INFORMATION FOR DISCLOSURE
PURSUANT TO SECTION 57T OF THE COMMERCE ACT 1986
CERTIFICATION OF FINANCIAL STATEMENTS, PERFORMANCE
MEASURES, AND STATISTICS DISCLOSED BY DISCLOSING ENTITIES
(OTHER THAN TRANSPOWER)
We, Edwin Glass and John Bruce Tavendale, Directors of Electricity Ashburton Limited certify that, having made all reasonable enquiry, to the best of our knowledge -
(a) The attached audited financial statements of Electricity Ashburton Limited, prepared for the purposes of regulation 6 of the Commerce Commission's Electricity Information Disclosure Requirements 2004 comply with those Requirements; and
(b) The attached information, being the derivation table, financial performance measures, efficiency performance measures, energy delivery efficiency performance measures, statistics and reliability performance measures in relation to Electricity Ashburton Limited, and having been prepared for the purposes of requirements 6, 14, 15, 16, 20 and 21 of the Electricity Information Disclosure Requirements 2004, comply with those Requirements.
The valuations on which those financial performance measures are based are as at 31 March 2006
Dated this 18th day of October 2006
_________________________ _________________________
Director Director
ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 31 MARCH 2006
Note 2006 2005
$ $
REVENUE 2
Line Charges 22,027,159 19,542,677
Other 1,352,782 1,079,902
23,379,941 20,622,579
OPERATING EXPENDITURE
Transmission Charges 5,919,780 5,639,487
Other 9,685,004 8,875,689
15,604,784 14,515,176
OPERATING SURPLUS before Deferred Discount 3 7,775,157 6,107,403
Customer Deferred Discount 5 2,975,612 2,811,832
,
OPERATING SURPLUS before Taxation 4,799,545 3,295,571
Taxation 4 2,580,918 2,042,512
NET SURPLUS after Taxation 2,218,627 1,253,059
ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS
STATEMENT OF MOVEMENT IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2006
EQUITY AT START OF YEAR 6 85,060,252 83,798,093
Operating Surplus after Taxation 2,218,627 1,253,059
Total Recognised Revenue and Expenses for the Period 2,218,627 1,253,059
Other Movements
Share Issued 17,200 9,100
87,296,079 85,060,252
The accompanying notes form part of these financial statements
ELECTRICITY ASHBURTON LTD - LINES BUSINESSSTATEMENT OF FINANCIAL POSITIONAS AT 31 MARCH 2006
Note 2006 2005
$ $
CURRENT ASSETS 7
Inventory 2,413,109 2,191,238
Receivables and Prepayments 2,553,134 2,287,375
Total Current Assets 4,966,243 4,478,613
NON CURRENT ASSETS
Investments
Ashburton Aquatic Park Trust Loan 0 300,000
Fixed Assets 9
Distribution System 115,932,633 110,589,062
Land & Buildings 2,114,880 2,113,394
Motor Vehicles 214,019 126,069
Plant, Furniture & Equipment 751,081 871,070
Work in Progress 1,879,400 803,162
Total Non Current Assets 120,892,013 114,802,757
TOTAL ASSETS $125,858,256 $119,281,370
CURRENT LIABILITIES 8
Bank Overdraft 3,393,491 3,315,724
Provision for Dividend 0
Provision for Taxation 439,198 502,122
Creditors 2,637,551 2,063,055
Total Current Liabilities 6,470,240 5,880,901
NON CURRENT LIABILITIES
Deferred Taxation 4 13,391,937 11,740,217
Bank Loan 18,700,000 16,600,000
Total Non Current Liabilities 32,091,937 28,340,217
SHAREHOLDERS' FUNDS 6
Deferred Shares 28,750,000 28,750,000
Rebate Shares 1,250,000 1,250,000
Non Allocated Shares (50,700) (67,900)
Reserves 47,479,654 47,479,654
Retained Earnings 9,867,125 7,648,498
Total Shareholders Funds 87,296,079 85,060,252
TOTAL EQUITY AND LIABILITIES $125,858,256 $119,281,370
For and on behalf of the Board
Date: DIRECTOR DIRECTOR
The accompanying notes form part of these financial statements
ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2006
Note 2006 2005
$ $
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash was Provided from:
Receipts from Customers 23,127,693 19,958,287
Interest 24,366 4,226
23,152,059 19,962,513
Cash was Disbursed for:
Payment to Suppliers & Employees (12,830,364) (12,390,016)
Interest Paid (1,265,115) (969,706)
Net G S T Movement 38,972 (37,649)
Taxation Expenses (992,122) (985,139)
(15,048,629) (14,382,510)
Net Cash Flows from Operating Activities 15 8,103,430 5,580,003
