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644-344 SP Video aspect III Wireline

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Sky unique Zealand Advances Multiscreen tv Experiences With Cisco endless Video Platform | killexams.com actual questions with brain dumps

AMSTERDAM, THE NETHERLANDS -- (Marketwired) -- 09/14/17 --IBC - Cisco (NASDAQ: CSCO)

Sky unique Zealand, a frontrunner in the unique Zealand payTV market, is remodeling its Pay television operations with the Cisco® infinite Video Platform. Taking its entertainment carrier to unique ranges, Sky will interpolate multiscreen television experiences in an endeavor to attain its unique Zealand subscribers via their phones, capsules and cyber web related set-right bins/receivers.

On the horizon is the introduction of a Hybrid PVR solution with Kaon Hybrid DVR set-top bins and Video-on-Demand over IP, extending to iOS and Android personal purchaser gadgets. This should be the starting of a multi-phase know-how transformation assignment that permits Sky to outcome the most of cloud applied sciences for the network operations and video start facet, as smartly as the consumer facet with unique functions like multiscreen Cloud DVR.

"the brand unique Zealand Pay television market is witnessing a lot of several players introducing multiscreen and OTT services, whereas a huge inhabitants is quiet staring at television by means of satellite dishes," mentioned Julian Wheeler, chief items & expertise officer, Sky unique Zealand. "With their present management position, Sky is uniquely located to bring these two segments together and proffer a seamless smack that brings the better of the broadcast & IP world, and takes the television event to an entire unique level. Cisco's cloud-based SaaS delivery model combining broadcast and IP offered us the velocity they obligatory to Get unique services to market."

"while the majority of the premium video these days is over broadcast networks, the area is hastily moving toward a brand unique usual, where the route forward for video could be the IP network," said Conrad Clemson, senior vice president and customary manager, service company platforms and functions, Cisco. "With the countless Video Platform, their imaginative and prescient is to outcome IP video suit and exceed broadcast nice and reliability. Sky joins a transforming into international group of valued clientele who're relocating along with this vision."

Cisco is pile the simplified, automatic, and virtualized network platform of the future according to trade-main software, systems, silicon, and capabilities. This makes it practicable for provider suppliers and media and web agencies global to reduce fees, velocity time to market, advocate at ease their networks, and preserve profitable growth.

assisting components

  • About Sky unique Zealand
  • Cisco infinite Video Platform
  • For Cisco word and activities at IBC, observe us on Twitter @CiscoSPVideo CiscoIBC and their SP 360 blog
  • comply with us on their LinkedIn page
  • RSS feed for Cisco: http://newsroom.cisco.com/rss-feeds

    About Sky unique ZealandSky community television confined (branded as SKY) is the biggest satellite tv for pc Pay tv company in unique Zealand. The trade leading service is able to achieving television Viewers throughout unique Zealand from Cape Reinga to the Bluff. study greater at www.sky.co.nz

    About CiscoCisco (NASDAQ: CSCO) is the international know-how leader that has been making the internet work for the intuition that 1984. Their individuals, products, and companions advocate society securely connect and capture the following day's digital possibility nowadays. ascertain greater at newsroom.cisco.com and observe us on Twitter at @Cisco.

    Cisco and the Cisco emblem are emblems or registered logos of Cisco and/or its affiliates in the U.S. and different international locations. a catalogue of Cisco's logos will likewise be organize at www.cisco.com/go/logos. Third-birthday party logos mentioned are the property of their respective homeowners. the expend of the note associate doesn't imply a partnership relationship between Cisco and another business.

    Press Contact:Sara CiceroService issuer PRstutzes@cisco.com


    Dow 30 inventory Roundup: Wal-Mart, Cisco, domestic Depot Beat on profits, Disney Disappoints | killexams.com actual questions with brain dumps

    The Dow racked up foremost generous points over the week following more and more effectual sentiment over a Trump presidency. Financials bolstered as possibilities of a expense in December increased radically. in the meantime, tech stocks trended downward for a while before returning to their profitable methods.

    Oil fees, and due to this fact the sphere's shares, persisted to be guided on inventories statistics and probabilities of an output reduce. Fed Chair Yellen indicated that a expense hike become around the corner.

    ultimate Week's efficiency

    The Dow expanded 0.2% closing Friday as investors persisted to cheer Donald Trump's win in the Presidential election. The Dow registered generous points for the fifth consecutive session and complete at an all-time listing extreme for the 2nd straight day. investors endured to invest that the Trump Presidency will expand financial growth and inflation through unique policies together with bigger infrastructure spending and tax cuts.

    Such expectations raised possibilities of cost hike within the close-time period. one by one, Fed vice president Stanley Fischer likewise indicated that the imperative financial institution has started to disagree with that inflation expense in the U.S. is on the verge of deciding upon up tremendously, which may quit up in a cost hike. This had a positive handle on monetary shares.

    The index won around 5.four% over last week. This was the Dow's most suitable weekly performance since Dec 2011. A shock election result led investors to invest that a Trump Presidency may boost the U.S. economic system. Most of final week's positive factors came on the returned of a rally in healthcare and monetary stocks. whereas Clinton's subjugate performed the main function in boosting healthcare shares, rising expectations of a rate hike helped monetary shares surge.

    The Dow This Week

    The index won 0.1% on Monday. The Dow's profitable vein prolonged to a sixth consecutive session to finish and the index finished at a further all-time record excessive.  Shares of Apple Inc. AAPL declined 2.5%. Shares of FANG stocks likewise declined. These losses dragged the technology sector down, which eventually had a poverty-stricken be pleased an impact on on the benchmarks.

    however, markets managed to offset lots of the losses from tech shares on the again of a continuing rally in financials. Expectations that inflation will upward propel within the proximate future be pleased heightened, which in gyrate has raised probabilities of a expense hike next month. These components continued to be pleased a benign be pleased an impact on on financials.  

    The index extended 0.3% on Tuesday with the Dow hitting an all time high for the fourth straight session on the returned of sturdy rebound in energy and technology shares. Renewed investor focus on investing in tech shares offset concerns that Trump's policies may additionally be pleased a terrible be pleased an outcome on on the sphere. Apple Inc. and the FANG shares extended drastically. in addition, speculations resurfaced that OPEC members can likewise Get a hold of a fruitful solution to the output glut in their upcoming assembly, scheduled for Nov 30.

    This had a generous influence on oil expenses , which eventually boosted energy sector. Retail earnings jumped 0.8% in October following a revised 1% enhance in frail month, additionally larger than the consensus estimate of 0.6% upward push. These were the gold gauge two-month features registered in more than two years

    The Dow slipped on Wednesday, losing 0.three%, as fiscal shares did not dangle on to their profitable streak. Overvaluation considerations could be one of the vital factors in the back of the day gone by's decline. in addition to retreat in financial shares, decline in power shares weighed on the major benchmarks and led the Dow to conclusion within the crimson for the primary time within the closing eight classes.

    The energy sector complete in poverty-stricken territory after start within the U.S. native inventories offset rising speculations of an output cut. Alexander Novak, Russia's power Minister hinted that essential oil producers may additionally enter into an contract to reduce oil production at the Nov 30 assembly. although, oil expenses led to the crimson despite rising output sever options after the EIA pronounced that native stockpiles elevated 5.3 million barrels for the week ending Nov eleven.

    The index rebounded on Thursday, gaining 0.2% to conclude at a unique list high. most of the day's gains got here on the returned of encouraging home economic facts and Fed Chairwoman Janet Yellen's testimony, which indicated that a expense hike after subsequent month's coverage assembly is in fact on the table. She additionally introduced that inflation is steadily progressing in opposition t the Fed's 2% target and "close-term hazards to the outlook had been roughly balanced."

    separately, CPI rose at a tempo of 0.4% final month, its highest boost during the past six months, on the again of tremendous boost in gas expenditures. Housing begins soared 25.5% from September to 1,323,000, hitting their optimum degree seeing that Aug 2007.

    accessories relocating the Index

    Wal-Mart stores Inc . WMT stated third-quarter fiscal 2017 adjusted income (excluding non-money benefit from the sale of Yihaodian in China and tax impact of that gain) of ninety eight cents per share, which beat the Zacks Consensus estimate of 96 cents through 2.1%.

    total profits of the retailer came in at $118.2 billion (including membership and other revenue). The motif missed the Zacks Consensus estimate of $118.5 billion by means of 0.three% but improved 0.7% yr over yr. forex depleted income by route of approximately $2.14 billion. 

    Zacks Rank #three (hang) rated Wal-Mart expects U.S. comp sales boom in the latitude of 1%−1.5% for the 13-week term ending Jan 27, 2017. For fiscal 2017, Wal-Mart now expects its adjusted earnings in the latitude of $4.20−$4.35 per share, compared with $four.15−$4.35 projected earlier. (study: Wal-Mart (WMT) Q3 income Beat on Comps, Revenues omit )

    The domestic Depot Inc. HD posted fiscal third-quarter adjusted revenue of $1.60 per share, which jumped 18.5% from $1.35 in the yr-ago quarter and beat the Zacks Consensus estimate of $1.58.

    internet income superior 6.1% to $23,154 million from $21,819 million within the year-ago quarter. extra, the appropriate-line marginally surpassed the Zacks Consensus estimate of $23,036 million.

    Zacks Rank #three rated domestic Depot reiterated its revenue and comps tips, whereas it raised its earnings forecasts for fiscal 2016. The enterprise continues to assignment sales boom of 6.3%. home Depot now envisions diluted salary per participate to develop about 15.9% 12 months over 12 months in comparison with $6.33 earned in fiscal 2015. (study: domestic Depot (HD) fill up on Q3 salary and sales Beat )

    Cisco systems Inc. CSCO mentioned first-quarter fiscal 2017 salary (together with inventory-based mostly compensation) of 55 cents per share, which beat the Zacks Consensus estimate via a penny. apart from stock-primarily based compensation, earnings decreased three.3% from the year-ago quarter to 59 cents. Cisco has a Zacks Rank #2 (purchase)

    despite the fact revenues declined 2.6% year over yr to $12.35 billion, the motif became forward of the Zacks Consensus estimate of $12.34 billion. Revenues involve SP Video CPE company for each the periods. except for SP Video CPE company, revenues increased 1% from the 12 months-in the past quarter.

    For the 2nd-quarter of fiscal 2017, revenues (apart from the SP Video CPE company) are expected to sing no within the compass of 2% to four% on a yr-over-yr groundwork. Non-GAAP income are predicted to be in the latitude 55-57 cents per share. The stock holds a Zacks Rank #2 (purchase). that you can espy the complete listing of modern day Zacks #1 Rank (potent buy) shares prerogative here.

    The Walt Disney company DIS suggested weaker-than-expected revenue and revenues in fourth-quarter fiscal 2016 after beating estimates within the frail quarter. The enterprise's earnings within the suggested quarter came in at $1.10 per share, missing the Zacks Consensus estimate of $1.15 and declining eight.3% 12 months over yr.  Revenues declined three% yr over year to $13,142 million and missed the Zacks Consensus estimate of $13,469 million. Disney has a Zacks Rank #3.

    however, Chief executive Robert Iger remained positive about the business's future. Iger is bullish on ESPN's future, which has Come beneath a lot of drive as the Pay television panorama continues to change due to the migration of subscribers to online television. extra, it anticipates reporting modest earnings boom in fiscal 2017 but a "more powerful growth" in fiscal 2018. (examine: Disney (DIS) this Fall revenue pass over; refill on positive View ) 

    Johnson & Johnson 's JNJ subsidiary, Janssen Therapeutics, introduced that the european commission (EC) has authorized its prescription drug Stelara for the remedy of reasonable-to-severely active Crohn's disorder in adults. Stelara is at this time marked in the european and U.S. for the medicine of average-to-severe plaque psoriasis and lively psoriatic arthritis. Johnson & Johnson has a Zacks Rank #three. (examine: J&J (JNJ) Stelara receives Approval in eu for Label enlargement )

    Merck & Co., Inc. MRK announced effectual statistics from three section II trials evaluating its pipeline candidate, MK-3682, in aggregate with grazoprevir and ruzasvir1 for the medication of persistent hepatitis C (HCV) infection. Merck has a Zacks Rank #three.

    results from two reports showed that medication with the all-oral, triple compund routine (MK-3682B) resulted in high charges of sustained virologic response 12 weeks after the completion of the remedy (SVR12) in sufferers, with ceaseless HCV genotype (GT) 1 or GT3 infection, who got eight weeks of medicine with aggregate medicine. (examine: Merck's Triple combination HCV therapy high quality in section III )

    efficiency of the prerogative 10 Dow agencies

    The desk given under suggests the cost actions of the ten biggest accessories of the Dow, which is a cost weighted index, over the final five days and prerogative through the remaining six months. Over the closing 5 trading days, the Dow has won 0.7%.

    Ticker

    last 5 Day's performance

    6-Month performance

    MMM

    -0.5%

    +3.6%

    GS

    +5.three%

    +31.1%

    IBM

    +0.4%

    +8.5%

    HD

    -0.4%

    -2.2%

    BA

    -1.1%

    +11%

    UNH

    +2.6%

    +15.5%

    MCD

    +4%

    -5.4%

    TRV

    +1.9%

    -0.1%

    JNJ

    -2.5%

    +2.6%

    AAPL

    +2.9%

    +sixteen.three%

    next Week's Outlook

    Markets be pleased increasingly warmed to the thought of a Trump presidency. although tech stocks were at first harm by route of a few of his remarks made on the campaign path, they appear to be pleased discovered prefer as soon as again with traders. in the meantime, financials are limpid winners, gaining from rising possibilities of a less complicated regulatory atmosphere and possibilities of a rate hike subsequent month. financial facts has additionally been most encouraging, providing a company groundwork to the Fed for raising fees. general, stocks examine set to notch up further features within the week ahead.

    Zacks' model investment ideas for lengthy-term profit

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    desire the newest suggestions from Zacks funding analysis? nowadays, you can download 7 optimum stocks for the next 30 Days. click on to Get this free reportCISCO programs (CSCO): Free inventory analysis report

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    The views and opinions expressed herein are the views and opinions of the creator and conclude not necessarily replicate these of Nasdaq, Inc.


    Cisco : How service offers are assisting to permit the subsequent aspect of prudent city Adoption | killexams.com actual questions with brain dumps

    Cisco blog > Digital Transformation

    Digital Transformation Arvind Satyam - March 1, 2017 - 0 feedback

    there has been a lot of dialogue on why cities want to embody digital options to outcome them smarter. As sensible metropolis applied sciences and their connected enterprise models mature, cities are more and more looking to installation and scale assorted options across the city. This creates a very exciting random for telecommunications service providers (SPs) in line with their relationships and present footprints by the expend of their fiber, wireless and wired network investments. They likewise be pleased a legacy of offering each purchaser- and commercial enterprise-connected network services with proven reliability and may extend this talent set to involve a broader latitude of sensible functions. Let's examine at some fresh examples of where here's happening:

    In Copenhagen, an early adopter of smart applied sciences and a city intent on eliminating its carbon footprint by route of 2025, TDC and Cisco be pleased joined forces to supply the networking infrastructure, platform and options framework to deploy an array of smart city options (see greater particulars). TDC, Denmark's largest SP, helped initialize these efforts by means of featuring access to key metropolis resolution makers and local enterprise and group leaders and should be providing the continuing connectivity and advocate for these solutions.

    in a similar fashion, in Kansas metropolis, Missouri, within the US, sprint and Cisco be pleased partnered to enable and deploy a diverse and powerful portfolio of interconnected smart metropolis solutions (greater particulars prerogative here). Interconnectivity is in reality the vigour of sensible metropolis initiatives-now not just in making a sole paraphernalia or city industry more productive, but in producing and securely sharing information from each and every set of techniques and domains throughout many metropolis companies, communities and agencies to give unique insights for conclusion making. and because SPs are the native hubs for connectivity-their function is certainly crucial in galvanizing and keeping interconnectedness. As they outlined in an past blog submit, it takes an interconnected ecosystem of partners to outcome the sensible city vision a fact.

