 161 22 2
AsureQuality Limited 173 162 13 10 160 151 10 8
Landcorp Farming Limited 246 232 55 5 195 190 (18) 20
Meteorological Service of New Zealand Limited 46 42 3 2 42 39 3 1
New Zealand Post Limited 2,176 2,073 107 14 2,212 2,171 121 14
KiwiRail Holdings Limited 836 1,005 (174) 912 971 (45)
Solid Energy New Zealand Limited 467 652 (182) 634 972 (334)
Transpower New Zealand Limited 1,004 799 216 197 917 693 264 363
Kordia Group Limited 303 312 (9) 4 309 306 4 2
Animal Control Products Limited 6 5 1 1 4 4 1
Learning Media Limited 1 4 (3) 19 19 (1)
Quotable Value New Zealand 41 38 5 8 43 44 1 6
New Zealand Railways Corporation 1 (1) 1 (1)
Total State-owned enterprises 5,480 5,494 43 244 5,630 5,722 26 417
Air New Zealand Limited 4,695 4,444 152 105 4,650 4,404 344 71
Genesis Energy Limited 1,961 1,948 50 121 2,007 1,993 100 57
Meridian Energy Limited 2,517 2,311 230 261 2,714 2,614 295 100
Mighty River Power Limited 1,258 1,085 213 173 1,372 1,345 115 112
Less minority interests (173) (166) (75) (20)
Total mixed ownership companies 10,431 9,788 472 494 10,743 10,356 779 320
Intra-segmental eliminations (423) (374) (87) (437) (326) (191)
Total SOE segment 15,488 14,908 428 738 15,936 15,752 614 737

Crown Entities

       
Accident Compensation Corporation 5,679 4,649 2,145 5,687 4,246 4,929
Crown Asset Management 9 4 21 67 27 10 77
Crown Fibre Holdings Limited 16 171 (154) 11 109 (98)
Crown Research Institutes 647 633 22 2 638 620 18
Callaghan Innovation 179 176 1 144 139 3
District Health Boards 12,793 12,796 (4) 12,725 12,457 267
Earthquake Commission 222 (67) 289 160 (35) 175
Housing New Zealand Corporation 1,146 1,000 182 90 1,125 974 178 77
Museum of New Zealand Te Papa 53 61 (8) 53 59 (6)
New Zealand Fire Service Commission 354 349 5 355 327 29
New Zealand Lotteries Commission 943 715 226 901 698 202
New Zealand Transport Agency 2,163 1,974 189 2,056 2,003 57
Public Trust 69 68 5 78 82 10
Schools 6,759 6,714 40 6,640 6,597 36
Southern Response Earthquake Services (3) 111 (116) 61 20 52
Tertiary Education Commission 2,819 2,816 2 2,759 2,749 6 6
TEIs 242 169
Television New Zealand 353 336 15 361 342 14 11
Other Crown entities 1,911 1,902 18 4 1,692 1,689 24 4
Total Crown entities 36,112 34,408 3,120 163 35,473 33,086 6,142 98
Intra-segmental eliminations (714) (452) (246) (409) (225) (265)
Total Crown entities segment 35,398 33,956 2,874 163 35,064 32,861 5,877 98

The results presented in the table above use Crown accounting policies and classifications. These may differ from those used by the company in their own reporting. As a consequence the results may differ from those published in individual annual reports and profit announcements.


 30 June 2014
Purchase of PPE
$m
Total PPE
$m
Total assets
$m
Borrowings
$m
Total liabilities
$m
Equity
$m
30 June 2013
Equity
$m

State-owned enterprises

           
Airways Corporation of New Zealand Limited 34 130 162 37 85 77 68
AsureQuality Limited 6 29 80 14 40 40 38
Landcorp Farming Limited 49 1,277 1,748 285 320 1,428 1,318
Meteorological Service of New Zealand Limited 3 23 43 17 25 18 17
New Zealand Post Limited 23 157 17,557 16,133 16,512 1,045 943
KiwiRail Holdings Limited 331 1,416 1,628 235 446 1,182 1,207
Solid Energy New Zealand Limited 13 257 658 336 618 40 92
Transpower New Zealand Limited 445 4,644 5,696 3,781 4,240 1,456 1,438
Kordia Group Limited 15 84 206 66 126 80 93
Animal Control Products Limited 2 8 2 6 5
Learning Media Limited 3
Quotable Value New Zealand 1 24 3 10 14 18
New Zealand Railways Corporation 3,272 3,272 3,272 3,273
Total State-owned enterprises 919 11,292 31,082 20,907 22,424 8,658 8,513
Air New Zealand Limited 597 3,003 5,836 1,790 3,983 1,853 1,881
Genesis Energy Limited 68 3,101 3,629 1,025 1,749 1,880 1,949
Meridian Energy Limited 293 6,929 7,570 1,306 2,936 4,634 4,688
Mighty River Power Limited 81 5,095 5,688 1,273 2,469 3,219 3,182
Total mixed ownership companies 1,039 18,128 22,723 5,394 11,137 11,586 11,700
Intra-segmental eliminations (879) (1,323) (116) (131) (1,192) (1,067)
Total SOE segment 1,958 28,541 52,482 26,185 33,430 19,052 19,146

Crown Entities

           
Accident Compensation Corporation 72 33 31,399 202 31,508 (109) (2,254)
Crown Asset Management 4 48 4 44 117
Crown Fibre Holdings Limited 78 247 371 18 47 324 240
Crown Research Institutes 47 440 708 180 528 511
Callaghan Innovation 4 29 105 61 44 43
District Health Boards 334 5,455 7,017 2,352 4,510 2,507 2,765
Earthquake Commission 6 20 3,660 4,741 (1,081) (1,417)
Housing New Zealand Corporation 286 18,678 19,593 1,932 4,031 15,562 13,327
Museum of New Zealand Te Papa 9 1,226 1,251 7 1,244 1,193
New Zealand Fire Service Commission 49 614 684 6 91 593 557
New Zealand Lotteries Commission 7 15 136 3 114 22 29
New Zealand Transport Agency 1,369 28,580 29,059 (14) 381 28,678 26,115
Public Trust 1 6 559 505 516 43 39
Schools 185 1,388 2,817 122 889 1,928 1,884
Southern Response Earthquake Services 1 1 1,323 1,434 (111) 5
Tertiary Education Commission 2 59 20 35 24 22
TEIs 8,508 8,508 8,060
Television New Zealand 8 84 251 53 198 186
Other Crown entities 94 250 1,936 663 1,128 808 693
Total Crown entities 2,554 57,068 109,484 5,809 49,730 59,754 52,115
Intra-segmental eliminations (19) (266) (1,062) (654) (739) (323) (223)
Total Crown entities segment 2,535 56,802 108,422 5,155 48,991 59,431 51,892

The results presented in the table above use Crown accounting policies and classifications. These may differ from those used by the company in their own reporting. As a consequence the results may differ from those published in individual annual reports and profit announcements.

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