✨ Financial Performance Report
25 NOVEMBER 2013
NEW ZEALAND GAZETTE, No. 155
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
STATEMENT OF PERFORMANCE MEASURES
FOR THE YEAR ENDED 30 JUNE 2013
| LINES BUSINESS 2013 | LINES BUSINESS 2012 | LINES BUSINESS 2011 | LINES BUSINESS 2010 | LINES BUSINESS 2009 | |
|---|---|---|---|---|---|
| Financial Measures | |||||
| Return on Equity * | 211.3% | 78.7% | 8.5% | 3.8% | 9.0% |
| Return on Funds | 11.1% | 10.1% | 9.3% | 11.6% | 10.5% |
| Return on Investment | 7.8% | 7.8% | 7.7% | 9.2% | 8.6% |
| Efficiency Measures |
| Direct
| a. | $M | $M | $M | $M | $M |
| | 3158,200,000 | 154,700,930 | 157,553,003 | 144,000,000 | 143,542,000 |
| b. | 17,405 | 17,094 | 17,188 | 17,343 | 17,341 |
| Direct costs per kilometre ** |
| | $8,974 | $9,050 | $9,158 | $8,303 | $8,278 |
- The Return on Equity (ROE) figures set out above is calculated as prescribed by the regulations and set out in Schedule 1 part 7 of this report. Directors believe that the ROE figure, as calculated using the proscribed methodology, is misleading and is not an accurate reflection of the company's underlying return on equity. The ROE as calculated is significantly higher than Transpower's regulated rate of return.
The ROE calculation prescribed by the regulations deducts intangible assets and works under construction from equity. With lines two deductions, the adjusted average equity figure used in the ROE calculation for 2012 is $693.3 million. This is below Transpower's average equity of $1,284.2 million. Average intangible assets ($323.4 million) are predominantly easements that form part of the regulatory asset base and earn a regulated return. Average works under construction in 2013 were $890.5 million, due to several major capital projects in progress.
** All years restated to exclude HVDC share of reserves
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NZ Gazette 2013, No 155
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Transpower New Zealand Limited Lines Business Statement of Performance Measures
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💰 Finance & RevenueFinancial Performance Measures, ROF, ROE, ROI, Transpower New Zealand Limited