    Cisco brings 30 years of networking competencies to undergo on the challenges of deploying and helping sensible city solutions with its smart+linked Digital Platform. When it comes to wonderful integration, the related Digital Platform offers an application-enabled statistics aggregation layer that provides services to cities, citizens and corporations (watch video). It securely connects techniques and enables cities to point to gathered statistics into action across a lot of groups and sectors to optimize city features, expand citizen date and expand the daily worthy of lifestyles. It enables provider suppliers with go-domain expertise to manage systems and extend conclusion aid horizontally to their consumers.

    one of their latest SP-aided deployments is in the city of Bucharest with Deutsche Telekom (DT), where a collection of prudent options can be integrated over the related Digital Platform. talking about the mission, Daniel Baluta, Mayor of District four in Bucharest changed into enthusiastic: 'we're delighted to be partnering with DT and Cisco on the Tineretului Park sensible metropolis project. Residents of District four may be the first to savor free Wi-Fi, and video monitoring will aid individuals in misery and advocate desist vandalism. they will be pleased a prudent parking cell utility, and the prudent lighting fixtures retort will lessen their energy costs.' The mayor sees the partnership as a route for Bucharest to attain a more robust flush of pile and be a model of different cities.

    George Nistor, Senior ICT sales and commerce pile for Deutsche Telekom AG, has the very belief with Mayor Baluta. 'The pilot will outcome coming to the park more entertaining and safer and it additionally brings merits to the city by using improving its means to exploit public areas, lights, and security more comfortably at reduce prices.' George brought, 'we're gratified with their implementation of the primary built-in smart city concept in District four Bucharest, for the exquisite collaboration with city hall and for the tenacious 10-12 months relationship with Cisco.' George referred to that out that these cutting-facet technologies-including analytics, synthetic intelligence and different key applications-will lead Bucharest on its digitalization adventure and they likewise beef up DT's powerful position as an integrated ITC issuer.

    As they enter a unique aspect of smart metropolis maturity in terms of metropolis readiness, know-how development and ecosystem concord, it's a thrilling time for SPs to understand unique alternatives to construct on their tantalizing role in cities and expand their carrier choices.

    'carrier suppliers can generate unique income streams whereas helping cities achieve operational effectivity,' followed Peter Karlstromer, Cisco Senior vice president for provider provider activities in Europe, the seat East, Africa and Russia (EMEAR). He referred to that Cisco's community event, partnerships and platform expertise can allow SPs to be able to ply this very significant possibility. 'we be pleased had wonderful success with TDC, dash and DT, and they examine ahead to partnering with SPs in other markets to assist scale prudent city adoption international.'

    I trust Peter. i am assured that their SP relationships will proceed to be an well-known fragment of their companion ecosystem and will be instrumental in extending the number and latitude of smart city deployments in more cities and communities throughout the globe.

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    644-344 SP Video aspect III Wireline

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    Canadian Zinc reports effects for Third Quarter | killexams.com actual questions with brain dumps

    VANCOUVER, Nov. 14, 2017 /CNW/ - Canadian Zinc enterprise (TSX: CZN; OTCQB: CZICF) ("the business" or "Canadian Zinc") reviews its meantime economic results and supplant on development activities for the three and nine month periods ended September 30, 2017.

    This word liberate may quiet be study together with the business's unaudited interim consolidated fiscal statements for the three and six month durations ended September 30, 2017 and the connected management's dialogue and evaluation (MD&A) which can be organize on the company's web site at www.canadianzinc.com, below the "Financials" section, or on SEDAR (www.sedar.com).

    abstract Highlights Third Quarter 2017

    Canadian Zinc completed a Feasibility analyze ("2017 FS"), which supersedes the 2016 Pre-Feasibility examine ("2016 PFS"). a brand unique Technical report entitled "Prairie Creek Property Feasibility study NI forty three-a hundred and one Technical document" advantageous September 28, 2017 changed into filed on SEDAR.

    The effects of the 2017 Feasibility examine at betoken worthy improvements compared to the preliminary Feasibility analyze achieved in 2016 and verify that the Prairie Creek Mine can advocate a significant enhance within the mining expense and mill throughput so that you can allow production of greater quantities of zinc, lead and silver, and at decrease operating cost as compared to the mine blueprint presented in the 2016 PFS.

    The Mackenzie Valley Environmental handle overview Board issued its record on environmental assessment September 12, 2017 and suggested approval of the Prairie Creek all Season highway, field to implementation of a variety of measures.

    In principal Newfoundland, Canadian Zinc persevered the 2017 drill software focused on up-dip mineralization at the Lemarchant deposit as well as other local ambitions reporting fine outcomes. A 5,000 metre drill program become initiated subsequent to the quit of the quarter, staged from the enterprise's Pat's Pond camp location, in the Boomerang-Domino deposit enviornment.

    The 2017 drill programs at Lemarchant intersected worthy extensions of groundwork metallic worthy sulphide mineralization, each up-dip and to the instant south of the presently defined Lemarchant deposit. The exploration consequences from the 2017 drilling programs can be compiled into an up-to-date resource estimate on the Lemarchant deposit, which is anticipated to be completed after the quit of the present drilling software, within the first quarter of 2018.

    Prairie Creek assignment

    The Feasibility examine at ("2017 FS") become completed in September and supersedes the 2016 Pre-Feasibility analyze ("2016 PFS"). a brand unique Technical document entitled "Prairie Creek Property Feasibility examine NI forty three-one hundred and one Technical record turned into filed on SEDAR on October 31, 2017.

    Feasibility examine at achieved

    The 2017 Feasibility examine at concludes that the Prairie Creek Mine is shown to be a practicable assignment, in response to the mineral reserves, mine plan, creation and financial parameters determined inside the 2017 FS.

    AMC recommends that Canadian Zinc strengthen the challenge to the next stage, that will include; distinctive design and planning of the necessary features, pile of the all season street, refurbishment of the mill, ordering the long-lead machine for vigour technology, portal refurbishment, access widening, and development of ramp declines in education for ore creation and processing.

    Mill delivery-up is projected for August 2020, with a pre-production duration during which targeted engineering, mill and camp refurbishment, underground construction from latest workings, and construction of key surface infrastructure items, together with a paste plant and all season street, will Take area.

    Feasibility study Highlights

    Optimization work accomplished as a fragment of the 2017 FS has ended in improvements in comparison with the blueprint contained in the 2016 PFS in lots of facets of the Prairie Creek Mine with most effectual a modest boost within the capital charge. amongst these are:

  • expanded mining rate (+18.5% to 1,600 tonnes per day).
  • increased mill throughput after DMS processing (+25% to 1,200 tonnes per day).
  • lower working cost (-2.6% to $223 per tonne mined, including transport).
  • extended Mineral Reserve tonnage (+6.2% to 8.1 million tonnes).
  • The 2017 FS Mine blueprint covers a 15 year life of Mine ("LOM") construction from mill beginning-up with a particular focus on optimizing the LOM grade profile. all the route through the first 10 years of construction, the increased mill throughput effects in here as compared to the 2016 PFS:

  • better commonplace annual steel construction (zinc 95M lbs. and lead 105M lbs.).
  • average annual total contained zinc in both zinc and lead concentrates elevated by route of about 7% from 82 million kilos to 88 million pounds per yr
  • The 2017 FS indicates many economic advancements from the 2016 PFS:

  • Cumulative web salary over the life of the mine multiplied by means of $325 million to $three billion and cumulative undiscounted money movement, pre-tax, up $a hundred ninety million to $900 million, a ascend of over 30%, at groundwork case metallic expenditures of zinc=US$1.10/lb., lead=US$1.00/lb., and silver=US$19.00/oz.
  • The pre-tax NPV, discounted at eight%, improved 21% to $344 million, with an IRR of 23.8%, while the NPV allot up-tax and royalties, discounted at 8%, increased 22% to $188 million, with an IRR of 18.four%.
  • Capital cost increased by using $35 million (14%) to $279 million, together with contingency, basically as a result of the expansion in mine and mill throughput and accelerated mine building.
  • The allot up-tax payback term changed into reduced through 5 months to 4.6 years from mill beginning-up.
  • fiscal evaluation abstract

    The pre-tax and allot up-tax net present values, at 5% and 8% sever expense fees, and internal charges of return, are illustrated within the table under, at a Canadian/US greenback exchange expense of CA$1.25=US$1.00, apart from the set referred to. The desk additionally demonstrates the sensitivities of the Prairie Creek challenge to zinc, lead and silver fees and to the Canadian/US greenback alternate expense.

    economic Sensitivities of the Prairie Creek project

    steel expenditures

    Pre-Tax

    put up-Tax 1

    Zinc/LeadUS$/lb

    SilverUS$/oz.04a7d3d609129a9296bf7ac0608c2097)

    Undiscounted$M

    NPV (5%)$M

    NPV (8%)$M

    IRR%

    Undiscounted$M

    NPV (5%)$M

    NPV (8%)$M

    IRR%

    0.eighty

    17.00

    139

    10

    (39)

    5.5

    75

    (29)

    (sixty eight)

    three.three

    0.ninety

    18.00

    452

    211

    120

    14.4

    282

    109

    forty three

    10.6

    1.10/1.00

    19.00

    899

    497

    344

    23.8

    562

    291

    188

    18.4

    1.20/1.00

    19.00

    1,033

    582

    410

    26.2

    644

    344

    230

    20.4

    1.10

    20.00

    1,077

    614

    437

    27.3

    671

    364

    247

    21.three

    1.20

    21.00

    1,390

    815

    596

    32.7

    863

    489

    346

    25.7

    1.30

    22.00

    1,703

    1,017

    755

    37.7

    1,053

    612

    444

    29.eight

    1.10/1.00 2

    19.00 2

    1,208

    696

    501

    29.5

    752

    416

    287

    23.1

    1.20/1.00 2

    19.00 2

    1,355

    789

    574

    31.9

    842

    473

    332

    25.0

    1.

    publish-tax outcomes encompass all taxes, royalties, aboriginal participation expenses and the Sandstorm 1.2% NSR.

    2.

    foreign trade assumed to be CA$1.375:US$1.00 on these lines.

    The 2017 FS suggests regular annual EBITDA throughout the first 10 full years of $111 million per 12 months and cumulative EBITDA of $1,294 million over the projected LOM of 15 years, using groundwork case metallic rate forecasts.

    all the route through the primary 10 full years of focus construction the 2017 FS forecasts gauge annual construction of about 65,000 tonnes of zinc concentrate and 72,000 tonnes of lead concentrate, containing an detached of about ninety five million kilos of zinc, a hundred and five million kilos of lead and a couple of.1 million ounces of silver.

    the expend of the bottom case steel costs and exchange expense of CA$1.375=US$1.00 would enhance the pre-tax NPV eight% to $500 million and the IRR to 29.5%. the expend of a zinc expense of US$1.20 per lb., with all different groundwork case inputs and a international alternate rate of CA$1.25=US$1.00 would raise the pre-tax NPV 8% to $410 million and the IRR to 26.2%.

    using a zinc rate of US$1.20 per lb., with all other groundwork case inputs and a international exchange fee of CA$1.375=US$1.00 would boost the pre-tax NPV eight% to $574 million and the IRR to 31.9%.

    The economic model used in the 2017 FS has been organized assuming typical blended indicative medicine costs of US$172 per tonne for zinc sulphide concentrates and US$one hundred thirty per tonne for lead concentrates, both considerably bigger than the latest spot medicine costs, with commerce ordinary penalties, including mercury penalties of US$1.75 for every one hundred ppm above 100 ppm per tonne of focus.

    Pre-construction Capital fees, together with provision for development of a unique all season road, are estimated at $253 million, with a contingency of $26 million for a total of $279 million, and with publish-tax payback of 4.6 years from graduation of concentrate production.

    undertaking Execution

    goal start-up for commencement of industrial creation/milling operations at Prairie Creek mine is scheduled for August 1, 2020 with commissioning of the mill taking set over three months ahead of this date.

    The 2017 FS contemplates the primary 12 months of the project schedule comprising unique engineering and preliminary site/portal preparation, including the completion of permitting and design of the all season highway with the 2d 12 months including procurement of lengthy-lead-time items and extra guidance of the web site, adopted by route of continuous web page pile and mine construction to production.

    Mobilization will in the dawn be by using wintry weather street and/or airlift, concurrent with construction of the all season highway.

    All Season street authorised with the aid of Mackenzie Valley overview Board

    On September 12, 2017, the Mackenzie Valley Environmental influence evaluate Board ("MVRB" or the "review Board") recommended approval of the proposed all season road for the Prairie Creek Mine. The assessment Board issued its document of Environmental assessment and factors for conclusion for Canadian Zinc's Prairie Creek all season road undertaking for the Prairie Creek Mine (the "EA report") and submitted the report to the Federal Minister of Crown-Indigenous members of the family and northerly Affairs.

    The overview Board recommends the approval of the Prairie Creek all season highway be made area to implementation of the measures described in the report, which it considers are imperative to remain away from enormous adversarial affects on the ambiance and native americans.

    In its document, the evaluate Board has prescribed measures, lots of which build on Canadian Zinc's commitments made all the route through the EA report, intended to mitigate the massive opposed affects on the environment, enrich monitoring and managing the abilities impacts and with a purpose to likewise ply any public subject concerning these influences. With these and other measures to sever back or avert recognized affects, the review Board concluded that the undertaking should be greater, and meaningful moves will mitigate the colossal influences that might otherwise occur.

    street permitting process Going ahead

    The EA report turned into forwarded to the Federal Minister of Crown-Indigenous family members and northerly Affairs, on September 12, 2017 with a suggestion that the development be authorised, discipline to the measures described in the file.

    The Mackenzie Valley useful resource management Act offers that after because the report of an environmental assessment, the federal Minister and the in imbue ministers to whom the report changed into distributed might likewise disagree to adopt the advice or refer it lower back to the review Board for extra consideration or, after consulting the evaluation Board, adopt the suggestion with changes, or reject it and order an environmental be pleased an outcome on evaluate of the idea. beneath the Act, the Minister is required to deal a conclusion inside 5 months of receipt of the document.

    The regulatory section, performed with the aid of the Mackenzie Valley Land and Water Board with input from territorial and federal groups, is the next allowing stage during which the road allow is issued via the Water Board and via Parks Canada. This enable is expected to consist of the suggested measures protected in the EA file.

    The 2017 FS contemplates that preliminary development of the mine and construction of website infrastructure over the two-12 months mission schedule will be serviced with the aid of a wintry weather road with the all season street utilized for the outbound transportation of concentrates in late 2020.

    Newfoundland residences 

    Canadian Zinc owns an in depth mineral land package in valuable Newfoundland that contains three colossal VMS tasks, each with defined mineral deposits, which might be being explored via Canadian Zinc.

    The business's exploration strategy in Newfoundland is to continue to construct on its present polymetallic aid groundwork with the purpose of developing both a stand-alone mine, similar to the previous-producing mines at Buchans and Duck Pond, or a few smaller deposits that could be developed simultaneously and processed in a central milling facility.

    critical Newfoundland Exploration Work

    all the route through the 2017 summer time application 9,082 metres of diamond drilling were achieved in 38 drillholes. a complete of 12,152 metres of drilling in forty eight drillholes and 3 drillhole extensions has now been accomplished in 2017.

    The 2017 drill courses at Lemarchant intersected huge extensions of groundwork steel massive sulphide mineralization, both up-dip and to the instant south of the at present defined Lemarchant deposit.

    The Lemarchant main Zone huge sulphide mineralization has been proven to prolong an further eighty metres up-dip and over a 200-metre strike size (from sections 100+75N to 103+25N). The upright depths of the mineralized drill intercepts latitude from 120 to one hundred seventy metres.