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash was Provided from:
Sale of Investment 300,000 0
Sale of Fixed Assets 23,768 365,759
323,768 365,759
Cash was Applied to:
Distribution System Improvements (10,174,762) (8,037,093)
Other Fixed Asset Additions (447,403) (645,411)
(10,622,165) (8,682,504)
Net Cash Flows Used in Investing Activities (10,298,397) (8,316,745)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash was Provided from:
Contribution from Owners 17,200 9,100
Loan Received 2,100,000 2,350,000
2,117,200 2,359,100
Cash was Applied to:
Industry & Loan Repayments 0 0
Dividend 0 (1,173,000)
0 (1,173,000)
Net Cash Flows From Financing Activities 2,117,200 1,186,100

NET INCREASE (DECREASE) IN CASH HELD (77,767) (1,550,642)
Opening Cash Brought Forward ($3,315,724) ($1,765,082)

Ending Cash Carried Forward ($3,393,491) ($3,315,724)
REPRESENTED BY:
Bank Account $ (3,393,491) ($3,315,724)
The accompanying notes form part of these financial statements
ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2006
1 STATEMENT OF ACCOUNTING POLICIES
Statutory Base
Electricity Ashburton Limited is a Co-operative company registered under the Co-operative Companies Act 1996.
These financial statements have been prepared for the purpose of complying with the requirements of the Electricity Information Disclosure Requirements 2004 from the financial statements of Electricity Ashburton Limited as at 31 March 2006
Measurement Base
The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a modified historic cost basis have been followed.
Accounting Policies
a) Revenue
Line revenue is recognised as actual amounts invoiced during the period.
Capital contributions are recognised as revenue in the year of receipt.
b) Transmission Charges
Transmission charges are recognised as a direct cost to the line business activity.
c) Depreciation
Depreciation has been provided on all tangible fixed assets other than freehold land on the following basis and at the following rates which amortise the cost of the asset over their economic lives.
Fixed Assets:
Distribution Network 1.4 % to 6.7% straight line
Buildings
- concrete 1 % straight line
- brick 2 % straight line
- wooden 2.5% straight line
Motor Vehicles 14.4% to 31.2 % diminishing value
Plant & Equipment 7.5% to 60% diminishing value
Depreciation has been charged on a monthly basis on assets acquired and which became operational during the month.
d) Income Taxation
The income taxation expense charged against the operating surplus for the year is the estimated liability in respect of that operating surplus and is calculated after allowance for permanent differences.
Deferred Taxation is calculated on the comprehensive basis using the liability method (see Note 4). Future tax benefits attributable to tax losses or timing differences are only realised when there is virtual certainty of realisation.
e) Valuation of Assets
Land is stated at cost, all other fixed assets (except distribution assets) are stated at cost less accumulated depreciation.
All distribution system assets were revalued on an Optimised Deprival Value (ODV) basis by PricewaterhouseCoopers as at 31 March 2004. All additions to the distribution network are recorded at cost. Distribution system assets will be revalued at least once every three years.
f) Accounts Receivable
Receivables are shown at net realisable value. All known bad debts have been written off during the year.
g) Inventories
Inventories are valued at the lower of cost, determined on a weighted average cost basis, and net realisable value.
h) Goods and Services Tax (GST)
These financial statements have been prepared exclusive of GST with the exception of accounts receivable and accounts payable, which are shown inclusive of GST.
i) Allocation Methodologies
Allocations of costs, revenues, assets and liabilities have been allocated in accordance with the Electricity Information Disclosure Requirements 2004.
Changes in Accounting Policies
There have been no material changes in accounting policies. All accounting policies have been applied on bases consistent with those used in the previous year.
