Pursuant to Part 4 of the Commerce Act 1986 ("Act"), the Commerce Commission ("Commission") gives the following notice.
N o t i c e
1. Title-This notice is the Commerce Act (Summary of Specified Airport Services Information Disclosure Determination) Notice 2011.
2. Specified airport services information disclosure determination
2.1 On 22 December 2010, the Commission made the Commerce Act (Specified Airport Services Information Disclosure) Determination 2010 ("Determination").
2.2 The Determination sets information disclosure requirements for suppliers of specified airport services, as defined in section 56A of the Act ("Airports"), as required by Part 4 of the Act.
2.3 In accordance with section 52P(7)(b) of the Act, this notice is published as a summary of the Determination.
3. Summary of the Determination
3.1 The Determination sets out the information disclosure requirements that apply to Airports.
3.2 The Determination came into force on 1 January 2011.
3.3 The information disclosure requirements consist of requirements to disclose financial and non-financial information in relation to the supply of specified airports services, along with an audit report and directors' certifications in support of the disclosures.
3.4 In relation to historical financial information, Airports must disclose:
(a) the return they have received on their investments, when compared against the weighted average cost of capital including details of how the return on investment is determined;
(b) how common costs have been allocated and where that allocation has changed;
(c) capital expenditure and operational expenditure in accordance with standardised categories; and
(d) a reconciliation to statutory financial reports and details of related party transactions.
3.5 In relation to forecast financial information, Airports must disclose:
(a) the components of total forecast revenue requirements;
(b) supporting forecast information, including capital expenditure, operational expenditure and demand; and
(c) annual reconciliations of actual expenditure against forecasts.
3.6 In relation to pricing, Airports must disclose information about their pricing methodology, standard prices and pricing statistics.
3.7 In relation to quality standards, Airports must disclose information relating to passenger satisfaction surveys, reliability, capacity, utilisation and other statistics.
3.8 Disclosures must be publicly disclosed and must be supported by directors' certifications and audit reports.
4. How the Determination is publicly available
Copies of the Determination, and a reasons paper providing detailed background to and analysis of the Determination, are available for inspection free of charge at the Commission (during ordinary office hours), on the Commission's website at www.comcom.govt.nz, or for purchase at a reasonable price at the Commission, 44 The Terrace, Wellington.
Dated at Wellington this 20th day of January 2011.
The Commerce Amendment Act 2008 introduced changes to the Commerce Act 1986 ("Act"), including a requirement
for the Commerce Commission to set information disclosure requirements for suppliers of specified airport services.
The information disclosure requirements must, under section 56E of the Act, be made no later than the day after the date
to which the deadline for determining input methodologies is extended. The deadline for determining input methodologies was 31 December 2010. The information disclosure requirements, therefore, took effect on 1 January 2011. Suppliers of specified airport services must apply the input methodologies in the Commerce Act (Specified Airport Services Input Methodologies) Determination 2010 when complying with the information disclosure determination.