New Zealand Gazette – 1998 – No. 156

Page 3732

✨ Electricity Financial Performance



NEW ZEALAND GAZETTE

No. 156

BAY OF PLENTY ELECTRICITY LIMITED

Performance Measures for the purposes of Electricity (Information Disclosure) Regulations 1994

Performance Measures

for the 12 Months ended 31 March 1998

Disclosure of Financial Performance Measures and Efficiency Performance Measures pursuant to Regulations 13, 15 and 16 of the Electricity (Information Disclosure) Regulations 1994.

Regulation 13:

1) Financial Performance Measures

1998 1997 1996 1995
(a) Accounting Return on 7.51% 6.50%* 5.43% 5.60%
Total Assets
(b) Accounting Return on 5.21% 3.72% 3.63% 3.75%
Equity
(c) Accounting Rate of 5.39% 4.40% 4.02% 4.25%
Profit

The objective of the measure "Accounting Rate of Profit" is to calculate the increase in the shareholder equity generated by the line business. The formula detailed in the first schedule of the Electricity (Information Disclosure) Regulations 1994 includes any revaluation as "profit". The increase in the reported ODV has been excluded from the calculation of the measure as there has been no increase in shareholder equity from the movement in the reported ODV. Any changes to the asset lives assumption in the ODV represent a change in the basis of the calculation rather than a change in valuation.

2) Efficiency Performance Measures

1998 1997 1996 1995
(a) Direct line costs per kilometre $2,180 $1,550 $1,837* $3,204
(b) Indirect Line costs per
Customer
as prescribed $256 $267 $288 $199*
as modified $121 $136 $159 $97

Indirect Line costs - modified

Total Indirect costs as prescribed in the Regulations include all costs that are not direct costs, after removing TransPower charges. Bay of Plenty Electricity, unlike most distribution companies, maintains its own generation division and has significant avoided charges which are charged to the Network division, and paid to the Generation division.

The treatment of the avoided charges for the purposes of the efficiency measures, is to include these costs as indirect costs. The Company has provided additional disclosures to allow comparison with companies that do not have generation divisions.

  • Denotes a corrected comparative figure


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Electricity, Financial Performance, Efficiency Measures, Regulations, Accounting Return, Profit, Line Costs, Bay of Plenty