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Statement of Cash Flows
for the year ended 30 June 2016

Statement of Cash Flows
for the year ended 30 June 2016
2016 Forecast Actual
Budget
2015
$m
Budget
2016
$m
30 June
2016
$m
30 June
2015
$m
Cash Flows From Operations  
Cash was provided from  
67,001 68,401 Taxation receipts 69,027 64,945
4,357 4,566 Other sovereign receipts 4,685 4,731
17,352 17,130 Sales of goods and services 17,074 17,232
3,608 3,401 Interest and dividend receipts 3,430 3,364
4,621 4,044 Other operating receipts 4,131 3,823
96,939 97,542 Total cash provided from operations 98,347 94,095
Cash was disbursed to  
24,498 24,449 Transfer payments and subsidies 24,338 23,896
63,069 62,110 Personnel and operating payments 61,160 60,009
4,704 4,438 Interest payments 4,333 4,598
305 2 Forecast new operating spending
(1,025) (600) Top-down expense adjustment
91,551 90,399 Total cash disbursed to operations 89,831 88,503
5,388 7,143 Net cash flows from operations 8,516 5,592
Cash Flows From Investing Activities  
Cash was provided from  
790 510 Sale of physical assets 683 775
89,988 102,816 Sale of shares and other securities 101,343 109,854
20 Sale of intangible assets 3
1,552 1,919 Repayment of advances 1,278 1,361
25 162 Sale of investments in associates 167 241
92,355 105,427 Total cash provided from investing activities 103,471 112,234
Cash was disbursed to  
8,918 7,394 Purchase of physical assets 6,881 6,952
90,796 102,861 Purchase of shares and other securities 99,933 114,570
744 723 Purchase of intangible assets 687 635
3,177 2,881 Advances made 2,980 3,242
100 46 Acquisition of investments in associates 54 88
316 31 Forecast for new capital spending
(280) (100) Top-down capital adjustment
103,771 113,836 Total cash disbursed to investing activities 110,535 125,487
(11,416) (8,409) Net cash flows from investing activities (7,064) (13,253)
(6,028) (1,266) Net cash flows from operating and investing activities 1,452 (7,661)

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

Statement of Cash Flows (continued)
for the year ended 30 June 2016

Statement of Cash Flows (continued)
for the year ended 30 June 2016
2016 Forecast Actual
Budget
2015
$m
Budget
2016
$m
30 June
2016
$m
30 June
2015
$m
(6,028) (1,266) Net cash flows from operating and investing activities 1,452 (7,661)
Cash Flows From Financing Activities  
Cash was provided from  
164 564 Issue of circulating currency 378 372
Government share offer programme 579
8,462 8,342 Issue of Government bonds 8,029 8,058
76 Issue of foreign currency borrowings 2,480 1,227
8,010 7,834 Issue of other New Zealand dollar borrowings 8,708 14,506
16,636 16,816 Total cash provided from financing activities 19,595 24,742
Cash was disbursed to  
1,777 1,778 Repayment of Government bonds 1,779 6,510
1,494 495 Repayment of foreign currency borrowings 270 3,548
7,045 10,062 Repayment of other New Zealand dollar borrowings 14,669 7,429
464 492 Dividends paid to minority interests 509 478
10,780 12,827 Total cash disbursed to financing activities 17,227 17,965
5,856 3,989 Net cash flows from financing activities 2,368 6,777
(172) 2,723 Net movement in cash 3,820 (884)
13,209 11,982 Opening cash balance 11,982 11,888
-   331 Foreign-exchange gains/(losses) on opening cash (185) 978
13,037 15,036 Closing cash balance 15,617 11,982

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

Statement of Cash Flows (continued)
for the year ended 30 June 2016

Statement of Cash Flows (continued)
for the year ended 30 June 2016
2016 Forecast Actual
Budget
2015
$m
Budget
2016
$m
30 June
2016
$m
30 June
2015
$m
Reconciliation Between the Net Cash Flows from Operations and the Operating Balance  
5,388 7,143 Net Cash Flows from Operations 8,516 5,592
Items included in the operating balance but not in net cash flows from operations  
Gains/(losses)  
2,560 1,041 Net gains/(losses) on financial instruments 1,117 6,196
(45) (4,496) Net gains/(losses) on non-financial instruments (8,636) (1,649)
32 62 Less minority interests share of net/gains/(losses) (12) 218
2,483 (3,517) Total gains/(losses) (7,507) 4,329
Other Non-cash Items in Operating Balance  
(4,904) (4,875) Depreciation and amortisation (4,875) (4,842)
(773) (806) Cost of concessionary lending (747) (696)
(125) (82) Impairment of financial assets (excl receivables) (169) (305)
370 445 Change in accumulating pension expenses 420 373
705 170 Change in accumulating insurance expenses (597) 746
(109) (218) Other non-cash items (85) 699
(4,836) (5,366) Total other non-cash items in operating balance (6,053) (4,025)
Movements in Working Capital  
(278) (229) Increase/(decrease) in receivables (532) 141
445 286 Increase/(decrease) in accrued interest 169 196
22 (16) Increase/(decrease) in inventories 115 (105)
(10) (3) Increase/(decrease) in prepayments 70 (12)
(9) (18) Decrease/(increase) in deferred revenue (66) (149)
(215) (845) Decrease/(increase) in payables/provisions (81) (196)
(45) (825) Total movements in working capital (325) (125)
2,990 (2,565) Operating balance (excluding minority interests) (5,369) 5,771

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

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