Statement of Comprehensive Revenue and Expense

For the year ended 30 June 2015

2014 Actual $000

 

Notes

2015 Actual $000

2015 Budget (unaudited) $000

2015 Supplementary estimates (unaudited) $000

2016 Forecast* (unaudited) $000

Revenue

1,174,817

Crown

 

1,196,843

1,153,604

1,196,843

1,241,616

364

Departmental revenue

 

215

300

41,370

Other revenue

2

46,777

31,885

43,148

32,180

139

Dividend revenue

 

362

1,216,690

Total operating revenue

 

1,244,197

1,185,489

1,240,291

1,273,796

Expenses

539,484

Personnel costs

3

544,058

543,065

553,069

539,916

342,534

Operating costs

4

346,787

312,942

339,156

346,123

122,401

Depreciation and amortisation

 

134,142

145,638

137,310

157,700

183,588

Capital charge

5

201,107

183,844

201,156

196,057

Finance costs

10

4,067

4,100

34,000

1,118

Earthquake related

 

1,189,125

Total operating expenses

 

1,230,161

1,185,489

1,234,791

1,273,796

27,565

Net operating surplus

 

14,036**

5,500

Remeasurements

(4,480)

Unrealised decrease/(increase) in fair value of biological assets

12

1,193

Realised decrease/(increase) in fair value of biological assets

12

7,714

1,719

Unrealised decrease/(increase) in fair value of shares

 

1,084

Unrealised change in discount rates for retiring and long service leave

 

2,071

(2,761)

Total remeasurements

 

12,062

30,326

Net surplus

 

1,974

5,500+

Other comprehensive revenue and expense

218,644

Revaluation (losses)/gains on land and buildings

 

(422)

218,644

Total other comprehensive revenue and expense

 

(422)

248,970

Total comprehensive revenue and expense

 

1,552

5,500

* Forecast financial statements have been prepared using Budget Economic Fiscal Update (BEFU) 2015.

** Approval has been sought to retain $4.5 million of insurance proceeds revenue to cover costs incurred in previous years, as well as $3.6 million of underspends.

+ Supplementary estimates net surplus represents insurance proceeds revenue for claims relating to the 2012 Christchurch earthquake and the 2013 Spring Hill Corrections Facility riot.

The accompanying notes form part of these financial statements.

For information on major variances against budget refer to Note 25.

Return to the Part C Contents page

Return to the main Annual Report 2014/15 page