New Zealand Gazette – 1997 – No. 174

Page 4157

✨ Financial and Efficiency Measures



15 DECEMBER NEW ZEALAND GAZETTE 4157

Regulation 15- Disclosure of Financial and Efficiency Measures ; Schedule 1, PART 2.

1 Financial Performance Measures

1997

a) Accounting return on total assets being earnings before interest and tax, divided by average total funds employed.

10.13%

The strict interpretation for accounting return on total assets from the regulations excludes non current assets other than fixed assets. If these other non current assets were included in the total assets this performance measure would be:

9.94%

b) Accounting return on equity, being net profit after tax, divided by average total shareholder funds

6.45%

c) Accounting rate of profit (including revaluations), calculated in accordance with the following formula,

$$
\frac{a - b - c + d}{e}
$$

where -

a is earnings before interest and tax;

b is cash tax;

c is the interest tax shield;

d is revaluations;

e is average total funds employed, less half the amount of the revaluations.

35.25%

Accounting rate of profit (excluding revaluations):

The calculation above reflects an accounting rate of profit that is not consistent with Enerco’s accounting policies. Enerco’s accounting policy for revaluations, which complies with SSAP 28 of the Institute of Chartered Accountants of New Zealand, does not allow for taking revaluations into the statement of financial performance.

If the revaluation were excluded from the above calculation the Accounting Rate of Profit would be:

6.40%

2 Financial Efficiency Measures

1997

a) Direct Line Costs per km

$4,207 per km

b) Indirect Line Costs per gas customer

$163 per customer



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🏭 Certification of Financial Statements and Performance Measures by Enerco New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Gas, Information Disclosure, Financial Statements, Performance Measures, Regulations, Accounting Policies, Depreciation, Taxation, Valuation, Inventories, Accounting Policies, Internal Sales