FINANCIAL INFORMATION Abridged Income Statements_part3 docx

Revenue from the sale of electricity increased after regulatory network and retail price increases came into effect on 1 July 2009.. PERFORMANCE INFORMATION Operational Performance Sta

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EnergyAustralia

Auditor-General’s Report to Parliament 2009 Volume Three _ 49

Financial Performance

Earnings before interest and tax

Total distributions to government

Capital expenditure ($m) (excluding

N.B Targets from the 2008-09 Statement of Corporate (SCI) Intent have not been included due to the SCI excluding the

retail business of the Corporation

* 2008 has been adjusted for a change in accounting policy that recognises superannuation actuarial gains and losses

directly in equity

(a) Profit after income tax expense divided by average equity

(b) Profit before tax and interest expense divided by average assets

(c) Dividend + income tax expense

EnergyAustralia’s results for 2009 exceeded the financial performance of the previous year A

significant contribution to the result came from lower than expected electricity wholesale purchases

throughout the year

FINANCIAL INFORMATION

Abridged Consolidated Income Statements

2009 2008* 2009 2008*

$’000 $’000 $’000 $’000

PROFIT BEFORE FINANCE COSTS,

* Revenue in 2008 has been adjusted for a change in accounting policy that recognises superannuation actuarial gains

and losses directly in equity

This is trial version www.adultpdf.com

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EnergyAustralia

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

Total revenue of $3.3 billion ($3.1 billion in 2008) includes $3.2 billion ($2.9 billion) for the sale and delivery of energy (electricity and gas) to retail customers, public lighting system charges and community service obligation refunds Revenue from the sale of electricity increased after regulatory network and retail price increases came into effect on 1 July 2009 Costs associated with the distribution of energy totalled $2.7 billion ($2.5 billion) The wholesale price of electricity was marginally lower than in the previous year

Profit after tax declined mainly due to unrealised losses from the fair value movements in financial instruments, $22.7 million loss ($29.3 million gain in 2008) The profit after tax excluding the unrealised losses was $247 million ($248 million)

Abridged Consolidated Balance Sheets

2009 2008 2009 2008

$’000 $’000 $’000 $’000

A decrease in current assets was largely due to the fair value movements of energy derivatives that saw their value decrease by $63.0 million to $43.0 million at 30 June Non-current assets recorded an increase in the value of property, plant and equipment of approximately $995 million that largely related to expenditure on capital projects Property, plant and equipment totalled $7.7 billion at year end

Total liabilities increased mainly due to increased borrowings of $894 million required to fund capital projects Borrowings increased to $4.9 billion at year end

ENTITY ACTIVITIES

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

EnergyAustralia, a statutory State owned corporation, was established in March 1996 under the

Energy Services Corporations Act 1995 Its principal function is to distribute electricity in the

national electricity market

For further information on EnergyAustralia, refer to www.energy.com.au

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EnergyAustralia

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

EnergyAustralia Pty Limited

Downtown Utilities Pty Limited

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Integral Energy Australia

AUDIT OPINION

The audit of Integral’s financial report for the year ended 30 June 2009 resulted in an unqualified

Independent Auditor’s Report

KEY ISSUES

Restructure of Electricity Industry

The Government is proposing to sell Integral’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

Statistics provided by Integral show:

2009 2009 2008 2007

Network reliability –average minutes

The customer satisfaction index remained steady with the previous financial year and within the

target range This is the percentage of customers surveyed who rated Integral as ‘good’ or ‘very

good’ in relation to certain aspects of its performance

Network reliability measures the number of minutes customers are, on average, without electricity

each year In 2008-09, Integral reported a result of 89.3 minutes against a target of 93 minutes

This is an 8.7 per cent improvement over last year’s 97.8 minutes Integral advised its capital

investment over the last five years has significantly contributed to the improvement in reliability It

is targeting a further improvement to 80 minutes by 2013-2014 to meet New South Wales

Government licence conditions There were 4,145 interruptions in 2008-09 (4,285 in 2007-08), 806

caused by adverse weather, 1,360 due to defective equipment, and 575 caused by lightning

Environmental Performance

Integral’s proportion of energy purchased from sources other than coal fired power stations has

declined over the last four years from 15 per cent in 2005 to 12 per cent in 2009 The energy for

these alternative sources is created from natural gas, land fill gas, methane gas from coal mines,

wind and water While the volume of energy purchased from sources other than coal fired powers

stations has remained relatively stable the total volume of energy sold has increased A supply

problem also impacted on the proportion during 2008-09

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Integral Energy Australia

Under the Commonwealth’s Renewable Energy Electricity Act 2000, Integral needs to comply with

the Mandatory Renewable Energy Target (MRET) The aim of the MRET scheme is to ensure

20 per cent of Australia’s electricity comes from renewable sources by 2020 In meeting its annual

target, Integral acquires Renewable Energy Certificates (RECs) from third parties who create the

RECs through the use of eligible energy sources such as solar, wind, biomass or hydroelectricity As

a retailer of electricity, Integral is unable to produce RECs through its own operations

Integral will need to significantly increase its purchase of RECs over the next few years as shown in

the following graph As at 30 June 2009, Integral is already contracted to purchase a net 1.2 million

