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Schedule of Revenues and Expenses

for the year ended 30 June 2012

Schedule of Revenues and Expenses
2011
$m		 2012
$m

Revenue

Cash, cash equivalents and receivables
157 Crown settlement account 183
1 Crown trust account 1
2 Foreign cash and cash equivalents 2

Advances
- RBNZ 4
91 Crown Health Financing Agency 96
56 Housing New Zealand 51
21 New Zealand Railways Corporation 21
- New Zealand Transport Agency 5
- Other Crown -
11 Non-Crown 9

Financial assets
144 Marketable securities 115
10 External deposits 8
8 IMF financial assets 5
501 Total Revenue 500

Expenses
236 Treasury bills - market 230
2 Treasury bills - non-market 3
2,151 Government bonds - market 2,734
402 Government bonds - non-market 297
119 Inflation-indexed bonds - market 74
37 Inflation-indexed bonds - non-market 19
9 Kiwi bonds 8
- Euro-commercial paper -
36 Foreign currency debt 26
2 Collateral 1
(363) Derivatives[8] (323)
7 IMF allocation 4
5 Immigration investor policy bonds 2
34 Other 83
2,677 Total Expenses 3,158
11 Net FX gains/(losses) (1)
3 Net fair value (FV) gains/(losses)[9] (29)
(2,162) Net Revenue/(Expenses) (2,688)

Classes and Categories of Financial Instruments

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

Classes and Categories of Financial Instruments

2011
Amortised
Cost[10]
$m		 2011
Fair Value
Through
Profit
or Loss[11]
$m
2011
Available
for Sale
$m
2011
Carrying
Value
$m
2012
Amortised
Cost[10]
$m		 2012
Fair Value
Through
Profit
or Loss[11]
$m 		2012
Available
for Sale
$m
2012
Carrying
Value
$m

Financial Assets

Cash, cash equivalents and receivables
13,060 - - 13,060 Crown settlement account 9,060 - - 9,060
38 - - 38 Crown trust account 33 - - 33
106 1,355 - 1,461 Foreign cash and cash equivalents 79 898 - 977
536 - - 536 Debtors and receivables 233 - - 233

Advances
- 2,438 - 2,438 RBNZ - 2,158 - 2,158
- 1,750 - 1,750 Crown Health Financing Agency 22 2,180 - 2,202
703 1,156 - 1,859 Housing New Zealand 527 1,334 - 1,861
- 505 - 505 New Zealand Railways Corporation - 510 - 510
- 110 - 110 New Zealand Transport Agency - 130 - 130
- 4 - 4 Other Crown - 4 - 4
31 75 45 151 Non-Crown 18 58 49 125

Financial assets
- 3,242 - 3,242 Marketable securities - 4,708 - 4,708
- 115 - 115 External deposits - 130 - 130
- 2,489 - 2,489 Derivatives in gain - 1,682 - 1,682
2,168 - - 2,168 IMF financial assets 2,249 - - 2,249
16,642 13,239 45 29,926 Total Financial Assets by Designation 12,221 13,792 49 26,062

Financial Liabilities
3,823 - - 3,823 Crown disbursement account 4,418 - - 4,418
127 - - 127 Creditors and payables 283 - - 283
6,605 604 - 7,209 Treasury bills - market 9,119 397 - 9,516
50 - - 50 Treasury bills - non-market 479 - - 479
46,743 4,012 - 50,755 Government bonds - market 54,715 3,210 - 57,925
6,363 - - 6,363 Government bonds - non-market 4,424 - - 4,424
1,633 - - 1,633 Inflation-indexed bonds - market 1,631 - - 1,631
491 - - 491 Inflation-indexed bonds - non-market 316 - - 316
261 - - 261 Kiwi bonds 229 - - 229
- 180 - 180 Euro-commercial paper - - - -
- 587 - 587 Foreign currency debt - 307 - 307
- 1,417 - 1,417 Collateral - 1,067 - 1,067
- 1,312 - 1,312 Derivatives in loss - 638 - 638
- 210 - 210 Departmental deposits - 155 - 155
1,648 - - 1,648 IMF allocation 1,638 - - 1,638
87 - - 87 Immigration investor policy bonds 52 - - 52
1 - - 1 Other 1 41 - 42
67,832 8,322 - 76,154 Total Financial Liabilities by Designation 77,305 5,815 - 83,120

Derivatives

As at 30 June 2012, the value of derivatives was as follows:

Derivatives
2011
Carrying
Value in
Gain
$m		 2011
Carrying
Value in
Loss
$m		 2011
Net
Carrying
Value
$m		 2011
Notional
Value
$m		 2012
Carrying
Value in
Gain
$m		 2012
Carrying
Value
in Loss
$m		 2012
Net
Carrying
Value
$m		 2012
Notional
Value
$m

Derivatives
894 (764) 130 19,622 FX contracts[12] 75 (28) 47 4,115
- - - 23 FX options - (1) (1) 17
1,015 (444) 571 9,218 Cross-currency swaps 904 (399) 505 8,583
580 (104) 476 7,811 Interest-rate swaps 703 (210) 493 7,382
2,489 (1,312) 1,177 36,674 Total Derivatives 1,682 (638) 1,044 20,097

Notes

  • [8]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 FV gains/(losses) line.
  • [9]Net FV gains/(losses) on all instruments measured at fair value are separately reported as part of the overall Net FV gains/(losses) line.
  • [10]NZDMO's amortised cost assets are designated as loans and receivables.
  • [11]All "fair value through profit or loss" (FVPL) 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.
  • [12]The significant change in the Notional value of FX contracts outstanding with NZDMO from June 2011 to June 2012 relates to a change in the way services were provided by NZDMO within the Crown.
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