New Zealand Gazette – 2003 – No. 133

Page 3626

✨ Electricity Financial Performance Measures



VECTOR Limited

Electricity Lines Business

Form for the Derivation of Financial Performance Measures from Financial Statements

For the year ended 31 March 2003

SCHEDULE 1 - PART 7

Derivation Table Inputs and Calculations $000 Specified In formats RGF ROE ROT
0000 0000 0000
Operating surplus before interest and income tax from financial statements 131,399
Operating surplus before interest and income tax adjusted pursuant to regulation 13 (OSBIT) 131,338 119,844 142,815
Interest on cash, cash balances and short-term investments (ISTI) 11,495
OSBIT + ISTI 119,844 119,844
Net surplus after tax and after annual leave (NSAT) 31,522 31,522 31,522
Net surplus after tax adjusted pursuant to regulation 18 (NSAT*) 31,522 31,522 add 15,730 add 15,730
Amortisation of goodwill and amortisation of other intangibles 15,730 add 15,730 15,730
Subvention payment 0 0 0
Correction of SFA and D/A (b) 39,772 add
Leave short of SFA (a)(v) 36,436
Over-depreciation adjustment 3,336 add 3,336 3,336
Subvention payment tax adjustment 0 deduct 0 deduct 0
Interest tax shield 19,873 deduct 18,873
RCV adjustments 54,389 add add 54,389
Income tax 31,611 deduct 31,611
Numerator 138,910 50,698 142,815

| Fixed assets at end of previous financial year (FA t-1) | 926,887 | | | | | | | | |
| Fixed assets at end of current financial year (FA t) | 1,953,205 | | | | | | | | |
| Adjusted net working capital at start of previous financial year (ANWC t-1) | -8,240 | | | | | | | | |
| Adjusted net working capital at end of current financial year (ANWC t) | -10,873 | | | | | | | | |
| Average total funds employed (ATFE) | 1,455,372 | (regulation 25 time-weighted average) | | 1,455,372 | | 1,455,372 | | |

| Total equity at start of previous financial year (TE t-1) | 737,300 | | | | | | | | |
| Total equity at end of current financial year (TE t) | 935,472 | | | | | | | | |
| Average total equity | 836,386 | (regulation 25 time-weighted average) | | 836,386 | | | | |

| WUC at start of previous financial year (WUC t-1) | 11,611 | | | | | | | | |
| WUC at end of current financial year (WUC t) | 32,493 | | | | | | | | |
| Average total works under construction | 21,661 | (regulation 29 time-weighted average) | 21,661 | deduct | | deduct | 21,661 | | |

| Pre-tax profits | 54,389 | | | r | | | 27,195 | | |
| Less income tax | 27,195 | | | | | -27,195 | | | |

| Intangible asset at end of current financial year (IA t) | 568,974 | | | | | | | | |
| Average total intangible asset | 314,724 | (regulation 23 time-weighted average) | | | | 314,721 | | |

| Subvention payments at end of previous financial year | 0 | | | | | | | | |
| Subvention payment at end of current financial year | 0 | | | | | | | | |
| Subvention payment tax adjustment at start of previous financial year | 0 | | | | | | | | |
| Subvention payment tax adjustment at end of current financial year | 0 | | | | | | | | |
| Average subvention payment & adjustment | 0 | | | add | 0 | | 0 | | |

| System fixed assets at start of previous financial year at book value (SFA t-1) | 879,060 | | | | | | | | |
| System fixed assets at end of current financial year at book value (SFA t) | 1,872,263 | | | | 1,401,198 | | 1,401,198 | | |
| Less value of system fixed assets at book value | 1,401,198 | (regulator 28 time-weighted average) | | deduct | 1,401,198 | deduct | 1,401,198|

| System fixed assets at year beginning at CDA value (SFA' t-1) | 879,060 | | | | | add | 1,274,108 | add | |
| System fixed assets at end of current financial year at CDA value (SFA' t) | 1,699,940 | | | | 1,274,108 | | 1,274,108 | | |
| Average value of system fixed assets at CDA value | 1,274,106 | (regulation 28 time-weighted average) | | add | 1,274,108 | | 1,274,108 | add | |

| Denominator | | | 1,308,699| | 836,386| | 1,279,504| | |

Financial Performance Measures:

Measures Calculation Formula Result
RGF = OSBIT/ATFE*100 (138,910/1,308,699) * 100 10.6
ROE = NSAT/ATE100 (50,698/836,386) * 100 6.1
ROT = OSBIT/WUC AVE*100 (142,815/1,279,504) * 100 11.2

1 - management regulatory incentive rate only for corporate and business entities and for book value;

W - average of start and end of current financial year;

CDA - current day adjusted value;

OSBIT - operating surplus before interest and tax;

ROF - return on funds;

ROE - return on equity;

ROT - return on investment.



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VUW Te Waharoa — PDF NZ Gazette 2003, No 133


Gazette.govt.nz — PDF NZ Gazette 2003, No 133




✨ LLM interpretation of page content

🏭 Vector Limited Financial Performance Measures (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2003
Electricity, Financial Performance, Vector Limited, RGF, ROE, ROT, OSBIT