✨ Gas Information Disclosure
5 JUNE 2009
NEW ZEALAND GAZETTE, No. 81
1879
Disclosure under the Gas (Information Disclosure) Regulations 1997
Maui Development Limited
May 2009
2.2 Estimates, Assumptions and Adjustments
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A pipeline ODRC at 1 October 2005 was estimated using the ODRC prepared by Maunsell Limited for 31 December 2005 and 31 December 2006. The method used was to project the trend in the December ODRC back 3 months.
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The ODRC at 31 December 2007 and 2008 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 the ODRC between valuations under the "building blocks regime" for tariff regulating purposes.
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Similarly, depreciation for the calendar years 2006, 2007 and 2008 was prepared based on the ODRC\'s prepared by Maunsell Limited at 31 December 2005 and 31 December 2006. Depreciation has been calculated using a straight line depreciation method based on the ODRC of the assets (as determined above) and the remaining assigned useful life of the assets as set out in the valuations prepared by Maunsell Limited.
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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.
2.3 Financial Performance measures
| Oct-Dec 2005 | Jan-Dec 2006 | Jan-Dec 2007 | Jan-Dec 2008 | |
|---|---|---|---|---|
| Accounting Return on Total Assets (%) | 4.9 | 8.1 | 9.4 | 8.9 |
| Accounting Return on Equity (%) | 3.3 | 5.4 | 6.3 | 6.3 |
| Accounting Rate of Profit (%) | 8.6 | 11.1 | 9.8 | 10.0 |
The Accounting Rate of Profit figures were affected by the increases in the pipeline ODRC resulting from the valuations conducted by Maunsell Limited and subsequent CPI adjustments to the ODRC. Without these revaluations, the Accounting Rates of Profit for these periods would be 5.4%, 6.3%, 6.3% respectively.
2.4 Efficiency Performance measures
| Oct-Dec 2005 | Jan-Dec 2006 | Jan-Dec 2007 | Jan-Dec 2008 | |
|---|---|---|---|---|
| Direct Line Costs per km ($) | 32,475 | 26,549 | 41,429 | 38,858 |
| Indirect Line Costs per Gas Customer ($) | 0.00 | 0.00 | 0.00 | 0.00 |
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NZ Gazette 2009, No 81
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Maui Development Limited Gas Information Disclosure
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🌾 Primary Industries & ResourcesGas, Information Disclosure, Maui Development Limited, Regulations, Financial Performance, Efficiency Measures, Notional Accounts, ODRC, Depreciation, Consumer Price Index