20 AUGUST

NEW ZEALAND GAZETTE

2823

Operating Revenue (Schedule 1, Part 2)

para 11

Operating revenue

| | 2003
| ($'000) | | 2002
| ($'000) |
|---|---|---|---|
| (a) Revenue from line/access charges | 6,610 | 6,784 |
| (b) Revenue from "Other" business for services carried out by the line business (transfer payment) | 0 | 0 |
| (c) Interest on cash, bank balances and short term investments | 87 | 78 |
| (e) AC loss-rental rebates | 176 | 413 |
| (f) Other revenue not listed in (a) to (d) | 34 | 151 |
| (g) Total operating revenue | 6,907 | 7,426 |

para 12

Expenditure (Schedule 1, Part 2)

Operating expenditure

| | 2003
| ($'000) | | 2002
| ($'000) |
|---|---|---|---|
| (a) Payment for transmission charges | 1,787 | 1,684 |
| (b) Transfer payments to the “Other” business for: | | |
| (i) Asset maintenance: | 0 | 0 |
| (ii) Consumer disconnection/reconnection services | 0 | 0 |
| (iii) Meter data | 0 | 0 |
| (iv) Consumer-based load control services | 0 | 0 |
| (v) Royalty and patent expenses | 0 | 0 |
| (vi) Avoided transmission charges on account of own generation | 0 | 0 |
| (vii) Other goods and services not listed in (i) to (vi) above | 0 | 6 |
| Total transfer payment to the “Other” business | 0 | 6 |

(c) Expense to entities that are not related parties for: |
| (i) Asset maintenance | 560 | 311 |
| (ii) Consumer disconnection/reconnection services | 0 | 0 |
| (iii) Meter data | 0 | 0 |
| (iv) Consumer-based load control services | 0 | 0 |
| (v) Royalty and patent expenses | 0 | 0 |
| Total of specified expenses to non-related parties (sum of (i) to (v)) | 560 | 311 |

(d) Employee salaries, wages and redundancies | 266 | 272 |
| (e) Consumer billing and information system expense | 0 | 0 |
| (f) Depreciation on: | | |
| (i) System fixed assets | 552 | 565 |
| (ii) Other assets not listed in (i) | 23 | 40 |
| Total depreciation | 575 | 605 |

(g) Amortisation of: |
| (i) Goodwill | 0 | 0 |
| (ii) Other intangibles | 0 | 611 |
| Total amortisation of intangibles | 0 | 611 |

(h) Corporate and administration: | 424 | 146 |
| (i) Human resource expenses |
| (j) Marketing/advertising | 0 | 0 |
| (k) Merger and acquisition expenses | 0 | 0 |
| (l) Takeover defence expenses | 0 | 0 |
| (m) Research and development expenses | 0 | 0 |
| (n) Consultancy and legal expenses | 85 | 60 |
| (o) Donations | 0 | 0 |
| (p) Directors’ fees | 52 | 45 |

(q) Auditors’ fees: |
| (i) Audit fees paid to principal auditors | 13 | 6 |
| (ii) Audit fees paid to other auditors | 0 | 0 |
| (iii) Fees paid for other services provided by principal and other auditors | 4 | 4 |
| Total auditors’ fees | 17 | 10 |

(r) Costs of offering credit: |
| (i) Bad debts written off | 0 | 0 |
| (ii) Increase in estimated doubtful debts | 0 | 0 |
| Total cost of offering credit | 0 | 0 |

(s) Local authority rates expense | 9 | 0 |
| (t) AC loss-rentals (distribution to retailers/customers) expense | 0 | 0 |
| (u) Rebates to consumers due to ownership interest | 0 | 0 |
| (v) Subvention payments | 0 | 0 |
| (w) Unusual expenses | 0 | 0 |
| (x) Other expenditure not listed in (a) to (w) | 0 | 0 |

13 Total operating expenditure | 3,785 | 3,757 |

14 Operating surplus before interest and income tax | 3,122 | 3,669 |

15 Interest expense

(a) Interest expense on borrowings | 65 | 63 |
| (b) Financing charges related to finance leases | 0 | 0 |
| (c) Other interest expense | 0 | 0 |
| (d) Total interest expense | 65 | 63 |

16 Operating surplus before income tax | 3,057 | 3,606 |

17 Income tax | 1,180 | 1,622 |

18 Net surplus after tax | 1,877 | 2,084 |