✨ Gas Information Disclosure
30 MAY 2012 NEW ZEALAND GAZETTE, No. 60 1713
Disclosure under the Gas (Information Disclosure) Regulations 1997
Maui Development Limited
May 2012
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 2007-2010 has been 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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The ODRC value at 31 December 2011 has been estimated by indexing the value from 31 December 2009 by the change in the Consumer Price Index between the respective December Quarters. The 2009 value was prepared in accordance with the Commerce Commission Input Methodologies (IM’s) Determination 2010. MDL disclosed their Closing Regulated Asset Base for the year ended 31 December 2009 based on the IM’s when the Commerce Commission issued a Notice to Supply Information under Section 53ZD of the Commerce Act 1986 (“The Notice”). Small changes between the revaluation and depreciation methods used previously and the Commerce Commission IMs meant that an adjustment to the ODRC value for 2011 was necessary. The net effect of these was to increase it by 0.034%. The weighted average CPI for 2011 was 1.85%.
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Similarly the ODRC depreciation for the calendar years 2006 - 2010 was prepared using the valuations prepared by Maunsell Limited for 31 December 2005 and 31 December 2006 respectively. ODRC depreciation for calendar years 2006 - 2010 been calculated by adjusting prior year amount for CPI.
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The ODRC depreciation for 2011 has been calculated using the Commerce Commission Input Methodology. Depreciation is determined by the remaining life of the asset.
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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 | Jan-Dec 2010 | Jan-Dec 2011 | |
|---|---|---|---|---|---|---|---|
| Accounting Return on Total Assets (%) | 4.9 | 8.1 | 9.4 | 8.9 | 9.1 | 9.8 | 8.2 |
| Accounting Return on Equity (%) | 3.3 | 5.4 | 6.3 | 6.3 | 6.4 | 6.9 | 5.8 |
| Accounting Rate of Profit (%) | 8.6 | 11.1 | 9.8 | 10.0 | 8.6 | 9.1 | 7.9 |
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NZ Gazette 2012, No 60
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