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Part 3: Statement of forecast financial performance

New Zealand Transport Ticketing Ltd

• Overview
• Prospective financial statements
  • Prospective statement of comprehensive income
  • Forecast service performance
  • Prospective statement of financial position
  • Prospective statement of changes in equity
  • Prospective statement of cash flows

Overview

New Zealand Transport Ticketing Limited has been established as a Crown entity subsidiary, under the governance of the NZ Transport Agency, to execute the operational plan for supporting a national integrated transport ticketing system and managing information services generated from such a system. Through New Zealand Transport Ticketing Limited, an infrastructure will be developed to support:

• the transport ticketing central system processing capability for all customers and related service delivery agreements, including national settlement services
• information management support services, including the information registrar function and security management
• other system services, including gateways and interfaces as required.

It is currently planned to start operations on 1 January 2014.

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Prospective financial statements

These prospective financial statements set out the forecast financial position and operations of New Zealand Transport Ticketing Limited. These prospective statements have been consolidated into the NZ Transport Agency’s prospective statements and are provided here as information.

Prospective statement of comprehensive income for the year ending 30 June

	Projected 2012/13 $000	Budget 2013/14 $000	Forecast 2014/15 $000	Forecast 2015/16 $000
Income
Revenue from the National Land Transport Fund	0	950	700	700
Revenue from third parties	0	2,400	5,000	5,000
Total income	0	3,350	5,700	5,700
Expenditure
Personnel costs	0	250	500	500
Operating expenses	0	3,100	5,200	5,200
Depreciation and amortisation expense	0	1,100	2,200	2,200
Total expenditure	0	4,450	7,900	7,900
Net surplus/(deficit)	0	(1,100)	(2,200)	(2,200)
Other comprehensive income	0	0	0	0
Total comprehensive income for the year	0	(1,100)	(2,200)	(2,200)

Forecast service performance for the year ending 30 June

How do we assess our service delivery performance?	2012/13 Estimate	2013/14 Target	2014/15 Target	2015/16 Target
% of activities delivered to agreed standards and timetrames	New	>90%	>90%	>90%

Note included in Appendix.

Prospective statement of financial position as at 30 June

	Projected 2012/13 $000	Budget 2013/14 $000	Forecast 2014/15 $000	Forecast 2015/16 $000
Assets
Current assets
Cash and cash equivalents	0	50	50	50
Debtors and other receivables	0	279	475	475
Total current assets	0	329	525	525
Non-current assets
Property, plant and equipment	2,000	1,800	1,400	1,000
Intangible assets	18,000	17,100	15,300	13,500
Work in progress – Information management solution	0	200	1,200	1,200
Total non-current assets	20,000	19,100	17,900	15,700
Total assets	20,000	19,429	18,425	16,225
Liabilities
Current liabilities
Creditors and other payables	0	314	500	500
Employee entitlements	0	15	25	25
Total liabilities	0	329	525	525
Net assets	20,000	19,100	17,900	15,700
Equity
General funds	20,000	20,200	21,200	21,200
Retained funds	0	(1,100)	(3,300)	(5,500)
Total equity	20,000	19,100	17,900	15,700

Prospective statement of changes in equity for the year ending 30 June

	Projected 2012/13 $000	Budget 2013/14 $000	Forecast 2014/15 $000	Forecast 2015/16 $000
Equity – opening balances
General funds	0	20,000	20,200	21,200
Retained funds	0	0	(1,100)	(3,300)
Total equity – opening balances	0	20,000	19,100	17,900
Changes in equity
Comprehensive income
Retained funds	0	(1,100)	(2,200)	(2,200)
Owner transactions
Capital contribution – general funds	20,000	200	1,000	0
Total changes in equity	20,000	(900)	(1,200)	(2,200)
Equity – closing balances
General funds	20,000	20,200	21,200	21,200
Retained funds	0	(1,100)	(3,300)	(5,500)
Total equity – closing balances	20,000	19,100	17,900	15,700

Prospective statement of cash flows for the year ending 30 June

	Projected 2012/13 $000	Budget 2013/14 $000	Forecast 2014/15 $000	Forecast 2015/16 $000
Cash flows from operating activities
Receipts from National Land Transport Fund revenue	0	950	700	700
Receipts from third party revenue	0	2,121	4,804	5,000
Payments to suppliers	0	(2,786)	(5,014)	(5,200)
Payments to employees	0	(235)	(490)	(500)
Net cash from operating activities	0	50	0	0
Net (decrease)/increase cash and cash equivalents	0	50	0	0
Cash and cash equivalents at the beginning of the year	0	0	50	50
Cash and cash equivalents at the end of the year	0	50	50	50

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