2006 2005
2 REVENUE $ $
a) Revenue from line / access charges; 0 0
i) Revenue invoiced to customers by electricity retailer 20,942,004 19,071,738
ii) Revenue invoiced to customers by line owner 0 0
b) Revenue for services carried out by the line business 0 0
c) Income from interest on cash, bank balance and short term investments 24,366 4,226
d) AC loss - rental rebates 1,085,155 470,939
e) Other Revenue not listed in (a to d) 1,328,416 1,075,676
f) Total Operating Revenue 23,379,941 20,622,579
3 OPERATING EXPENDITURE
a) Transmission Charges 5,919,780 5,639,487
b) Transfer Payments to "Other" Business
i) Asset Maintenance 1,270,005 797,538
ii) Consumer Disconnection and Reconnection Services 0 0
iii) Meter Data 0 0
iv) Consumer - based load control Services 46,745 38,433
v) Royalty and Patent expense 0 0
vi) Avoided transmission charges for own generation 0 0
vii) Other Goods and Services not listed in (i to vi) 0 0
Total transfer payment to the "Other" Business 1,316,750 835,971
c) Expense to entities that are not related parties for -
i) Asset Maintenance 875 76,845
ii) Consumer Disconnection and Reconnections Services 0 0
iii) Meter Data 0 0
iv) Consumer - based load control Services 0 5,362
v) Royalty and Patent expense 0 0
Total of specified expenses to non-related parties 875 82,207
2006 2005
$ $
d) Employee Salaries and Redundancies 1,830,921 1,628,604
e) Consumer billing and information system expense 94,585 76,845
f) Depreciation on-
i) System fixed assets 3,764,872 3,754,700
ii) Other system assets not listed in (i) 452,939 436,524
Total Depreciation 4,217,811 4,191,224
g) Amortised of-
i) Goodwill 0 0
ii) Other Tangibles 0 0
iii) Total amortisation of Intangibles 0 0
h) Corporate and Administration 404,792 350,437
i) Human Resource expenses 20,600 19,003
j) Marketing and advertising 58,263 34,077
k) Merger and acquisition expenses 0 0
l) Takeover defence expense 0 0
m) Research and development expenses 0 0
n) Consultancy and legal expenses 49,163 77,571
o) Donations 0 0
p) Directors fees 99,000 93,988
q) Auditors fees-
i) Audit fees paid to principal auditors 21,908 19,113
ii) Audit fees paid to other auditors: 14,723 24,247
iii) Fees paid for other services provided by principal and other auditors 0 0
iv) Total auditors fees 36,631 43,360
r) Cost of offering credit-
i) Bad debts written off 0 0
ii) Increase in estimated doubtful debts 0 0
iii) Total cost of offering credit 0 0
s) Local Authority rate expense 142,294 149,301
t) AC loss - rental rebates (distribution to retailers) expense 0 0
u) Rebates to customers due to ownership interest 2,975,612 2,811,832
v) Subvention payments 0 0
w) Unusual expenses 0 0
x) Other expenditure not listed in (a to w) 260,535 249,937
Total Operating Expenditure 17,427,612 16,283,844
Operating surplus before interest and income tax 5,952,329 4,338,735
Interest Expense
a) Interest expense on borrowings 1,152,784 1,000,244
b) Financing charges related to finance lease 0 0
c) Other interest expense not listed in (a to b) 0 42,920
d) Total interest expense 0 0
1,152,784 1,043,164
Operating surplus before income tax 4,799,545 3,295,571
Income Tax 2,580,918 2,042,512
Net Surplus after tax $2,218,627 $1,253,059
2006 2005
$ $
4 TAXATION
Net Surplus before Taxation 4,799,545 3,295,571
Prima facie taxation at 33% 1,583,850 1,087,538
Plus Tax effect on permanent differences 997,068 954,974
Total Taxation Expense 2,580,918 2,042,512
The Taxation charge comprises:
Current Taxation 929,198 502,122
Deferred Taxation 1,641,720 1,540,390
2,580,918 2,042,512
Deferred Taxation Liability:
Opening Balance 11,740,217 10,199,827
Current Year Movement 1,689,017 1,540,390
Prior Year Adjustment 0 0
13,391,937 11,740,217
5 CUSTOMER DEFERRED DISCOUNT AND DIVIDEND
Calculations for deferred discounts paid to each customer were based on their individual customer line charges forthe 12 months ended 28 February 2006There has been no dividend declared during the year.
