New Zealand Gazette – 2005 – No. 13

Page 293

✨ Financial Statements Notes



Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 2004

POWERCO

ELECTRICITY DIVISION

11 Taxation

Taxation for the year ended 31 March 2004

2004 2003
$'000 $'000
Operating surplus before taxation 86,231 59,746
Prima facie taxation @ 33% 21,526 19,716
Plus/(less) tax effect of permanent timing differences - -
Taxation expense 21,526 19,716

12 Disclosure of Performance Measures Pursuant to Requirement 15(1) and Part III of the First Schedule of the Electricity Information Disclosure Regulations 2004

Financial Performance Measures

2004 2003 2002 2001
(i) Return on Funds 12.50% 14.42% 14.26% 10.43%
(ii) Return on Equity 10.62% 12.70% 12.22% 8.88%
(iii) Return on Investment including revaluation 37.94% 9.69% 9.55% 4.04%
(iv) Return on Investment excluding revaluation 6.77% 8.69% 9.55% 6.70%

Efficiency Performance Measures

2004 2003 2002 2001
(v) Direct Line Cost per Kilometre $1,117.21 $886.50 $949.08 $1,182.23
(vi) Indirect Line Cost per Electricity Customer (including non-recurring costs) $85.87 $75.43 $77.61 $120.12
(vii) Indirect Line Cost per Electricity Customer (excluding non-recurring costs) $85.86 $58.09 $77.61 $69.34

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 Plaintiff alleges 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.

Capital Commitments
As Powerco is an integrated business, this disclosure relates to the business as a whole.

Commitments for future capital expenditure resulting from contracts entered into amounts to $5.2 million (2003: $12.8 million). Commitments for future capital expenditure resulting from the Tasmanian gas network contract entered into amounts to $40.5 million (2003: nil).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 13


Gazette.govt.nz — PDF NZ Gazette 2005, No 13




✨ LLM interpretation of page content

🏭 Powerco Limited's Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation, Performance Measures, Contingent Liabilities, Capital Commitments