FINANCIAL INFORMATION Abridged Income Statements_part2 docx

The three New South Wales State owned generators including Macquarie Generation have undertaken a joint venture to develop a new domestic coal resource.. Macquarie Generation was constit

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Macquarie Generation

40 _ Auditor-General’s Report to Parliament 2009 Volume Three

OTHER INFORMATION

Coal Supply

Coal prices have increased significantly in recent years with the continued demand for Australia’s

coal for export This has resulted in increased risks for securing adequate supplies of coal and

managing the cost of these supplies

Macquarie Generation has locked in a significant proportion of its coal supply contracts for the next

ten years and it is examining options to manage future supply

The three New South Wales State owned generators including Macquarie Generation have

undertaken a joint venture to develop a new domestic coal resource The joint venture, Cobbora

Coal, will further improve coal supply from 2014

FINANCIAL INFORMATION

Abridged Income Statements

Consolidated Parent

$’000 $’000 $’000 $’000 TOTAL REVENUE 1,217,232 1,162,402 1,217,232 1,162,402

PROFIT BEFORE BORROWING COSTS,

DEPRECIATION AND TAX 332,137 814,371 332,137 814,371

PROFIT BEFORE TAX 119,000 640,151 119,000 640,151

Income tax equivalent expense 35,270 191,707 35,503 191,707

PROFIT AFTER TAX 82,867 448,444 82,867 448,444

Profit after tax decreased by $366 million compared to the previous year mainly due to a fall in value

of an electricity contract linked to the price of aluminium, which fell in 2008-09 and an increase in the

electricity forward price curve Increased depreciation charges followed a revaluation of assets at the

end of 2007-08

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Auditor-General’s Report to Parliament 2009 Volume Three _ 41

Abridged Balance Sheets

2009 2008 2009 2008

$’000 $’000 $’000 $’000

Non-current assets 3,594,569 3,699,109 3,596,069 3,699,109

TOTAL ASSETS 4,118,822 4,450,074 4,188,993 4,450,074

Current liabilities 458,198 856,465 457,749 856,465

Non-current liabilities 1,775,497 1,793,764 1,775,497 1,793,764

TOTAL LIABILITIES 2,233,695 2,650,299 2,233,246 2,650,229

NET ASSETS 1,885,747 1,799,845 1,885,747 1,799,845

Current assets decreased by $228 million, largely due to the adverse movement in financial

instruments valuation

CORPORATION ACTIVITIES

See the ‘Electricity Industry Overview’ section earlier in this report for general industry comment

Macquarie Generation operates the Bayswater and Liddell coal-fired power stations in the Upper

Hunter Valley

Macquarie Generation was constituted in March 1996 as an electricity generator under the Energy

Services Corporations Act 1995 and as a statutory State owned corporation under the State Owned

Corporations Act 1989 The voting shareholders are the Treasurer and the Minister for Finance

For further information on Macquarie Generation, refer to www.macgen.com.au

CONTROLLED ENTITY

Midwest Development Corporation Pty Limited

$’000

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Total assets are mainly comprised of $21.1 million in advances made from Midwest Development Corporation Pty Limited to the joint venture Total liabilities include $21.6 million received from Macquarie Generation as interest free advances

Corporate Activities

Midwest Development Corporation Pty Limited was incorporated on 13 August 2008 under the

Corporations Act 2001 as a special purpose venture to participate in the Cobbora Project.

Cobbora Joint Venture

Macquarie Generation and Midwest Development Corporation Pty Limited have approval from the

New South Wales Treasurer under the Public Authorities (Financial Arrangements) Act 1987 to

participate in the Cobbora Joint Venture The Cobbora Project is an Unincorporated Joint Venture between the special purpose subsidiaries of the New South Wales State Owned Electricity Generators to source, develop and operate a coal resource in New South Wales

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Country Energy AUDIT OPINION

The audits of Country Energy and its controlled entities’ financial reports for the year ended

30 June 2009 resulted in unqualified Independent Auditor’s Reports

Unless otherwise stated, the following commentary relates to the consolidated entity

