Financial and Efficiency Performance Measures




7 OCTOBER NEW ZEALAND GAZETTE 3439

DUNEDIN ELECTRICITY LTD

FINANCIAL AND EFFICIENCY PERFORMANCE MEASURES

PURSUANT TO REGULATION 13 AND PART II OF THE FIRST SCHEDULE OF THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

FINANCIAL MEASURES

(A) Accounting Return on Total Assets:
Being earnings before interest and tax, divided by average total funds employed. 13.6% 8.6%

(B) Accounting Return on Equity:
Being net profit after tax, divided by average total shareholder’s funds. 7.6% 5.8%

(C) Accounting Rate of Profit:
Accounting rate of profit calculated in accordance with the following formula:
a - b - c + d


     e
 where  a  is earnings before interest
        b  is cash tax
        c  is interest tax shield
        d  is revaluations
        e  is average total funds minus half the amount of revaluations        7.4%  8.6%

NB
In calculating these financial measures the following adjustments to the figures contained in the attached accounts have been made to comply with the requirements of the regulations that ODV be used as the base for fixed asset valuation:
Fixed Assets + 26,799
Depreciation + 1,206
Shareholder’s Funds + 26,148
Net Profit Before Tax (1,206)
Net Profit After Tax (808)
Dividend (687)

EFFICIENCY PERFORMANCE MEASURES

(A) Direct Line Costs per Kilometre:
Being direct expenditure divided by system length (in kilometres) $3,035 $3,956
NB: In calculating this efficiency measure, $8.94 million ($8.18 million
in 1995) of Trans Power NZ Ltd’s charges have been excluded.

(B) Indirect Line Costs per Electricity Customer:
Being indirect expenditure divided by total customers $20.89 $51.00

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Financial Measures, Efficiency Performance, Electricity Regulations, Dunedin Electricity Ltd