New Zealand Gazette – 2005 – No. 20

Page 461

✨ Financial Performance Measures

19 JANUARY 2005

NEW ZEALAND GAZETTE, No. 20

461

Alpine Energy Limited Lines Business

FORM FOR THE DERIVATION OF FINANCIAL PERFORMANCE MEASURES FROM FINANCIAL STATEMENTS - YEAR ENDED 31 MARCH 2004
(pursuant to rule 6.3 of Part VI of the Commerce Commission's Electricity Lines Businesses Information Disclosure Requirements 2004 ("the Rules"))

Numerator	Symbol	ROF	ROE	ROI
Operating surplus before interest and income tax from financial statements	12.479,882	12.479,882	12.479,882	12.479,882
Operating surplus before interest and income tax adjusted pursuant to regulation 18	11,926,449	11,926,449	11,926,449	11,926,449
OSBIT minus ISTI	8,795,872	8,795,872	8,795,872	8,795,872
Net surplus after tax from financial statements	3,227,882	3,227,882	3,227,882	3,227,882
Net surplus after tax adjusted pursuant to regulation 18 (NSAT)	3,495,248	3,495,248	3,495,248	3,495,248
Amortisation of goodwill and amortisation of other intangibles	0	0	0	0
Subvention payment	add	add	add	add
Depreciation of PPE at BV (x)	add	add	add	add
ODV depreciation adjustment	0	0	0	0
Subvention payment tax adjustment	0	0	0	0
Interest tax shield	-162,833	-162,833	-162,833	-162,833
Revaluations	0	0	0	0
Income tax	0	0	0	0
Average total funds employed (ATFE)	74,290,073	74,290,073	74,290,073	74,290,073
Property, Plant & Equipment at end of previous financial year (FA')	74,826,822	74,826,822	74,826,822	74,826,822
Property, Plant & Equipment at end of current financial year (FA'')	75,758,210	75,758,210	75,758,210	75,758,210
Adjusted net working capital at end of previous financial year (ANWC')	1,081,912	1,081,912	1,081,912	1,081,912
Adjusted net working capital at end of current financial year (ANWC'')	74,705,556	74,705,556	74,705,556	74,705,556
WUC at end of previous financial year (TE')	3,260,288	3,260,288	3,260,288	3,260,288
WUC at end of current financial year (TE'')	1,480,714	1,480,714	1,480,714	1,480,714
Average total equity	2,370,501	2,370,501	2,370,501	2,370,501
Average total work under construction	2,370,501	2,370,501	2,370,501	2,370,501
Revaluations	0	0	0	0
Intangible assets at end of previous financial year (IA')	0	0	0	0
Intangible assets at end of current financial year (IA'')	0	0	0	0
Average total intangible asset	0	0	0	0
Subvention payment at end of previous financial year (S')	0	0	0	0
Subvention payment at end of current financial year (S'')	0	0	0	0
S. Subvention payment: tax adjustment at end of previous financial year	0	0	0	0
S. Subvention payment: tax adjustment at end of current financial year	0	0	0	0
Average subvention payment & related tax adjustment	0	0	0	0
Property, Plant and Equipment at end of previous financial year at book value (SFA')	72,656,959	72,656,959	72,656,959	72,656,959
Property, Plant and Equipment at end of current financial year at book value (SFA'')	73,346,103	73,346,103	73,346,103	73,346,103
Average value of system property, plant and equipment assets at book value	73,001,484	73,001,484	73,001,484	73,001,484
Property, Plant and Equipment at year beginning at ODV value (SFA'ODV)	66,957,994	66,957,994	66,957,994	66,957,994
Property, Plant and Equipment at end of current financial year at ODV value (SFA''ODV)	81,784,104	81,784,104	81,784,104	81,784,104
Average value of system property, plant and equipment at ODV value	73,871,049	73,871,049	73,871,049	73,871,049
Denominator	74,290,073	2,370,501	73,001,484	73,871,049

Financial Performance Measure:
(maximum penalty index applying to comparable lines business 0.035 x =)

ROE = return on equity
ROF = return on funds employed
OSBIT = operating surplus before interest and income tax, less non-operating revenue pursuant to regulation 18
NSAT = net surplus after tax (from Profit and Loss Statement) pursuant to regulation 18 (NSAT)
ATE = adjusted total expenditure (before interest and tax) pursuant to regulation 18

Denominator / Numerator Definitions:

Denominator	Description
a	Property, Plant & Equipment at end of previous financial year (FA')
b	Adjusted net working capital at end of previous financial year (ANWC')
c	Total funds employed at end of current financial year (TFE')
d	Net surplus after tax adjusted pursuant to regulation 18 (NSAT')
e	Depreciation of PPE at BV (X)
f	Amortisation of goodwill and amortisation of other intangibles
g	Current tax liability (TE')
h	Deferred tax adjustment
i	Income taxes
j	Interest expense and other financial costs
k	Tax-effect adjustment to OSBIT (TE)
l	Average total assets at end of current financial year (A')
m	Intangible assets at end of previous financial year (IA')
n	Average total work under construction (WUC')
o	Revaluations
p	Average value of debt (D')
q	Total equity (E')

Numerator	Description
Subvention paym	Subvention payments at end of previous financial year (S')
Tax adjustments	Tax adjustments at end of current financial year (SFA')
S. Financing pay	Financing payment and adjustment related to book value (SFA'')
Provision	Provision for employee entitlements at end of previous financial year
Property value	Property, Plant and Equipment less total of current financial year at book value (PPE'')
Average value	Average value of system property, plant and equipment at ODV value at end of current financial year