| Financial Summary including key disclosure statements

Financial Summary including key disclosure statements

Summary Statement of Comprehensive Revenue and Expense

For the year ended 30 June 2024

	Greater Wellington Actual 2024 $’000	Greater Wellington Budget 2024 $’000	Greater Wellington Restated Actual 2023 $’000	Greater Wellington Group Actual 2024 $’000	Greater Wellington Group Restated Actual 2023 $’000
Operating revenue and gains	565,362	580,142	531,625	674,669	631,580
Finance expenses	(52,039)	(41,566)	(35,832)	(51,861)	(35,549)
Operating expenditure	(561,517)	(542,131)	(488,434)	(689,624)	(612,111)
Operating surplus / (deficit) before other items and tax	(48,194)	(3,555)	7,359	(66,816)	(16,080)
Share of associate’s surplus/(deficit)	-	-	-	1,967	1,249
Impairment on buildings	-	-	(27,831)	-	(27,831)
Fair value - Other assets	-	-	-	-	-
Fair value gains/(losses) on financial instruments	(2,065)	(7,030)	14,361	(2,065)	14,361
Fair value gain/(loss) on investment property	-	-	-	10,525	(1,509)
Tax on continuing operations	-	-	-	5,235	8,821
Operating surplus / (deficit) after tax	(50,259)	(10,585)	(6,111)	(51,154)	(20,989)
Other comprehensive revenue and expenses
Increases / (decreases) in revaluations	196,053	47,260	(41,690)	204,807	(42,564)
Total comprehensive revenue and expense	145,794	36,675	(47,801)	153,653	(63,553)
Attributable to:
Equity holders of the Parent	145,794	36,675	(47,801)	145,665	(67,904)
Non-controlling interest	-	-	-	7,988	4,351
	145,794	36,675	(47,801)	153,653	(63,553)

See Note 35 of the full Annual Report for details on the restated 2023 actual figures.

Summary statement of Changes in Equity

For the year ended 30 June 2024

	Greater Wellington Actual 2024 $’000	Greater Wellington Budget 2024 $’000	Greater Wellington Restated Actual 2023 $’000	Greater Wellington Group Actual 2024 $’000	Greater Wellington Group Restated Actual 2023 $’000
Opening equity	1,258,078	1,310,469	1,305,879	1,779,550	1,844,488
Operating surplus /(deficit) after tax	(50,259)	(10,586)	(6,111)	(51,154)	(20,989)
Dividend to non-controlling interest	-		-	(1,615)	(1,385)
Asset revaluation movements	193,709	47,260	(30,719)	202,463	(31,593)
Revaluation movement of other financial assets	2,344	-	(10,971)	2,344	(10,971)
Total closing equity at 30 June	1,403,872	1,347,143	1,258,078	1,931,588	1,779,550
Attributable to:
Equity holders of the Parent	1,403,872	1,347,143	1,258,078	1,815,610	1,669,945
Non-controlling interest	-	-	-	115,978	109,605
	1,403,872	1,347,143	1,258,078	1,931,588	1,779,550

Summary statement of Financial Position

As at 30 June 2024

	Greater Wellington Actual 2024 $’000	Greater Wellington Budget 2024 $’000	Greater Wellington Restated Actual 2023 $’000	Greater Wellington Group Actual 2024 $’000	Greater Wellington Group Restated Actual 2023 $’000
Current assets	393,445	297,222	277,786	446,106	406,896
Non-current assets	2,175,718	2,125,487	1,882,446	2,806,488	2,413,379
Total assets	2,569,163	2,422,709	2,160,232	3,252,594	2,820,275

Current liabilities	306,267	285,649	256,631	337,576	264,031
Non-current liabilities	859,024	789,917	645,521	983,430	776,694
Total liabilities	1,165,291	1,075,566	902,152	1,321,006	1,040,725
Net assets	1,403,872	1,347,143	1,258,078	1,931,588	1,779,550

Equity attributed to:
Retained earnings	290,290	320,627	340,107	655,025	696,804
Other reserves	1,113,582	1,026,516	917,971	1,160,585	973,141
Minority interest	-	-	-	115,978	109,605
Total equity	1,403,872	1,347,143	1,258,078	1,931,588	1,779,550

See Note 35 of the full Annual Report for details on the restated 2023 actual figures.

Summary statement of Cash-Flow

For the year ended 30 June 2024

	Greater Wellington Actual 2024 $’000	Greater Wellington Budget 2024 $’000	Greater Wellington Actual 2023 $’000	Greater Wellington Group Actual 2024 $’000	Greater Wellington Group Actual 2023 $’000
Cashflows from operating activities	(48,797)	29,501	68,783	(30,233)	88,514
Cashflows from investing activities	(220,476)	(211,768)	(205,470)	(271,585)	(251,810)
Cashflows from financing activities	270,614	179,305	137,413	268,999	137,028
Net increase / (decrease) in cash and cash equivalents	1,341	(2,962)	726	(32,819)	(26,268)
Opening cash equivalents	17,243	23,804	16,517	131,873	158,141
Closing cash equivalents	18,584	20,842	17,243	99,053	131,873

Major variances between actual and budget

Grants and subsidies revenue is significantly higher than budget mainly due to lower passenger revenue collection which results in an increased grants and subsidies to be claimed from Waka Kotahi due to higher net cost incurred.
Other revenue is lower than budget mainly due to lower patronage levels from increase working from home practises post covid. Budget amounts were set pre Covid in 2020.
Finance costs are significantly higher than budget due to rising interest costs.
Grants and subsidies expenditure exceeds the budget due to CPI indexation on bus and rail contracts, driven by the higher inflation rate.

Other expenditure is over budget mainly due to a change in accounting treatment of Floodplain Management costs and asset impairment loss across Environment and Water group not budgeted for.
Total assets are significantly higher than budget mainly due to surplus funds being invested in maturities not exceeding twelve months. The non-current assets balance is significantly higher than budget mainly due to the revaluation of the flood protection assets being higher than budgeted offset by lower actual capital expenditure.
Ratepayers equity is higher than the budget mainly due to the revaluation of the flood protection assets being higher than budgeted offset by the increased deficit for the year.
Total liabilities are significantly higher than budget mainly due to the timing of raising more short term and long term debt as compared to budget.

Local Water Done Well Legislation

In December 2023, the Government announced a new strategy for the management and delivery of local water services - encompassing drinking water, wastewater, and stormwater – under the initiative titled “Local Water Done Well”. This legislation, passed on 2 September 2024, establishes the Local Water Done Well framework and outlines the initial steps for a revamped new water services system. It introduces a fresh approach to managing and delivering water services, utilising financially sustainable models that meet regulatory requirements. Greater Wellington is now working on developing a water service delivery plan in response to this new Government policy.

No dividend was declared post balance date by WRC Holdings (2023: Nil).

There were no other subsequent events up to the date of these financial statements which would affect the amounts or disclosures in the financial statements.

Updated 26 November 2024 at 16:00