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Financial Statements of the Government of New Zealand for the Year Ended 30 June 2017

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 17).

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 Mercury NZ) 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% 46.07%
Genesis Energy 48.77% 47.04%
Meridian Energy 48.98% 45.77%
Mercury NZ 48.04% 45.44%

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 2017:

Crown entities Balance date Information reported to
New Zealand Symphony Orchestra 31 December 30 June 2017
School boards of trustees 31 December 31 December 2016
TEIs 31 December 30 June 2017

The results presented in the following tables use Crown accounting policies and classifications. As a consequence the results may differ from those published in individual annual reports and profit announcements.

30 June 2017 30 June 2016
Revenue
(excl gains)
$m
Expenses
(excl losses)
$m
Operating
balance
$m
Distributions
$m
Revenue
(excl gains)
$m
Expenses
(excl losses)
$m
Operating
balance
$m
Distributions
$m

State-owned Enterprises

       
Airways Corporation of New Zealand Limited 205 182 24 9 205 183 23 9
AsureQuality Limited 180 172 5 5 190 185 12 7
Landcorp Farming Limited 233 227 51 210 218 12
New Zealand Post Limited1 923 910 70 105 2,126 2,029 141 5
KiwiRail Holdings Limited 725 973 (243) 730 929 (207)
Transpower New Zealand Limited 1,067 859 272 164 1,043 821 185 178
Kordia Group Limited 202 202 (1) 8 242 229 12 6
Kiwi Group Holdings Limited1 1,014 1,011 8 1
New Zealand Railways Corporation 2
Other State-owned enterprises 429 339 6 4 360 511 114 25
Total State-owned Enterprises 4,978 4,875 194 296 5,106 5,105 292 230
Air New Zealand Limited 5,153 4,804 251 505 5,284 4,766 550 219
Genesis Energy Limited 1,942 1,884 85 164 1,975 1,889 87 162
Meridian Energy Limited 2,321 2,101 197 477 2,375 2,100 185 501
Mercury NZ Limited 1,555 1,405 183 252 1,114 989 160 228
Less minority interests (347) (509) (474) (509)
Total mixed ownership companies 10,971 10,194 369 889 10,748 9,744 508 601
Intra-segmental eliminations (478) (426) 42 (477) (641) (80)
Total SOE segment 15,471 14,643 605 1,185 15,377 14,208 720 831

Crown Entities

       
Accident Compensation Corporation 5,384 5,978 597 5,197 5,487 (3,368)
Crown Fibre Holdings Limited 26 95 (68) 2 16 95 (111) 1
Crown Research Institutes 717 688 28 677 658 25
Callaghan Innovation 266 267 249 249
District Health Boards 13,942 14,055 (114) 13,453 13,550 (98)
Earthquake Commission 83 398 (314) 364 396 (33)
Housing New Zealand Corporation 1,327 1,240 110 1,287 1,132 101 30
Museum of New Zealand Te Papa 58 63 (6) 55 62 (6)
New Zealand Fire Service Commission 411 420 (2) 388 385
New Zealand Lotteries Commission 1,145 870 275 927 723 204
New Zealand Transport Agency 2,353 2,348 81 2,400 2,398 (149)
Ōtākaro Limited 121 145 (31) 29 14 14
Public Trust 62 145 4 67 14 5
Schools 7,558 7,428 126 7,284 7,195 83
Southern Response Earthquake Services 45 347 (302) 37 225 (182)
Tāmaki Regeneration Limited 76 153 19 14 (2) (90)
Tertiary Education Commission 2,950 2,892 56 2 2,922 2,874 49 7
TEIs 238 134
Television New Zealand 318 317 1 13 326 308 13 8
Other Crown entities 2,228 2,074 107 3 2,058 2,107 (37)
Total Crown entities 39,070 39,923 805 20 37,750 37,870 (3,446) 46
Intra-segmental eliminations (727) (459) (386) (612) (446) (34)
Total Crown entities segment 38,343 39,464 419 20 37,138 37,424 (3,480) 46
  1. The comparative figures for New Zealand Post Limited include the results of Kiwi Group Holdings Limited.
30 June 2017
Purchase
of PPE
$m
Total
PPE
$m
Total
assets
$m
Borrowings
$m
Total
liabilities
$m
Equity
$m
30 June 2016
Equity
$m

State-owned Enterprises

           
Airways Corporation of New Zealand Limited 38 155 208 42 92 116 100
AsureQuality Limited 5 32 110 31 59 51 50
Landcorp Farming Limited 31 1,287 1,814 318 349 1,465 1,411
New Zealand Post Limited1 37 146 1,796 363 514 1,282 1,293
KiwiRail Holdings Limited 416 1,470 1,829 288 515 1,314 1,315
Transpower New Zealand Limited 226 4,393 5,307 3,497 4,116 1,191 1,115
Kordia Group Limited 15 67 157 19 69 88 97
Kiwi Group Holdings Limited1 11 32 20,717 19,224 19,286 1,406
New Zealand Railways Corporation 5 3,520 3,523 25 3,523 3,363
Other State-owned enterprises 9 78 416 146 379 37 35
Total State-owned Enterprises 793 11,180 35,877 23,928 25,404 10,473 8,779
Air New Zealand Limited 758 4,933 7,634 2,578 5,185 2,449 2,667
Genesis Energy Limited 32 3,405 4,186 1,309 2,230 1,956 1,961
Meridian Energy Limited 33 7,961 8,622 1,430 3,540 5,082 5,050
Mercury NZ Limited 103 5,423 5,995 1,296 2,688 3,307 3,315
Total mixed ownership companies 926 21,722 26,437 6,613 13,643 12,794 12,993
Intra-segmental eliminations (4) (172) (1,759) (319) (499) (1,260) (514)
Total SOE segment 1,715 32,730 60,555 30,222 38,548 22,007 21,258

Crown entities

           
Accident Compensation Corporation 14 28 39,944 143 41,212 (1,268) (1,865)
Crown Fibre Holdings Limited 16 39 448 11 437 633
Crown Research Institutes 62 483 827 2 213 614 579
Callaghan Innovation 11 40 160 100 60 60
District Health Boards 315 6,390 7,857 78 2,353 5,504 2,796
Earthquake Commission 3 14 1,147 1,917 (770) (457)
Housing New Zealand Corporation 583 24,910 25,900 2,070 4,305 21,595 19,164
Museum of New Zealand Te Papa 22 1,385 1,412 8 1,404 1,330
New Zealand Fire Service Commission 56 762 914 8 119 795 723
New Zealand Lotteries Commission 4 17 158 1 133 25 23
New Zealand Transport Agency 1,676 34,751 35,393 967 1,445 33,948 31,656
Ōtākaro Limited 26 159 348 148 226 122 91
Public Trust 1 4 510 451 459 51 44
Schools 262 1,563 3,274 177 875 2,399 2,231
Southern Response Earthquake Services 495 670 (175) (68)
Tāmaki Regeneration Limited 31 1,857 1,967 8 1,959 1,732
Tertiary Education Commission 4 6 680 27 554 126 71
TEIs 11,972 11,972 10,669
Television New Zealand 13 140 290 1 64 226 238
Other 30 226 1,484 75 491 993 843
Total Crown entities 3,129 72,774 135,180 4,148 55,163 80,017 70,493
Intra-segmental eliminations (175) (393) (66) (277) (116) (199)
Total Crown entities segment 3,129 72,599 134,787 4,082 54,886 79,901 70,294
  1. The comparative figures for New Zealand Post Limited include the results of Kiwi Group Holdings Limited.
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