New Zealand Gazette – 1998 – No. 193

Page 4561

✨ Financial Performance Measures



30 NOVEMBER NEW ZEALAND GAZETTE 4561

TRANSPOWER NEW ZEALAND LIMITED GROUP

REGULATION 13, 14 AND PART II OF THE FIRST SCHEDULE OF THE

ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

Financial Performance Measures

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

30 June 1998 30 June 1997 30 June 1996 30 June 1995
Earnings before interest and tax (199,028,000) 226,416,000 249,962,000 231,334,000
Average total funds employed 2,525,493,000 2,794,260,000 2,801,854,500 2,822,542,000
Accounting return on total assets -7.9% 8.1% 8.9% 8.2%

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

30 June 1998 30 June 1997 30 June 1996 30 June 1995
Net profit after tax (337,526,000) 92,896,000 96,395,000 84,523,000
Average total shareholders funds 1,126,165,000 1,337,528,000 1,302,536,500 1,228,540,000
Accounting return on equity -30.0% 6.9% 7.4% 6.9%

c) Accounting rate of profit, which shall be calculated in accordance with the following formula:

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

30 June 1998 30 June 1997 30 June 1996 30 June 1995
a Earnings before interest and tax 208,119,000 226,416,000 249,962,000 231,334,000
b Cash tax 32,904,000 29,435,000 32,878,000 25,506,000
c Interest tax shield 38,040,000 36,637,000 36,474,570 40,690,000
d Revaluations (448,529,000) (12,372,000) 21,282,000 59,664,000
e Average total funds employed, minus half the amount of revaluations. 2,749,758,000 2,800,446,000 2,791,213,500 2,792,710,000
Accounting rate of profit -11.3% 5.3% 7.2% 8.0%

Efficiency performance measures

Direct line costs per kilometre, which shall be calculated in accordance with the following formula:

$$\frac{a}{b}$$

30 June 1998 30 June 1997 30 June 1996 30 June 1995
a is direct expenditure (in dollars); and 120,954,000 122,388,000 116,444,000 119,878,000
b is system length (in kilometres); 17,640 17,693 17,739 17,626
Direct line costs per kilometre $6,857 $6,917 $6,564 $6,801

In 1995 system length was incorrectly defined. System length is now correctly reported as the average total circuit length of electric lines which form part of the system including the HVDC cables. Direct leases and rental costs are now also correctly reported. The direct line costs per kilometre previously reported was $9,521.



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🏭 Transpower New Zealand Limited Financial Performance Measures (continued from previous page)

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Financial Performance, Accounting Returns, Efficiency Measures, Electricity Industry