New Zealand Gazette – 1995 – No. 112

Page 3555

✨ Financial Performance Statement



9 OCTOBER NEW ZEALAND GAZETTE 3555

WEL ENERGY GROUP LIMITED

LINES BUSINESS

(g) Principles of Lines Business Split

The lines business forms a segment of the operations of WEL Energy Group Limited. The allocation of costs, revenue, assets and liabilities was carried out on a basis which reflects the items attributable to each segment of the Group.

Where possible, financial statement items were allocated directly to the lines business. In those instances where direct allocation was not possible, the following allocation methodologies were employed:

Corporate Overheads

Corporate overhead costs were allocated as follows:

Personnel and payroll costs based on staff numbers; accounting costs based on complexity (primarily the number of transactions generated); Directors fees and consultancy based on an estimate of time spent on each segment. All other overheads were allocated in proportion to the allocation of other previously allocated overheads.

Property Costs

Allocated using market based rentals.

Expenditure

Where a segment of the company performs line business activities in addition to other functions each item of expenditure incurred by that segment has been allocated to the line business in proportion to the total level of line business activity undertaken by the segment.

Bank Balances

All monies are managed centrally with each segment maintaining a current account with Corporate. Allocating bank balances directly has resulted in no bank balances being shown within the lines business.

Electricity Debtors

Electricity debtors have been allocated to the line business consistent with the proportion of line revenue to total line and energy revenue.

Inventory / Work in Progress

Inventory / work in progress attributable to both the line business and other activities have been allocated to the line business in proportion to the level of direct expenditure incurred by the line business.



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🏭 Financial Performance Statement for WEL Energy Group Limited (continued from previous page)

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Financial Performance, Revenue, Expenses, Profit, Taxation, Dividends, WEL Energy Group Limited