New Zealand Gazette – 2005 – No. 167

Page 4209

✨ Financial Statements



30 SEPTEMBER 2005
NEW ZEALAND GAZETTE, No. 167
4209

Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2005

POWERCO
GAS DIVISION

11 Operating Revenue and Expenditure

Operating Revenue for the fifteen months ended 30 June 2005

Comprises:
Line charge revenue
Interest revenue

2005
12 mths
$000
56,994
74

2004
12 mths
$000
50,019
386

57,068
50,404

Expenditure

Operating Surplus Before Taxation for the fifteen months ended 30 June 2005

Specific disclosures
Repairs and maintenance costs
Human resource costs
Depreciation on system assets
Bad debts
Interest expense
Corporate & administration
Marketing & advertising
Consulting & legal expenses

2005
12 mths
$000
7,035
200
9,079
38
21,536
3,182
129
975

2004
12 mths
$000
6,826
212
9,802

20,828
3,256
195
212

Total expenditure
47,428
45,500

9,640
4,904

12 Disclosure of Performance Measures pursuant to Regulation 15 and Part II of the First Schedule of the Gas (Information Disclosure) Regulations 1997

Financial Performance Measures
(i) Accounting Return on Total Assets
(ii) Accounting Return on Equity
(iii) Accounting Rate of Profit including revaluation
(iv) Accounting Rate of Profit excluding revaluation

2005
7.92%
5.54%
5.30%
5.30%

2004
6.38%
2.81%
4.28%
4.28%

2003
5.31%
-4.43%
3.56%
3.56%

2002
8.27%
-0.88%
5.69%
5.69%

Efficiency Performance Measures
(v) Direct Line Cost per Kilometre
(vi) Indirect Line Cost per Gas Customer

$1,299.10
$93.84

$1,268.10
$74.96

$1,445.52
$73.27

$1,634.20
$64.45

13 Contingent Liabilities and Commitments

As Powerco Limited 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 Plaintiffs allege 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.

Commitments
Commitments for future capital expenditure resulting from contracts entered into:
Tasmanian gas network

2005
12 mths
$000
4,947
60,854

2004
12 mths
$000
12,620

65,801
12,620



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 167


Gazette.govt.nz — PDF NZ Gazette 2005, No 167




✨ LLM interpretation of page content

🏭 Powerco Limited Gas Information Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Revenue, Expenditure, Performance Measures, Contingent Liabilities, Commitments, Powerco Gas Division