New Zealand Gazette – 2003 – No. 100

Page 2645

✨ Financial Performance Measures

13 AUGUST

NEW ZEALAND GAZETTE

2645

Description Table	Input and Calculations	ROI¹	ROE²
Covering surplus before interest and income tax adjusted pursuant to regulation 13 (OSSBIT)³	1,139,189
Interest on cash, bank balances, and short-term investments	355,442
OSHBIT minus IST⁴	813,747
Net surplus after tax for financial adjustments	388,823		328,095
Net surplus after tax adjusted pursuant to regulation 18 (NSAT)	388,208
Administration of govt.-will trust administration of income beneficiaries	1,394,981
Appropriation of SFP at FY (X)
Depreciation adjustment
Subvention payment tax adjustment
Revaluations		-1,490,300
Income tax		769,560
Numerator		-1,516,516	398,925
	OSBIT⁵ = 813,747	ROI = 8.1% ± 0.1	ROE = 7.3% ± 0.4

| Fund assets at end of previous financial year (FAp) | 46,765,981 | | |
| Accrued net working capital at end of previous financial year (AVWCp) | 352,217 | | |
| Requested funding received and accrued (FAc) | 39,234,929 | | |
| Average working capital at end of previous financial year (AVWCy) | 42,553,963 | | |
| Total equity at end of previous financial year (TEp) | 47,118,910 | 39,234,625 | 48,132,953 |
| Total equity at end of current financial year (TEc) | | | |
| WUC at end of previous financial year (WUCp) | 252,843 | | |
| WUC at end of current financial year (WUCc) | 388,411 | | |
| Average total assets over construction | | 192,530 | |
| Revaluations | 1,570,000 | | 141,530 |
| Intangible assets at end of previous financial year (IAp) | 0 | | |
| Intangible assets at end of current financial year (IAc) | 0 | | |
| Subvention payment at end of previous financial year | 0 | | |
| Subvention payment tax adjustment at end of current financial year | 0 | | |
| Average investment payment = adjustment | 39,798,264 | | |
| System fixed assets at end of previous financial year at book value (SFAp) | 35,371,747 | 34,441,096 | 38,005,758 |
| System fixed assets at end of current financial year at book value (SFAc) | 38,984,004 | | |
| Average value of system fixed assets at end of previous financial year at book value | 37,336,531 | | |
| System fixed assets at end of beginning financial year at ODV value (SFPoon) | 39,067,698 | | |
| Average value of system fixed assets at ODV value | | | 42,874,016 |
| Denominator | | 39,404,098 | 36,441,000 |
| | ROI = OSBIT⁵/AVE(SFPc+AVWC) × 100 | ROI = 2.0% | ROE = 0.8% |

Financial Performance Measures:

¹ Return on Investment, income tax rate applying to corporate entities.
² Return on Equity.
³ OSSBIT = opening surplus before interest and income tax.
⁴ IST = income tax.
⁵ OSBIT to return on investment.

The value shown as $15,500,000 in the previous financial year subject to a tax adjustment was incorrect.
ROI = return on equity.
ROI = OSBIT⁵/AVE(SFPc+AVWC) × 100.

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