6 EQUITY
a) Shareholders' equity-
i) Share capital 29,949,300 29,932,100
ii) Retained earnings 9,867,125 7,648,498
iii) Reserves 47,479,654 4 47,479,654
iv) Total shareholders' equity 87,296,079 85,060,252
b) Minority interests in subsidiaries 0 0
c) Total equity 87,296,079 85,060,252
d) Capital notes 0 0
e) Total capital funds 87,296,079 85,060,252
There are 28,750,000 deferred shares held by the Ashburton District Council and these have the following conditions attached to them:
i) There is no right to distributions, dividends or rebates
ii) There is a right to vote if the rights attached to the deferred shares are to be altered or there is a proposal which would change the control of the Company or the rights of the Council are not carried forward on amalgamation
iii) The shares are not transferable except to another local authority or if 25% of the voting shares are controlled by one person.
iv) The right to an equal distribution with the holders of the rebate shares on a winding up of the Company
The Share capital of $29,949,300 is the total shareholding in Electricity Ashburton Ltd.
2006 2005
$ $
7 CURRENT ASSETS
a) Cash and bank balances 0 0
b) Short term investments 0 0
c) Inventories 2,413,109 2,191,238
d) Accounts receivable 2,553,134 2,287,375
e) Other current assets not listed in (a to f) 0 0
f) Total Current Assets 4,966,243 4,478,613
8 CURRENT LIABILITIES
a) Bank overdraft 3,393,491 3,315,724
b) Short term borrowings 0 0
c) Payables and accruals 2,637,551 2,063,055
d) Provision for dividend payable 0 0
e) Provision for income tax 439,198 502,122
f) Other current liabilities not listed in (a to e) 0 0
g) Total Current Liabilities 6,470,240 5,880,901
NON CURRENT LIABILITIES
a) Payroll and accruals 0 0
b) Borrowings 18,700,000 16,600,000
c) Deferred tax 13,391,937 11,740,217
d) Other non current liabilities not listed in (a to c) 0 0
e) Total Non Current Liabilities 32,091,937 28,340,217
9 FIXED ASSETS
a) System fixed assets 115,932,633 110,589,062
b) Consumer billing and information system assets 0 64,714
c) Motor Vehicles 214,019 126,087
d) Office Equipment 751,081 806,338
e) Land & Buildings 2,114,880 2,113,394
f) Capital works under construction: 1,879,400 803,162
g) Total Fixed Assets 120,892,013 114,502,757
h) Other tangible assets not listed above. 0 300,000
Total Tangible Assets 125,828,256 119,281,370
2006 2005
$ $
Intangible Assets
a) Goodwill 0 0
b) Other intangible assets not listed in (a) 0 0
c) Total Intangible Assets 0 0
FIXED ASSETS DEPRECIATION
Distribution System 123,452,205 114,343,762
Accumulated Depreciation 7,519,572 3,754,700
115,932,633 110,589,062
Land & Buildings 2,775,612 2,725,587
Accumulated Depreciation 660,732 612,193
2,114,880 2,113,394
Motor Vehicles 793,824 662,643
Accumulated Depreciation 579,805 536,556
214,019 126,087
Plant, Furniture & Equipment 4,420,112 4,180,932
Accumulated Depreciation 3,669,031 3,309,880
751,081 871,052
Work in Progress 1,879,400 803,162

Total Non Current Assets 120,892,013 114,502,757
Distribution assets were revalued by PricewaterhouseCoopers as at 31 March 2004
The directors believe that rating valuation is a fair representation of the fair value of the company's land and buildings. The rating valuation of land and buildings at 1 July 2004 is $2,367,750.
10 FINANCIAL INSTRUMENTS
Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being cash, bank deposits, account receivables, investments and industry loan reported in the financial statement:-
a) Fair value is equivalent to carrying an amount as stated in the statement of financial position.
b) Concentration of credit risk is minimised in respect of:-
i) Receivables, the company has exposure of credit risk by having six line customers. Credit risk with each of these customers is managed by a use of system agreement. The company performs credit evaluations where considered necessary.
ii) Bank deposits, by a specific policy of spreading investments between registered trading banks, Canterbury Building Society and the Loan and Building Society.
iii) Cash, by being held in minimal quantities.