RECs with a value of $62.0 million over the next two years

Integral’s obligations under the New South Wales Greenhouse Reduction Scheme (GGAS) are met

through existing generation contracts

The Commonwealth government has plans for a Carbon Pollution Reduction Scheme (CPRS) and a

national Emission Trading Scheme (ETS) The proposed ETS scheme may commence in July 2011 but

its exact structure is uncertain

The GGAS scheme will be terminated when a national trading scheme is introduced While the

timing of this termination is still uncertain Integral considers it is ready to cope with any changes

including the introduction of a national ETS scheme

Financial Performance

(a) Profit after tax divided by average equity

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

(c) Dividend + income tax expense

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Earnings before interest and tax are above the budget and the 2008 result due to tariff increases, customer mix, and increased volume of electricity sold, partly driven by increased customer numbers in Queensland

Total distributions to Government were better than target due to net profit exceeding target While capital expenditure was below target, there was a significant increase on the prior year Factors contributing to the increase in capital expenditure included pressure to meet increased demand from the New South Wales electricity industry generally

OTHER INFORMATION

Integration and De-integration with Eraring

On 1 August 2008, Integral's retail business was transferred to a new subsidiary of Eraring Energy

following receipt of a Ministerial Direction issued under section 20P of the State Owned

Corporations Act 1989 (NSW) and the approval of the voting shareholders under section 20Y of the State Owned Corporations Act 1989 (NSW)

On 1 September 2008, integration agreements were terminated with Eraring Energy with effect from 1 August 2008, thereby placing each party in the position they would have been in had the agreements not been executed

Whilst there was a legal transfer of Integral’s retail business on 1 August 2008, in substance control

of the retail business was not passed from Integral to the Eraring Energy subsidiary Therefore management prepared the financial statements for Integral for the year ended 30 June 2009 as though there was no transfer We agreed that this treatment was appropriate as there was no effective transfer

Entry into Queensland Market

On 14 May 2007, Integral entered the small retail energy market in Queensland Since then Integral has gained more than 130,000 customers against an initial target of 73,000 In 2008-09 Queensland added approximately $112 million to Integral’s revenue compared to $33.2 million in 2007-08

Valuation of Property, Plant and Equipment

In accordance with Australian Accounting standards, Integral values its assets at market or fair value Integral last revalued its physical assets on 1 July 2005 and will need to revalue its assets with effect from 1 July 2010

Bad Debts

The Global Financial Crisis has had little impact on Integral’s level of bad debts Bad debts written off have increased by approximately $800,000 over the past three years, from $5.7 million to

$6.5 million However, bad debts written off have been falling as a percentage of sales revenue over the last three years

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FINANCIAL INFORMATION

Abridged Income Statement

$’000 $’000

PROFIT BEFORE BORROWING COSTS, DEPRECIATION, AMORTISATION

Total revenue included $1.5 billion in electricity sales ($1.4 billion in 2008) and $382 million in network use of system charges ($342 million)

Abridged Balance Sheet

$’000 $’000

The increase in total assets is due to Integral’s capital expenditure program, $432 million was added to the electricity network in 2008-09 ($356 million)

Borrowings as at 30 June 2009 were $2.3 billion ($1.9 billion).The majority of the borrowings are from New South Wales Treasury Corporation The increase in borrowing assisted in financing the capital expenditure program

Total expenditure commitments as at 30 June 2009 were $2.5 billion ($2.6 billion) The majority of this amount is for an electricity purchase contract, due to expire in 2027

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CORPORATION ACTIVITIES

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

Integral is a statutory State owned corporation constituted by the Energy Services Corporations

Act 1995 Its principal functions are to establish, maintain and operate facilities for the distribution

and supply of electricity and other forms of energy The voting shareholders are the Treasurer and the Minister for Finance

For more information on Integral, refer to www.integral.com.au

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TransGrid

AUDIT OPINION

The audit of TransGrid’s financial report for the year ended 30 June 2009 resulted in an unqualified

Independent Auditor’s Report

PERFORMANCE INFORMATION

TransGrid is responsible for providing accessible, efficient, safe and reliable facilities for transmitting electricity in New South Wales The following are some of the key indicators it uses to

assess its performance

Operational Performance

Energy Maximum Demands

Energy use in New South Wales has increased at about 1,222 gigawatt hours (GWh) per annum over

the past ten years TransGrid reported a peak winter demand of 14,274 megawatts (MW) in

July 2008 (14,054 MW 2007-08) In February 2009, it recorded a peak summer demand of 14,106 MW

(12,954 MW in 2007-08)

TransGrid has spent $1.4 billion on its capital works program over the five year regulatory period

from 1 July 2004 to 30 June 2009 to meet increasing electricity demand A significant proportion of

this amount, $620 million, was spent in 2008-09 TransGrid borrowed $457 million to fund the

capital expenditure, increasing total debt to $2.0 billion

Reliability of Transmission Network

The Australian Energy Regulator (AER) monitors the performance of transmission networks against

AER targets set for the regulatory period 2004 to 2009 TransGrid’s performance for the years

ended 31 December 2006 to 2008 was:

Frequency of lost supply events

Source: Australian Energy Regulator and TransGrid

TransGrid has generally performed well against its targets Actual circuit and transformer

availability were below target due to TransGrid’s upgrade and asset replacement capital works

programs, and did not indicate a reduction in network reliability during the period

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