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Part 2: Forecast financial statements

Statement of forecast financial performance for the period 1 July 2006 to 30 June 2009

Parent Budget 2006/07
$000		 Group Budget 2006/07
$000		 Group Budget 2007/08
$000		 Group Budget 2008/09
$000
Income
Rental income - tenants 17,883 339,637 351,553 362,734
Rental income - income-related rent subsidy 0 427,561 434,600 449,022
Interest income 12,656 12,656 14,150 14,696
Other income 153,166 32,373 33,552 22,006
Total income 183,705 812,227 833,855 848,458
Maintenance/cost of ownership 5,407 141,211 141,249 152,143
Rates 1,977 89,082 94,361 99,692
Rental property depreciation 5,726 145,933 151,515 156,019
Other direct costs 40,427 140,935 150,300 149,178
Total direct costs 53,537 517,161 537,425 557,032
Interest costs 21,603 128,685 130,399 132,091
Other indirect costs 94,187 87,420 88,352 90,398
Total indirect costs 115,790 216,105 218,751 222,489
Total costs 169,327 733,266 756,176 779,522
Operating surplus before tax 14,378 78,961 77,679 68,937
Tax (28,889) 59,459 59,227 56,118
Net surplus after tax 43,267 19,502 18,452 12,819

Statement of forecast movement in equity for the period 1 July 2006 to 30 June 2009

Parent Budget 2006/07
$000		 Group Budget 2006/07
$000		 Group Budget 2007/08
$000		 Group Budget 2008/09
$000
Opening equity 3,635,539 9,857,091 10,033,648 10,107,422
Net surplus 43,267 19,502 18,452 12,819
Changes in revaluation reserve 0 0 0 0
Total recognised revenues and expenses 3,678,806 9,876,593 10,052,100 10,120,241
Distributions to owners (10,105) (10,105) (19,502) (18,452)
Contributions from owners 167,160 167,160 74,824 42,445
Closing equity 3,835,861 10,033,648 10,107,422 10,144,234

Statement of forecast financial position for the period 1 July 2006 to 30 June 2009

Parent Budget 2006/07
$000		 Group Budget 2006/07
$000		 Group Budget 2007/08
$000		 Group Budget 2008/09
$000
Capital contribution 3,545,731 3,545,731 3,620,555 3,663,000
Retained earnings 134,653 (7,061) (8,111) (13,744)
Asset revaluation reserves 155,477 6,494,978 6,494,978 6,494,978
Shareholders' funds 3,835,861 10,033,648 10,107,422 10,144,234
Long-term debt 0 129,583 0 0
Crown borrowings 297,936 1,650,315 1,800,270 1,813,140
Long-term liabilities 297,936 1,779,898 1,800,270 1,813,140
Short-term debt 0 82,183 83,569 86,089
Accounts payable and accruals 266,834 90,498 105,581 120,744
Mortgage Insurance Scheme liabilities 9,470 9,470 10,428 11,071
Sold mortgage and lease provisions 15,545 15,545 12,602 10,295
Current liabilities (241,819) 197,696 212,180 228,199
Total liabilities and shareholders' funds 3,891,978 12,011,242 12,119,872 12,185,573
Mortgages and other lending 100,662 100,662 115,875 110,147
Management assets 1,685 28,775 29,305 29,095
Rental properties 409,6881 1,783,957 11,876,588 11,947,402
Investments in subsidiaries 3,223,012 0 0 0
Fixed assets 3,735,047 11,913,394 12,021,768 12,086,644
Rent, prepayments and other receivables 97,985 42,323 42,323 42,323
Provision for doubtful debts (54) (3,203) (3,448) (3,699)
Bank 351 78 78 78
Loan to Housing Agency Account 26,709 26,709 30,107 33,715
Short-term investments 31,940 31,941 29,044 26,512
Current assets 156,931 97,848 98,104 98,929
Total assets 3,891,978 12,011,242 12,119,872 12,185,573

Statement of forecast cash flows for the period 1 July 2006 to 30 June 2009

Parent Budget 2006/07
$000		 Group Budget 2006/07
$000		 Group Budget 2007/08
$000		 Group Budget 2008/09
$000
Cash flows from/used in operating activities
Rent receipts -tenants 17,883 339,637 351,553 362,734
Rent receipts -income-related rent subsidy 0 427,561 434,600 449,022
Other receipts from Crown 34,254 34,254 38,109 25,337
Interest received from customers and investments 7,135 7,135 6,818 6,247
Other receipts 153,166 2,425 335 2,153
Payments to suppliers and employees (141,998) (432,958) (445,050) (462,344)
Income tax paid 0 (59,459) (59,227) (56,118)
Interest paid (21,603) (128,665) (130,316) (131,927)
Net cash flows from operating activities 48,837 189,930 196,822 195,104
Cash flows from/used in investing activities
Sale of rental properties and management assets 3,270 8,826 16,975 20,068
Mortgage and other lending repayments 6,611 6,611 6,859 10,325
Loan to Housing Agency Account (2,400) (2,400) 0 0
Purchase of rental properties and management assets (18,206) (339,777) (292,220) (276,739)
Mortgage and other lending (26,370) (26,370) (23,413) (5,673)
Change in short-term investments (1,356) (1,356) 2,898 2,532
Net cash flows from investing activities (38,451) (354,466) (288,901) (249,487)
Cash flows from/used in financing activities
Capital contributions 167,160 167,160 74,824 42,445
Crown borrowings 6,916 307,429 149,955 12,871
Other debt borrowings 0 0 0 0
Dividends paid (10,105) (10,105) (19,502) (18,452)
Crown debt repayment 0 0 0 0
Long-term debt repayment 0 (260,947) (129,583) 0
Other debt increase/(repayment) 0 (39,001) 16,385 17,519
Net cash flows from financing activities 163,972 164,536 92,079 54,383
Net cash flows 174,358 0 0 0
Opening cash position 0 0 0 0
Closing cash position 174,358 0 0 0

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