New Zealand Gazette – 2003 – No. 115

Page 3137

✨ Financial Statements Notes



Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 2003

POWERCO

ELECTRICITY DIVISION

9 Taxation

Taxation for the year ended 31 March 2003

2003 $'000 2002 $'000
Operating surplus before taxation 59,748 43,512
Prima facie taxation @ 33% 19,716 14,359
Plus/(less) tax effect of permanent timing differences: - -
Taxation expense 19,716 14,359

10 Disclosure of Performance Measures Pursuant to Regulation 15(2) and Part III of the First Schedule of the Electricity (Information Disclosure) Regulations 2000

Financial Performance Measures

2003 2002 2001 2000
(i) Return on Funds 14.42% 14.26% 10.43% 10.77%
(ii) Return on Equity 12.70% 12.22% 8.58% 14.85%
(iii) Return on Investment including revaluation 9.66% 9.55% 4.04% 10.66%
(iv) Return on Investment excluding revaluation 9.66% 9.55% 6.70% 7.64%

Efficiency Performance Measures

2003 2002 2001 2000
(v) Direct Line Cost per Kilometre $986.50 $949.08 $1,162.23 $1,049.72
(vi) Indirect Line Cost per Electricity Customer (including non-recurring costs) $75.43 $77.61 $120.12 $61.38
(vii) Indirect Line Cost per Electricity Customer (excluding non-recurring costs) $58.09 $77.61 $69.34 -

11 Contingent Liabilities and Commitments

Contingencies
As Powerco is an integrated business, this disclosure relates to the business as a whole.

The Company has been named as a second defendant in a claim issued by Todd Energy Limited against Transpower Limited. The Plaintiffs allege various breaches of the Commerce Act 1986 and claim various declarations and injunctions together with damages. The damages amount is presently unquantified. The claim is being defended by Powerco, which contends that it is not in breach of any of its obligations. No provision for the claim has been included in the financial statements.

Capital Commitments
As Powerco is an integrated business, this disclosure relates to the business as a whole.

Commitments for future capital expenditure resulting from contracts entered into amounts to $12.6 million (2002: $840,000).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 115


Gazette.govt.nz — PDF NZ Gazette 2003, No 115




✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
21 August 2003
Electricity, Financial Statements, Taxation, Performance Measures, Contingent Liabilities, Capital Commitments