    For full consequences refer to Canadian Zinc information unencumber April 18, 2017, August 14, 2017, September 25, 2017 and November 10, 2017, with drill gap area maps and key sections supplied on the Canadian Zinc web site (www.canadianzinc.com).

    Mercator Geological functions limited, of Dartmouth, Nova Scotia, has been engaged to complete a geological structural study of the Lemarchant deposit. The structural study will check particular drill core and bedrock points that should be applied to the geological model with the purpose of deciding upon competencies offset areas of favourite mineralization and skills unique adjacent areas of mineralization. The structural model will additionally aid in the training of an updated NI 43-one zero one Geological useful resource estimate of the Lemarchant deposit that could be achieved after the conclusion of this drilling software.

    Drilling at the Boomerang-Domino worthy sulphide deposit on the Tulks South property became initiated in early October. Up to 5,000 metres of drilling is being deliberate for the enviornment, peculiarly concentrated on the Zinc Zone observed automatically alongside strike of the Boomerang Deposit; drilling an untested area up-dip of the Boomerang deposit; and extra testing of the excessive-grade storm prospect.

    economic outcomes

    For the three and nine month periods ended September 30, 2017, Canadian Zinc stated a internet loss and finished requisite of $2,456,000 and $8,256,000 respectively compared to a web loss and finished requisite of $1,708,000 and $3,351,000 for a similar durations ended September 30, 2016.

    blanketed within the loss for the three and 9 month periods ended September 30, 2017, be pleased been exploration and contrast charges of $2,023,000 and $6,229,000 respectively in comparison to $838,000 and $1,642,000 respectively for the similar intervals and share-primarily based compensation expenses of $104,000 and $761,000 respectively versus $488,000 and $646,000 respectively in the related intervals.

    For the three and nine month intervals ended September 30, 2017, Canadian Zinc expensed $1,156,000 and $4,960,000 respectively on its exploration and assessment classes at Prairie Creek in comparison to $758,000 and $1,451,000 for the three and 9 month intervals ended September 30, 2016. The company turned into worried within the environmental evaluation of permits for the all season street in all intervals and become engaged in mine planning and feasibility studies within the existing intervals but no longer the related periods.

    For the three and 9 month intervals ended September 30, 2017, Canadian Zinc likewise expensed $867,000 and $1,269,000 respectively on its exploration and contrast houses in captious Newfoundland in comparison to $80,000 and $191,000 for the comparative intervals.

    At September 30, 2017, Canadian Zinc had a positive working capital stability of $2,028,000 together with money and cash equivalents of $2,697,000 and brief term investments of $25,000.

    Outlook

    Canadian Zinc's focal point for the the ease of 2017 and into 2018 is to procure the financing required to start development of the Prairie Creek venture and promote the Mine against production.

    it is predicted that a preference by route of the Minister on the environmental assessment of the all season road should quiet be issued in February 2018, following which the thought should be pointed out the Water Board for the problem of the Land expend allow.

    The present expenditures of each zinc and lead are potent and extensively greater that the expenditures used in the 2017 FS. The Prairie Creek mission is specially elegant to zinc, lead and silver prices and to the Canadian/US dollar alternate price. for example, the expend of a zinc fee of US$1.20 per lb. as a substitute of the expense of US$1.10 per lb. used within the 2017 FS, with all different groundwork case inputs unchanged, would boost the pre-tax NPV eight% to $410 million and the IRR to 26.2%. using a zinc rate of US$1.20 per lb., with all other groundwork case inputs and a international trade cost of CA$1.375=US$1.00 would enhance the pre-tax NPV 8% to $574 million and the IRR to 31.9%.

    The lengthy-time term fee outlook for lead and zinc is quiet very nice. Supported by route of the powerful economics indicated through the 2017 FS, Canadian Zinc will proceed to admiration all alternate options for elevating the senior financing essential to comprehensive the pile and development and allot the Prairie Creek Mine into creation.

    About Canadian Zinc

    Canadian Zinc is a TSX-listed exploration and development commerce trading below the image "CZN". The company's key challenge is the 100%-owned Prairie Creek project, a completely authorised, advanced-staged zinc-lead-silver property, organize within the Northwest Territories.

    certified adult: Alan Taylor, P.Geo., vice president of Exploration, Chief operating Officer and Director of the business, who is a Non-unbiased qualified adult as defined in national Instrument forty three-one zero one – standards of Disclosure for Mineral projects ("NI forty three-101"), has prepared, supervised the training of or reviewed, the ingredients of this information release which are of a scientific or technical nature.

    Cautionary statement – forward-looking guidance

    This press unencumber includes obvious forward-looking advice, including, amongst different things, the development of mineral residences. This ahead searching suggestions comprises, or could be based mostly upon, estimates, forecasts, and statements as to administration's expectations with recognize to, among other things, the completion of transactions, the subject of allows, the size and quality of mineral materials, future tendencies for the business, development in development of mineral residences, future construction and revenue volumes, capital expenses, mine construction expenses, claim and market outlook for metals, future metallic costs and medicine and refining charges, the result of legal lawsuits, the timing of exploration, pile and mining actions, acquisition of shares in different corporations and the economic outcomes of the enterprise. There can likewise be no assurances that such statements will point to to be accurate and genuine outcomes and future routine might vary materially from these anticipated in such statements. Mineral elements that aren't mineral reserves won't be pleased validated economic viability. Inferred mineral supplies are considered too speculative geologically to be pleased economic issues applied to them that could enable them to be categorised as mineral reserves. There is not any sure ante that mineral components may be transformed into mineral reserves.

    Cautionary word to u.s. buyers

    the USA Securities and change commission ("SEC") allows U.S. mining organizations, in their filings with the SEC, to disclose best these mineral deposits that a corporation can economically and legally extract or produce. They expend obvious phrases in this press unencumber, such as "measured," "indicated," and "inferred" "materials," which the SEC instructions restrict U.S. registered groups from including of their filings with the SEC.

    source Canadian Zinc organization

    For extra tips: John F. Kearney, Chairman & Chief government, (416) 362­-6686, Suite 1805, 55 university Avenue, Toronto, ON M5J 2H7, Fax: (416) 368-5344; Alan B. Taylor, vice president Exploration & Chief operating Officer, (604) 688­-2001, Suite 1710 - 650 West Georgia highway, Vancouver, BC V6B 4N9, Fax: (604) 688-2043, Tollfree:1-866-688-2001; Steve Dawson, vice president, company building, (416) 203-1418, Suite 1805, 55 university Avenue, Toronto, ON M5J 2H7, Fax: (416) 368-5344, e mail: outcome investments@canadianzinc.com, web page: www.canadianzinc.com

    linked hyperlinks

    www.canadianzinc.com


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    Govt tax proximate to forecast | killexams.com actual questions with brain dumps

    The economic Statements of the govt of latest Zealand for the six months ended 31 December 2012 were released via the Treasury nowadays.

    These financial statements are compared in opposition t forecast tracks in keeping with the 2012 Half 12 months economic and financial update (HYEFU), released on 18 December 2012.

    Core Crown tax income at $27.3 billion changed into proximate to forecast, $31 million (0.1%) lower than anticipated.

    each source deductions and other people’ tax be pleased been above forecast (by route of $111 million and $122 million respectively) while company tax was beneath forecast by $151 million.

    Core Crown costs be pleased been $273 million decrease than forecast mostly owing to Treaty settlement charges being $186m beneath forecast as a result of advanced negotiation issues not being finalised as planned all over December.

    The OBEGAL deficit was $158 million lower than anticipated at $3.2 billion, basically reflecting the lower core Crown expenditure.

    The operating steadiness become in surplus at $1.7 billion ($2.3 billion larger than the forecast deficit of $541 million) as web investment generous points persevered to be recorded by using the unique Zealand Superannuation Fund and ACC.

    ACC likewise recorded an actuarial profit on its liability for remarkable assurance claims, which reflected favourable changes within the discount expense and claims event.

    The residual money deficit was $558 million under forecast at $9.2 billion as tax receipts had been better than expected ($417 million or 1.7% above forecast) and capital spending turned into $159 million lower than forecast.

    GST contributed $220 million of the extra receipts, mostly as a result of the timing of refunds. source deductions were $158 million above forecast, which changed into according to salary, per labour earnings boom statistics launched earlier this month.

    besides the residual money result, currency in circulation become greater than forecast due improved public claim for foreign money over the Christmas term and resulted in internet debt being $1.2 billion beneath forecast at $59.1 billion (28.4% of GDP).

    Gross debt was $1.5 billion under forecast at $81.7 billion, or 39.2% of GDP. whereas the government bond issuance changed into near forecast, a larger than expected component of this debt become held by the Reserve financial institution reducing the amount of debt held externally.

    additional analysis of the December results follows.

    1 using GDP for the year ended 30 September 2012 of $208,326 million (source:statistics unique Zealand) 2 the usage of forecast GDP for the yr ended 30 June 2013 of $216,048 million (source:Treasury) 3 uncouth sovereign-issued debt excluding agreement money and Reserve bank expenses 4 net core Crown debt except for student loans and different advances

    This document is accessible on the brand unique Zealand Treasury’s information superhighway web site.

    The observation outlines the summary accounting policies underpinning the guidance of the fiscal

    statements of the govt. It refers readers to the Treasury website the set the accounting guidelines are set

    out in full.

    The statement outlines the operating outcomes of the total government (i.e., the revenues and prices of all

    departments + Reserve bank + N Z S Fund (core Crown), SOEs (together with Air unique Zealand), and Crown entities).

    price by means of functional ilk is likewise proven for total Crown and core Crown.

    statement of complete revenue 15

    The commentary studies changes in web expense due to the operating balance, gadgets of profits or expense that are

    recognised directly in web worth, the impact of obvious accounting changes, and corrections of mistakes.

    evaluation of prices with the aid of functional Classification 16

    Breakdown of prices with the aid of feature for complete Crown and core Crown.

    commentary of cash Flows 17

    The statement units out the money flows that result from the operating, investing and financing actions of the

    government. The web cash flows from operations are reconciled to the operating stability reported within the

    observation of economic efficiency.

    statement of adjustments in net worth 19

    The observation offers a reconciliation of opening and shutting net worth for the period.

    commentary of economic set 20

    The remark outlines the steadiness sheet of the full government (i.e., the belongings and liabilities of the core

    Crown, SOEs, and Crown entities).

    observation of Borrowings 21

    The observation outlines total borrowings (cut up by means of sovereign -assured debt and non sovereign -assured

    debt), together with the calculation of the core Crown debt indications.

    observation of Commitments 22

    The commentary outlines the commitments of the all executive by class and section.

    commentary of Contingent Liabilities and property 22

    The statement outlines the contingent liabilities and property of the all government by category and section.

    Notes to the fiscal Statements 23

    The notes are an essential component of the monetary statements, featuring further explanatory fabric to that

    offered in the main statements.

    O f ficer for Enquiries

    Kamlesh Patel (phone 64-four-917-6094) (E -mail: kamlesh.patel@treasury.govt.nz)

    Chief economic Officer and Chief Accountant Portfolio

    The Treasury (1 The Terrace), PO box 3724, Wellington

    NEW Z E A L AND

    Facsimile: sixty four-4-473-1151

    C O M M E N T A R Y

    2 financial Statements of the government of recent Zealand - six months ended 31 December 2012

    S U M M A R Y

    The economic Statements of the executive supply a listing of the government’s monetary performance for the six

    months ended 31 December 2012 and its monetary set as at that date.

    The December effects are mentioned towards forecasts in accordance with the 2012 Half 12 months financial and monetary replace

    (HYEFU) , posted on 18 December 2012.

    At a glance

    table 1 - Key symptoms for the six months ended 31 December 2012 compared to H Y E F U

    Full year

    December December June

    2012 2012 Variance Variance 2013

    HYEFU to HYEFU to HYEFU HYEFU

    $ million Actual1 Forecast1 $m % Forecast2

    Core Crown

    Core Crown tax profits 27,338 27,369 (31) (0.1) fifty seven,376

    Core Crown salary 29,893 29,930 (37) (0.1) 62,939

    Core Crown expenses 34,136 34,409 273 0.eight 71,998

    Core Crown residual money (9,236) (9,794) 558 5.7 (9,782)

    Gross debt3 eighty one,659 83,143 1,484 1.8 eighty,176

    as a percentage of GDP 39.2% 39.9% 37.1%

    internet debt4 fifty nine,one hundred 60,280 1,one hundred eighty 2.0 59,998

    as a percentage of GDP 28.four% 28.9% 27.8%

    complete Crown

    operating steadiness earlier than positive factors and losses (three,191) (3,349) 158 4.7 (7,340)

    operating steadiness 1,709 (541) 2,250 415.9 (3,275)

    net expense because of the Crown sixty one,076 58,811 2,265 three.9 fifty six,285

    1 the usage of GDP for the yr ended 30 September 2012 of $208,326 million (supply:facts unique Zealand)

    2 the usage of forecast GDP for the 12 months ended 30 June 2013 of $216,048 million (source:Treasury)

    3 uncouth sovereign-issued debt except contract money and Reserve bank bills

    four internet core Crown debt except pupil loans and other advances

    12 months so far

    Core Crown contains Ministers, Departments, offices of Parliament, the N Z S F und and the Reserve bank of

    New Zealand b ut excludes situation -owned firms and Crown entities.

    outcomes for the six months ended 31 December 2012

    Core Crown tax income at $27.three billion become proximate to forecast, $31 million (0.1%) decrease than anticipated. both supply

    deductions and different individuals tax had been above forecast (by route of $111 million and $122 million respectively) whereas

    corporate tax changed into under forecast by means of $151 million.

    Core Crown costs were $273 million reduce than forecast largely due to Treaty settlement charges being

    $186m under forecast as a result of knotty negotiation concerns not being finalised as deliberate all through December.

    The OBEGAL deficit became $158 million reduce than expectd at $3.2 billion, basically reflecting the decrease core Crown

    expenditure.

    The working stability become in surplus at $1.7 billion ($2.three billion higher than the forecast deficit of $541 million) as web

    investment positive factors endured to be recorded with the aid of the brand unique Zealand Superannuation Fund and ACC. ACC likewise recorded an

    actuarial benefit on its legal responsibility for astounding coverage claims, which mirrored favourable alterations within the contract rate

    and claims event.

    financial Statements of the government of latest Zealand - six months ended 31 December 2012 three

    The residual cash deficit turned into $558 million under forecast at $9.2 billion as tax receipts were bigger than expected

    ($417 million or 1.7% above forecast) and capital spending become $159 million lessen than forecast. GST contributed

    $220 million of the further receipts, largely as a result of the timing of refunds. supply deductions be pleased been $158 million

    above forecast, which changed into in response to profits, per labour salary expand facts launched past this

    month.

    besides the residual cash outcome, currency in circulation was greater than forecast due to extended public

    demand for forex over the Christmas duration and resulted in web debt being $1.2 billion beneath forecast at $59.1

    billion (28.four% of GDP).

    Gross debt turned into $1.5 billion under forecast at $81.7 billion, or 39.2% of GDP. whereas the executive bond issuance

    become near forecast, a larger than expected component of this debt become held via the Reserve financial institution reducing the amount

    of debt held externally.

    further analysis of the December results follows.

    4 economic Statements of the executive of unique Zealand - six months ended 31 December 2012

    A N A L Y S I S

    table 2 - Key indicator variances for the six months ended 31 December 2012 in comparison to HYEFU:

    merchandise/indicator Variance 1 Key drivers

    Core Crown

    Core Crown

    salary

    -$37 million

    (decrease than forecast)

    Core Crown income at $27.3b was proximate to forecast, $37m (0.1%)

    reduce than expected commonly on the subject of core Crown tax salary

    become $31m lessen than forecast. both source deductions and other

    people tax had been above forecast (by $111 million and $122 million

    respectively) while company tax become beneath forecast via $151 million.

    supply deductions had been $111 million above forecast, which turned into in

    line with the labour income growth records launched previous this month

    and became despite a reported Fall in employment (as seen in the

    family Labour drive Survey).

