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New Zealand Gazette – 2004 – No. 168

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✨ Financial Performance Measures

17 DECEMBER 2004

NEW ZEALAND GAZETTE, No. 168

4213

Requirement 15

Derivation of financial performance measures from financial statements

Derivation Table	Input and Calculations	ROF	ROE	ROI
Operating surplus before interest and income tax from financial statements	59,298
Operating surplus before interest and income tax adjusted pursuant to req. 18 (OSBIT)	59,298
Interest on cash, bank balances, and short-term investments (ISTI)	0
OSBIT minus ISTI	59,298 a	59,298		59,298
Net surplus after tax from financial statements	35,453
Net surplus after tax adjusted pursuant to req. 18 (NSAT)	35,453 n		35,453
Amortisation of goodwill and other intangibles	0 g	add 0	add 0
Subvention payment	0 s			add 0
Depreciation of SFA at BV (x)	20,488
Depreciation of SFA at ODV (y)	19,195
ODV depreciation adjustment	1,293 d	add 1,293	add 1,293
Subvention payment tax adjustment	0 s'		deduct 0
Interest tax shield	92 g		deduct 92
Revaluations	120,495 r		add 120,495
Income tax	23,566 p		deduct 23,566
Numerator		60,591	36,746	157,428
Fixed assets at end of PFY (FAo)	618,573
Fixed assets at end of CFY (FA₁)	627,466
Adjusted net working capital at end of PFY (ANWC₀)	-10,463
Adjusted net working capital at end of CFY (ANWC₁)	-10,238
Average total funds employed (ATFE)*	612,672 c	612,672		612,672
Total equity at end of PFY (TE₀)	566,712
Total equity at end of CFY (TE₁)	533,108
Average total equity*	550,910 k		550,910
WUC at end of PFY (WUC₀)	6,240
WUC at end of CFY (WUC₁)	8,211
Average total works under construction*	7,226 e	deduct 7,226	deduct 7,226	deduct 7,226
Revaluations	120,495 r		deduct 60,248
Half of revaluations	60,248 r/2
Intangible assets at end of PFY (IA₀)	0
Intangible assets at end of CFY (IA₁)	0
Average total intangible assets*	0 m	deduct 0	deduct 0
Subvention payment at end of PFY (S₀)	0
Subvention payment at end of CFY (S₁)	0
Subvention payment tax adjustment at end of PFY	0
Subvention payment tax adjustment at end of CFY	0
Average subvention payment & related tax adjustment*	0 v	add 0
SFA at end of PFY at bv (SFAₓ₀ₓ₀) - incl land	597,461 i
SFA at end of CFY at bv (SFAₓ₁) - incl land	602,961
Average value of SFA at book value*	600,211 t	deduct 600,211	deduct 600,211	deduct 600,211
SFA at year beginning at ODV (SFAₒ₀ᵤₒ) - incl land	453,382
SFA at end of CFY at ODV (SFAₒ₁) - incl land	580,224
Average value of SFA at ODV*	516,803 h	add 516,803	add 516,803	add 516,803
Denominator		522,239	480,217	461,991

| |
| Financial Performance Measure: |
| ROF = OSBIT^(ADJ) / ATFE^(ADJ) x 100 | 11.602 |
| ROE = NSAT^(ADJ) / ATE^(ADJ) x 100 | 7.983 |
| ROI = OSBIT^(ADJ) / ATFE^(ADJ) x 100 | 34.076 |

average tax rate applying to corporate entities. bv = book value, av = average, add = add back, deduct = deduct. ODV = optimised deprival valuation. Subscript '0' = end of the previous financial year. Subscript '1' = end of the current financial year. ROF = return on funds, ROE = return on equity, ROI = return on investment. SFA = system fixed assets.

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