Earnings increased because TransGrid received additional regulated revenue of approximately $30.0 million in 2008-09.. This resulted from a correction to one of the parameters used in th
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58 _ Auditor-General’s Report to Parliament 2009 Volume Three
Financial Performance
2009 2009 2008 2007
Earnings before interest and tax ($m) 318.1 320.5 290.5 240.8
Return on equity (%) (a) 7.8 8.0 7.7 5.8
Return on assets (%) (b) 7.1 6.8 7.1 6.3
Interest cover (times) 2.3 2.4 2.4 2.3 Dividends to government ($m) 114.2 120.2 105.9 71.5
Capital expenditure 537.9 619.9 355.0 218.2
* Source: TransGrid 30 June 2009 Statement of Corporate Intent (SCI)
(a) net profit after tax divided by average equity
(b) earnings before interest and tax divided by average assets
Earnings increased because TransGrid received additional regulated revenue of approximately
$30.0 million in 2008-09 This resulted from a correction to one of the parameters used in the
Maximum Allowance Revenue calculation for the 2004-09 regulatory period
Contributions to Government for 2008-09 were $187 million, comprising a dividend of $120 million
($106 million in 2008) and taxation of $67.1 million ($58.1 million)
Capital expenditure increased significantly from 2008 and a number of major capital projects were
close to completion including the Western 500kV Development Project and Wollar-Wellington 330kV
Transmission Line projects
OTHER INFORMATION
Maximum Allowable Revenue
Every five years, the AER determines the maximum allowable revenue for TransGrid’s operations
for a five year regulatory period The revenue proposal seeks sufficient funds from the regulator to
allow TransGrid to continue to deliver network reliability
A key challenge in the current regulatory period is the significant reduction in the regulated return
on TransGrid’s asset base resulting from a fall in bond yields used by the AER to determine the rate
of return Consequently, TransGrid’s transmission charges will increase by 2.3 per cent, increasing
the average residential customer bill by $2.80 per annum from 1 July 2009
The approved regulated capital works program will increase to $2.4 billion for the 2009-14 regulatory period from $1.5 billion for the 2004-09 period
TransGrid’s performance targets, agreed with AER for the 2009-14 regulatory period, include:
transmission circuit availability of 99.26 per cent
transformer availability of 98.55 per cent
reactive plant availability of 99.12 per cent
frequency of lost supply events greater than 0.05 minutes is four
frequency of lost supply events greater than 0.40 minutes is one
average outage duration (minutes) is 824
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Auditor-General’s Report to Parliament 2009 Volume Three _ 59
FINANCIAL INFORMATION
Abridged Income Statement
$’000 $’000
PROFIT BEFORE BORROWING COSTS, DEPRECIATION AND TAX 475,377 434,430 Borrowing costs 105,072 101,882 Depreciation 152,884 141,996
Income tax equivalent expense 67,130 58,165
Dividend provided 120,233 105,910
Revenue included $603 million from the transmission of electricity ($527 million) Increases in revenue were limited to the revenue cap set by the regulator and performance incentive amounts The revenue cap is adjusted each year by indexing for inflation
Revenue also included $18.5 million ($29.2 million) from non-cash capital contributions which predominately relates to the transfer of the transmission assets forming part of the Capital Wind Farm Substation project
Abridged Balance Sheet
$’000 $’000
Current assets 163,904 127,519 Non-current assets 5,006,997 4,093,095
Current liabilities 890,225 557,116 Non-current liabilities 2,293,139 1,913,280
Non-current assets increased by $914 million largely due an upward revaluation of Network Assets and the completion of major capital projects in 2008-09
Total liabilities increased due to additional borrowings of $457 million to fund capital projects
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CORPORATION ACTIVITIES
See the ‘Electricity Industry Overview’ appearing earlier in this report for general industry comment
TransGrid principally establishes, maintains and operates facilities to transmit electricity and other forms of energy
TransGrid is a statutory State owned corporation constituted by the Energy Services Corporations
Act 1995 It was corporatised under the State Owned Corporatisation Act 1989 in December 1998
For more information on TransGrid, refer to www.transgrid.com.au
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Minister for Planning
Refer to Appendix 1 for:
Festival Development Corporation
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Minister for Primary Industries
Refer to Appendix 1 for:
State Council of Rural Lands Protection Boards Trustees of the Farrer Memorial Research Scholarship Fund
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Minister for Sport and Recreation
Refer to Appendix 1 for:
Newcastle International Sports Centre Trust
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