The Company has a $10 million multi option credit line facility and a $500,000 overdraft facility with Westpac, which are secured by a negative pledge over assets. During the year the company uplifted loans to the value of $2.1 million from BNZ. Interest rates for existing loans are between 6.4% and 7.95% and expire on 23 March 2010. These loans are secured by a negative pledge over assets
11 COMMITMENTS
Estimated capital expenditure contracted for at balance date is $444,672 (2005: $1,344,169)
12 CONTINGENT LIABILITIES
As at 31 March 2006 there were no material contingent liabilities (2005 Nil)
13 SEGMENT INFORMATION
The predominant activity of Electricity Ashburton Limited is the distribution of electricity. All operations are conducted in New Zealand.
14 RELATED PARTIES
Electricity Ashburton Limited has a contracting division that provides services to the Lines Business. The services provided are for the maintenance of the network and capital construction of System Assets. The services are provided in an ongoing capacity. The standard charge for these services are:
Labour $37.00 per hour
External Purchase Charged at cost
Transport (light truck) $14.22 per hour
Transport (heavy truck) $21 to $42 per hour
The contracting division of Electricity Ashburton Limited has provided the following services at cost, including overheads, for the period 1 April 2005 to 31 March 2006
2006 2005
$ $
Construction of distribution lines & cables 3,790,386 3,920,506
Construction of medium voltage switchgear 0 0
Construction of distribution transformers 2,450,853 1,349,963
Construction of distribution substations 2,710,523 2,233,605
Construction of low voltage lines and cables 117,228 129,016
Construction of other system fixed assets 0 0
Maintenance of assets 1,316,750 797,538
Consumer connections and reconnections 0 0
Other services 0 24,504
No amounts have been forgiven or written off, and no amounts remain outstanding at the end of the period.
15 RECONCILIATION OF NET SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES
2006 2005
$ $
Reported Net Profit After Tax 2,218,627 1,253,059
Add Non Cash items:
Movement in Deferred Taxation 1,651,720 1,540,390
Capital Gain on Assets 0 (341,523)
Loss on Sale of Assets 1.371 0
Depreciation Recovered (10,041) 0
Depreciation 4,217,811 4,191,224
8,079,488 6,643,150
Add (less) Movements in Working Capital Items:
Decrease (Increase) in Receivables (265,759) (307,247)
Decrease (Increase) in Inventories (221,871) (382,723)
(Decrease) Increase in Accounts Payable 574,496 109,840
(Decrease) Increase in Tax Payable (62,924) (483,017)
23,942 (1,063,147)
Net Cash Flows from Operating Activities 8,103,430 5,580,003
2006 2005
$ $
16 ANNUAL ODV VALUATION RECONCILIATION
System fixed assets at ODV - end of previous financial year 110,846,473 106,569,140
Add system fixed assets acquired during the year at ODV 8,853,625 8,061,230
Less system fixed assets disposed of during the year at ODV (2,593) (29,197)
Less depreciation on system fixed assets at ODV (3,764,872) (3,754,700)
Add revaluations of system fixed assets 0 0
System fixed assets at ODV - end of financial year 115,932,633 110,846,473
SCHEDULE 1 - PART 7FORM FOR THE DERIVATION OF FINANCIAL PERFORMANCE MEASURES FROM FINANCIAL STATEMENTS
Derivation Table Input and Calculations Symbol in formula ROF ROE ROI
Operating surplus before interest and income tax from financial statements 5,952,329
Operating surplus before interest and income tax adjusted pursuant to regulation 18 (OSBIIT) 5,952,329
Interest on cash, bank balances, and short-term investments (ISTI) -24,366
OSBIIT minus ISTI 5,927,963 a 5,927,963 5,927,963

Net surplus after tax from financial statements 2,218,627
Net surplus after tax adjusted pursuant to regulation 18 (NSAT) 2,218,627 n 2,218,627