KEY ISSUES

Restructure of Electricity Industry

The Government is proposing to sell Country Energy’s retail operations See the ‘Electricity Industry Overview’ section appearing earlier in this report for details on the sale and the Government’s final policy position on its ‘Energy Reform Strategy’ announced in September 2009

PERFORMANCE INFORMATION

Operational Performance

Country Energy is committed to delivering a safe and reliable supply of energy to its customers Some indicators Country Energy uses to assess its performance are:

2009 2009 2008 2007 2006

System average interruption duration

index (SAIDI) - customer minutes

Corporate reputation survey – service

meeting and exceeding customer

Lost time injury frequency rate

(LTIFR) – lost time injuries per one

* Targets provided by Country Energy

The increase in customer minutes without supply reflects the high levels of storm activity during the year compared to the previous year The target for 2009 was derived from the targets mandated by New South Wales Government licence conditions imposed on distribution network service providers Country Energy’s performance against this target reflects the effectiveness of network investment and improvement programs in recent years

Country Energy’s lost time injury frequency rate continued to decline, in line with its goal of achieving ‘zero harm’ in the work place

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Country Energy

Financial Performance

2009 2009 2008

Earnings before interest and tax* ($m) 292.7 349.2 267.0

Total distributions to government** ($m) 43.2 76.1 54.2

* Targets provided by Country Energy

** Calculated from target as agreed with shareholding Ministers

(a) Profit after tax divided by average equity

(b) Earnings before interest and tax divided by average total assets

Note: Earnings and ratios exclude the impact of fair value gains and losses on financial instruments and superannuation actuarial gains and losses

Country Energy’s earnings before interest and tax exceeded its target Capital contributions from developers and customers were $31.7 million higher than anticipated, while operating expenditure and depreciation charges were slightly lower than budget

The higher earnings before interest and tax increased Country Energy’s return on equity This ratio also improved because of a decline in average equity as result of unrealised losses on cash flow hedges which were recognised directly in equity

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Country Energy

FINANCIAL INFORMATION

Abridged Income Statements

Year ended 30 June Consolidated Parent

2009 2008 2009 2008

$’000 $’000 $’000 $’000 OPERATING REVENUE 2,489,877 2,313,058 2,488,291 2,310,974

OPERATING PROFIT BEFORE

BORROWING COSTS,

DEPRECIATION, OTHER

GAINS/(LOSSES) AND TAX 547,180 420,008 537,872 410,980

Operating Profit before other gains

Fair value (losses) on financial

PROFIT BEFORE TAX 125,011 50,191 120,213 45,491

Income tax equivalent

PROFIT AFTER TAX 91,028 54,703 88,095 51,838

Revenue includes $2.3 billion ($2.2 billion) from the sale and delivery of electricity and gas Cost of sales was $2.1 billion ($2.0 billion)

Abridged Balance Sheets

2009 2008 2009 2008

$’000 $’000 $’000 $’000

Non-current assets 4,344,350 3,822,658 4,271,415 3,750,374

TOTAL ASSETS 4,974,282 4,642,153 4,957,677 4,626,190

Current liabilities 1,502,013 1,259,945 1,503,403 1,259,391

Non-current liabilities 2,633,039 2,418,038 2,630,171 2,414,823

TOTAL LIABILITIES 4,135,052 3,677,983 4,133,574 3,674,214

NET ASSETS 839,230 964,170 824,103 951,976

The significant decrease in current assets was mainly due to a decrease of $183 million in the value

of derivative financial instruments based on mark-to-market adjustments

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Country Energy

The increase in non-current assets included $658 million from the acquisition of property, plant and equipment and intangible assets during the year Of this amount, system assets additions in 2008-09 totalled $540 million

In April 2009, the Australian Electricity Regulator approved Country Energy’s five year plan to invest almost $4.0 billion in its network The plan includes $500 million to construct new sub-transmission lines and refurbish existing sub-transmission lines, $500 million to build new zone substations and refurbish existing zone substations, and $500 million in ongoing vegetation management