    Core Crown

    prices

    $273 million

    (reduce than forecast)

    Core Crown costs were $34.1b for the six months to

    31 December, which changed into $273m (or 0.eight%) lessen than anticipated.

    Treaty contract expenses being $186m beneath forecast because of

    complicated negotiation considerations no longer being finalised as deliberate all through

    December. there be pleased been no different significant variances.

    Core Crown

    residual money

    deficit

    $558 million

    (decrease than forecast)

    At $9.2b, the core Crown residual money deficit turned into $558m decrease than

    forecast, typically reflecting core Crown tax receipts that be pleased been

    $417m greater than expected. The greatest components of this tax

    variance were:

    GST contributed $220m to the further receipts, mostly as a result of

    refunds being smaller than forecast.

    supply deduction receipts had been $158 million greater than forecast

    based on the income fashion.

    internet purchases of physical belongings be pleased been $159m beneath forecast.

    Gross debt $1,484 million

    (lower than forecast)

    Gross debt was decrease than forecast at $81.7b (1.8% decrease than

    forecast or 39.2% of GDP).

    while govt bond issuance was proximate to forecast, a larger than

    expected component of this debt was held by using the Reserve financial institution ($1.8b),

    cutting back the quantity of debt held externally.

    while the closing uncouth debt variance changed into no longer significant in total,

    there were some offsetting movements in the outcomes:

    The Reserve bank’s liabilities be pleased been $736m decrease than forecast,

    as a result of collateral got from third events and securities

    lending being decrease than forecast.

    Offsetting the above, D MO’s issuance of $1,076m of united statesD Euro

    industrial Paper (which was now not forecast), to supply extra

    brief time term funding.

    There become minimal be pleased an impact on on net debt from the above transactions

    because the rate reductions in fiscal liabilities were offset by means of decrease holdings

    of monetary belongings.

    1 profitable variances towards forecast be pleased a generous sign and negative variances towards forecast be pleased a terrible sign.

    monetary Statements of the govt of latest Zealand - six months ended 31 December 2012 5

    item/indicator Variance 1 Key drivers

    internet debt $1,a hundred and eighty million

    (reduce than forecast)

    internet debt was likewise lessen than forecast at $59.1b (2.0% reduce than

    expected or 28.four% of GDP), generally reflecting the residual money deficit

    outcome explained earlier and higher than forecast currency in

    circulation over the Christmas duration.

    total Crown

    operating stability

    earlier than features and

    losses deficit

    $158 million

    (lower than forecast)

    The OBEGAL deficit become $3,191m, which was $158m decrease than

    expected, basically owing to core Crown fees being $273m

    lessen than forecast.

    working stability $2,250 million

    (better than forecast)

    together with net features, that be pleased been $2,092m better than expected, the

    operating equilibrium changed into a surplus of $1,709m compared to the

    forecast deficit of $541m.

    investment gains continued to be recorded and had been $1,294m

    above forecast. The NZS Fund and ACC funding portfolio gains

    have been every around $600 million above forecast for the year -to-date

    apart from the investment positive aspects,

    ACC recorded an actuarial gain on its liability for incredible

    coverage claims that changed into $780m above forecast based on the

    valuation at 31 December 2012, reflecting profitable adjustments in the

    discount expense and claims event.

    internet worth

    attributable to the

    Crown

    $2,265 million

    (larger than forecast)

    web expense brought on by the Crown was greater than anticipated

    largely reflecting the working steadiness outcome several above.

    6 fiscal Statements of the government of latest Zealand - six months ended 31 December 2012

    desk 3 - Fiscal approach and economic outcomes

    31 Dec 31 Dec

    2012 2012 Annual

    specific Forecast Variance Variance Forecast

    $m $m $m % $m

    1 26.2% 26.three% 26.6%

    27,338 27,369 (31) (0.1) 57,376

    2,555 2,561 (6) (0.2) 5,563

    (34,136) (34,409) 273 0.8 (71,998)

    5,952 three,938 2,014 fifty one.1 5,784

    1,709 (541) 2,250 415.9 (3,275)

    (5,741) (3,798) (1,943) (51.2) (5,683)

    (four,005) (four,133) 128 3.1 1,855

    (8,037) (8,472) 435 5.1 (7,103)

    (543) (642) ninety nine 15.4 (1,840)

    (656) (680) 24 three.5 (839)

    (9,236) (9,794) 5 58 5.7 (9,782)

    50,671 50,671 - - 50,671

    (807) (185) 622 336.four (455)

    fifty nine,a hundred 60,280 1 ,180 2.0 fifty nine,998

    28.4% 28.9% 27.8%

    Ref

    O perating earnings

    be sure ample operating

    income to satisfy the working

    steadiness goal

    O perating charges

    To control the boom in

    spending so that over time,

    core Crown costs are

    decreased to below 30% of GDP

    working stability

    Return to an working

    surplus adequate to meet the

    executive's web capital

    necessities, together with

    contributions to the new

    Zealand Superannuation

    Fund, and verify consistency

    with the debt objective

    Debt

    manipulate complete debt at prudent

    levels making inescapable web debt

    continues to be continuously under

    35% of GDP after which introduced

    lower back to a stage no greater than

    20% of GDP with the aid of 2020

    Fiscal approach monetary effects

    Taxation as a % of GDP

    Core Crown taxation profits

    . . .

    .. . combined with different core

    Crown salary . . .

    . .. fund core Crown

    expenses...

    .. . and a few gadgets don't

    have an impact on money . . .

    . . . leaving operating cash

    flows to . . .

    . . . meet the capital

    expenditure expense compass . . .

    . .. and outcome advances (e.g. to

    college students and DH Bs)

    With the residual money . . .

    . . . when mixed with

    opening internet debt .. .

    . . . and reasonable expense actions

    and different alterations in

    fiscal belongings and economic

    liabilities . . .

    . . . outcomes in a closing internet

    debt . . .

    . . . and as a % of GDP

    ... and with SOE and Crown

    entity outcomes and core Crown

    beneficial properties and losses...

    .. . outcomes in an working

    surplus or deficit...

    . . .with earnings in SOEs, CEs

    and the NZS Fund retained...

    1 GDP for the six months ended 31 December 2012 (genuine and forecast) is the genuine facts for the 12 months ended 30 September 2012 (source:

    records unique Zealand) pro-rated for six months.

    fiscal Statements of the govt of unique Zealand - six months ended 31 December 2012 7

    determine 1 - software of core Crown money flows ($billions)

    This diagram suggests how the working equilibrium translates into money available to the core Crown and how this cash

    changed into spent.

    operating lower back out Non -money Core Core Crown cash Residual

    steadiness SOE/CE objects Crown distributions cash

    surplus NZSF working operating (these gadgets deficit

    retained capital money raise the (funding

    surpluses movements deficit cash deficit) required)

    + + = =

    Advances and

    capital

    injections (eg

    scholar loans,

    DH Bs )

    purchase of

    actual property

    (eg schools)

    1.7 (5.7) ( 4.0 ) (8.0)

    (0.7)

    (0.5)

    (9.2)

    eight financial Statements of the govt of unique Zealand - six months ended 31 December 2012

    Y E A R - O N - Y E A R P E R S P E C T I V E

    table 4 - assessment with frail year

    December December

    2012 2011

    actual exact trade 1 exchange

    $m $m $m %

    statement of monetary efficiency

    Core Crown earnings

    Taxation revenue 27,338 26,399 939 3.6

    different salary 2,555 2,230 325 14.6

    total Core Crown earnings 29,893 28,629 1,264 four.4

    Core Crown fees

    Social protection and welfare eleven,337 11,017 320 2.9

    GSF pension expenses 138 ninety two 46 50.0

    health 7,one hundred ninety 7,017 173 2.5

    training 5,852 5,809 forty three 0.7

    Core executive functions 1,975 2,043 (68) (3.three)

    legislation and order 1,690 1,693 (three) (0.2)

    Defence 868 872 (four) (0.5)

    Transport and communications 971 1,040 (69) (6.6)

    economic and industrial capabilities 1,032 1,one hundred and five (73) (6.6)

    simple features 313 308 5 1.6

    Heritage, culture and activity 392 368 24 6.5

    Environmental insurance policy 219 420 (201) (47.9)

    Housing and community pile 169 192 (23) (12.0)

    different 156 277 (121) (forty three.7)

    Finance fees 1,834 1,834 - -

    complete Core Crown charges 34,136 34,087 49 0.1

    internet surplus of SOE/CE's (and inter-section

    eliminations) 1,052 1,373 (321) (23.4)

    OBEGAL (three,191) (four,085) 894 21.9

    complete profitable properties/(losses) four,815 (5,505) 10,320 187.5

    different operating gadgets eighty five 120 (35) (29.2)

    working steadiness 1,709 (9,470) 11,179 118.0

    Core Crown residual money (9,236) (10,574) 1,337 12. 6

    Debt indications

    Gross debt 2 eighty one,659 seventy two,374 9,285 12.eight

    internet debt three 59,a hundred 50,134 eight,966 17.9

    1 because of the seasonal nature of some expenditure it isn't appropriate to annualise these changes.

    2 uncouth sovereign-issued debt aside from agreement cash and Reserve financial institution expenses.

    three internet core Crown debt except NZS Fund, student loans and different advances.

    monetary Statements of the govt of latest Zealand - six months ended 31 December 2012 9

    A N A L Y S I S

    revenue and fees

    Core Crown taxation salary for the six months ended 31 December 2012 multiplied by using $939 million (three.6%) on the

    identical term ultimate yr. different people’ tax became the biggest contributor to the raise (up 48% on ultimate year) owing

    to a far better constructive tax expense, with source deductions and GST likewise higher than remaining 12 months reflecting wage expand and

    increased consumption. This boom turned into in fragment offset by means of a lessen in company tax reflecting a change in timing

    of tax pooling payments.

    total core Crown prices elevated by $forty nine million (0.1%) on the very length last yr.

    functional expense movement from

    outdated year

    leading drivers of the change

    raises:

    Social protection and welfare + $320 million Indexation of welfare merits and enhance in recipient

    numbers, mainly NZ Superannuitants.

    health + $173 million Funding offered within the 2012 finances to preserve and

    enhance latest provider tiers.

    Decreases :

    Environmental coverage - $201 million prices associated with the Emissions buying and selling Scheme (ETS)

    were lower than final year as fewer NZ devices be pleased been issued

    and at lower prices. The lessen issuance is involving the

    forestry business, as they acquired a one-off allocation of

    contraptions in the event that they opted into the scheme in frail years.

    different useful classes -$243million This variance contains the several Treaty settlements within the

    two monetary years.

    complete + $forty nine million

    the surplus of SOE/CE’s changed into $1,052 million, which turned into $321m under ultimate yr’s surplus.

    complete profitable properties were $four,815 million within the six months to December 2012 because of effectual returns on the Crown’s investment

    portfolio and the actuarial generous points for GSF and ACC. In distinction, vulnerable global equity markets within the first six months of

    the 2011/12 economic yr plus increases within the valuation of the Crown’s long-time term liabilities (eg, ACC and GSF)

    resulted in total losses of $5,505 million to 31 December 2011.

    Debt

    both internet and uncouth debt be pleased multiplied as a result of the issuance of debt (basically govt inventory) and the

    discount in fiscal assets to meet cash deficits.

    10 monetary Statements of the govt of latest Zealand - six months ended 31 December 2012

    F I N A N C I A L S T A T E M E N T S

    12 fiscal Statements of the government of recent Zealand - six months ended 31 December 2012

    S T A T E M E N T O F A C C O U N T I N G P O L I C I E S

    1 Reporting Entity

    These fiscal statements are the consolidated financial statements for the government reporting entity as distinct

    in fragment III of the common public Finance Act 1989. This includes:

    Ministers of the Crown Departments

    places of work of Parliament

    New Zealand Superannuation Fund

    State -Owned firms (SOEs)

    Reserve bank of recent Zealand

    Crown Entities

    Air unique Zealand restrained

    A time table of the entities that are covered in the government reporting entity was set out on pages 85 and 86 of the

    H Y E F U launched on 18 December 2012.

    aside from the 30 June 2012 comparative figures, all actual, forecast and comparative figures introduced in

    these economic statements are unaudited.

    2 groundwork of guidance and established Accounting policies

    These unaudited interim financial statements of the executive reporting entity comply with frequently authorized

    accounting ensue and with unique Zealand equivalents to foreign fiscal Reporting specifications (NZ I F R S) as

    relevant for public improvement entities, together with NZ I A S 34 interim monetary Reporting . The government reporting

    entity is a public improvement entity.

    The size groundwork applied is frail imbue adjusted for revaluations of property, plant and paraphernalia (where

    applicable), industrial forests; and marketable securities, deposits and equity investments held for trading

    applications. The accrual basis of accounting has been used except in any other case pointed out.

    These economic statements had been organized on a going problem basis. These interim economic statements have

    been organized the expend of the equal accounting policies and methods of computation as, and will be examine in conjunction

    with, the tips covered in the financial Statements of the executive of recent Zealand for the yr ended 30

    June 2012.

    three S pecific Accounting policies

    The specific accounting policies of the Crown are distinctive on the Treasury’s cyber web web site:

    http://www.treasury.govt.nz/publicat ions/information/reporting/accounting

    four Forecasts

    The forecasts in these fiscal statements are for the year to 30 June 2013.

    The accounting guidelines underlying the instruction of forecasts are set out within the observation of Accounting guidelines

    reproduced in full on the Treasury’s cyber web web page http://www.treasury.govt.nz/funds/forecasts/hyefu2012

    monetary Statements of the govt of unique Zealand - six months ended 31 December 2012 13

    S T A T E M E N T O F A C C O U N T I N G P O L I C I E S ( C O N T I N U E D )

    5 Comparative Figures

    When presentation or classification of items within the economic statements is amended or accounting policies are

    changed voluntarily, comparative figures had been restated to ensure consistency with the current duration until it is

    impracticable to conclude so.

    6 Variance Percentages

    percent variances between the genuine and comparative balances exceeding 500% don't appear to be proven.

    7 Judgements and Estimates

    The training of these economic statements requires judgements, estimates and assumptions that handle the

    application of policies and stated amounts of property and liabilities, earnings and expenses. as an instance, the present

    cost of significant money flows that are predicted to Take set a long time into the future, as with the settlement of ACC

    fantastic declare duties and govt Superannuation retirement advantages, relies upon severely on judgements

    regarding future cash flows, together with inflation assumptions and the random free contract cost used to reckon current

    values. The estimates and linked assumptions are according to frail adventure and numerous different factors that

    are believed to be reasonable below the instances. actual consequences may additionally compass from these estimates.

    A 2nd enviornment of skepticism pertains to the immature nature of the claims journey obtainable to aid in estimating

    the claims and provisions arising from the Canterbury earthquakes. Actuarial valuations of those liabilities the expend of the

    surest attainable tips had been used, although it is detached in such situations for alterations to be required because the

    claims event develops.

    The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

    recognised within the length during which the estimate is revised, if the revision affects best that length, or in the term of the

    revision and future periods if the revision affects each current and future intervals.

