✨ Financial Performance Measures
17 JANUARY 2005
NEW ZEALAND GAZETTE, No. 10
225
REQUIREMENT 5 - PART 7
FORM FOR THE DERIVATION OF FINANCIAL PERFORMANCE MEASURES FROM FINANCIAL STATEMENTS
| Derivation Table March 2004 | Input and Calculations | Symbol in formula | ROF | ROE | ROI |
|---|---|---|---|---|---|
| Operating surplus before interest and income tax from financial statements | 5,972 | 5,593 | 5,593 | ||
| Operating surplus before interest and income tax adjusted pursuant to requirement 18 (OSBIT) | 5,972 | a | |||
| Interest on cash, bank balances, and short-term investments (ISTI) | 379 | ||||
| OSBIT minus ISTI | 5,593 | ||||
| Net surplus after tax from financial statements | 4,791 | n | 4,791 | ||
| Amortisation of goodwill and amortisation of other intangibles | 0 | g | add | 0 | add |
| Subvention payment | 0 | s | add | 0 | add |
| Depreciation of SFA at BV (x) | 4,196 | d | add | 0 | add |
| Depreciation of SFA at ODV (y) | 4,196 | ||||
| ODV depreciation adjustment | 0 | s*r | deduct | ||
| Subvention payment tax adjustment | -25 | q | -125 | ||
| Interest tax shield | 0 | r | 0 | ||
| Revaluations | 10,165 | add | |||
| Income tax | 1,181 | p | 1,181 | ||
| Numerator | OSBIT^ADJ = a + g - s + d | NSAT^ADJ = n + g + s - s*r + d - p | OSBIT^ADJ = a + g - q + r + s + d - p - s*r | ||
| 5,593 | 4,791 | 23,702 | |||
| Fixed assets at end of previous financial year (FA₀) | 90,343 | ||||
| Fixed assets at end of current financial year (FA₁) | 112,844 | ||||
| Adjusted net working capital at end of previous financial year (ANWC₀) | 277 | ||||
| Adjusted net working capital at end of current financial year (ANWC₁) | -571 | ||||
| Average total funds employed (ATFE) | 101,447 | c | 101,447 | 101,447 | |
| (or requirement 33 time-weighted average) | |||||
| Total equity at end of previous financial year (TE₀) | 95,540 | ||||
| Total equity at end of current financial year (TE₁) | 119,496 | k | 107,518 | ||
| Average total equity | 107,518 | ||||
| (or requirement 33 time-weighted average) | |||||
| WUC at end of previous financial year (WUC₀) | 0 | ||||
| WUC at end of current financial year (WUC₁) | 0 | e | deduct | 0 | deduct |
| Average total works under construction | 0 | 0 | |||
| Revaluations | 19,165 | i | |||
| Half of revaluations | 9,583 | i/2 | 9,583 | ||
| Intangible assets at end of previous financial year (IA₀) | 0 | ||||
| Intangible assets at end of current financial year (IA₁) | 0 | m | add | 0 | |
| Average total intangible asset | 0 | ||||
| (or requirement 33 time-weighted average) | |||||
| Subvention payment at end of previous financial year (S₀) | 0 | ||||
| Subvention payment at end of current financial year (S₁) | 0 | ||||
| Subvention payment tax adjustment at end of previous financial year | 0 | ||||
| Subvention payment tax adjustment at end of current financial year | 0 | v | add | 0 | |
| Average subvention payment & related tax adjustment | 0 | ||||
| System fixed assets at end of previous financial year at book value (SFA_bv0) | 89,626 | ||||
| System fixed assets at end of current financial year at book value (SFA_bv1) | 112,069 | f | deduct | 100,848 | deduct |
| Average value of system fixed assets at book value | 100,848 | 100,848 | |||
| (or requirement 33 time-weighted average) | |||||
| System Fixed assets at year beginning at ODV value (SFA_odv0) | 89,626 | ||||
| System Fixed assets at end of current financial year at ODV value (SFA_odv1) | 112,069 | h | add | 100,848 | add |
| Average value of system fixed assets at ODV value | 100,848 | 100,848 | |||
| (or requirement 33 time-weighted average) | |||||
| Denominator | |||||
| ATFE^ADJ = c - e - f + h | Ave TE^ADJ = k - e - m + v - f + h | ATFE^ADJ = c - e - f + h | |||
| 101,447 | 107,518 | 91,864 | |||
| Financial Performance Measure: | |||||
| ROF = OSBIT^ADJ/ATFE^ADJ x 100 | ROE = NSAT^ADJ/ATE^ADJ x 100 | ROI = OSBIT^ADJ/ATFE^ADJ x 100 | |||
| 5.51 | 4.46 | 25.80 |
Note: t = maximum statutory income tax rate applying to corporate entities; bv = book value; ave = average; odv = optimised depreciable 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
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 10
Gazette.govt.nz —
NZ Gazette 2005, No 10
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