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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2016

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 19).

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 (now Mercury NZ Limited)) a number of Crown Financial Institutions (CFIs) have invested in the companies 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 48.09% 45.89%
Genesis Energy 48.77% 46.14%
Meridian Energy 48.98% 45.57%
Mighty River Power (now Mercury NZ Limited) 48.85% 45.64%

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 2016:

Crown entities Balance date Information reported to
New Zealand Symphony Orchestra 31 December 30 June 2016
School boards of trustees 31 December 31 December 2015
TEIs 31 December 30 June 2016
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