    14 financial Statements of the government of recent Zealand - six months ended 31 December 2012

    S T A T E M E N T O F F I N A N C I A L P E R F O R M A N C E

    for the six months ended 31 December 2012

    12 months 6 months

    to 30 Jun to 31 Dec latest yr specific vs Forecast

    2012 2011 Annual

    actual exact observe precise Forecast Variance Forecast

    $m $m $m $m $m % $m

    revenue

    fifty four,665 26,134 Taxation income 1 27,038 27,123 (85) (0.three) fifty six,874

    5,130 2,387 different sovereign income 1 2,557 2,534 23 0.9 5,128

    total income Levied throughout the

    fifty nine,795 28,521 Crown's Sovereign vim 29,595 29,657 ( sixty two) (0.2) 62,002

    sixteen,785 8,367 revenue of items and services 7,953 7,978 (25) (0.three) 15,735

    2,763 1,384 pastime profits and dividends 2 1,461 1,529 (sixty eight) (4.four) 3,211

    4,one hundred forty 1,614 different revenue 1,735 1,703 32 1.9 three,659

    complete revenue earned through

    23,688 eleven,365 the Crown's operations eleven,149 eleven,210 ( 61) (0.5) 22,605

    eighty three,483 39,886 complete revenue (with the exception of profitable properties) 40,744 40,867 ( 123) (0.three) 84,607

    fees

    Social information and legit

    22,354 11,119 construction assistance three eleven,393 eleven,423 30 0.3 23,007

    19,475 9,683 Personnel prices 4 9,993 9,940 (53) (0.5) 19,983

    6,350 2,765 Depreciation and amortisation 5 2,204 2,213 9 0.four four,531

    35,678 sixteen,749 other operating expenses 5 sixteen,604 16,963 359 2.1 37,455

    4,290 1,995 interest fees 6 2,112 2,153 forty one 1.9 4,410

    four,576 1,660 assurance charges 7 1,629 1,651 22 1.three 3,374

    - - Forecast unique working spending 5 - - - - 317

    - - generous -down expense adjustment 5 - (127) (127) (100.0) (1,a hundred and fifty)

    92,723 43,971 total fees (with the exception of losses) forty three,935 44,216 281 0.6 91,927

    - - Forgone gains from partial participate sales - - - - (20)

    (9,240) (four,085) operating equilibrium before positive factors/(losses) (3,191) (3,349) 158 4.7 (7,340)

    web profitable properties/(losses) on financial

    692 (1,691) contraptions 8 three,607 2,313 1,294 fifty five.9 three,301

    web features/(losses) on non-economic

    (6,526) (3,814) instruments 9 1,208 410 798 194.6 568

    (5,834) (5,505) complete generous points/(losses) four,815 2,723 2,092 seventy six.8 3,869

    net surplus/(deficit) from friends

    233 121 and joint ventures 81 eighty five (4) (4.7) 196

    working steadiness from continuing

    (14,841) (9,469) activities 1,705 (541) 2,246 415.2 (3,275)

    - (1) gain/(loss) from discontinued operations 4 - 4 - -

    (fifty six) - because of minority interests - - - - -

    (14,897) (9,470) working stability 10 1,709 (541) 2,250 415.9 (three,275)

    The accompanying notes and accounting policies are an integral fragment of those statements.

    economic Statements of the government of latest Zealand - six months ended 31 December 2012 15

    S T A T E M E N T O F C O M P R E H E N S I V E I N C O M E

    for the six months ended 31 December 2012

    yr 6 months

    to 30 Jun to 31 Dec current 12 months specific vs Forecast

    2012 2011 Annual

    precise actual exact Forecast Variance Forecast

    $m $m $m $m $m % $m

    operating equilibrium (together with minority

    (14,841) (9,470) interest) 1,709 (541) 2,25 0 415.9 (3,255)

    other finished salary

    (6,461) (70) Revaluation of physical assets (fifty two) (31) (21) (67.7) (sixteen)

    constructive component of alterations in value of cash

    108 a hundred and sixty movement hedges (32) (7) (25) (357.1) (32)

    internet trade in equitable expense of cash current hedges

    54 1 transferred to working stability 85 15 70 466.7 -

    net exchange in equitable value of money movement hedges

    (19) (21) transferred to the hedged merchandise (2) four (6) (one hundred fifty.0) 4

    overseas foreign money translation differences

    (2) 15 for overseas operations 11 12 (1) (eight.3) eighty five

    Valuation gains/(losses) on investments

    13 14 available on the market taken to reserves 12 13 (1) (7.7) four

    1 (1) other actions (3) (2) (1) (50.0) (8)

    (6,306) 98 complete other finished income 19 4 1 5 375. 0 37

    (21,147) (9,372) complete complete revenue 1,728 (537) 2,265 421.8 (three,218)

    caused by:

    eighty four - - minority interest - - - - 20

    (21,231) (9,372) - the Crown 1,728 (537) 2,265 421.eight (three,238)

    (21,147) (9,372) total finished income 1,728 (537) 2,265 421.eight (3,218)

    The accompanying notes and accounting policies are an essential component of those statements.

    sixteen fiscal Statements of the government of unique Zealand - six months ended 31 December 2012

    A N A L Y S I S O F E X P E N S E S B Y F U N C T I O N A L C L A S S I F I C A T I O N

    for the six months ended 31 December 2012

    yr 6 months

    to 30 Jun to 31 Dec existing yr specific vs Forecast

    2012 2011 Annual

    specific specific specific Forecast Variance Forecast

    $m $m $m $m $m % $m

    total Crown prices

    25,457 12,651 gregarious safety and welfare 12,994 13,092 98 0.7 26,689

    197 95 GSF pension expenses 142 one hundred forty four 2 1.four 287

    13,650 6,724 fitness 6,896 6,962 sixty six 0.9 14,108

    12,407 6,211 training 6,046 6,060 14 0.2 13,262

    5,305 1,938 Core government capabilities 1,997 2,063 66 three.2 5,538

    three,592 1,779 legislation and order 1,790 1,805 15 0.eight three,864

    1,693 851 Defence 852 861 9 1.0 1,815

    10,259 four,301 Transport and communications four,494 four,312 (182) (four.2) 8,952

    10,018 four,244 economic and industrial capabilities 3,868 three,908 40 1.0 7,479

    1,588 785 basic functions 624 625 1 0.2 1,521

    2,446 1,106 Heritage, culture and undertaking 1,220 1,223 3 0.2 2,477

    769 420 Environmental insurance blueprint 207 227 20 eight.eight 561

    627 594 Housing and group pile 537 566 29 5.1 1,168

    425 277 other 156 342 186 fifty four.4 629

    four,290 1,995 Finance costs 2,112 2,153 forty one 1.9 4,410

    - - Forecast unique operating spending - - - - 317

    - - suitable -down expense adjustment - (127) (127) (one hundred.0) (1,a hundred and fifty)

    92,723 43,971 total Crown costs with the exception of losses 43,935 44,216 281 0.6 ninety one,927

    beneath is an analysis of core Crown expenses b y useful classification. Core Crown costs consist of costs

    incurred b y the Crown, Departments and the Reserve financial institution, b ut not Crown entities and S OEs.

    year 6 months

    to 30 Jun to 31 Dec present 12 months precise vs Forecast

    2012 2011 Annual

    actual genuine precise Forecast Variance Forecast

    $m $m $m $m $m % $m

    Core Crown prices

    22,028 eleven,017 gregarious security and welfare 11,337 11,336 (1) - 22,878

    192 92 GSF pension prices 138 138 - - 278

    14,160 7,017 health 7,one hundred ninety 7,226 36 0.5 14,741

    11,654 5,809 schooling 5,852 5,882 30 0.5 12,400

    5,428 2,043 Core govt functions 1,975 2,051 76 three.7 5,640

    3,403 1,693 legislation and order 1,690 1,714 24 1.4 three,642

    1,736 872 Defence 868 884 16 1.eight 1,864

    2,232 1,040 Transport and communications 971 986 15 1.5 2,435

    2,157 1,105 economic and industrial functions 1,032 1,009 (23) (2.3) 2,082

    648 308 fundamental capabilities 313 318 5 1.6 846

    863 368 Heritage, route of life and activity 392 415 23 5.5 875

    769 420 Environmental protection 219 237 18 7.6 585

    (a hundred thirty) 192 Housing and group development 169 192 23 12.0 357

    425 277 other 156 342 186 fifty four.four 629

    3,511 1,834 Finance charges 1,834 1,806 (28) (1.6) three,579

    - - Forecast unique operating spending - - - - 317

    - - remedy -down expense adjustment - (127) (127) (a hundred.0) (1,a hundred and fifty)

    sixty nine,076 34,087 Core Crown charges with the exception of losses 34,136 34,409 273 0.8 seventy one,998

    The accompanying notes and accounting policies are an essential component of those statements.

    fiscal Statements of the executive of unique Zealand - six months ended 31 December 2012 17

    S T A T E M E N T O F C A S H F L O W S

    for the six months ended 31 December 2012

    year 6 months

    to 30 Jun to 31 Dec present 12 months genuine vs Forecast

    2012 2011 Annual

    genuine actual actual Forecast Variance Forecast

    $m $m $m $m $m % $m

    cash Flows From O perations

    money become provided from

    fifty three,582 22,481 Taxation receipts 23,799 23,250 549 2.4 fifty five,817

    4,890 2,554 other sovereign receipts 2,667 2,708 (forty one) (1.5) 4,694

    16,812 eight,450 sales of goods and features 8,285 eight,367 (82) (1.0) 15,806

    2,603 1,329 interest and dividends 1,371 1,387 (sixteen) (1.2) 2,924

    four,395 2,039 different working receipts 3,030 three,421 (391) (eleven.four) 6,785

    82,282 36,853 complete money provided from operations 39,152 39,133 19 - 86,026

    money became disbursed to

    Social information and reputable building

    22,840 12,215 information 12,060 12,one hundred thirty five 75 0.6 23,077

    fifty nine,107 30,597 Personnel and operating funds 29,930 30,619 689 2.3 61,567

    three,954 1,969 interest funds 2,086 2,161 75 three.5 four,622

    - - Forecast unique operating spending - (forty six) (forty six) (100.0) 317

    - - top -down expense adjustment - (127) (127) (100.0) (1,a hundred and fifty)

    eighty five,901 forty four,781 total money disbursed to operations forty four,076 forty four,742 666 1.5 88,433

    (3,619) (7,928) net cash flows from operations (four,924) (5,609) 685 12.2 (2,407)

    cash Flows From Investing actions

    cash become p rovided from /( disbursed to)

    (5,766) (2,783) internet purchase of actual property (2,660) (three,306) 646 19.5 (6,837)

    424 7,622 web sale/(buy) of shares and other securities 3,490 four,621 (1,131) (24.5) eight,964

    (567) (244) internet purchase of intangible belongings (231) (213) (18) (8.5) (553)

    (1,284) (536) internet (subject)/compensation of advances (543) (666) 123 18.5 (1,539)

    net disposal/(acquisition) of investments in

    (115) 19 pals 73 24 forty nine 204.2 1,513

    - - Forecast unique capital spending - - - - (179)

    - - suitable -down capital adjustment - 60 (60) (one hundred.0) 400

    (7,308) four,078 net money flows from investing actions 129 520 (391) (75.2) 1,769

    web cash flows from

    (10,927) (3,850) operating and investing activities (four,795) (5,089) 294 5.eight (638)

    money Flows From Financing activities

    money changed into supplied from/(disbursed to)

    203 721 concerns of circulating currency 678 89 589 - a hundred and sixty

    7,554 1,235 web situation/(compensation) of government bonds 9,851 9,939 (88) (0.9) 5,711

    web situation/(repayment) of overseas foreign money

    (6,422) (6,206) borrowing one hundred fifteen (one hundred thirty) 245 188.5 (2,292)

    internet concern/(repayment) of alternative unique Zealand

    10,353 9,870 greenback borrowing (1,996) (2,199) 203 9.2 481

    (7) - Dividends paid to minority hobbies - - - - -

    11,681 5,620 net money flows from financing actions 8,648 7,699 949 12.three 4,060

    754 1,770 web slip in money 3,853 2,610 1,243 47.6 three,422

    9,801 9,801 O pening money steadiness 10,686 10,686 - - 10,686

    foreign -change positive factors/(losses) on

    131 252 opening money (101) (156) fifty five 35.three (156)

    10,686 eleven,823 Closing cash steadiness 14,438 13,a hundred and forty 1,298 9.9 13,952

    The accompanying notes and accounting guidelines are an essential component of those statements.

    18 fiscal Statements of the executive of latest Zealand - six months ended 31 December 2012

    S T A T E M E N T O F C A S H F L O W S ( C O N T I N U E D )

    for the six months ended 31 December 2012

    year 6 months

    to 30 Jun to 31 Dec latest 12 months specific vs Forecast

    2012 2011 Annual

    actual precise actual Forecast Variance Forecast

    $m $m $m $m $m % $m

    Reconciliation Between the web cash Flows from

    Operations and the operating steadiness

    (3,619) (7,928) internet cash Flows from Operations (4,924) (5,609) 685 12.2 (2,407)

    objects covered in the operating steadiness

    b ut now not in web cash flows from operations

    positive aspects/(losses)

    692 (1,691) features/(losses) on economic devices 3,607 2,313 1,294 fifty five.9 3,301

    positive factors/( losses) on non-monetary

    (6,526) (3,814) gadgets 1,208 410 798 194.6 568

    (5,834) (5,505) complete profitable properties/(losses) 4,815 2,723 2,092 seventy six.8 three,869

    different Non -cash gadgets in O perating stability

    (6,350) (2,765) Depreciation and amortisation (2,204) (2,213) 9 0.4 (4,531)

    Write -down on preliminary focus of

    (850) (286) monetary belongings (229) (250) 21 eight.4 (788)

    Im pairment of financial property

    248 forty one (excluding receivables) 5 7 (2) (28.6) 33

    Non-money circulation in described benefit

    512 230 retirement blueprint liabilities 197 207 (10) (4.8) 390

    1,070 2,511 Non-cash movement in assurance liabilities 1,697 2,372 (675) (28.5) 2,684

    232 121 different 83 84 (1) (1.2) 197

    (5,138) (148) total other non-money items (451) 207 ( 6 58) (317.9) (2,015)

    actions in Working Capital

    (242) 1,674 increase/(decrease) in receivables (487) (305) (182) (59.7) (3,459)

    (a hundred seventy five) 28 enhance/(decrease) in collected pastime 64 150 (86) (fifty seven.3) 498

    (seventy four) 9 raise/(lower) in inventories 8 (52) 60 one hundred fifteen.four (ninety five)

    32 356 increase/(reduce) in prepayments 329 235 ninety four forty.0 (13)

    (38) (146) reduce/(raise) in deferred salary (75) (10) (65) - 163

    191 2,a hundred ninety decrease/(enhance) in payables/provisions 2,430 2,one hundred twenty 310 14.6 184

    (306) 4,111 total actions in working capital 2,269 2,138 131 6.1 (2,722)

    (14,897) (9,470) working equilibrium 1,709 (541) 2,250 415.9 (3,275)

    The accompanying notes and accounting guidelines are an essential component of those statements.

    fiscal Statements of the govt of unique Zealand - six months ended 31 December 2012 19

    S T A T E M E N T O F C H A N G E S I N N E T W O R T H

    for the six months ended 31 December 2012

    12 months 6 months

    to 30 Jun to 31 Dec current 12 months exact vs Forecast

    2012 2011 Annual

    actual exact specific Forecast Variance Forecast

    $m $m $m $m $m % $m

    80,887 eighty,887 Opening net expense 59,780 fifty nine,780 - - 59,780

    (14,841) (9,470) working equilibrium (including minority pastime) 1,709 (541) 2,250 415.9 (3,275)

    (6,461) (70) internet revaluations (52) (31) (21) (67.7) (sixteen)

    eighty 173 Transfers to/(from) reserves (21) 6 (27) (450.0) (39)

    (good points)/losses transferred to the

    83 1 commentary of monetary efficiency (14) 15 (29) (193.3) (1)

    (eight) (5) other actions 106 14 ninety two - 93

    (21,147) (9,371) total complete profits 1,728 (537) 2,265 421.8 (3,238)

    - - benefit on government participate offers - - - - 175

    - - Partial participate earnings in SOEs - - - - 1,325

    forty - Transactions with minority pursuits - - - - 20

    59,780 71,516 Closing net expense 61,508 59,243 2,265 3.eight fifty eight,062

    as a result of:

    432 308 - minority pastime 432 432 - - 1,777

    fifty nine,348 seventy one,208 - the Crown sixty one,076 fifty eight,811 2,265 three.9 fifty six,285

    fifty nine,780 seventy one,516 Closing net expense 61,508 59,243 2,265 three.9 fifty eight,062

    The accompanying notes and accounting policies are an essential component of those Statements.

