New Zealand Gazette – 1998 – No. 151

Page 3659

✨ Financial Statements Notes

21 SEPTEMBER NEW ZEALAND GAZETTE 3659

Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1998

12 DISCLOSURE OF PERFORMANCE MEASURES PURSUANT TO
REGULATION 15 AND PART II OF THE FIRST SCHEDULE OF THE
GAS (INFORMATION DISCLOSURE) REGULATIONS 1997

Financial Performance Measures

	1998	1997
(i) Accounting Return on Total Assets	15.18%	8.21%
(ii) Accounting Return on Equity	10.40%	6.33%
(iii) Accounting Rate of Profit	11.63%	8.17%

Efficiency Performance Measures

	1998	1997
(iv) Direct Line Cost per Kilometre	$1,742.75	$2,118.03
(v) Indirect Line Cost per Gas Customer	$32.45	$94.64

Indirect line costs for the 1998 year have been ascertained using the new draft allocation methodology.

13 CONTINGENT LIABILITIES AND COMMITMENTS

There are no capital commitments as at balance date.

The company has guaranteed the obligations of its associate company as they relate to energy purchases on its behalf. The company has also made arrangements with its bankers to provide guarantees up to $16.8 million to enable Energy Brokers New Zealand Limited to trade in the wholesale market.

14 SUBSEQUENT EVENTS

Subsequent to balance date the Government has passed legislation which regulates the ability of electricity supply companies to own various assets.

The legislation requires legal separation of the company’s existing line distribution and energy trading assets. Further, it will restrict ownership of the various types of assets existing and requires the company to transfer part of its existing assets to another entity.

No adjustments to carrying values of assets recorded in these financial statements have been made as a result of any possible impact of the amended legislative environment.

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VUW Te Waharoa — NZ Gazette 1998, No 151

NZLII — NZ Gazette 1998, No 151

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements Certification (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated11 May 1998
KeywordsPowerco Limited, Financial Statements, Taxation, Imputation Credit, Dividends

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