New Zealand Gazette – 2001 – No. 87

Page 2249

✨ Financial Performance Measures

HORIZON ENERGY DISTRIBUTION LIMITED

Performance Measures for the purposes of the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000

Performance Measures

for the 12 Months ended 31 March 2001

Disclosure of Financial Performance Measures and Efficiency Performance Measures pursuant to Regulations 15, 21 and 22 of the Electricity (Information Disclosure) Regulations 1999 as amended by the Electricity (Information Disclosure) Amendment Regulations 2000.

Regulation 15 - Financial Performance Measures and Efficiency Performance Measures:

	2001	2000	1999	1998
1) Financial Performance Measures
i) (a) Return on Funds	16.10% (1)	13.76% (1)	11.02% (2)	7.51% (3)
(b) Return on Equity	17.65% (4)	7.80% (3)	6.09% (2)	5.21% (4)
(c) Return on Investment	10.09% (5)	9.29% (6)	7.37% (2)	5.39% (5)(6)

The 2000 and 2001 Financial Performance Measures are based on the 2000 Amendment Regulations and MOED Derivation Table included in these statements.
The 1999 Financial Performance Measures are based on the 1999 Regulations and 1999 MOC Derivation Table.
Comparative figures for 1998 were calculated as "Accounting Return on Total Assets".
Comparative figures for 1998 were calculated as "Accounting Return on Equity".
Comparative figures for 1998 were calculated as "Accounting Rate of Profit".
The objective of the measure "Accounting Rate of Profit" was 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 | | | | |
| (a) Direct line costs per kilometre | $999 | $1,176 | $1,925 | $2,180 |
| (b) Indirect Line costs per Customer as prescribed | $59 | $88 | $88 | $256 |

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