New Zealand Gazette – 2003 – No. 160

Page 4407

✨ Gas Distribution Performance Statement



Natural Gas Corporation – Gas Distribution Activities

Statement of Performance Measures

For the year ended 30 June 2003

For the purposes of the Gas (Information Disclosure) Regulations 1997

2003 2002 2001 2000 1999
NGC NGC/AGLNZE NGC/AGLNZE NGC Only NGC Only

1. Financial Performance Measures

a) Measures including abnormal items and earnings adjustments

| Accounting Return on Total Assets | 8.24% | 11.37% | 16.27% | 14.44% | 15.35% |
| Accounting Return on Equity | 6.54% | 11.47% | 33.56% | 39.24% | 12.00% |
| Accounting Rate of Profit | 16.29% | 9.04% | 15.70% | 17.83% | 10.95% |

b) The accounting rate of profit for 2003 includes a revaluation increase of $12.93 million in respect of the NGC network. Excluding this amount, the accounting rate of profit would be reduced from 16.29% to 6.20%. The accounting rate of profit for 2000 includes a revaluation increase of $9.9 million in respect of the NGC network. Excluding this amount, the accounting rate of profit would be reduced from 17.83% to 11.68% in 2000.

c) 2003, 2002 and 2001 ratios are calculated inclusive of abnormal items. The 2003 ratios include abnormal costs associated with asset acquisition feasibility costs of $1 million. The 2002 ratios include abnormal items of $4.9 million being profit on the sale of the AGLNZE pipeline assets. In addition, the 2001 ratios are calculated after adding back to earnings, the amortisation of identifiable intangible asset (pre-tax $1.4 million), and ODV write-downs through earnings of AGLNZE and after deducting from funds employed and shareholders funds the value of the identifiable intangible asset of AGLNZE ($50 million).

d) Measures Adjusted to exclude abnormal items

| Accounting Return on Total Assets | 8.88% | 8.43% | 11.89% | 11.91% | 11.43% |
| Accounting Return on Equity | 6.69% | 8.58% | 23.50% | 33.08% | 9.07% |
| Accounting Rate of Profit | 16.72% | 6.14% | 11.56% | 15.22% | 7.03% |

e) Measures Adjusted to exclude abnormal items and earnings adjustments described above

| Accounting Return on Total Assets | 8.88% | 8.43% | 8.77% | 6.66% | 11.43% |
| Accounting Return on Equity | 6.69% | 8.58% | 11.88% | 10.10% | 9.07% |
| Accounting Rate of Profit | 16.72% | 6.14% | 8.47% | 9.04% | 7.03% |

2. Efficiency Performance Measures

| Direct Line Costs per Kilometre | $718 | $716 | $1,100 | $1,345 | $1,854 |
| Indirect Line Costs per Gas Customer | $135 | $155 | $71 | $64 | $65 |



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 160


Gazette.govt.nz — PDF NZ Gazette 2003, No 160




✨ LLM interpretation of page content

🏭 Gas Distribution Financial Performance Statement (continued from previous page)

🏭 Trade, Customs & Industry
Gas, Financial Statements, Avoidable Cost Allocation Methodology, Related Party Transactions, Management Fees, Distribution Services, Maintenance Services