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Annual Enterprise Survey: 2012 financial year (provisional)
Embargoed until 10:45am  –  30 August 2013
Commentary

The Annual Enterprise Survey (AES) is Statistics New Zealand’s most comprehensive source of financial statistics. 

See the Definitions section for information on what the survey measures and where the data is collected from.

Business growth continues in 2012

Sales (consist of sales of goods and services, government funding, grants and subsidies) of all industries increased 4.0 percent (to $523,660 million) in the 2012 financial year. In 2011, the increase was 5.3 percent. Despite slower growth in sales, total income from all industries increased 5.9 percent (to $610,567 million) in 2012, compared with a 4.9 percent increase in the 2011 financial year.

All 16 broad industry groups had increases in income from sales in the 2012 financial year. The five industry groups with the most-significant increases in sales were:

  • wholesale trade – up $3,894 million (5.1 percent)
  • retail trade and accommodation – up $2,673 million (4.2 percent)
  • manufacturing – up $1,936 million (2.0 percent)
  • electricity, gas, water, and waste services – up $1,927 million (12.7 percent)
  • agriculture, forestry, and fishing – up $1,628 million (5.2 percent).

Graph, Change in sales by industry group, change from previous financial year, 2011 and 2012.

Total income for all industries increased 5.9 percent, to $610,567 million in the 2012 financial year. The income from sales (up $20,364 million or 4.0 percent) contributed the most to the increase in total income. An increase in interest, dividends, and donations from inter-company dividends received (up $14,111 million or 26.0 percent) also contributed to the increase in total income. This was mainly in the financial and insurance services industry.

Total expenditure for all industries increased 3.2 percent, to $551,119 million. This increase was mainly from increases in non-operating expenditure of $10,107 million  (67.0 percent), and purchases and other operating expenses of $6,086 million (1.7 percent).

Salaries and wages paid to employees across all industries increased $4,222 million (4.5 percent) in 2012. This compares with a $3,900 million (4.4 percent) increase in the 2011 financial year.

Surplus before income tax (total income less total expenditure (plus/minus change in stocks)), was $59,772 million for all industries in the 2012 financial year. This was up $14,975 million (33.4 percent) from 2011 and due mainly to a $34,143 million (5.9 percent) increase in total income. This increase was partly offset by a $10,107 million (67.0 percent) increase in non-operating expenses and a $6,086 million increase (1.7 percent) in purchases and other operating expenses.

The industry with the largest increase in surplus before tax was financial and insurance services, reporting a $15,337 million (122.5 percent) increase, largely due to inter-company dividends received.

Other industries with large increases in surplus before tax in 2012 were:

  • rental, hiring ,and real estate services – up $1,127 million
  • public administration and safety – up $610 million
  • retail trade and accommodation – up $393 million
  • manufacturing – up $162 million.

Total assets increased slightly between the 2011 and 2012 financial years, up just 0.1 percent ($2,514 million). Other assets was the main contributor to the rise, up $13,983 million (1.6 percent). However, it was offset by a fall in current assets of $14,532 million (2.9 percent).

The total value of fixed tangible assets increased 0.6 percent, to $527,322 million in 2012. In 2011 it increased 3.5 percent, to $524,262 million.

Manufacturing; and agriculture, forestry, and fishing growth slows

Although manufacturing sales increased 2.0 percent ($1,936 million) in the 2012 financial year, growth was slower than in 2011, when sales increased 9.1 percent ($7,979 million). In 2012, sales growth slowed the most in:

  • primary metal and metal product manufacturing
  • food product manufacturing
  • wood product manufacturing.

Graph, Change in sales for manufacturing, 2008 to 2012 financial years.   

Agriculture, forestry, and fishing sales growth also slowed in the 2012 financial year, with a 5.2 percent ($1,628 million) increase. In 2011, sales growth was 15.0 percent ($4,065 million). The growth in sales slowed the most in these industries:

  • forestry and logging – up 2.7 percent (21.8 percent in 2011)
  • dairy cattle farming – up 2.9 percent (21.2 percent in 2011).

Graph, Change in sales for agriculture, forestry, and fishing, 2008 to 2012 financial years.

Rental, hiring, and real estate services more profitable

The total income of the rental, hiring, and real estate services industry increased $676 million (3.3 percent) in the 2012 financial year, after a $643 million decrease (3.1 percent) in 2011. Contributing to the latest increase were:

  • non-residential property operators – up $856 million (6.5 percent)
  • real estate services – up $145 million (5.9 percent).

These increases were partly offset by the decreases in total income of non-financial asset leasing – down $234 million (17.8 percent) and rental and hiring services (except real estate) – down $93 million (2.7 percent).

The surplus before tax of the rental, hiring, and real estate services industry increased $1,127 million (27.6 percent) in 2012. This increase was caused by an $853 million (5.2 percent) decrease in total expenses, which mostly came from a fall in depreciation.

The fall in depreciation was driven by the changes in taxation rules announced in the government's 2010 Budget, and effective from 1 April 2011. The new rule meant that most buildings with an expected life of 50 years or more were no longer depreciable for tax purposes. The non-residential property operators industry showed the effect of this change most strongly because of the large number of commercial buildings held as fixed tangible assets. 

See Data quality for further information on this depreciation law change.

 Graph, Total income, total expenses, and surplus before tax for rental, hiring, and real estate services industries, 2012 financial year.

For more detailed data, see the Excel tables in the ‘Downloads’ box.

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