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New Zealand Gazette – 2005 – No. 140

Page 3401

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✨ Financial Performance Measures

24 AUGUST 2005

NEW ZEALAND GAZETTE, No. 140

3401

F 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	23,920
Operating surplus before interest and income tax adjusted pursuant to Requirement 18 (OSBIT)	23,920
Interest on cash, bank balances, and short-term investments (ISTI)	0
OSBIT minus ISTI	23,920	a	23,920		23,920
Net surplus after tax adjusted pursuant to Requirement 18 (NSAT)	8,460	n		8,460
Amortisation of goodwill and amortisation of other intangibles	0	g	add	0	add
Subvention payment	1,172	s	add	1,172	add
Depreciation of SFA at BV (x)	9,672
Depreciation of SFA at ODV (y)	7,560
ODV depreciation adjustment	2,082	d	add	2,082	add
Subvention payment tax adjustment	387	q¹	deduct	387	deduct
Interest tax shield	2,417	r			add
Revaluations	0
Income tax	8,136	p			deduct
Numerator			OSBIT^ADJ = a + g + s - d	27,174	NSAT^ADJ = n + g + s - r + q - p

| | Fixed assets at end of previous financial year (FA₀) | 252,996 | | | | |
| | Fixed assets at end of current financial year (FA₁) | 257,203 | | | | |
| | Adjusted net working capital at end of previous financial year (ANWC₀) | 1,463 | | | | |
| | Adjusted net working capital at end of current financial year (ANWC₁) | (195) | | | | |
| | Average total funds employed (ATFE) | 255,734 | c | | 255,734 | |
| | Total equity at end of previous financial year (TE₀) | 115,785 | | | | |
| | Total equity at end of current financial year (TE₁) | 118,039 | | | | |
| | Average total equity | 116,362 | k | | 116,362 | |
| | WUC at end of previous financial year (WUC₀) | 5,366 | | | | |
| | WUC at end of current financial year (WUC₁) | 6,437 | e | deduct | 5,902 | deduct | 5,902 |
| | Average total works under construction | | | | | |
| | Revaluations | 0 | r | | | |
| | Half of revaluations | 0 | r/2 | | | |
| | Intangible assets at end of previous financial year (IA₀) | 0 | | | | |
| | Intangible assets at end of current financial year (IA₁) | 0 | | | | |
| | Average total intangible asset | | | deduct | 0 | |
| | Subvention payment at end of previous financial year (S₀) | 1,250 | | | | |
| | Subvention payment at end of current financial year (S₁) | 1,172 | | | | |
| | Subvention payment tax adjustment at end of previous financial year | 426 | | | | |
| | Subvention payment tax adjustment at end of current financial year | 387 | v | add | 825 | |
| | System fixed assets at end of previous financial year at book value (SFAbv₀) | 247,625 | | | | |
| | System fixed assets at end of current financial year at book value (SFAbv₁) | 250,762 | | | | |
| | Average value of system fixed assets at book value | 249,194 | f | deduct | 249,194 | |
| | System fixed assets at year beginning at ODV value (SFAodv₀) | 193,833 | | | | |
| | System fixed assets at end of current financial year at ODV value (SFAodv₁) | 206,632 | | | | |
| | Average value of system fixed assets at ODV value | 200,233 | h | add | 200,233 | add | 200,233 |
| Denominator | | | ATFE^ADJ = c - e | 249,871 | Ave TE^ADJ = k - e + s - f + b | 62,324 | ATFE^ADJ = c - e + ½r - f + h | 206,871 |

| Financial Performance Measure | | ROF = OSBIT^ADJ/ATFE^ADJ | 13.5 | ROE = NSAT^ADJ/ATE^ADJ | 18.2 | ROI = OSBIT^ADJ/ATFE^ADJ | 8.1 |

1 = maximum statutory income tax rate applying to corporate entities