Amortisation of goodwill and amortisation of other intangibles 0 g add 0 add 0 add 0
Subvention payment 0 s add 0 add 0 add 0
Depreciation of SFA at BV (x) 3,764,872
Depreciation of SFA at ODV (y) 3,764,872
ODV depreciation adjustment 0 d add 0 add 0 add 0
Subvention payment tax adjustment 0 s*t deduct 0 deduct 0
Interest tax shield 372,378 q deduct 372,378
Revaluations 0 r add
Income tax 2,580,918 p deduct 2,580,918
Numerator 5,927,963 2,218,627 2,974,687
OSBIITADJ = a + g + s + d NSATADJ = n + g + s - s*t + d OSBIITADJ = a + g - q + r + s + d - p - s*t
Fixed assets at end of previous financial year (FA0) 114,502,757

Fixed assets at end of current financial year (FA1) 120,892,013
Adjusted net working capital at end of previous financial year (ANWC0) 2,415,558
Adjusted net working capital at end of current financial year (ANWC1) 2,328,692
Average total funds employed (ATFE) 120,069,510 c 120,069,510 120,069,510
Total equity at end of previous financial year (TE0) 85,060,252
Total equity at end of current financial year (TE1) 87,296,079
Average total equity 86,178,166 k 86,178,166
(or regulation 33 time-weighted average)
WUC at end of previous financial year (WUC0) 803,162
WUC at end of current financial year (WUC1) 1,879,400
Average total works under construction 1,341,281 e deduct 1,341,281 deduct 1,341,281 deduct 1,341,281
(or regulation 33 time-weighted average)
Revaluations r
Half of revaluations 0 r/2 deduct 0
Intangible assets at end of previous financial year (IA0) 0
Intangible assets at end of current financial year (IA1) 0
Average total intangible asset 0 m add 0
(or regulation 33 time-weighted average)
Subvention payment at end of previous financial year (S0) 0
Subvention payment at end of current financial year (S1) 0
Subvention payment tax adjustment at end of previous financial year 0
Subvention payment tax adjustment at end of current financial year 0
Average subvention payment & related tax adjustment 0 v add 0
System fixed assets at end of previous financial year at book value(SFAbv0) 110,589,062
System fixed assets at end of current financial year at book value (SFAbv1) 115,932,633
Average value of system fixed assets at book value 113,260,848 f deduct 113,260,848 deduct 113,260,848 deduct 113,260,848
(or regulation 33 time-weighted average)
System Fixed assets at year beginning at ODV value (SFAodv0) 110,846,473
System Fixed assets at end of current financial year at ODV value(SFAodv1) 116,190,044
Average value of system fixed assets at ODV value 113,518,259 h add 113,518,259 add 113,518,259 add 113,518,259
(or regulation 33 time-weighted average)
Denominator 118,985,640 85,094,296 118,985,640
ATFEADJ = c - e - f + h Ave TEADJ = k - e - m + v - f + h ATFEADJ = c - e - ½r - f + h
Financial Performance Measure: 5.0 2.6 2.5
ROF = OSBIITADJ/ATFEADJ x 100 ROE = NSATADJ/ATEADJ x 100 ROI = OSBIITADJ/ATFEADJ x 100
ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS
PERFORMANCE MEASURES
FOR THE YEAR ENDED 31 MARCH 2006
FINANCIAL PERFORMANCE MEASURES AND EFFICIENCY PERFORMANCE MEASURES
2006 2005 2004 2003
1 Financial Performance Measures
(a) Return on funds 5.0% 3.8% 7.4% 2.8%
(b) Return on equity 2.6% 1.5% 5.3% 0.5%
(c) Return on investment 2.5% 1.7% 17.8% 1.0%
2 Efficiency Performance Measures
(a) Direct line costs per kilometre 1144 930 934 1107
(b) Indirect line costs per electricity customer 59 58 51 48
ENERGY DELIVERY EFFICIENCY PERFORMANCE MEASURES AND STATISTICS
1 Energy Delivery Efficiency Performance Measures:
(a) Load factor 56.12% 52.25% 58.17% 61.25%
(b) Loss ratio 7.80% 6.55% 7.46% 7.44%
(c) Capacity utilisation 30.29% 29.11% 30.59% 31.02%
2 Statistics
(a) Circuit Length (Total kms)
66 kV 179 179 179 127
33 kV 208 211 200 227
22 kV 615 547 444 374
11 kV 1,438 1,487 1,561 1,606
230/400 V 362 352 346 337
------- ------- -------- --------
Total 2,802 2,776 2,730 2,671
