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Schedule of Revenues and Expenses

for the year ended 30 June 2010

Schedule of Revenues and Expenses
2009
$m		   2010
$m
 

Revenue

  
  Cash, cash equivalents and receivables  
110 Crown settlement account 125
- Crown trust account -
3 Foreign cash and cash equivalents 2
  Advances  
85 RBNZ (2)
84 Crown Financing Agency 84
109 Housing New Zealand 51
22 New Zealand Railways Corporation 19
(2) Non-Crown 7
  Financial assets  
171 Marketable securities 113
16 External deposits 8
1 IMF financial assets 4
599 Total Revenue 411
 

Expenses

  
142 Treasury bills - market 224
46 Treasury bills - non-market 4
1,179 Government bonds - market 1,439
429 Government bonds - non-market 392
141 Inflation-indexed bonds - market 107
42 Inflation-indexed bonds - non-market 32
33 Kiwi bonds 14
1 Euro-commercial paper -
47 Foreign currency debt 41
1 Collateral 1
(345) Derivatives[19] (381)
5 IMF allocation 4
3 Immigration investor policy bonds 3
19 Other 23
1,743 Total Expenses 1,903
(5) Net FX gains/(losses) 3
403 Net FV gains/(losses)[20] 79
(746) Net Revenue/(Expenses) (1,410)

Classes and Categories of Financial Instruments

NZDMO designates its financial assets and liabilities under the following IFRS categories:

Classes and Categories of Financial Instruments
2009
$m		   2010
$m
Amortised
Cost[21]		 Fair Value
Through
Profit
or Loss[22]		 Available
for Sale		 Carrying
Value		   Amortised
Cost[21]		 Fair Value
Through
Profit
or Loss[22]		 Available
for Sale		 Carrying
Value
       

Financial Assets

        
        Cash, cash equivalents and receivables        
8,320 - - 8,320 Crown settlement account 6,988 - - 6,988
- - - - Crown trust account 16 - - 16
61 1,044 - 1,105 Foreign cash and cash equivalents 13 1,120 - 1,133
396 - - 396 Debtors and receivables - - - -
    -   Advances     -  
- 3,170 - 3,170 RBNZ - 2,727 - 2,727
- 1,401 - 1,401 Crown Financing Agency - 1,494 - 1,494
979 834 - 1,813 Housing New Zealand 858 977 - 1,835
- 399 - 399 New Zealand Railways Corporation - 448 - 448
65 - - 65 Non-Crown 15 31 40 86
    -   Financial assets        
- 3,424 - 3,424 Marketable securities - 4,097 - 4,097
- 442 - 442 External deposits - 467 - 467
- 1,842 - 1,842 Derivatives in gain - 1,607 - 1,607
454 - - 454 IMF financial assets 2,199 - - 2,199
10,275 12,556 - 22,831 Total Financial Assets by Designation 10,089 12,968 40 23,097
       

Financial Liabilities

        
3,609 - - 3,609 Crown disbursement account 3,463 - - 3,463
5 - - 5 Creditors and payables 66 - - 66
7,294 148 - 7,442 Treasury bills - market 6,821 1,002 - 7,823
5 - - 5 Treasury bills - non-market 174 - - 174
17,709 4,777 - 22,486 Government bonds - market 26,814 3,891 - 30,705
7,144 - - 7,144 Government bonds - non-market 6,580 - - 6,580
1,552 - - 1,552 Inflation-indexed bonds - market 1,588 - - 1,588
466 - - 466 Inflation-indexed bonds - non-market 476 - - 476
491 - - 491 Kiwi bonds 309 - - 309
- 153 - 153 Euro-commercial paper - - - -
- 840 - 840 Foreign currency debt - 809 - 809
- 889 - 889 Collateral - 981 - 981
- 1,333 - 1,333 Derivatives in loss - 860 - 860
- 117 - 117 Departmental deposits - 307 - 307
336 - - 336 IMF allocation 1,820 - - 1,820
96 - - 96 Immigration investor policy bonds 92 - - 92
2 - - 2 Other 1 - - 1
38,709 8,257 - 46,966 Total Financial Liabilities by Designation 48,204 7,850 - 56,054

Derivatives

As at 30 June 2010, the value of derivatives was as follows:

Derivatives
2009   2010
Carrying
Value
in Gain
$m		 Carrying
Value
in Loss
$m		 Net
Carrying
Value
$m		 Notional

$m		   Carrying
Value
in Gain
 Carrying
Value
in Loss
 Net
Carrying
Value
$m		 Notional
Value
$m
       

Derivatives

        
1,043 (960) 83 19,930 Foreign exchange contracts 570 (530) 40 25,736
144 (259) (115) 4,763 Cross currency swaps 395 (218) 177 7,686
655 (114) 541 9,976 Interest rate swaps 642 (112) 530 8,481
- - - - Futures - - - -
1,842 (1,333) 509 34,669 Total Derivatives 1,607 (860) 747 41,903

Notes

  • [19]Net derivatives include interest (receipts and payments only) on all derivatives, both derivatives in gain and derivatives in loss. Net derivatives may be a net revenue or net expense result for a reporting period. The net result is reported under expenses for reasons of consistency. FX gains/losses on derivatives are reported as part of the overall net FX gains/(losses) line while fair value gains/losses are part of the overall net fair value gains/(losses) line.
  • [20]Net fair value gains/(losses) on all instruments measured at fair value are separately reported as Net FV gains/(losses). This represents a change in practice from prior years when fair value gains/losses were included in revenue or expenses against individual instrument types.
  • [21]NZDMO's amortised cost assets are designated as loans and receivables.
  • [22]All “fair value through profit or loss” instruments are designated by management as FVPL, with the exception of derivatives which are classified as “held for trading” and are automatically included in the FVPL category of financial instruments.
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