Our annual reports record our achievements over the past year, including progress against Te kāpehu, the Government Policy Statement on land transport and the National Land Transport Programme. They also include non-financial performance information and financial statements.
This summary provides an overview of the NZTA’s financial results for the year ended 30 June 2009.
This statement shows the income we received and how the money was spent over the period 1 July 2008 to 30 June 2009.
Actual
$000 |
Budget
$000 | |
---|---|---|
Our source of income is: |
79,068
|
96,000
|
Income from the Crown |
1,792,000
|
2,003,601
|
Income from the National Land Transport Fund (NLTF) |
112,966
|
104,927
|
Income from third parties |
1,984,034
|
2,204,528
|
Total income | ||
This income contributes to: | ||
Activities the NZTA delivers1 |
275,691
|
284,931
|
Funding the National Land Transport Programme (NLTP) and depreciation on state highway assets2 |
1,602,752
|
1,702,170
|
Funding Crown specific activities3 |
20,431
|
33,000
|
Total expenditure |
1,898,874
|
2,020,101
|
Net surplus for the year |
85,160
|
184,427
|
Notes
1 Activities the NZTA is accountable for and either delivers in-house or contracts out the service.
2 Funding the NZTA provides to approved organisations for the delivery of services, and funding the NZTA receives for the improvement and maintenance of the state highway network.
3 Funding provided by the Crown for specific activities, which are either delivered by the NZTA or the NZTA allocates funding for the activity.
The NZTA has recorded a net surplus of $85.2 million, compared with a budgeted surplus of $184.4 million. The difference between the actual and budgeted surplus is explained below.
Above
budget $000 |
Below budget
$000 | |
---|---|---|
Income from the Crown |
(16,932)
|
|
Income we receive from the NLTF |
(211,601)
|
|
Income we receive from third parties |
8,039
|
|
Spending on activities the NZTA delivers |
9,240
|
|
Spending on the NLTP and state highway depreciation |
99,418
|
|
Spending on specifi c Crown projects |
12,569
|
• Total income received was less than budgeted, mainly due to the deferral of $250 million of NLTF revenue to 2009/10 as it was deemed surplus to requirements for the current year and therefore left in the NLTF.
• NLTP expenditure was $99.4 million below budget because more costs were capitalised.
The Crown measures our activities in terms of output classes. This graph shows our spending on the key output classes.
View high resolution [JPG, 56 KB] (JPG, 109 KB)
This statement shows what we own (assets), what we owe (liabilities) and our closing equity as at 30 June 2009.
Actual
$000 |
Budget
$000 | |
---|---|---|
Current assets |
628,660
|
696,479
|
Non-current assets |
24,102,583
|
20,781,331
|
Total assets |
24,731,243
|
21,477,810
|
Current liabilities |
416,130
|
343,170
|
Non-current liabilities |
2,713
|
2,625
|
Total liabilities |
418,843
|
345,795
|
Total equity/net assets |
24,312,400
|
21,132,015
|
The major components of our net assets include:
Working capital |
212,530
|
Property plant and equipment |
17,762
|
Intangible assets |
18,002
|
State highway network |
24,066,819
|
• The increase in our assets is mainly due to the $3.3 billion increase in the value of state highways, following a revaluation of our network and $1.2 billion spending on state highways.
Actual
$000 |
Budget
$000 | |
---|---|---|
Equity as at 1 July 2008
|
21,150,502
|
20,188,585
|
Net surplus for the year |
85,160
|
184,427
|
Increase in the valuation of the state highways |
2,290,020
|
0
|
Capital contribution from the Crown |
786,718
|
759,003
|
Equity as at 30 June 2009 |
24,312,400
|
21,132,015
|
Our closing equity comprises:
General funds |
25,785
|
Retained funds – Operations |
23,926
|
Retained funds – NLTP and Crown |
635,004
|
State highway |
23,642,614
|
Third party funded activities |
(14,929)
|
Operations retained funds will be used to fund the costs of the merger.
• NLTP and Crown retained funds includes $183.5 million available for allocation to approved organisations in 2009/10, and $449.9 million of assets are to be transferred to state highway assets in 2009/10.
• An improved asset valuation process is reflected in the revaluation of state highways.
• The NZTA is working to a plan to manage the third party funded activities that are in deficit.
This statement shows how we received and used our cash during the year.
Actual
$000 |
Budget
$000 | |
---|---|---|
Net cash from operating activities |
467,326
|
239,187
|
Net cash from investing activities |
(1,220,728)
|
(1,046,070)
|
Net cash from fi nancing activities |
783,753
|
759,003
|
Net (decrease)/increase in cash and cash equivalents |
30,351
|
(47,880)
|
• Our operating activities generate cash inflows and the primary source is from the NLTF (88 percent). Most of the net cash inflows from these operating activities fund the NLTP.
• Our investing activities generate cash outflows and the primary use was in investing $1.2 billion on state highways.
• Our financial activity cash inflows include capital contributions towards state highways.