New Zealand Gazette – 2005 – No. 121

Page 2931

✨ Financial Performance Measures

10 AUGUST 2005

NEW ZEALAND GAZETTE, No. 121

2931

Counties Power Limited – Lines Business

Derivation Table of Financial Performance Measures from Financial Statements
Pursuant to Requirement 15 of the Electricity Information Disclosure Requirements 2004 Schedule 1 Part 7
For the Year Ended 31 March 2005

Derivation Table	Input and Calculations	Symbol in Formulae	ROF	ROE	ROI
Operating surplus before interest and income tax from financial statements		6,221
Operating surplus before interest and income tax adjusted pursuant to requirement 18 (OSBIT)		6,222
plus fair value of change in financial instruments (SI1)	0
less OSBIT minus ISTH		A	6,223	6,223	6,223
Net surplus after tax from financial statements	4,138
Net surplus after tax adjusted pursuant to requirement 18 (NSAT)	4,138	n		4,138
Amortisation of goodwill and amortisation of other intangibles	0	add		add
Subvention payment	0	add		add
Gains/(losses) at BV (s)	3,697
Less: cost of SFA at ODV (s)	3,190
ODV depreciation adjustment	501	D	add	501	deduct
Subvention payment tax adjustment	0
Interest tax shield	0	Q	deduct
Revaluations		R
Income tax charge	2,083	P			2,085
Numerator			OSBIT(^A) = g + s + h	NSAT(^B) = n + g + s + h ± d	OSBIT(^A) - u + q (1 - c) × s - dp ± s(^H)
			6,724	4,639	6,839
Fixed assets at end of previous financial year (FA(_{p}))	111,983
Fixed assets at end of current financial year (FA(_{c}))	113,025
Adjusted net working capital at end of previous financial year (ANWC(_{p}))	(215)
Adjusted net working capital at end of current financial year (ANWC(_{c}))	(401)
Average total funds employed (ATFE)	111,951	C	111,951		111,951
(or requirement 32 time-weighted average)
Total equity at end of previous financial year (TE(_{p}))	105,353
Total equity at end of current financial year (TE(_{c}))	109,241
Average total equity	107,297	K		107,297
(or requirement 32 time-weighted average)
WUC at end of previous financial year (WUC(_{p}))
WUC at end of current financial year (WUC(_{c}))	459
Average total works under construction	449	T	deduct	449	Deduct
(or requirement 32 time-weighted average)
Revaluations	0
Half of revaluations	0	R2
Intangible assets at end of previous financial year (IA(_{p}))
Intangible assets at end of current financial year (IA(_{c}))		M	add		add
(or requirement 32 time-weighted average)
Subvention payment at end of previous financial year (S(_{p}))	0
Subvention payment at end of current financial year (S(_{c}))	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		add
System fixed assets at end of previous financial year at book value (SFA(_{p}))	106,860
System fixed assets at end of current financial year at book value (SFA(_{c}))	107,799
Average value of system fixed assets at book value	107,330	F	deduct	107,330	deduct
(or requirement 32 time-weighted average)
System fixed assets at year beginning at ODV value (SFA(_{p}) ODV)	109,276
System fixed assets at end of current financial year at ODV value (SFA(_{c}) ODV)	110,717
Average value of system fixed assets at ODV value	109,996	H	add	109,996	add
(or requirement 32 time-weighted average)
Denominator		ATFEADJ	c = e + h	Ave (TEAD) = K + e - m r - Fth (ATFEAD) = c + ¼ r - h	114,168
					109,514
Financial Performance Measure:			ROF = OSBIT(^{A})/ATFE(^{ADJ}) × 100	ROE = NSAT(^{B})/TE(^{ADJ}) × 100	ROI = OSBIT(^{A})/ATFE(^{NS}) × 300
			5.9	4.2	4.1