(b) Circuit Length - Overhead (kms)
66 kV 178 178 178 126
33 kV 202 205 194 221
22 kV 609 541 440 371
11 kV 1,334 1,389 1,467 1,517
230/400 V 140 141 145 146
------- -------- -------- --------
Total Overhead 2,463 2,454 2,424 2,381
2006 2005 2004 2003
(c) Circuit Length - Underground (kms)
66 kV 1 1 1 1
33 kV 6 6 6 6
22 kV 6 6 4 3
11 kV 104 98 94 89
230/400 V 222 211 201 191
-------- -------- -------- -------
Total Underground 339 322 306 290
(d) Transformer Capacity (kVA)) 343,370 328,327 298,165 270,503
(e) Maximum Demand (kW) 104,021 95,580 91,206 83,918
(f) Total electricity entering system before losses (kWh)
511,395,742 437,494,579 466,050,900 450,270,045
(g) Total electricity supplied from system after losses (kWh)
Retailer A 194,509,783 183,230,589 190,751,776 221,466,356
Retailer B 30,544,572 35,217,601 133,601,732 121,853,775
Retailer C 10,511,442 15,002,767 8,059,288 3,099,157
Retailer D 0 0 0 0
Retailer F 192,097,674 123,560,285 34,030,383 27,449,843
Retailer G 1,566,036 978,813 658,537 1,152,684
Exported from Network 42,253,112 50,852,875 64,173,212 41,770,000
----------------- ---------------- ---------------- ----------------
Total 471,482,619 408,842,930 431,274,928 416,791,815
(h) Total Customers 15,795 15,311 15,049 14,789
RELIABILITY PERFORMANCE MEASURES
1 Total number of interruptions
Class B - Planned by Line Owner 272 197 192 241
Class C - Unplanned by Line Owner 204 173 214 293
Class D - Unplanned by Transpower 0 0 0 2
Class G - Unplanned by Other Line Owners 0 0 0 0
------ ------ ------ ------
Total 476 370 406 536
2 Interruption targets for (next year)
Class B - Planned by Line Owner 210
Class C - Unplanned by Line Owner 190
3 Average interruption targets (5 years)
Class B - Planned by Line Owner 210
Class C - Unplanned by Line Owner 190
2006 2005 2004 2003
4 Fault Restoration Times (Class C) interruptions not restored within:
3 Hours 18.63% 24.86% 17.29% 24.57%
24 Hours 0.00% 0.00% 0.00% 1.71%
5 Number of faults per 100 km of prescribed voltage line
(a) Total number of faults
66 kV 1.7 0.6 0.0 3.1
33 kV 1.0 2.8 3.5 1.3
22 kV 11.8 7.7 18.0 16.3
11 kV 8.4 7.3 8.1 14.0
------ ------ ------ ------
Total 8.1 6.5 7.8 11.0
(b) Target for (next year)
66 kV 1
33 kV 3
22 kV 8
11 kV 10
------
Total 6
(c) Average Target (5 years)
66 kV 1
33 kV 3
22 kV 8
11kV 10
------
Total 6
6 The total number of faults per 100km of prescribed voltage underground line
66 KV 0 0 0 0
33 kV 0 0 0 0
22 kV 0 0 0 0
11kV 1.9 1.0 3.2 2.2
------ ------ ------ ------
Total 1.7 0.9 1.0 0.7
7 The total number of faults per 100km of prescribed voltage overhead line
66 kV 1.7 0.6 0 3.2
33 kV 1.0 2.9 3.6 1.4
22 kV 11.8 8.5 18.2 16.4
11 kV 8.4 9.0 8.5 14.7
------ ------ ------ ------
Total 8.1 7.7 8.7 12.2
8 SAIDI for the total number of interruptions
150.20 132.69 198.63 318.86
9 SAIDI targets (next year)
Class B - Planned by Line Owner 93
Class C - Unplanned by Line Owner 57
2006 2005 2004 2003
10 Average SAIDI targets (5 years)
Class B - Planned by Line Owner 93
Class C - Unplanned by Line Owner 57
11 SAIDI - Classification of interruptions
Class B - Planned by Line Owner 62.30 78.88 88.61 103.80
Class C - Unplanned by Line Owner 87.90 53.81 110.02 201.37
Class D - Unplanned by Transpower 0 0 0 13.69
Class G - Unplanned by Other Line Owner 0 0.01 0 0
12 SAIFI for the total number of interruptions 1.31 1.17 1.47 2.40
13 SAIFI targets (next year)
Class B - Planned by Line Owner 0.26
Class C - Unplanned by Line Owner 0.94
14 Average SAIFI targets (5 years)
Class B - Planned by Line Owner 0.26
Class C - Unplanned by Line Owner 0.94
15 SAIFI - Classification of interruptions
Class B - Planned by Line Owner 0.22 0.25 0.30 0.38
Class C - Unplanned by Line Owner 1.09 0.92 1.17 1.51
Class D - Unplanned by Transpower 0 0 0 0.52
Class G - Unplanned by Other Line Owner 0 0 0 0
