Appendix 2: Financial data

State-owned enterprises: Results of the 2012/13 audits.

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

CompanyROE %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

CompanyActual
%
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

CompanyCurrent assets $000Current liabilities $000Current 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

CompanyLeverage
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