✨ Gas Information Disclosure
4 JUNE 2010 NEW ZEALAND GAZETTE, No. 62 1809
Disclosure under the Gas (Information Disclosure) Regulations 1997
Maui Development Limited
May 2010
A consequence of constructing the notional accounts in this way is that there are no indirect costs (as defined in the Regulations).
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- 2009 has been estimated by indexing the value at 31 December 2006 by the change in the Consumer Price Index between the respective December quarters. The weighted average CPI for 2009 applied was 2.0%. 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 - 2009 was prepared using the valuations prepared by Maunsell Limited for 31 December 2005 and 31 December 2006 respectively. ODRC depreciation has been calculated by adjusting prior year amount for CPI.
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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 | Jan-Dec 2009 | |
|---|---|---|---|---|---|
| Accounting Return on Total Assets (%) | 4.9 | 8.1 | 9.4 | 8.9 | 9.1 |
| Accounting Return on Equity (%) | 3.3 | 5.4 | 6.3 | 6.3 | 6.4 |
| Accounting Rate of Profit (%) | 8.6 | 11.1 | 9.8 | 10.0 | 8.6 |
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 5.4%, 6.3%, 6.3%, and 6.4% for calendar years 2006, 2007, 2008 and 2009 respectively.
2.4 Efficiency Performance measures
| Oct-Dec 2005 | Jan-Dec 2006 | Jan-Dec 2007 | Jan-Dec 2008 | Jan-Dec 2009 | |
|---|---|---|---|---|---|
| Direct Line Costs per km ($) | 32,475 | 26,549 | 41,429 | 38,858 | 46,603 |
| Indirect Line Costs per Gas Customer ($) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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NZ Gazette 2010, No 62
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Disclosure under the Gas (Information Disclosure) Regulations 1997
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🏭 Trade, Customs & IndustryGas, Information Disclosure, Regulations, Maui Development Limited, Financial Performance, Efficiency Performance, Pipeline Operations