2012-13 Government Mid-year Financial Projections Statement

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2012-13 Government Mid-year Financial Projections StatementPUBLIC NON-FINANCIAL CORPORATIONSOperating StatementTable 1.4Results from TransactionsNote 2011-12 2012-13 2012-13 2013-14 2014-15 2015-16Budget Mid-year Mid-year Mid-year Mid-yearActual Estimate Revision Revision Revision Revision$m $m $m $m $m $mREVENUECurrent grants and subsidies 2,194 1,989 2,042 2,084 2,034 2,007Capital grants 188 159 107 213 178 130Sales of goods and services 15,676 16,186 16,242 17,314 18,563 19,881Interest income 253 316 213 239 281 322Other 408 439 431 448 448 481Total 18,719 19,089 19,035 20,299 21,505 22,822EXPENSESSalaries 1,024 1,103 1,121 1,156 1,195 1,253SuperannuationConcurrent costs 97 104 106 111 117 128Superannuation interest cost - - - - - -Other employee costs 50 39 42 42 43 45Depreciation and amortisation 1,698 1,607 1,792 1,863 1,924 1,977Services and contracts 844 732 819 809 760 749Other gross operating expenses 12,173 12,462 12,656 13,392 14,138 15,061Other interest 991 1,123 949 1,078 1,167 1,228Tax equivalents 373 469 356 455 558 625Current transfers 784 887 906 961 1,017 1,060Capital transfers 52 81 248 32 4 4Total 18,085 18,608 18,996 19,899 20,925 22,131NET OPERATING BALANCE 6 635 481 39 400 580 691Other economic flowsNet gains on assets/liabilities 55 106 134 268 311 373Net actuarial gains - superannuation -58 - - - - -Provision for doubtful debts -17 -16 -17 -17 -18 -19All other - - - - - -Total other economic flows -20 90 117 250 293 353OPERATING RESULT 614 571 156 650 873 1,044Other non-owner movements in equityRevaluations 321 688 2,652 1,370 1,090 -4Gains recognised directly in equity 455 -51 -43 -53 -59 -64Changes in accounting policy/correction of prior period errors -22 -6 247 153 69 63All other - - - - - -Total other non-owner movements in equity 754 631 2,855 1,471 1,100 -5Movements in owner equityDividends -696 -758 -782 -779 -959 -1,079Capital injections 645 705 512 409 325 339Total movements in owner equity -52 -53 -270 -370 -634 -740TOTAL CHANGE IN NET WORTH 1,317 1,149 2,741 1,751 1,339 300KEY FISCAL AGGREGATESNET OPERATING BALANCE 6 635 481 39 400 580 691Less Net acquisition of non-financial assetsPurchase of non-financial assets 3,447 4,364 4,160 3,957 3,729 3,650Changes in inventories -8 113 118 18 7 88Other movement in non-financial assets -24 -123 -289 185 -58 -55less:Sales of non-financial assets 743 1,452 1,274 1,409 1,566 1,574Depreciation 1,698 1,607 1,792 1,863 1,924 1,977Total net acquisition of non-financial assets 973 1,295 923 888 187 131NET LENDING/-BORROWING 6 -338 -814 -883 -488 393 560Note: Columns may not add due to rounding.76
Appendix 1PUBLIC NON-FINANCIAL CORPORATIONSBalance Sheet at 30 JuneTable 1.5Note 2012 2013 2013 2014 2015 2016Budget Mid-year Mid-year Mid-year Mid-yearActual Estimate Revision Revision Revision Revision$m $m $m $m $m $mASSETSFinancial assetsCash and deposits 1,090 903 1,162 1,190 1,355 1,402Advances paid - - - - - -Investments, loans and placements 4,009 5,469 5,499 5,488 5,485 5,704Receivables 1,278 1,201 1,181 1,237 1,372 1,481Investment property 27 21 27 27 27 27Shares and other equityInvestments in other public sector entities - equity method - - - - - -Investments in other public sector entities - direct injections - - - - - -Investments in other entities 19 28 8 - - -Other financial assets 1,028 1,003 1,003 947 912 866Total financial assets 7,450 8,625 8,880 8,890 9,150 9,478Non-financial assetsLand 14,152 14,822 16,189 17,221 17,942 17,510Property, plant and equipment 45,828 46,609 47,419 48,791 49,857 50,935Biological assets 333 341 329 326 320 314InventoriesLand inventories 1,736 1,933 2,013 2,122 2,175 2,059Other inventories 3,379 3,843 3,498 3,516 3,522 3,611Intangibles 418 264 374 365 349 324Non-current assets held for sale 19 28 19 19 19 19Other 172 117 109 103 103 116Total non-financial assets 66,037 67,957 69,950 72,464 74,288 74,887TOTAL ASSETS 73,488 76,582 78,830 81,354 83,438 84,365LIABILITIESDeposits held 3 - 3 3 3 3Advances received 454 440 439 424 408 393Borrow ings 18,609 20,598 21,152 21,939 22,695 23,297Unfunded superannuation 150 82 115 78 40 2Other employee benefits 397 369 397 400 404 406Payables 4,258 4,610 4,280 4,373 4,439 4,530Other liabilities 1,972 1,510 2,057 1,999 1,970 1,958TOTAL LIABILITIES 25,841 27,610 28,442 29,215 29,960 30,588NET ASSETS 47,647 48,972 50,388 52,139 53,478 53,777Of which:Contributed equity 5,544 6,077 6,056 6,465 6,790 7,130Accumulated surplus 18,961 18,749 18,213 17,957 17,750 17,573Other reserves 23,142 24,146 26,120 27,717 28,937 29,074NET WORTH 6 47,647 48,972 50,388 52,139 53,478 53,777MEMORANDUM ITEMSNet financial worth -66,037 -67,957 -69,950 -72,464 -74,288 -74,887Net debtGross debt liabilities 19,065 21,038 21,594 22,365 23,107 23,692less : liquid financial assets 5,099 6,372 6,662 6,678 6,839 7,105less: convergence differences impacting net debt - - - - - -Net debt 13,966 14,666 14,932 15,687 16,268 16,587Note: Columns may not add due to rounding.77
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2012‐13GovernmentMid‐year Finan
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ForewordThis Government Mid-year Fi
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2012-13 Government Mid-year Financial Projections Statement

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