Appendix 2: Financial data
This Appendix provides financial data to supplement the analysis in Part 3.
Figure 18
Revenue, operating balance, and distributions to the Crown
| 2008/09 $m | 2009/10 $m | 2010/11 $m | 2011/12 $m | 2012/13 $m | |
|---|---|---|---|---|---|
| Revenue | 14,857 | 13,948 | 14,638 | 16,423 | 16,373 |
| Operating balance | 755 | 738 | 777 | (1,156) | 880 |
| Distributions to the Crown | 314 | 831 | 918 | 506 | 757 |
Sources: Financial Statements of the Government of New Zealand for the Year Ended 30 June 2010, page 170; Financial Statements of the Government of New Zealand for the Year Ended 30 June 2012, page 180; Financial Statements of the Government of New Zealand for the Year Ended 30 June 2013, page 178.
We have provided return on equity (ROE) and return on capital employed (ROCE) data for 15 companies in Figure 19. Where possible, we have taken the headline ROE and ROCE indicators from published annual reports.
To provide figures for as many companies as possible, if those headline figures are not disclosed in the annual report, we have supplemented the data with data taken from the Treasury's 2013 Annual Portfolio Report. Although this provides more complete data, it also limits the comparability of the data because the annual portfolio report data might not always correspond to the annual report information.
In addition, the annual portfolio report uses "adjusted ROE" (ROE adjusted for fair value movements and asset revaluations) instead of actual ROE, which also limits the comparability of the ROE data in this Appendix.
Figure 19
Return on equity and return on capital employed, 2012/13
| Company | ROE % | ROCE % |
|---|---|---|
| Air New Zealand Limited | 10.0 | 11.4* |
| Airways Corporation of New Zealand Limited | 38.0 | 37.1 |
| Animal Control Products Limited | 7.1 | 10.5 |
| AsureQuality Limited | 28.0 | 34.0 |
| Genesis Energy Limited | 7.3* | 9.1 |
| KiwiRail Group | (35.7) | (16.6) |
| Kordia Group Limited | 4.0 | 8.0 |
| Landcorp Farming Limited | 3.6 | 1.8 |
| Meridian Energy Limited | 6.2 | 14.6* |
| Meteorological Service of New Zealand Limited | 17.2 | 14.5 |
| Mighty River Power Limited | 10.4* | 10.7* |
| New Zealand Post Limited | 13.6 | 7.5 |
| Quotable Value Limited | 0.7 | 3.1 |
| Solid Energy New Zealand Limited | (130.0) | (42.0) |
| Transpower New Zealand Limited | 12.1 | 8.0 |
* Derived from the Treasury's 2013 Annual Portfolio Report.
The ROE numbers in Figure 20 come from information published in the companies' annual reports and/or statements of corporate intent. Not all the companies report ROE as a key performance indicator. As such, target and actual ROE data were not available from some companies for our analysis.
Figure 20
Return on equity: budget versus actual, 2012/13
| Company | Actual % | Budget/target % | Variance % |
|---|---|---|---|
| Air New Zealand Limited | n/a | n/a | n/a |
| Airways Corporation of New Zealand Limited | 38.0 | 11.4 | 26.6 |
| Animal Control Products Limited | 7.1 | 14.4 | (7.3) |
| AsureQuality Limited | 28.0 | 14.0 | 14.0 |
| Genesis Energy Limited | n/a | n/a | n/a |
| KiwiRail Group | (35.7) | (27.4) | (8.3) |
| Kordia Group Limited | 4.0 | 9.3 | (5.3) |
| Landcorp Farming Limited | 3.6 | 4.8 | (1.2) |
| Learning Media Limited | n/a | n/a | n/a |
| Meridian Energy Limited | n/a | n/a | n/a |
| Meteorological Service of New Zealand Limited | 17.2 | 15.5 | 1.7 |
| Mighty River Power Limited | n/a | n/a | n/a |
| New Zealand Post Limited | 13.6 | 12.9 | 0.7 |
| Quotable Value Limited | 0.7 | 12.8 | (12.1) |
| Solid Energy New Zealand Limited | (130.0) | 16.0 | (146.0) |
| Transpower New Zealand Limited | 12.1 | 11.3 | 0.8 |
Figure 21 provides the data from which the current ratio is derived. The current ratio is the relationship of current assets to current liabilities.
Figure 21
Current assets, current liabilities, and current ratio, as at 30 June 2013
| Company | Current assets $000 | Current liabilities $000 | Current ratio |
|---|---|---|---|
| Air New Zealand Limited | 1,767,000 | 2,025,000 | 0.9 |
| Airways Corporation of New Zealand Limited | 21,900 | 64,448 | 0.3 |
| Animal Control Products Limited | 2,655 | 618 | 4.3 |
| AsureQuality Limited | 35,510 | 21,414 | 1.7 |
| Genesis Energy Limited | 487,729 | 657,133 | 0.7 |
| KiwiRail Group | 210,800 | 162,700 | 1.3 |
| Kordia Group Limited | 93,355 | 65,442 | 1.4 |
| Landcorp Farming Limited | 110,361 | 201,800 | 0.5 |
| Learning Media Limited | 4,584 | 9,084 | 0.5 |
| Meridian Energy Limited | 343,400 | 635,300 | 0.5 |
| Meteorological Service of New Zealand Limited | 2,972 | 7,809 | 0.4 |
| Mighty River Power Limited | 948,533 | 349,737 | 2.7 |
| New Zealand Post Limited | 356,641 | 326,824 | 1.1 |
| Quotable Value Limited | 4,933 | 4,632 | 1.1 |
| Solid Energy New Zealand Limited | 336,500 | 582,200 | 0.6 |
| Transpower New Zealand Limited | 424,300 | 2,093,100 | 0.2 |
Figure 22
Leverage (total liabilities to total assets), as at 30 June 2013
| Company | Leverage |
|---|---|
| Air New Zealand Limited | 0.74 |
| Airways Corporation of New Zealand Limited | 0.58 |
| Animal Control Products Limited | 0.16 |
| AsureQuality Limited | 0.49 |
| Genesis Energy Limited | 0.48 |
| KiwiRail Group | 0.42 |
| Kordia Group Limited | 0.57 |
| Landcorp Farming Limited | 0.23 |
| Learning Media Limited | 1.98 |
| Meridian Energy Limited | 0.39 |
| Meteorological Service of New Zealand Limited | 0.81 |
| Mighty River Power Limited | 0.46 |
| New Zealand Post Limited | 0.43 |
| Quotable Value Limited | 0.25 |
| Solid Energy New Zealand Limited | 0.90 |
| Transpower New Zealand Limited | 0.74 |