Liabilities rose primarily due to an additional $307 million of debt, increasing the balance of loans outstanding to $2.9 billion ($2.6 billion) Country Energy’s underfunded superannuation liability also increased by $89.3 million to $104 million ($14.7 million)

CORPORATION ACTIVITIES

See the ‘Electricity Industry Overview’ section appearing earlier in this report for general industry comment

Country Energy is a statutory State owned corporation constituted by the Energy Services Corporation Act 1995 Its principal function is to distribute electricity to the national electricity

market The voting shareholders are the Treasurer and the Minister for Finance

For more information on Country Energy, refer to www.countryenergy.com.au

CONTROLLED ENTITIES

The following controlled entities have not been reported on separately as they are not considered material by their size or the nature of their operations to the consolidated entity

Entity Name

Country Energy Gas Pty Limited

NorthPower Energy Services Pty Limited

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EnergyAustralia

AUDIT OPINION

The audits of EnergyAustralia and its controlled entities’ financial reports for the year ended

30 June 2009 resulted in unqualified Independent Auditor’s Reports

Unless otherwise stated, the following commentary relates to the consolidated entity

KEY ISSUES

Restructure of the Electricity Industry

The Government has initiated Expressions of Interest for purchasing the retail operations and development site of EnergyAustralia See the ‘Electricity Industry Overview’ section appearing earlier in this report for details on the sale and the Government’s final policy position on its

‘Energy Reform Strategy’ announced in September 2009

PERFORMANCE INFORMATION

EnergyAustralia provided the following information regarding its performance

Operational Performance

A prime objective of EnergyAustralia is to deliver a safe and reliable supply of energy to its customers The following table shows its performance in relation to customer satisfaction, employee safety and customer gains and losses

2009 2009 2008 2007 2006

Minutes customers were without

Lost time injury frequency –

(hours per million hours

Customers at year end (000’s) 1,591 1,581 1,568 1,557

Source: EnergyAustralia Annual Report 2008-09

* Target agreed with the Statement of Corporate Intent (SCI) 2008-09

(a) Extremely or very satisfied only

EnergyAustralia did not achieve its target level for customer satisfaction of ‘very satisfied’ or

‘extremely satisfied’ However, 96 per cent (97 per cent in 2008) of its customers reported they were satisfied or more than satisfied with EnergyAustralia’s service

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EnergyAustralia

The target for customer minutes without electricity supply was not met this year due mainly to three significant supply interruptions in the Sydney CBD in March and April Two of the interruptions were due to damage caused to power cables during private construction activity The third incident related to an unexpected problem during sub-station maintenance

To provide greater protection to electricity supply, the Energy Legislation Amendment (Infrastructure Protection) Act 2009 was introduced to protect vital power cables The new

legislation makes the ‘Dial-Before-You-Dig’ program compulsory The legislation provides for increased penalties for cable damage of $440,000 for corporations, $22,000 for individuals and includes jail terms of up to five years

Environmental Performance

EnergyAustralia has met its obligations under both the Commonwealth and New South Wales Government’s renewable energy schemes for 2009 In complying with the Commonwealth’s Mandatory Renewable Energy Target, EnergyAustralia surrendered certificates representing generation of 739,000 MWh of electricity from approved renewable generators Under the New South Wales Greenhouse Gas Abatement Scheme, EnergyAustralia delivered 6.3 million tonnes of greenhouse gas savings associated with electricity use

EnergyAustralia reported that it provided GreenPower to 68,724 customers during the year GreenPower is provided through the four customer options – PureEnergy 10, PureEnergy 25, PureEnergy 50 and PureEnergy 100 For each customer who chooses one of these products, EnergyAustralia ensures that an amount of electricity (equal to 10, 25, 50, or 100 per cent respectively of the customer’s electricity account) has been or will be delivered into the national electricity grid from GreenPower accredited generators

EnergyAustralia owns a small portfolio of renewable electricity generators including the 600kW

generator was installed at Bondi Sewerage Treatment Plant during the year The amount spent on environmental expenditure increased to $133 million ($116 million in 2008)

* Sources: EnergyAustralia 2008-09 Annual Report

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