    20 fiscal Statements of the executive of unique Zealand - six months ended 31 December 2012

    S T A T E M E N T O F F I N A N C I A L P O S I T I O N

    as at 31 December 2012

    As at As at

    30 Jun 31 Dec

    2012 2011 Annual

    precise genuine be awake specific Forecast Variance Forecast

    $m $m $m $m $m % $m

    belongings

    10,686 eleven,823 cash and cash equivalents eleven 14,438 13,a hundred and forty 1,298 9.9 13,952

    20,956 22,487 Receivables eleven 20,067 20,804 (737) (three.5) 17,627

    Marketable securities, deposits and

    48,385 forty,195 derivatives in profit eleven 41,722 42,671 (949) (2.2) 39,399

    14,385 13,818 participate investments 11 15,747 15,537 210 1.four sixteen,302

    21,766 20,972 Advances 11 22,232 22,605 (373) (1.7) 23,398

    1,234 1,317 inventory 1,242 1,182 60 5.1 1,139

    2,134 2,225 different belongings 2,575 2,349 226 9.6 1,972

    108,584 a hundred and fifteen,851 Property, plant & machine 12 108,709 109,953 (1,244) (1.1) 111,719

    9,483 9,714 equity accounted investments 1 9,589 9,618 (29) (0.three) 9,825

    2,705 2,302 Intangible property and goodwill 2,572 2,568 4 0.2 2,708

    - - Forecast for unique capital spending - - - - 179

    - - cogent -down capital adjustment - (60) 60 one hundred.0 (four hundred)

    240,318 240,704 total assets 238,893 240,367 ( 1 ,474) (0.6) 237,820

    Liabilities

    four,457 4,976 Issued currency 5,a hundred thirty five 4,546 (589) (13.0) four,617

    11,604 10,348 Payables 14 10,277 11,a hundred and forty four 867 7.eight 12,423

    1,712 1,820 Deferred income 1,786 1,722 (64) (3.7) 1,548

    100,534 94,424 Borrowings one hundred and one,870 one hundred and five,210 3,340 3.2 102,749

    41,186 38,852 assurance liabilities 15 38,608 38,714 106 0.three 38,160

    13,539 11,865 Retirement blueprint liabilities 13,152 13,142 (10) (0.1) 12,960

    7,506 6,903 Provisions 16 6,557 6,646 89 1.3 7,301

    one hundred eighty,538 169,188 total liabilities 177,385 181,124 three,739 2.1 179,758

    fifty nine,780 71,516 complete assets less complete liabilities 61,508 fifty nine,243 2,265 three. 8 58,062

    web price

    three,520 8,822 Taxpayer funds 17 5,281 3,009 2,272 seventy five.5 486

    56,001 62,516 Revaluation reserve 17 55,895 fifty five,939 (44) (0.1) 55,915

    (173) (one hundred thirty) other reserves 17 (one hundred) (137) 37 27.0 (116)

    fifty nine,348 71,208 total internet expense as a result of the Crown 61,076 fifty eight,811 2,265 3.9 56,285

    internet worth brought on by

    432 308 minority pastime 432 432 - - 1,777

    59,780 71,516 complete net value sixty one,508 fifty nine,243 2,265 three.8 fifty eight,062

    1. Tertiary training associations constitute most fairness accounted investments.

    The accompanying notes and accounting policies are an integral fragment of these statements.

    current yr specific vs Forecast

    economic Statements of the govt of unique Zealand - six months ended 31 December 2012 21

    S T A T E M E N T O F B O R R O W I N G S

    as at 31 December 2012

    As at As at

    30 Jun 31 Dec existing year genuine vs Forecast

    2012 2011 Annual

    genuine genuine exact Forecast Variance Forecast

    $m $m $m $m $m % $m

    fifty three,849 47,386 government bonds1 fifty nine,266 61,959 2,693 four.three fifty seven,159

    8,954 9,013 Treasury bills 5,436 5,431 (5) (0.1) 4,599

    229 255 executive retail stock 207 221 14 6.three 221

    5,917 6,938 contract deposits with Reserve financial institution 6,479 6,855 376 5.5 6,855

    2,807 2,952 Derivatives in loss 2,611 2,444 (167) (6.8) 2,337

    1,515 1,178 Finance lease liabilities 1,437 1,466 29 2.0 1,586

    27,263 26,702 other borrowings 26,434 26,834 four hundred 1.5 29,992

    one hundred,534 ninety four,424 complete borrowings a hundred and one,870 105,210 three,340 three.2 102,749

    seventy five,701 70,363 Sovereign -guaranteed debt seventy six,846 seventy nine,643 2,797 3.5 76,four hundred

    24,833 24,061 Non sovereign-certain debt 25,024 25,567 543 2.1 26,349

    100,534 ninety four,424 complete borrowings 101,870 one hundred and five,210 three,340 three.2 102,749

    web Debt:

    84,680 seventy eight,470 Core Crown borrowings2 87,345 89,258 1,913 2.1 86,282

    Add again NZS Fund holdings of sovereign-

    (512) (562) issued debt and NZS Fund borrowings (600) (677) (77) (11.four) (671)

    84,168 77,908 uncouth sovereign -issued debt three 86,745 88,581 1,836 2.1 eighty five,611

    sixty four,017 56,506 less core Crown monetary assets4 60,379 60,409 (30) - 59,177

    20,151 21,402 internet core Crown debt 26,366 28,172 1,806 6.4 26,434

    13,324 12,386 Core crown advances 13,196 13,one hundred thirty (66) (0.5) 13,898

    33,475 33,788 net core Crown debt (incl N Z S Fund) 5 39,562 forty one,302 1,740 4.2 forty,332

    Add lower back NZS Fund holdings of core Crown

    17,196 16,346 monetary belongings and NZS Fund fin assets6 19,538 18,978 (560) (three.0) 19,666

    50,671 50,134 internet core Crown debt (excl N Z S Fund and advances )7 59,a hundred 60,280 1,180 2.0 59,998

    Gross Debt:

    eighty four,168 77,908 uncouth sovereign-issued debt3 86,745 88,581 1,836 2.1 eighty five,611

    much less Reserve bank settlement money and

    (6,133) (7,134) Reserve financial institution expenses (6,686) (7,038) (352) (5.0) (7,035)

    Add lower back changes to D MO borrowing due

    1,600 1,600 to agreement cash8 1,600 1,600 - - 1,600

    seventy nine,635 72,374 uncouth sovereign -issued debt apart from Reserve B ank settlement money and R eserv e financial institution bills eighty one,659 83,143 1,484 1.eight eighty,176

    Notes on uncouth and net debt:

    1. government bonds includes $395 million of infrastructure bonds.

    2. Core Crown borrowings in this sample comprises unsettled purchases of securities (categorized as money owed payable in the commentary of fiscal place).

    three. uncouth Sovereign - Issued Debt (GSID) represents debt issued by means of the sovereign (the core Crown) and contains govt inventory held by the new

    Zealand Superannuation Fund (NZS Fund), ACC and E QC.

    4. Core Crown monetary property exclude receivables.

    5. web Core Crown Debt represents GSID less monetary assets. this may provide information concerning the sustainability of the govt's money owed,

    and is used by route of some foreign corporations when picking out the creditworthiness of a rustic.

    6. adding lower back the NZS Fund property offers the monetary liabilities less monetary assets of the Core Crown, excluding these property set aside to meet

    part of the future cost of unique Zealand superannuation.

    7. internet Core Crown Debt (except for NZS Fund and advances) excludes monetary belongings which can be held for public coverage rather than treasury

    administration functions.

    eight. The Reserve financial institution has used $1.6 billion of settlement money to buy reserves that were to be pleased been funded by means of the NZ Debt management office

    borrowing. for this reason, the be pleased an outcome on of contract cash on GSID is adjusted by using this quantity.

    The accompanying notes and accounting guidelines are an essential component of these statements.

    22 economic Statements of the government of unique Zealand - six months ended 31 December 2012

    S T A T E M E N T O F C O M M I T M E N T S

    as at 31 December 2012

    As at As at As at

    31 Dec 30 Jun 31 Dec

    2012 2012 2011

    $m $m $m

    Capital Commitments

    professional militia device 147 239 330

    Land and structures 787 697 617

    other property, plant and device 6,080 6,001 7,049

    other capital commitments 751 572 420

    Tertiary training associations 255 255 413

    total capital commitments eight,020 7,764 eight,829

    working Commitments

    Non-cancellable lodging leases 2,620 2,719 2,791

    different non-cancellable leases 3,511 three,549 2,991

    Tertiary education associations 282 282 366

    complete operating commitments 6,413 6,550 6,148

    total commitments 14,433 14,314 14,977

    complete Commitments by means of phase

    Core Crown 9,191 15,685 eleven,690

    Crown entities 6,301 7,753 8,414

    State -owned enterprises 5,327 5,300 6,637

    Inter -phase eliminations (6,386) (14,424) (11,764)

    total commitments 14,433 14,314 14,977

    S T A T E M E N T O F C O N T I N G E N T L I A B I L I T I E S A N D A S S E T S

    as at 31 December 2012

    As at As at As at

    31 Dec 30 Jun 31 Dec

    2012 2012 2011

    $m $m $m

    Quantifiable Contingent Liabilities

    ensures and indemnities 188 430 81

    Uncalled capital 6,113 6,327 5,431

    felony court cases and disputes 397 411 339

    other contingent liabilities 279 584 2,756

    total quantifiable contingent liabilities 6,977 7,752 8,607

    complete Quantifiable Contingent Liabilities by route of phase

    Core Crown 6,785 7,622 8,374

    Crown entities eighty one forty 174

    State -owned corporations 111 ninety 59

    Inter -segment eliminations - - -

    complete quantifiable contingent liabilities 6,977 7,752 eight,607

    Quantifiable Contingent belongings

    Core Crown 161 224 662

    Crown entities 154 162 20

    State owned organizations - 24 -

    Inter -phase eliminations - - -

    complete quantifiable contingent assets 315 410 682

    The accompanying notes and accounting guidelines are an integral fragment of those statements.

    a listing of unquantified contingent liabilities (such as the Canterbury earthquakes) as at 30 June 2012 is included on the Treasury's site

    http://www.treasury.govt.nz/governmen t/financialstatements/yearend/jun12

    monetary Statements of the executive of unique Zealand - six months ended 31 December 2012 23

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    12 months 6 months

    to 30 Jun to 31 Dec latest yr specific vs Forecast

    2012 2011 Annual

    precise precise genuine Forecast Variance Forecast

    $m $m $m $m $m % $m

    notice 1: Sovereign profits (Accrual)

    Taxation revenue (accrual)

    people

    21,237 10,457 source deductions eleven,001 10,891 a hundred and ten 1.0 22,038

    four,232 1,842 different humans 2,299 2,186 113 5.2 4,641

    (1,736) (867) Refunds (745) (759) 14 1.eight (1,564)

    462 224 Fringe improvement tax 220 225 (5) (2.2) 439

    24,195 11,656 total individuals 12,775 12,543 232 1.eight 25,554

    corporate Tax

    eight,310 3,528 uncouth businesses tax 3,132 3,373 (241) (7.1) 8,487

    (202) (86) Refunds (67) (eighty one) 14 17.3 (214)

    500 246 Non-resident withholding tax one hundred ninety 163 27 sixteen.6 396

    4 5 overseas -source dividend w/conserving payments 1 - 1 - -

    eight,612 3,693 total corporate tax 3,256 3,455 ( 199) (5.eight) 8,669

    different income Tax

    1,679 782 Resident w/maintaining tax on pastime salary 775 719 56 7.8 1,515

    292 134 Resident w/holding tax on dividend revenue 185 168 17 10.1 382

    1,971 916 complete other earnings tax 960 887 seventy three eight.2 1,897

    34,778 sixteen,265 complete revenue tax 16,991 sixteen,885 1 0 6 0.6 36,120

    items and services Tax

    25,199 12,304 uncouth items and capabilities tax 12,154 12,432 (278) (2.2) 25,814

    (10,627) (5,441) Refunds (5,086) (5,267) 181 3.four (10,512)

    14,572 6,863 complete goods and capabilities tax 7,068 7,one hundred sixty five (97) (1.four) 15,302

    different Taxation

    1,045 521 highway consumer charges 534 563 (29) (5.2) 1,114

    847 448 Petroleum fuels excise - home construction 436 420 16 3.8 905

    656 342 Alcohol excise - home creation 340 339 1 0.3 672

    244 206 Tobacco excise - home creation 232 223 9 four.0 248

    631 329 Petroleum fuels excise - imports 1 302 381 (seventy nine) (20.7) 656

    241 132 Alcohol excise - imports 1 130 129 1 0.eight 230

    993 692 Tobacco excise - imports 1 680 691 (eleven) (1.6) 932

    173 ninety six different customs duty ninety seven ninety three 4 four.three 205

    216 108 Gaming tasks 107 111 (4) (three.6) 225

    a hundred seventy five 87 Motor automobile fees 89 eighty one eight 9.9 179

    fifty eight 28 accredited company levy and cheque responsibility 19 26 (7) (26.9) 50

    36 17 energy components levies 13 sixteen (3) (18.8) 36

    5,315 3,006 total other oblique taxation 2,979 three,073 (94) (three.1) 5,452

    19,887 9,869 total indirect taxation 10,047 10,238 ( 191) (1.9) 20,754

    fifty four,665 26,134 complete taxation earnings 27,038 27,123 (85) (0.three) fifty six,874

    different Soverei g n salary (accrual)

    three,695 1,872 ACC levies 1,701 1,724 (23) (1.3) 3,427

    326 178 fire carrier levies 179 178 1 0.6 325

    107 forty six EQC levies 108 107 1 0.9 242

    1,002 291 other miscellaneous gadgets 569 525 44 eight.four 1,134

    5,130 2,387 complete other sovereign income 2,557 2,534 23 0.9 5,128

    59,795 28,521 total sovereign earnings 29,595 29,657 ( sixty two) (0.2) sixty two,002

    1. Customs excise-equal responsibility

    24 economic Statements of the executive of unique Zealand - six months ended 31 December 2012

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    12 months 6 months

    to 30 Jun to 31 Dec latest 12 months specific vs Forecast

    2012 2011 Annual

    specific exact exact Forecast Variance Forecast

    $m $m $m $m $m % $m

    be awake 1 (endured): Sovereign Receipts (money)

    earnings Tax Receipts (money)

    individuals

    21,010 10,four hundred supply deductions 10,965 10,810 a hundred and fifty five 1.4 21,924

    4,720 1,521 other humans 1,692 1,677 15 0.9 four,944

    (2,468) (1,440) Refunds (1,277) (1,272) (5) (0.4) (2,212)

    458 212 Fringe edge tax 215 215 - - 438

    23,720 10,693 total individuals eleven,595 eleven,430 1 6 5 1.four 25,094

    corporate Tax

    8,792 3,122 uncouth agencies tax three,143 3,157 (14) (0.four) 8,660

    (814) (284) Refunds (313) (299) (14) (4.7) (665)

    434 224 Non-resident withholding tax 247 163 eighty four 51.5 395

    four - international -supply dividend w/maintaining funds - - - - -

    8,416 three,062 total corporate tax 3,077 three,021 5 6 1.9 8,390

    different revenue Tax

    1,699 820 Resident w/holding tax on activity earnings 787 742 forty five 6.1 1,514

    290 132 Resident w/holding tax on dividend revenue 191 one hundred seventy five sixteen 9.1 382

