✨ Financial Statements
14 SEPTEMBER 2004 NEW ZEALAND GAZETTE, No. 119
2889
GAS DIVISION
11 Operating Revenue and Expenditure
Operating Revenue for the year ended 31 March 2002
| | 2004
$000 | 2003
$000 |
| --- | --- | --- |
| Comprises: | |
| Line charge revenue | 50,019 | 29,254 |
| Interest revenue | 385 | 590 |
| Other revenue | - | - |
| Total | 50,404 | 29,844 |
Expenditure
| | 2004
$000 | 2002
$000 |
| --- | --- | --- |
| Specific disclosures | |
| Repairs and maintenance costs | 6,826 | 5,522 |
| Human resource costs | 212 | 136 |
| Depreciation on system assets | 9,802 | 6,530 |
| Bad debts | - | 47 |
| Interest expense | 20,828 | 16,489 |
| Corporate & administration | 3,256 | 2,655 |
| Marketing & advertising | 195 | 261 |
| Consulting & legal expenses | 212 | 280 |
| Total expenditure | 45,500 | 33,978 |
Operating Surplus Before Taxation for the year ended 31 March 2002
| | 2004
$000 | 2002
$000 |
| --- | --- | --- |
| | 4,904 | (4,134) |
12 Disclosure of Performance Measures pursuant to Regulation 15 and Part II of the First Schedule of the Gas (Information Disclosure) Regulations 1997
Financial Performance Measures
| 2004 | 2003 | 2002 | 2001 | |
|---|---|---|---|---|
| (i) Accounting Return on Total Assets | 6.38% | 5.31% | 8.27% | 8.28% |
| (ii) Accounting Return on Equity | 2.81% | -4.43% | -0.88% | 7.17% |
| (iii) Accounting Rate of Profit including revaluation | 4.28% | 3.56% | 5.69% | 5.40% |
| (iv) Accounting Rate of Profit excluding revaluation | 4.28% | 3.56% | 5.69% | 5.40% |
Efficiency Performance Measures
| 2004 | 2003 | 2002 | 2001 | |
|---|---|---|---|---|
| (v) Direct Line Cost per Kilometre | $1,268.10 | $1,445.52 | $1,634.20 | $1,632.68 |
| (vi) Indirect Line Cost per Gas Customer | $74.96 | $73.27 | $64.45 | $72.26 |
13 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.
| | 2004
$000 | 2003
$000 |
| --- | --- | --- |
| | - | - |
Commitments
Commitments for future capital expenditure resulting from contracts entered into:
| | 2004
$000 | 2003
$000 |
| --- | --- | --- |
| Tasmanian gas network | 5,248 | 12,620 |
| | 40,548 | - |
| Total | 45,796 | 12,620 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 119
Gazette.govt.nz —
NZ Gazette 2004, No 119
✨ LLM interpretation of page content
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Notes to the Financial Statements of Powerco Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Operating Revenue, Expenditure, Performance Measures, Contingent Liabilities, Commitments, Powerco Limited