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Statement of Cash Flows
for the year ended 30 June 2017

Statement of Cash Flows
for the year ended 30 June 2017
2017 Forecast Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m
Cash Flows From Operations  
Cash was provided from  
70,058 72,913 Taxation receipts 73,099 69,027
4,154 4,375 Other sovereign receipts 4,515 4,685
17,327 16,808 Sales of goods and services 16,948 17,074
2,686 2,481 Interest receipts 2,431 2,593
4,408 4,636 Other operating receipts 4,882 4,968
98,633 101,213 Total cash provided from operations 101,875 98,347
Cash was disbursed to  
25,384 25,492 Transfer payments and subsidies 25,293 24,338
63,751 64,081 Personnel and operating payments 62,836 61,160
4,682 4,884 Interest payments 4,179 4,333
534 230 Forecast new operating spending
(1,025) (450) Top-down expense adjustment
93,326 94,237 Total cash disbursed to operations 92,308 89,831
5,307 6,976 Net cash flows from operations 9,567 8,516
Cash Flows From Investing Activities  
Cash was provided from  
663 623 Sale of physical assets 619 683
107,199 108,473 Sale of shares and other securities 91,597 101,343
1 15 Sale of intangible assets 32
1,437 2,201 Repayment of advances 2,088 1,278
57 323 Sale of investments in associates 216 167
109,357 111,635 Total cash provided from investing activities 94,552 103,471
Cash was disbursed to  
8,634 7,970 Purchase of physical assets 6,828 6,881
111,080 109,764 Purchase of shares and other securities 90,708 99,933
838 787 Purchase of intangible assets 780 687
2,941 2,858 Advances made 3,077 2,980
399 Acquisition of investments in associates 364 54
587 170 Forecast for new capital spending
(625) (125) Top-down capital adjustment
123,455 121,823 Total cash disbursed to investing activities 101,757 110,535
(14,098) (10,188) Net cash flows from investing activities (7,205) (7,064)
(8,791) (3,212) Net cash flows from operating and investing activities 2,362 1,452
Statement of Cash Flows (continued)
2017 Forecast Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m
(8,791) (3,212) Net cash flows from operating and investing activities 2,362 1,452
Cash Flows From Financing Activities  
Cash was provided from  
175 46 Issue of circulating currency 265 378
7,893 8,014 Issue of Government bonds 7,408 8,029
3 151 Issue of foreign currency borrowings 2,534 2,480
8,184 11,172 Issue of other New Zealand dollar borrowings 15,697 8,708
16,255 19,383 Total cash provided from financing activities 25,904 19,595
Cash was disbursed to  
5,055 Repayment of Government bonds 6,080 1,779
960 2,287 Repayment of foreign currency borrowings 486 270
5,824 6,229 Repayment of other New Zealand dollar borrowings 17,507 14,669
546 651 Dividends paid to minority interests 656 509
7,330 14,222 Total cash disbursed to financing activities 24,729 17,227
8,925 5,161 Net cash flows from financing activities 1,175 2,368
134 1,949 Net movement in cash 3,537 3,820
15,036 15,617 Opening cash balance 15,617 11,982
(2) (71) Foreign-exchange gains/(losses) on opening cash (422) (185)
15,168 17,495 Closing cash balance 18,732 15,617

 

Statement of Cash Flows (continued)
2017 Forecast Actual
Budget
2016
$m
Budget
2017
$m
30 June
2017
$m
30 June
2016
$m
Reconciliation Between the Net Cash Flows from
Operations and the Operating Balance
 
5,307 6,976

Net Cash Flows from Operations

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

9,567 8,516
Gains/(losses)  
2,111 4,850 Net gains/(losses) on financial instruments 6,330 1,117
(54) 2,694 Net gains/(losses) on non-financial instruments 1,321 (8,636)
4 24 Less minority interests share of net gains/(losses) (27) (12)
2,053 7,520 Total gains/(losses) 7,678 (7,507)
Other Non-cash Items in Operating Balance  
(5,200) (5,096) Depreciation and amortisation (5,175) (4,875)
(842) (779) Cost of concessionary lending (753) (747)
(126) 33 Impairment of financial assets (excl receivables) 50 (169)
505 491 Change in accumulating pension expenses 472 420
44 (513) Change in accumulating insurance expenses (1,047) (597)
(229) (139) Other non-cash items 258 (85)
(5,848) (6,003) Total other non-cash items in operating balance (6,195) (6,053)
Movements in Working Capital  
188 675 Increase/(decrease) in receivables 1,170 (532)
879 866 Increase/(decrease) in accrued interest 312 169
(116) (128) Increase/(decrease) in inventories 57 115
(14) (30) Increase/(decrease) in prepayments 151 70
3 112 Decrease/(increase) in deferred revenue (46) (66)
606 (550) Decrease/(increase) in payables/provisions (377) (81)
1,546 945 Total movements in working capital 1,267 (325)
3,058 9,438 Operating balance (excluding minority interests) 12,317 (5,369)

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

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