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Housing New Zealand Corporation Financial statements 2007/08
Balance sheet as at 30 June 2008
| Group | Group | Budget (Unaudited) |
Parent | Parent | ||
| Notes | 2008 ($m) |
2007 ($m) |
2008 ($m) |
2008 ($m) |
2007 ($m) | |
| Assets | ||||||
| Current assets | ||||||
| Cahs and cash equivalents | 6(a) | 84 | 14 | 0 | 70 | 0 |
| Mortgage advances | 8 | 3 | 3 | 0 | 3 | 3 |
| Receivables and prepayments | 7 | 26 | 41 | 46 | 45 | 154 |
| Advance to Housing Agency Account | 1 | 41 | 32 | 1 | 39 | |
| Interest rate derivatives | 6(d) | 1 | 1 | 0 | 0 | 0 |
| Investments | 9 | 23 | 24 | 61 | 23 | 24 |
| Properties intended for sale | 10 | 20 | 16 | 26 | 1 | 7 |
| Total current assets | 158 | 140 | 165 | 143 | 227 | |
| Non-current assets | ||||||
| Property, plant and equipment | 11 | 15,176 | 14,847 | 13,421 | 481 | 473 |
| Properties under development | 13 | 24 | 21 | 0 | 0 | 0 |
| Mortgage advances | 8 | 93 | 72 | 96 | 93 | 72 |
| Investments | 9 | 0 | 0 | 0 | 3,447 | 3,342 |
| Interest rate derivatives | 6(e) | 33 | 63 | 0 | 2 | 4 |
| Intangible assets | 12 | 12 | 4 | 14 | 0 | 0 |
| Total non-current assets | 15,338 | 15,007 | 13,531 | 4,023 | 3,891 | |
| Total assets | 15,496 | 15,147 | 13,696 | 4,166 | 4,118 | |
| Liabilities | ||||||
| Current liabilities | ||||||
| Rent in advance | 13 | 15 | 0 | 1 | 1 | |
| Accounts payable and other liabilities | 14 | 129 | 139 | 132 | 24 | 22 |
| Loans | 6(b) | 171 | 248 | 50 | 21 | 40 |
| Provisions | 15 | 4 | 4 | 0 | 4 | 4 |
| Employee entitlements | 4 | 4 | 3 | 4 | 4 | |
| Interest rate derivatives | 6(f) | 0 | 0 | (1) | 0 | 0 |
| Total current liabilities | 321 | 410 | 184 | 54 | 71 | |
| Non-current liabilities | ||||||
| Loans | 6(c) | 1,624 | 1,552 | 1,808 | 282 | 256 |
| Deferred tax liability | 4 | 1,233 | 1,299 | 1,320 | 11 | 14 |
| Interest rate derivatives | 6(g) | 3 | 4 | 0 | 2 | 0 |
| Mortgage Insurance Scheme | 20 | 11 | 9 | 0 | 11 | 9 |
| Provisions | 15 | 8 | 9 | 22 | 8 | 9 |
| Total non-current liabilities | 2,879 | 2,873 | 3,150 | 314 | 288 | |
| Total liabilities | 3,200 | 3,283 | 3,334 | 368 | 359 | |
| Net assets | 12,296 | 11,864 | 10,362 | 3,798 | 3,759 | |
| Equity | ||||||
| Equity attributable to the Parent | 3,587 | 3,488 | 3,595 | 3,587 | 3,488 | |
| Retained earnings | (77) | (131) | 38 | 63 | 55 | |
| Revaluation reserve | 8,762 | 8,465 | 8,078 | 146 | 213 | |
| Hedging reserve | 24 | 42 | (1,349) | 2 | 3 | |
| Total equity | 12,296 | 11,864 | 10,362 | 3,798 | 3,759 |
For and on behalf of the Board, who authorise the issue of these financial statements on 10 September 2008.
Patrick N Snedden
Chairman
10 September 2008
Lope Ginnen
Deputy Chair
10 September 2008
