Departmental Forecast Report
for the year ending 30 June 2001
Part C - Additional information
Crown Forecast Financial Statements
The Ministry procures and refurbishes, on behalf of the Crown, items of equipment contributing to a capability of the New Zealand Defence Force. This activity is recorded in the following Crown Forecast Financial Statements.
Crown Statement of Forecast Financial Performance
for the Year Ending 30 June 2001
| 1999/00 Budgeted $000 |
1999/00 Estimated actual $000 |
2000/01 Budget $000 |
|
|---|---|---|---|
| Crown Revenue | |||
| Interest | 700 | 885 | 400 |
| Realised exchange gains | - | 20,595 | 1,738 |
| Total Crown revenue | 700 | 21,480 | 2,138 |
| Crown Expenditure | |||
| GST input tax expensed | 85,673 | 85,673 | 40,449 |
| Unrealised exchange losses/(gains) | - | 4,263 | - |
| Credits to work in progress | - | 20,595 | 1,738 |
| Total Crown expenses | 85,673 | 110,531 | 42,187 |
| Net operating surplus/(deficit) - Crown Operations |
(84,973) | (89,051) | (40,049) |
Crown Statement of Estimated Financial Position
As at 30 June 2000 and Forecast Financial Position as at 30 June 2001
| Actual Financial Position as at 30 June 1999 $000 |
Estimated Financial Position as at 30 June 2000 $000 |
Forecast Financial Position as at 30 June 2001 $000 |
|
|---|---|---|---|
| Crown Funds | |||
| Opening balance at 1 July | 220,859 | 261,583 | 163,141 |
| Net operating surplus/(deficit) - Crown operations | (4,297) | (89,051) | (40,049) |
| Funds received from NZ Debt Management Office | 243,000 | 243,000 | 186,000 |
| Funds paid to NZ Debt Management Office | (197,979) | (252,391) | (158,010) |
| Total Crown Funds | 261,583 | 163,141 | 151,082 |
| Represented by: Current Assets |
|||
| Cash and bank balances | 175,901 | 89,843 | 89,038 |
| Debtors and receivables | 421 | 119 | - |
| Work in progress | 102,744 | 118,818 | 71,630 |
| Total Current Assets | 279,066 | 208,780 | 160,668 |
| Total Assets | 279,066 | 208,780 | 160,668 |
| Liabilities | |||
| Current Liabilities | |||
| Creditors and payables | 17,483 | 45,639 | 9,586 |
| Total Current Liabilities | 17,483 | 45,639 | 9,586 |
| Net Assets - Crown | 261,583 | 163,141 | 151,082 |
Crown Statement of Cash Flows
for the Year Ending 30 June 2001
| 1999/00 Budgeted $000 |
1999/00 Estimated actual $000 |
2000/01 Budget $000 |
|
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Cash provided from: | |||
| Interest | 700 | 885 | 400 |
| Realised foreign exchange gains | - | 20,595 | 1,738 |
| Cash disbursed to: | |||
| GST input tax expensed | (85,673) | (85,673) | (40,449) |
| Net Cash Flows from Operating Activities | (84,973) | (64,193) | (38,311) |
| Cash Flows from Investing Activities | |||
| Cash provided from: | |||
| Sale of military equipment | 230,741 | 230,911 | 155,872 |
| GST on sales | 28,843 | 28,843 | 19,484 |
| Cash disbursed for: | |||
| Purchase of military equipment | (256,010) | (239,122) | (146,356) |
| GST paid to IRD | (28,843) | (28,843) | (19,484) |
| Net Cash Flows from Investing Activities | (25,269) | (8,211) | 9,516 |
| Cash Flows from Financing Activities | |||
| Cash provided from: | |||
| New Zealand Debt Management Office for funding purchase or development of military equipment | 243,000 | 243,000 | 186,000 |
| Cash disbursed for: | |||
| Payments to New Zealand Debt Management Office | (231,862) | (252,391) | (158,010) |
| Net Cash Flows from Financing Activities | 11,138 | (9,391) | 27,990 |
| Net increase/(decrease) in cash held | (99,104) | (81,795) | (805) |
| Add opening cash and deposits | 175,901 | 175,901 | 89,843 |
| Unrealised foreign exchange gain/(loss) | - | (4,263) | - |
| Closing Total Cash Balances at 30 June projected | 76,797 | 89,843 | 89,038 |
Crown Reconciliation of Net Cash Flows From Operating Activities to Net Surplus/(Deficit) in the Statement of Financial Performance
for the Year Ending 30 June 2001
| 1999/00 Budgeted $000 |
1999/00 Estimated $000 |
2000/01 Budget Actual $000 |
|
|---|---|---|---|
| Net Operating Surplus/(Deficit) | (84,973) | (89,051) | (40,049) |
| Add/(deduct) non-cash working capital reductions/(increases) from Statement of Financial Position |
|||
| (Increase)/decrease in inventories | (17,793) | (16,074) | 47,188 |
| (Increase)/decrease in receivables and advances | 421 | 302 | 119 |
| Increase/(decrease) in payables and provisions | (7,897) | 28,156 | (36,053) |
| Other items | 25,269 | 12,474 | (9,516) |
| Net Cash Flows from Operating Activities | (84,973) | (64,193) | (38,311) |
