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New Zealand Gazette – 2003 – No. 105

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✨ Financial Performance Measures

19 AUGUST

NEW ZEALAND GAZETTE

2785

SCHEDULE 1 - PART 7

FORM FOR THE DERIVATION OF FINANCIAL PERFORMANCE MEASURES FROM FINANCIAL STATEMENTS

Derivation Table	Input and Calculations	Symbol in formula	ROF	ROE	ROI
Operating surplus before interest and income tax from financial statements	6,846,165		6,846,165		6,646,165
Operating surplus before interest and income tax adjusted pursuant to regulation 18 (OSBIT)	0	a
Interest on cash, bank balances, and short-term investments (ISTI)	6,846,165
OSBIT minus ISTI	4,567,886	n	add	4,567,886	add
Net surplus after tax from financial statements	0	g	add	0	add
Amortisation of goodwill and amortisation of other intangibles	0	s	add	0	add
Depreciation of SFA at BV (x)	2,577,430
Depreciation of SFA at ODV (y)	2,700,371	d	add	-122,941	add
ODV depreciation adjustment	-122,941	s*t		-122,941
Subvention payment tax adjustment	0	q	deduct	0	deduct
Interest tax shield	200,072	r	add	200,072	add
Revaluations	-284,000		deduct	-284,000	deduct
Income tax	1,472,000	p			1,472,000
Numerator			6,523,224	4,444,945	4,567,152
			OSBIT^ADJ = a + g + s + d	NSAT^ADJ = n + g + s - s*t + d	OSBIT^ADJ = a + g + r + s + d - p - s*t
Fixed assets at end of previous financial year (FA₀)	75,967,327
Fixed assets at end of current financial year (FA₁)	78,754,773
Adjusted net working capital at end of previous financial year (ANWC₀)	179,229
Average total funds employed (ATFE)	77,736,841	c	77,736,841		77,736,841
Total equity at end of previous financial year (TE₀)	73,884,330
Total equity at end of current financial year (TE₁)	73,877,218	k		73,880,773
Average total equity	73,880,773
WUC at end of previous financial year (WUC₀)	471,342
WUC at end of current financial year (WUC₁)	183,779	e	deduct	327,561	deduct
Average total works under construction	327,561				327,561
Revaluations	-284,000	r
Half of revaluations	-142,000	r/2			-142,000
Intangible assets at end of previous financial year (IA₀)	0
Intangible assets at end of current financial year (IA₁)	0	m	add	0	add
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
Subvention payment tax adjustment at end of current financial year	0	v	add	0	add
Average subvention payment & related tax adjustment	0
System fixed assets at end of previous financial year at book value (SFA_bv0)	75,107,433
Average value of system fixed assets at book value	76,326,870	f	deduct	76,326,870	deduct
System fixed assets at end of current financial year at book value (SFA_bv1)	77,546,307
System Fixed assets at year beginning at ODV value (SFA_odv0)	76,065,000
System Fixed assets at end of current financial year at ODV value (SFA_odv1)	74,885,000	h	add	74,885,000	add
Average value of system fixed assets at ODV value	74,885,000				74,885,000
Denominator			75,967,411	72,111,343	76,109,411
			ATFE^ADJ = c - e - f + h	Ave TE^ADJ = k - e - m + v - f + h	ATFE^ADJ = c - e - ½r - f + h
Financial Performance Measure:			8.6	6.2	6.0
			ROF = OSBIT^ADJ/ATFE^ADJ x 100	ROE = NSAT^ADJ/ATE^ADJ x 100	ROI = OSBIT^ADJ/ATFE^ADJ 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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