    1,989 952 complete different salary tax 978 917 6 1 6.7 1,896

    34,a hundred twenty five 14,707 complete income tax 15,650 15,368 282 1.8 35,380

    items and functions Tax

    24,574 10,344 uncouth items and capabilities tax 10,390 10,326 64 0.6 24,997

    (10,435) (5,212) Refunds (4,942) (5,one hundred fifty) 208 four.0 (10,012)

    14,139 5,132 complete items and services tax 5,448 5,176 272 5.3 14,985

    other Taxation

    1,048 523 street person charges 533 563 (30) (5.3) 1,114

    845 438 Petroleum fuels excise - home production 433 435 (2) (0.5) 905

    654 325 Alcohol excise - domestic construction 331 334 (3) (0.9) 672

    238 a hundred and fifteen Tobacco excise - domestic creation 138 127 11 8.7 248

    2,057 1,002 Customs responsibility 1,033 1,012 21 2.1 2,023

    216 108 Gaming responsibilities 108 113 (5) (4.4) 225

    169 86 Motor car fees ninety three eighty one 12 14.eight 179

    55 28 authorised company levy and cheque duty 19 25 (6) (24.0) 50

    36 17 energy substances levies 13 sixteen (three) (18.8) 36

    5,318 2,642 complete other indirect taxation 2,701 2,706 ( 5 ) ( 0.2) 5,452

    19,457 7,774 complete oblique taxation 8,149 7,882 267 three.4 20,437

    53,582 22,481 total tax receipts gathered 23,799 23,250 549 2.four fifty five,817

    different Sovereign Receipts (cash)

    three,693 2,001 ACC levies 1,965 2,026 (sixty one) (three.0) three,424

    326 178 hearth provider levies 179 178 1 0.6 325

    134 49 EQC levies one hundred forty five a hundred and forty four 1 0.7 277

    737 326 other miscellaneous gadgets 378 360 18 5.0 668

    four,890 2,554 total other sovereign receipts 2,667 2,708 (forty one) (1.5) four,694

    58,472 25,035 total sovereign receipts 26,466 25,958 5 08 2.0 60,511

    monetary Statements of the govt of latest Zealand - six months ended 31 December 2012 25

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    year 6 months

    to 30 Jun to 31 Dec latest yr actual vs Forecast

    2012 2011 Annual

    precise specific exact Forecast Variance Forecast

    $m $m $m $m $m % $m

    notice 2: pastime income and Dividends

    B y category

    2,293 1,a hundred and forty four hobby earnings 1,a hundred ninety 1,243 (53) (4.3) 2,676

    470 240 Dividends 271 286 (15) (5.2) 535

    2,763 1,384 total pastime income and dividends 1,461 1,529 ( 68) (4.4) 3,211

    B y source

    1,795 896 Core Crown 1,033 1,one hundred (67) (6.1) 2,261

    1,181 630 Crown entities 627 555 72 13.0 1,114

    858 428 situation -owned firms 429 424 5 1.2 864

    (1,071) (570) Inter -section eliminations (628) (550) (seventy eight) (14.2) (1,028)

    2,763 1,384 total hobby salary and dividends 1,461 1,529 ( 68) (four.four) 3,211

    notice 3: transfer payments and Subsidies

    9,584 4,728 unique Zealand superannuation 5,069 5,068 (1) - 10,228

    2,082 1,085 family unit tax credit score 1,044 1,065 21 2.0 2,062

    1,811 911 domestic functions improvement 888 887 (1) (0.1) 1,751

    1,325 667 Invalids edge 668 667 (1) (0.1) 1,323

    1,195 600 accommodation complement 594 597 three 0.5 1,197

    883 443 Unemployment benefit 407 413 6 1.5 836

    775 388 sickness edge 393 394 1 0.three 784

    567 266 In -work tax credit 258 258 - - 541

    644 344 scholar allowances 336 340 4 1.2 623

    580 288 revenue linked rents 311 309 (2) (0.6) 614

    401 203 incapacity allowances 195 189 (6) (three.2) 363

    1,309 704 different gregarious information advantages 739 739 - - 1,442

    21,156 10,627 complete gregarious suggestions offers 10,902 10,926 24 0.2 21,764

    Subsidies

    688 330 KiwiSaver 349 349 - - 710

    other switch p ay ments

    510 162 reputable development assistance 142 148 6 four.1 533

    22,354 eleven,119 total switch funds and subsidies eleven,393 eleven,423 30 0.three 23,007

    notice four: Personnel charges

    5,915 2,924 Core Crown 2,978 2,970 (eight) (0.3) 6,067

    10,754 5,326 Crown entities 5,520 5,541 21 0.four eleven,one hundred

    2,819 1,438 situation -owned organisations 1,501 1,434 (67) (four.7) 2,827

    (13) (5) Inter -phase eliminations (6) (5) 1 20.0 (11)

    19,475 9,683 total personnel costs 9,993 9,940 ( 53) (0.5) 19,983

    be awake 5: working costs

    B y type

    6,350 2,765 Depreciation and amortisation 2,204 2,213 9 0.four 4,531

    35,678 16,749 other working prices 16,604 16,963 359 2.1 37,455

    - - Forecast unique operating spending - - - - 317

    - - appropriate -down expense adjustment - (127) (127) (one hundred.0) (1,one hundred fifty)

    forty two,028 19,514 complete operating charges 18,808 19,049 241 1.3 forty one,153

    B y source

    37,278 18,201 Core Crown 17,929 18,236 307 1.7 39,338

    17,897 eight,839 Crown entities eight,782 eight,761 (21) (0.2) 18,792

    13,174 5,529 situation -owned organisations 5,262 5,297 35 0.7 10,272

    (26,321) (13,055) Inter -section eliminations (13,a hundred sixty five) (13,245) (eighty) (0.6) (27,249)

    forty two,028 19,514 complete working expenses 18,808 19,049 241 1.three 41,153

    26 monetary Statements of the govt of recent Zealand - six months ended 31 December 2012

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    year 6 months

    to 30 Jun to 31 Dec latest year genuine vs Forecast

    2012 2011 Annual

    precise exact exact Forecast Variance Forecast

    $m $m $m $m $m % $m

    be awake 6: activity fees

    B y type

    four,223 1,977 activity on monetary liabilities 2,089 2,127 38 1.eight four,361

    sixty seven 18 hobby unwind on provisions 23 26 three 11.5 forty nine

    4,290 1,995 complete hobby fees 2,112 2,153 forty one 1.9 four,410

    B y supply

    three,511 1,834 Core Crown 1,834 1,806 (28) (1.6) 3,579

    246 126 Crown entities 123 123 - - 245

    1,268 556 situation -owned enterprises 567 557 (10) (1.8) 1,181

    (735) (521) Inter -phase eliminations (412) (333) 79 23.7 (595)

    four,290 1,995 total hobby expenses 2,112 2,153 41 1.9 4,410

    observe 7: assurance prices

    B y entity

    3,010 1,429 ACC 1,502 1,581 79 5.0 3,388

    1,073 ninety six EQC one hundred thirty five 137 2 1.5 101

    586 - Southern Response (formerly A M I insurance) (2) (49) (forty seven) (ninety five.9) (108)

    20 one hundred thirty five different assurance charges 8 6 (2) (33.three) 17

    (113) - Inter -phase eliminations (14) (24) (10) (41.7) (24)

    4,576 1,660 total assurance expenses 1,629 1,651 22 1.three 3,374

    be awake eight: generous points and Losses on financial

    devices

    B y source

    526 (924) Core Crown 2,402 1,785 617 34.6 2,573

    930 232 Crown entities 1,069 623 446 seventy one.6 789

    9 (354) situation -owned firms 15 (27) 42 155.6 92

    (773) (645) Inter -section eliminations 121 (68) 189 277.9 (153)

    692 (1,691) net positive aspects/(losses) on economic contraptions 3,607 2,313 1 ,294 55.9 three,301

    note 9: profitable properties and Losses on Non -fiscal

    gadgets

    B y class

    (three,896) (1,939) Actuarial features/(losses) on GSF liability one hundred ninety a hundred ninety - - 190

    (2,942) (2,050) Actuarial generous points/(losses) on ACC legal responsibility 881 a hundred and one 780 - 343

    312 175 different 137 119 18 15.1 35

    net generous points/(losses) on non-monetary

    (6,526) (three,814) instruments 1,208 410 798 194.6 568

    B y supply

    (three,790) (1,858) Core Crown 355 330 25 7.6 255

    (2,955) (2,051) Crown entities 862 84 778 - 314

    220 95 situation -owned organisations (10) (four) (6) (a hundred and fifty.0) -

    (1) - Inter -section eliminations 1 - 1 - (1)

    net profitable properties/(losses) on non-fiscal

    (6,526) (three,814) gadgets 1,208 410 798 194.6 568

    monetary Statements of the govt of unique Zealand - six months ended 31 December 2012 27

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    As at As at present year actual vs Forecast

    30 June 31 Dec Annual

    2012 2011 genuine Forecast Variance Forecast

    $m $m $m $m $m % $m

    observe 10: working steadiness

    B y supply

    (eleven,671) (8,214) Core Crown (1,468) (2,361) 893 37.eight (6,159)

    (641) (566) Crown entities 3,007 1,715 1,292 seventy five.three 2,520

    (1,423) one hundred twenty five situation -owned firms 343 452 (109) (24.1) 1,025

    (1,162) (815) Inter -segment eliminations (173) (347) 174 50.1 (661)

    (14,897) (9,470) total operating stability 1,709 (541) 2,250 415.9 (three,275)

    be awake eleven: monetary belongings and Sovereign Receivables

    10,686 eleven,823 money and cash equivalents 14,438 13,a hundred and forty 1,298 9.9 13,952

    7,257 10,158 Tax receivables 9,686 10,437 (751) (7.2) 7,328

    13,699 12,329 exchange and different receivables 10,381 10,367 14 0.1 10,299

    8,291 7,569 scholar loans eight,393 eight,411 (18) (0.2) 8,813

    12,445 12,068 Kiwibank mortgages 12,842 12,902 (60) (0.5) 13,433

    2,422 2,261 long -term deposits 2,248 1,929 319 sixteen.5 1,388

    2,249 2,302 IMF economic property 2,206 2,a hundred ninety sixteen 0.7 2,381

    1,030 1,335 other advances 997 1,292 (295) (22.8) 1,152

    14,385 13,818 participate investments 15,747 15,537 210 1.four sixteen,302

    5,032 four,887 Derivatives in gain 5,319 four,704 615 13.1 3,899

    38,682 30,745 other marketable securities 31,949 33,848 (1,899) (5.6) 31,731

    116,178 109,295 total financial belongings and sovereign receivables 114,206 114,757 (551) (0.5) a hundred and ten,678

    fiscal property with the aid of entity

    26,062 19,513 NZDMO 23,605 22,360 1,245 5.6 16,482

    17,573 18,505 Reserve bank of latest Zealand 18,229 18,034 195 1.1 17,964

    18,703 17,661 NZ Superannuation Fund 20,811 20,823 (12) (0.1) 21,491

    20,567 21,753 different core Crown 22,800 23,065 (265) (1.1) 20,237

    (7,924) (7,657) Intra -phase eliminations (12,260) (9,854) (2,406) (24.four) (6,435)

    seventy four,981 sixty nine,775 complete core Crown aspect 73,185 seventy four,428 (1,243) (1.7) 69,739

    25,340 22,666 ACC portfolio 27,098 26,394 704 3 28,871

    7,252 7,473 EQC portfolio 6,461 6,058 403 7 four,256

    eleven,168 9,003 other Crown entities 10,855 10,383 472 5 9,691

    (three,685) (three,477) Intra -section eliminations (three,692) (three,719) 27 0.7 (3,693)

    40,075 35,665 complete Crown entities aspect 40,722 39,116 1,606 four.1 39,125

    19,186 20,708 complete situation -owned corporations aspect 19,323 19,108 215 1.1 20,053

    (18,064) (sixteen,853) Inter -segment eliminations (19,024) (17,895) (1,129) (6.3) (18,239)

    116,178 109,295 total financial assets 114,206 114,757 (551) (0.5) a hundred and ten,678

    28 financial Statements of the govt of latest Zealand - six months ended 31 December 2012

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    As at As at

    30 June 31 Dec Annual

    2012 2011 precise Forecast Variance Forecast

    $m $m $m $m $m % $m

    note 12: Property, Plant and device

    internet Carrying cost

    B y ilk of asset:

    33,626 36,287 Land (valuation)1 33,461 33,611 (one hundred fifty) (0.four) 34,159

    25,046 24,325 buildings (valuation) 24,966 25,204 (238) (0.9) 25,306

    17,546 16,965 situation highways (valuation) - except for land 17,778 17,866 (88) (0.5) 18,253

    14,four hundred 14,518 electricity generation assets (valuation) 14,516 14,626 (110) (0.eight) 14,810

    three,476 three,040 electricity distribution network (charge) 3,553 3,838 (285) (7.4) 3,906

    3,220 3,279 expert defense coerce gadget (valuation) 3,158 three,201 (forty three) (1.three) 3,148

    2,514 2,461 circumstantial cultural and tradition property (valuation) 2,492 2,494 (2) (0.1) 2,481

    2,250 1,991 plane (excl militia) (valuation) 2,235 2,340 (a hundred and five) (four.5) 2,273

    856 7,251 Rail community (valuation) - except land 957 961 (4) (0.4) 1,059

    5,650 5,734 different plant and machine (charge) 5,593 5,812 (219) (three.8) 6,324

    108,584 a hundred and fifteen,851 total web carrying value 108,709 109,953 (1,244) (1.1) 111,719

    B y source:

    29,377 29,552 Core Crown 29,a hundred and sixty 29,347 (187) (0.6) 29,994

    49,939 forty eight,743 Crown entities 50,253 50,570 (317) (0.6) 51,247

    29,268 37,556 situation -owned firms 29,296 30,036 (740) (2.5) 30,478

    - - Inter -section eliminations - - - - -

    108,584 a hundred and fifteen,851 total net carrying value 108,709 109,953 (1,244) (1.1) 111,719

    Land breakdown b y us of a g e 1

    8,744 8,408 Housing stock 8,714 eight,739 (25) (0.3) eight,756

    8,353 eight,503 situation dual carriageway corridor land 8,353 eight,353 - - eight,503

    5,454 5,685 Conservation property 5,424 5,425 (1) - 5,444

    three,260 5,641 Rail network corridor land three,260 three,260 - - three,260

    2,726 2,722 schools 2,703 2,707 (4) (0.1) 2,743

    1,471 1,548 industrial (SOE) apart from rail 1,435 1,491 (fifty six) (three.8) 1,491

    3,618 3,780 other 3,572 3,636 (sixty four) (1.eight) 3,962

    33,626 36,287 total land 33,461 33,611 (150) (0.four) 34,159

    1. Land regarding situation highways, the rail community and conservation which had prior to now been blanketed in the situation highways, Rail network and

    distinct cultural and tradition assets classes has been reclassified to the Land class.

    schedule of actions

    can imbue or valuation

    126,601 126,601 Opening stability 121,717 121,717 - - 121,717

    6,514 three,081 Additions 2,628 three,407 (779) (22.9) 7,495

    (941) (197) Disposals (272) (235) (37) (15.7) (616)

    (9,793) 114 internet revaluations (2) (eleven) 9 81.eight 15

    (664) 397 Other2 (613) 35 (648) - 73

    121,717 129,996 complete imbue or valuation 123,458 124,913 (1,455) (1.2) 128,684

    accrued depreciation and impairment

    11,747 11,747 Opening equilibrium 13,133 13,133 - - 13,133

    (634) (169) eradicated on disposal (eighty two) (50) (32) (64.0) (31)

    (3,415) 1 eradicated on revaluation - - - - (1)

    5,687 2,458 Depreciation expense and impairment losses 1,899 1,911 (12) (0.6) three,908

    (252) 108 Other2 (201) (34) (167) (491.2) (forty four)

