✨ Financial Performance Report
28 NOVEMBER 2008
NEW ZEALAND GAZETTE, No. 185
4841
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
FINANCIAL AND EFFICIENCY PERFORMANCE MEASURES
FOR THE YEAR ENDED 30 JUNE 2008
| 2008 NZ IFRS¹ | 2007 NZ IFRS¹ | 2006 Previous NZ GAAP | 2005 Previous NZ GAAP | |
|---|---|---|---|---|
| 1. FINANCIAL PERFORMANCE MEASURES | ||||
| a (i) Accounting return on total assets (excluding current borrowings in working capital) | 12.3% | 11.0% | 8.4% | 10.1% |
| a (ii) Accounting return on total assets (including current borrowings in working capital) | 13.3% | 11.3% | - | - |
| b Accounting return on equity | 20.1% | 29.7% | 4.8% | 7.8% |
| c (i) Accounting rate of profit (excluding current borrowings in working capital) | 8.9% | 7.2% | 7.0% | 6.4% |
| c (ii) Accounting rate of profit (including current borrowings in working capital) | 9.6% | 7.4% | - | - |
| 2. EFFICIENCY PERFORMANCE MEASURES | ||||
| a Direct line costs per kilometre | $3,170 | $3,239 | $4,810 | $3,880 |
| b Indirect line costs per gas customer | $1,149,180 | $1,119,079 | $1,263,156 | $997,847 |
¹ The financial performance ratios have been prepared under NZ IFRS for 2008 and 2007 years, and for the 2007 year are different as compared to the previously disclosed 2007 ratios prepared under prior NZ GAAP. Key reasons for the changes under the transition to NZ IFRS are:
- Software assets classified as property, plant and equipment under previous NZ GAAP are reclassified as intangible assets under NZ IFRS. This reduces fixed assets which therefore reduces average capital employed.
- Deferred tax is calculated using the balance sheet approach under NZ IFRS. This resulted in an increase in the deferred liability and a corresponding decrease in equity.
² Re-disclosed due to restated cash tax.
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NZ Gazette 2008, No 185
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NGC Holdings Limited Financial Statements for Gas Transmission Activities
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🏭 Trade, Customs & IndustryFinancial statements, Related party transactions, Gas transmission, Financial reporting standards, IFRS, Revenue, Operational costs