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New Zealand Gazette – 2006 – No. 128

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✨ Financial Performance Measures

3 NOVEMBER 2006

NEW ZEALAND GAZETTE, No. 128

3753

BULLER ELECTRICITY LIMITED - Lines Business

SCHEDULE 1 - PART 7

FORM FOR THE DERIVATION OF FINANCIAL PERFORMANCE MEASURES FROM FINANCIAL STATEMENTS

Derivation Table	Input and Calculation	Symbol In formula	RDF	RDE	ROI
Operating surplus before interest and income tax from financial statements	1,033
Operating surplus before interest and income tax adjusted pursuant to regulation 16 (OSBIT)	1,033		1,033		1,033
Interest on cash, bank balances, and short-term investments (ISTI)
OSBIT minus ISTI	1,033	a
Net Surplus after tax from financial statements	693	n		693
Net surplus after tax adjusted pursuant to regulation 18 (NSAT)	693	g	add	add	add
Amortisation of goodwill and amortisation of other intangibles		s	add	add	add
Subvention payment
Depreciation of SFA at BV (x)	745	d	add	add	add
Depreciation of SFA at ODV (y)	745	s*t		deduct	deduct
ODV depreciation adjustment		q
Subvention payment tax adjustment	74	r			deduct 74
Interest tax shield
Revaluations	115	p			add 115
Income tax			OSBIT^ADJ = a + g + s + d	NSAT^ADJ = n + g + s + t + d	BIT^ADJ = a + g + q + r + s + d - p - s*t
Numerator
Fixed asset at end of previous year (FA₀)	21,260
Fixed assets at end of current financial year (FA₁)	20,173
Adjusted net working capital at end of previous financial year (ANWC₀)	(88)
Adjusted net working capital at end of current financial year (ANWC₁)	197
Average total funds employed (ATFE)	20,771	c	20,771		20,771
Total equity at end of previous financial year (TE₀)	19,431
Total equity at end of current financial year (TE₁)	18,901
Average total equity	19,166	k		19,166
WUC at end of previous financial year (WUC₀)		e	deduct	deduct	deduct
WUC at end of current financial year (WUC₁)
Average total works under construction
Revaluations	(1,224)	r
Half of revaluations	(612)	r/2	-612		(612)
Intangible assets at end of previous financial year (IA₀)				add
Intangible assets of end of current financial year (IA₁)		m
Average total intangible asset
Subvention payment at end of previous financial year (S₀)
Subvention payment at end of current financial year (S₁)
Subvention payment tax adjustment at end of previous financial year				add
Subvention payment tax adjustment at end of current financial year		v
Average subvention payment and related tax adjustment
System fixed assets at end of previous year at book value (SFA_bv0)	19,696
System fixed assets at end of current financial year at book value (SFA_bv1)	20,053	i	deduct 19,696	deduct 19,696	deduct 19,696
Average value of system fixed assets at book value	19,875
System fixed assets at year beginning at ODV value (SFA_odv0)	20,129
System fixed assets at end of current financial year at ODV value (SFA_odv1)	20,277	h	add 20,203	add 20,203	add 20,203
Average value of system fixed assets at ODV value	20,203		21,890	19,673	21,880
Denominator			ATFE^ALU = c - e - f - h	AveTE^ALU = k - e - m - v - f - h	ATFE^ALU = c - e - 1/2r - f - h
Financial performance measure			4.72%	3.52%	3.85%
			ROF = OSBIT^ALU / ATFR^ALU	ROE = NSAT^ALU / ATE^ALU	ROI = OSBIT^ALU / ATFE^ALU

1 = maximum statutory income tax rate applying to corporate entities, bv = book value, ave = average, odv = optimised deprival valuation, subscript '0' = end of previous financial year
subscript '1' = end of current financial year ROF = return on funds ROE = return on equity ROI = return on investment

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