    13,133 14,a hundred forty five total gathered depreciation and impairment 14,749 14,960 (211) (1.four) sixteen,965

    108,584 one hundred fifteen,851 complete property, plant and machine 108,709 109,953 (1,244) (1.1) 111,719

    2. other mainly includes transfers to/from other asset classes.

    existing yr actual vs Forecast

    monetary Statements of the government of unique Zealand - six months ended 31 December 2012 29

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    As at As at

    30 June 31 Dec Annual

    2012 2011 actual Forecast Variance Forecast

    $m $m $m $m $m % $m

    observe 12 (persevered): Property, Plant and machine

    Additions - by route of useful classification

    2,291 1,128 Transport and communications 819 1,056 (237) (22.4) 2,128

    2,036 681 financial and industrial functions 782 999 (217) (21.7) 1,750

    442 366 schooling 287 317 (30) (9.5) 827

    627 294 fitness 284 411 (127) (30.9) 804

    339 212 Defence 42 148 (106) (seventy one.6) 449

    779 four hundred other 414 476 (62) (13.0) 1,537

    6,514 three,081 total additions 2,628 three,407 (779) (22.9) 7,495

    N OTE 13: N Z Superannuation Fund

    539 255 income 292 311 (19) (6.1) 642

    a hundred and sixty (one hundred eighty) less latest tax expense 460 389 (seventy one) (18.3) 602

    132 fifty five much less different expenses1 62 eighty 18 22.5 182

    (204) (1,264) Add generous points/(losses) 1,986 1,443 543 37.6 2,a hundred and ten

    43 (884) working stability 1,756 1,285 471 36.7 1,968

    18,652 18,652 Opening internet value 18,703 18,703 - - 18,703

    43 (884) operating steadiness 1,756 1,285 471 36.7 1,968

    8 four different movements in reserves - 6 (6) (100.0) 19

    18,703 17,772 Closing web value 20,459 19,994 465 2.three 20,690

    comprising:

    18,815 17,661 monetary assets 20,811 20,823 (12) (0.1) 21,491

    (1,317) (1,030) financial liabilities (1,537) (2,012) 475 23.6 (1,964)

    1,205 1,141 internet other belongings 1,185 1,183 2 0.2 1,163

    18,703 17,772 Closing net value 20,459 19,994 465 2.three 20,690

    Core Crown salary (excl N Z S Fund)

    60,565 28,629 Core Crown profits 29,893 29,930 (37) (0.1) 62,939

    539 255 less NZS Fund revenue 292 311 (19) (6.1) 642

    one hundred sixty (a hundred and eighty) Add back NZS Fund intra-section earnings 460 389 71 18.3 602

    60,186 28,194 Core Crown salary (excl N Z S Fund) 30,061 30,008 53 0.2 sixty two,899

    OBEGAL except N Z S Fund

    (9,240) (4,085) total Crown OBEGAL (3,191) (three,349) 158 4.7 (7,340)

    539 255 much less NZS Fund salary 292 311 (19) (6.1) 642

    seventy seven 30 Add back NZS Fund external costs forty three 62 (19) (30.6) 141

    160 (one hundred eighty) Add returned NZS Fund tax 460 389 seventy one 18.three 602

    (9,542) (4,490) OBEGAL aside from N Z S Fund (2,980) (3,209) 229 7.1 (7,239)

    1. NZS Fund different charges involve deferred tax fee/(credit)

    current year exact vs Forecast

    30 economic Statements of the executive of latest Zealand - six months ended 31 December 2012

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    As at As at current yr precise vs Forecast

    30 June 31 Dec Annual

    2012 2011 specific Forecast Variance Forecast

    $m $m $m $m $m % $m

    be awake 14: Payables

    eight,255 7,352 debts payable 7,404 8,one hundred sixty 756 9.3 8,990

    3,349 2,996 Taxes repayable 2,873 2,984 111 3.7 3,433

    eleven,604 10,348 total payables 10,277 eleven,one hundred forty four 867 7.8 12,423

    observe 15: insurance liabilities

    30,648 28,030 ACC liability 29,035 29,873 838 2.8 31,598

    eight,877 8,682 EQC property harm liability 8,095 7,748 (347) (four.5) 5,785

    2,062 2,080 Southern Response (previously A M I coverage) 1,893 1,489 (404) (27.1) 1,042

    48 60 different coverage liabilities 44 forty five 1 2.2 51

    (449) - Inter -phase eliminations (459) (441) 18 4.1 (316)

    forty one,186 38,852 total assurance liabilities 38,608 38,714 1 0 6 0.three 38,a hundred and sixty

    note sixteen: Provisions

    375 596 Provision for ETS Credits1 20 76 fifty six seventy three.6 2151,076 954 Provision for national Provident Fund guarantee 1,049 1,049 - - 1,033

    3,253 2,998 Provision for worker entitlements three,083 3,122 39 1.2 three,239

    Provision for Canterbury crimson Zone aid

    745 714 package 1,074 1,090 sixteen 1.5 316

    530 - Provision for Infrastructure costs 488 488 - - 409

    Provision for weathertight services

    189 567 financial assistance kit 187 193 6 3.1 156

    1,338 1,074 different provisions 656 628 (28) (4.four) 1,933

    7,506 6,903 total provisions 6,557 6,646 89 1.3 7,301

    1. further assistance on the E T S, and the k yoto net asset (included as an intangible asset in these economic statements) will likewise be organize on the

    Ministry for the atmosphere's local weather exchange site www.climatechange.govt.nz

    N OTE 17: changes in internet worth

    18,188 18,188 Opening taxpayers funds three,520 3,520 - - three,520

    (14,897) (9,470) operating steadiness aside from minority activity 1,709 (541) 2,250 415.9 (3,275)

    - - Partial participate sales in state-owned agencies - - - - 175

    229 104 Transfers from/(to) other reserves 52 30 22 seventy three.three sixty six

    3,520 eight,822 Closing taxpayers money 5,281 three,009 2,272 seventy five.5 486

    62,690 62,690 Opening revaluation reserve 56,001 56,001 - - fifty six,001

    (6,461) (70) internet revaluations (52) (31) (21) (67.7) (sixteen)

    (228) (104) Transfers from/(to) other reserves (fifty four) (31) (23) (seventy four.2) (70)

    56,001 sixty two,516 Closing revaluation reserve fifty five,895 55,939 (44) (0.1) fifty five,915

    (299) (299) Opening other reserves (173) (173) - - (173)

    126 169 net movements seventy three 36 37 102.eight 57

    (173) (130) Closing other reserves (a hundred) (137) 37 27.0 (116)

    monetary Statements of the executive of latest Zealand - six months ended 31 December 2012 31

    N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

    yr 6 months latest year exact vs Forecast

    to 30 Jun to 31 Dec Annual

    2012 2011 precise Forecast Variance Forecast

    $m $m $m $m $m % $m

    notice 18: Core Crown residual cash

    Core Crown money Flows from Operations

    54,249 22,925 Tax receipts 24,342 23,927 415 1.7 56,962

    670 319 different sovereign receipts 345 330 15 4.5 653

    1,431 761 pastime, profits and dividends 791 779 12 1.5 1,471

    2,699 1,335 Sale of goods & capabilities and other receipts 1,248 1,176 72 6.1 2,600

    (22,854) (12,221) switch funds and subsidies (12,060) (12,136) 76 0.6 (23,077)

    (40,036) (20,533) Personnel and working charges (20,913) (20,935) 22 0.1 (forty two,767)

    (3,369) (1,709) Finance fees (1,790) (1,786) (4) (0.2) (3,778)

    - - Forecast for future unique operating spending - forty seven (forty seven) (a hundred.0) (317)

    - - appropriate -down expense adjustment - 127 (127) (a hundred.0) 1,a hundred and fifty

    (7,210) (9,123) internet core Crown working cash flows (eight,037) (eight,472) 435 5.1 (7,103)

    (1,262) (650) net buy of physical belongings (543) (702) 159 22.6 (2,061)

    (1,022) (233) web expand in advances 231 231 (0) (0.1) (777)

    (1,one hundred fifty) (568) net buy of investments (887) (911) 24 2.6 (sixty two)

    - - Forecast for future unique capital spending - - - - (179)

    - - appropriate -down capital adjustment - 60 (60) (100.0) 400

    (three,434) (1,451) internet Core Crown capital cash flows (1,199) (1,322) 123 9.3 (2,679)

    (10,644) (10,574) Residual cash deficit (9,236) (9,794) 5 fifty eight 5.7 (9,782)

    T he residual money deficit is funded as follows:

    Debt programme money flows

    Market:

    15,146 8,837 situation of executive bonds 9,851 9,939 (88) (0.9) 15,799

    (7,602) (7,602) compensation of govt bonds - - - - (9,982)

    2,139 2,099 internet difficulty/(compensation) of brief-term borrowing1 (2,674) (3,739) 1,065 28.5 (four,501)

    9,683 three,334 complete market debt cash flows 7,177 6,200 977 15.8 1,316

    Non market:

    - - subject of executive bonds - - - - -

    (1,501) (1,501) reimbursement of executive bonds - - - - (499)

    430 (50) net subject/(compensation) of short-term borrowing - - - - -

    (1,071) (1,551) total non-market debt cash flows - - - - (499)

    8,612 1,783 total debt programme money flows 7,177 6,200 977 15.eight 817

    different borrowing cash flows

    net (repay ment )/ subject of different unique Zealand

    5,880 6,027 greenback borrowing 1,247 1,196 51 4.three 3,684

    net (repay ment )/ concern of international currency

    (6,030) (6,019) borrowing (967) (one hundred forty four) (823) - (2,318)

    (one hundred fifty) 8 complete other borrowing money flows 280 1,052 (7 72) 4.3 1,366

    Investing cashflows

    different web sale/(purchase) of marketable

    2,270 9,655 securities and deposits 5,066 5,157 (ninety one) (1.eight) 10,338

    203 721 considerations of circulating currency 678 89 589 - one hundred sixty

    (291) (1,593) reduce/(enhance) in cash (three,965) (2,704) (1,261) (forty six.6) (2,899)

    2,182 8,783 total investing cash flows 1,779 2,542 (7 63) (30.0) 7,599

    10,644 10,574 Residual cash deficit funding 9,236 9,794 (5 fifty eight) (5.7) 9,782

    1. brief -time term borrowing includes Treasury bills and might involve Euro -commercial Paper



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    Google [4 Certification Exam(s) ]
    GuidanceSoftware [2 Certification Exam(s) ]
    H3C [1 Certification Exam(s) ]
    HDI [9 Certification Exam(s) ]
    Healthcare [3 Certification Exam(s) ]
    HIPAA [2 Certification Exam(s) ]
    Hitachi [27 Certification Exam(s) ]
    Hortonworks [1 Certification Exam(s) ]
    Hospitality [2 Certification Exam(s) ]
    HP [729 Certification Exam(s) ]
    HR [1 Certification Exam(s) ]
    HRCI [1 Certification Exam(s) ]
    Huawei [20 Certification Exam(s) ]
    Hyperion [10 Certification Exam(s) ]
    IBM [1491 Certification Exam(s) ]
    IBQH [1 Certification Exam(s) ]
    ICDL [6 Certification Exam(s) ]
    IEEE [1 Certification Exam(s) ]
    IELTS [1 Certification Exam(s) ]
    IFPUG [1 Certification Exam(s) ]
    IIBA [2 Certification Exam(s) ]
    IISFA [1 Certification Exam(s) ]
    Informatica [2 Certification Exam(s) ]
    Intel [2 Certification Exam(s) ]
    IQN [1 Certification Exam(s) ]
    IRS [1 Certification Exam(s) ]
    ISACA [4 Certification Exam(s) ]
    ISC2 [6 Certification Exam(s) ]
    ISEB [24 Certification Exam(s) ]
    Isilon [4 Certification Exam(s) ]
    ISM [6 Certification Exam(s) ]
    iSQI [7 Certification Exam(s) ]
    Juniper [54 Certification Exam(s) ]
    Legato [5 Certification Exam(s) ]
    Liferay [1 Certification Exam(s) ]
    Lotus [66 Certification Exam(s) ]
    LPI [21 Certification Exam(s) ]
    LSI [3 Certification Exam(s) ]
    Magento [3 Certification Exam(s) ]
    Maintenance [2 Certification Exam(s) ]
    McAfee [8 Certification Exam(s) ]
    McData [3 Certification Exam(s) ]
    Medical [25 Certification Exam(s) ]
    Microsoft [342 Certification Exam(s) ]
    Mile2 [2 Certification Exam(s) ]
    Military [1 Certification Exam(s) ]
    Misc [1 Certification Exam(s) ]
    Motorola [7 Certification Exam(s) ]
    mySQL [4 Certification Exam(s) ]
    Network-General [12 Certification Exam(s) ]
    NetworkAppliance [35 Certification Exam(s) ]
    NI [1 Certification Exam(s) ]
    Nokia [2 Certification Exam(s) ]
    Nortel [130 Certification Exam(s) ]
    Novell [37 Certification Exam(s) ]
    OMG [9 Certification Exam(s) ]
    Oracle [232 Certification Exam(s) ]
    P&C [1 Certification Exam(s) ]
    Palo-Alto [3 Certification Exam(s) ]
    PARCC [1 Certification Exam(s) ]
    PayPal [1 Certification Exam(s) ]
    Pegasystems [10 Certification Exam(s) ]
    PEOPLECERT [4 Certification Exam(s) ]
    PMI [15 Certification Exam(s) ]
    Polycom [2 Certification Exam(s) ]
    PostgreSQL-CE [1 Certification Exam(s) ]
    Prince2 [6 Certification Exam(s) ]
    PRMIA [1 Certification Exam(s) ]
    PTCB [2 Certification Exam(s) ]
    QAI [1 Certification Exam(s) ]
    QlikView [1 Certification Exam(s) ]
    Quality-Assurance [7 Certification Exam(s) ]
    RACC [1 Certification Exam(s) ]
    Real-Estate [1 Certification Exam(s) ]
    RedHat [8 Certification Exam(s) ]
    RES [5 Certification Exam(s) ]
    Riverbed [8 Certification Exam(s) ]
    RSA [13 Certification Exam(s) ]
    Sair [8 Certification Exam(s) ]
    Salesforce [3 Certification Exam(s) ]
    SANS [1 Certification Exam(s) ]
    SAP [98 Certification Exam(s) ]
    SASInstitute [15 Certification Exam(s) ]
    SAT [1 Certification Exam(s) ]
    SCO [9 Certification Exam(s) ]
    SCP [6 Certification Exam(s) ]
    SDI [3 Certification Exam(s) ]
    See-Beyond [1 Certification Exam(s) ]
    Siemens [1 Certification Exam(s) ]
    Snia [6 Certification Exam(s) ]
    SOA [15 Certification Exam(s) ]
    Social-Work-Board [1 Certification Exam(s) ]
    SUN [63 Certification Exam(s) ]
    SUSE [1 Certification Exam(s) ]
    Sybase [17 Certification Exam(s) ]
    Symantec [132 Certification Exam(s) ]
    Teacher-Certification [3 Certification Exam(s) ]
    The-Open-Group [8 Certification Exam(s) ]
    TIA [3 Certification Exam(s) ]
    Tibco [18 Certification Exam(s) ]
    Trend [1 Certification Exam(s) ]
    TruSecure [1 Certification Exam(s) ]
    USMLE [1 Certification Exam(s) ]
    VCE [5 Certification Exam(s) ]
    Veeam [2 Certification Exam(s) ]
    Veritas [25 Certification Exam(s) ]
    Vmware [51 Certification Exam(s) ]
    Wonderlic [1 Certification Exam(s) ]
    XML-Master [3 Certification Exam(s) ]
    Zend [5 Certification Exam(s) ]





    References :


    Dropmark-Text : http://killexams.dropmark.com/367904/12914629
    Dropmark : http://killexams.com/demo-download/644-344.pdf






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