16 CAIDI for the total number of interruptions 114 113 135 133
17 CAIDI targets for (next year)
Class B - Planned by Line Owner 358
Class C - Unplanned by Line Owner 61
18 Average CAIDI target (5 years)
Class B - Planned by Line Owner 358
Class C - Unplanned by Line Owner 61
19 CAIDI - Classification of Interruptions
Class B - Planned by Line Owner 278 313 295 275
Class C - Unplanned by Line Owner 81 59 94 134
Class D - Unplanned by Transpower 0 0 0 27
Class G - Unplanned by Other Line Owner 0 10 0 0
Gabites
AUDITOR'S OPINION OF PERFORMANCE MEASURES
We have examined the attached information, being -
(a) a derivation table; and
(b) an annual ODV reconciliation report; and
(c) time-weighted averages calculations (if they apply); and
(d) financial performance measures; and
(e) financial components of the efficiency performance measures
that were prepared by Electricity Ashburton Limited and dated 18th October 2006 for the purposes of the Commerce Commission's Electricity Information Disclosure Requirements 2004.
In our opinion, having made all reasonable enquiry, to the best of our knowledge, that information has been prepared in accordance with those Electricity Information Disclosure Requirements 2004.
GABITES
CHARTERED ACCOUNTANTS
ASHBURTON
18th October 2006
Gabites
AUDITORS REPORT
To the readers of the Financial Statements of Electricity Ashburton Limited
We have audited the accompanying financial statements of Electricity Ashburton Limited on pages two to twelve. The financial statements provide information about the past financial performance of Electricity Ashburton Limited and its financial position as at 31 March 2006. This information is stated in accordance with the accounting policies set out on pages five and six.
Directors' Responsibilities
The Commerce Commission's Electricity Information Disclosure Requirements 2004 made under section 57T of the Commerce Act 1986 require the Directors to prepare financial statements which give a true and fair view of the financial position of Electricity Ashburton Limited as at 31 March 2006, and the results of operations and cash flows for the year ended 31 March 2006.
Auditor's responsibilities
It is our responsibility to express an independent opinion on the financial statements presented by the Directors and report our opinion to you.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:-
? the significant estimates and judgments made by the Directors in the preparation of the financial statements; and
? whether the accounting policies are appropriate to Electricity Ashburton Limited's circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary. We obtained sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Our firm and the partners and employees of our firm, deal with the company on normal terms within the ordinary course of the business of the company. As part of these trading activities our firm and the partners and the employees are obliged to hold shares in the company. Our firm and the partners and employees have no other interests in the company.
Unqualified Opinion
We have obtained all the information and explanations we have required.
In our opinion:
? proper accounting records have been maintained by Electricity Ashburton Limited as far as appears from our examination of those records; and
? the financial statements of Electricity Ashburton Limited on pages two to twelve:-
(a) comply with generally accepted accounting practice in New Zealand; and
(b) give a true and fair view of the financial position of the Company as at 31 March 2006 and the results of its operations and cash flows for the year then ended; and
(c) comply with the Electricity Information Disclosure Requirements 2004.
Our audit was completed on 18th October 2006 and our opinion is expressed as at that date.
GABITES
CHARTERED ACCOUNTANTS
ASHBURTON