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New Zealand Gazette – 2005 – No. 122

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✨ Electricity Performance Measures

10 AUGUST 2005

NEW ZEALAND GAZETTE, No. 122

2961

Buller Electricity Limited

Line Business Performance Measures

SCHEDULE 1 - PART 7

FORM FOR THE DERIVATION OF FINANCIAL PERFORMANCE MEASURES FROM FINANCIAL STATEMENTS

Derivation Table	Input and Calculations	Symbol in formula	ROF	ROE	ROI
Operating surplus before interest and income tax from financial statements	672
Operating surplus before interest and income tax adjusted pursuant to regulation 18 (OSBIT)	672
Interest on cash, bank balances, and short-term investments (IST)
OSBIT minus IST	671	a	671
Net Surplus after tax from financial statements	499
Net surplus after tax adjusted pursuant to regulation 16 (NSAT)	499	n		499
Amortisation of goodwill and amortisation of other intangibles		g	add	add	add
Subvention payment		s	add	add	add
Depreciation of SFA at BV (x)	713
Depreciation of SFA at ODV (y)	705
ODV depreciation adjustment	8	d	add	add	add
Subvention payment tax adjustment		s'	deduct	deduct
Interest tax shield	69	q			69
Revaluations		r		add
Income tax	-36	p		deduct	deduct
Numerator		OSBIT^TAO = a+g+s+d	679	NSAT^AO = n+g+s+q-r	507
Fixed asset at end of previous year (FA_p)	19,681
Fixed assets at end of current financial year (FA_c)	21,260
Adjusted net working capital at end of previous financial year (ANWC_p)	97
Adjusted net working capital at end of current financial year (ANWC_c)	42
Average total funds employed (ATFE)	20,539	c	20,539		20,539
Total equity at end of previous financial year (TE_p)	18,953
Total equity at end of current financial year (TE_c)	19,431
Average total equity	19,182	x		19,182
WUC at end of previous financial year (WUC_p)
WUC at end of current financial year (WUC_c)
Average total works under construction		e	deduct	deduct	deduct
Revaluations		r
Half of revaluations		r/2			deduct
Intangible assets at end of previous financial year (IA_p)
Intangible assets of end of current financial year (IA_c)
Average total intangible asset		m		add
Subvention payment at end of previous financial year (S_p)
Subvention payment at end of current financial year (S_c)
Subvention payment tax adjustment at end of previous financial year
Subvention payment tax adjustment at end of current financial year
Average subvention payment and related tax adjustment		v	add
System fixed assets at end of previous year at book value (SFA_pbv)	18,831
System fixed assets at end of current financial year at book value (SFA_cbv)	20,338
Average value of system fixed assets at book value	19,585	f		19,585	19,585
System fixed assets at year beginning at ODV value (SFA_podv)	18,653
System fixed assets at end of current financial year at ODV value (SFA_codv)	20,129
Average value of system fixed assets at ODV value	19,391	h	19,391	19,391	19,391
Denominator		ATFE^AO = c	20,346	AveTE^AO = x	18,988

| Financial performance measure | ROF = OSBIT^TAO / ATFE^AO x 100 | 3.34% | ROE = NSAT^AO / AveTE^AO x 100 | 2.67% | ROI = BIT^AO / ATFE^AO x 100 | 3.14% |

t = maximum statutory income tax rate applying to corporate entities; bv = book value; ave = average; odv = optimised deprival valuation.
subscript "p" = end of previous financial year; subscript "c" = end of current financial year.
ROF = return on funds, ROE = return on equity, ROI = return on investment.

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