✨ Gas Information Disclosure
6 JUNE 2008
NEW ZEALAND GAZETTE, No. 94
2539
Disclosure under the Gas (Information Disclosure) Regulations 1997
Maui Development Limited
May 2008
2.2 Estimates, Assumptions and Adjustments
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An ODRC pipeline value as at 1 October 2005 was estimated using the ODRC values prepared by Maunsell Limited for 31 December 2005 and 31 December 2006. The method used was to project the trend in the December valuations back 3 months.
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The ODRC value at 31 December 2007 was estimated by indexing the value at 31 December 2006 by the change in the Consumer Price Index between the respective December quarters. This is consistent with the Commerce Commission’s accepted principles for adjusting ODRC values between valuations under the “building blocks regime” for tariff regulating purposes.
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Similarly the ODRC depreciation for the calendar years 2006 and 2007 was prepared using the valuations prepared by Maunsell Limited for 31 December 2005 and 31 December 2006 respectively. For the period from October to December 2005, an estimated value based on the trends in the December valuations was used.
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Other Income, Expenses and Balance Sheet figures were obtained from the accounts prepared for the Maui Mining Companies by the Commercial Operator. These accounts are not audited, but are peer reviewed by an accounting firm monthly.
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Calculations for the 3 month October to December 2005 period have been adjusted where necessary to be comparable with figures extracted on an annual basis.
2.3 Financial Performance measures
| Oct-Dec 2005 | Jan-Dec 2006 | Jan-Dec 2007 | |
|---|---|---|---|
| Accounting Return on Total Assets (%) | 4.9 | 8.1 | 9.4 |
| Accounting Return on Equity (%) | 3.3 | 5.4 | 6.3 |
| Accounting Rate of Profit (%) | 8.6 | 11.1 | 9.8 |
The Accounting Rate of Profit figures were affected by the increases in the ODRC pipeline valuations resulting from the valuations conducted by Maunsell Limited and subsequent CPI adjustments to the ODRC value. Without these revaluations, the Accounting Rates of Profit for these periods would be 3.3%, 5.4% and 6.3% respectively.
2.4 Efficiency Performance measures
| Oct-Dec 2005 | Jan-Dec 2006 | Jan-Dec 2007 | |
|---|---|---|---|
| Direct Line Costs per km ($) | 32,475 | 26,549 | 41,429 |
| Indirect Line Costs per Gas Customer ($) | 0.00 | 0.00 | 0.00 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 94
Gazette.govt.nz —
NZ Gazette 2008, No 94
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Disclosure under the Gas (Information Disclosure) Regulations 1997
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