New Zealand Gazette – 2001 – No. 89

Page 2286

✨ Financial Performance Measures

2286

NEW ZEALAND GAZETTE

No. 89

Counties Power Limited Line Business
Derivation Table of Financial Performance Measures from Financial Statements
Pursuant to Regulation 16 of the Electricity (Information Disclosure) Regulations 1999 Schedule 1 Part 7
For the Year Ended 31 March 2001

Derivation Table	Input and Calculations	Symbol in formula	ROF	ROE	ROI
Operating surplus before interest and income tax from financial statements	5,107		5,107		5,107
Operating surplus before interest and income tax adjusted pursuant to regulation 18 (OSBIIT)	5,107	a		3,765
Interest on cash, bank balances, and short-term investments (ISTI)	0
OSBIIT minus ISTI	5,107
Net surplus after tax from financial statements	3,765	n	add	0	add
Net surplus after tax adjusted pursuant to regulation 18 (NSAT)	3,765		add	0	add
Amortisation of goodwill and amortisation of other intangibles	0	g	add	0	add
Subvention payment	2,604
Depreciation of SFA at BV (x)	2,361	d	add	242	add
Depreciation of SFA at ODV (y)	242	s⁺¹		add	242
ODV depreciation adjustment	0			deduct	0
Subvention payment tax adjustment	134	q			deduct
Interest tax shield	(144)	r			add
Income tax	936	p			deduct
Numerator			5,349	4,007	4,135
			OSBIIT⁺ᴬᴹ - a·lg·s·id	NSAT⁺ᴰᴵ¹ - n·lg·s-s⁺¹·id	OSBIIT⁺ᴬᴹ - a·lg·q·r·is·id-p-s⁺¹
Fixed assets at end of previous financial year (FA₀)	46,221
Fixed assets at end of current financial year (FA₁)	90,222
Adjusted net working capital at end of previous financial year (ANWC₀)	(858)	c	68,182		68,182
Adjusted net working capital at end of current financial year (ANWC₁)	779		(or regulation 33 time-weighted average)
Average total funds employed (ATFE)	68,182
Total equity at end of previous financial year (TE₀)	38,438	k		56,752
Total equity at end of current financial year (TE₁)	75,065		(or regulation 33 time-weighted average)
Average total equity	56,752
WUC at end of previous financial year (WUC₀)	6,322	e	deduct	4,134	deduct
WUC at end of current financial year (WUC₁)	1,945		(or regulation 33 time-weighted average)
Average total works under construction	4,134
Revaluations	(144)	r
Half of revaluations	(72)	c2			(72)
Intangible assets at end of previous financial year (IA₀)	0	m		add	0
Intangible assets at end of current financial year (IA₁)	0		(or regulation 33 time-weighted average)
Average total intangible asset	0
Subvention payment at end of previous financial year (S₀)	0
Subvention payment at end of current financial year (S₁)	0
Subvention payment tax adjustment at end of previous financial year	0	v		add	0
Subvention payment tax adjustment at end of current financial year	0
Average subvention payment & related tax adjustment	0
System fixed assets at end of previous financial year at book value (SFAₙ₋₀)	35,745
System fixed assets at end of current financial year at book value (SFAₙ₋₁)	59,856	f	deduct	59,856	deduct
Average value of system fixed assets at book value	35,745		(or regulation 33 time-weighted average)
System fixed assets at year beginning at ODV value (SFAₒ₋₀)	79,301	h	add	81,634	add
System fixed assets at end of current financial year at ODV value (SFAₒ₋₁)	83,967
Average value of system fixed assets at ODV value	81,634		(or regulation 33 time-weighted average)
Denominator			85,826	74,396	85,898
			ATFEADJ = c-e-f+h	Ave TFADJ = k-e-m+v-f+h	ATFEADJ = c-e-f+r-f+h
Financial Performance Measure:			6.2	5.4	4.8
			ROF = OSBIIT⁺ᴬᴹ/ATFEADJ x 100	ROE = NSAT⁺ᴰᴵ¹/ATE⁺ᴰᴵ¹ x 100	ROI = OSBIIT⁺ᴬᴹ/ATFEADJ x 100

1 maximum statutory income tax rate applying to corporate entities
bv = book value
ave = average
odv = optimised deprival valuation
subscript '0' = end of the previous financial year
subscript '1' = end of the current financial year
ROF = return on funds
ROE = return on equity
ROI = return on investment

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