Endeavour Energy Annual Performance Report - Parliament of New ...

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09 Financial statements Notes to the Financial Statements For the year ended 30 June 2011 5 Gain/(loss) on sale of Retail business (a) Retail sale On 14 December 2010 the NSW Government, as part of its Energy Reform Transaction Strategy, entered into a sale agreement to dispose of the net assets of the Corporation’s Retail business. The disposal was completed on 1 March 2011, at which date control of the Retail business passed to the acquirer. The gain on disposal of the Retail business assets and liabilities is measured as the difference between the fair value of the consideration received (excluding stamp duty) and the sum of the carrying value of the disposal group. The disposal group consists of working capital, derivative assets and liabilities, environmental certificate assets, and property, plant and equipment. (b) Financial performance of operations disposed Results of discontinued operations for the year up to disposal date are presented below: Note 2011 $’000 2010 $’000 Revenue 829,368 1,195,745 Expenses (769,382) (1,102,105) Results from operating activities 59,986 93,640 Income tax 6(a) (17,996) (28,092) Results from operating activities, net of tax 41,990 65,548 Gain on sale of discontinued operations 5(e) 759,280 – Profit/(loss) for the year 801,270 65,548 Profit from discontinued operations in the amount of $801.3m (2010: $65.5m) is attributable entirely to the owners of the Corporation. (c) Cash flows from (used in) discontinued operations Cash flow information relating to discontinued operations has not been disclosed due to books and records not being kept to distinguish between the Retail and Network business separately in prior years and up to the date of sale. Significant assumptions would have to be made to separate the financial information if these disclosures were to be presented that, in management’s view, would not reflect a true and fair position of the discontinued operations cash flow position. 64
5 Gain/(loss) on sale of Retail business continued (d) Net assets attributable to discontinued operations Working capital deficit* 35,751 Trade and other debtors 112,214 Accrued income (unbilled income and unread meters) 186,204 Green certificates (NGACs and Emission Rights) 69,003 Derivative financial assets 46,298 Property, plant and equipments 271 Total assets 449,741 Other creditors 232,527 Deposits 8,743 Derivative financial liabilities 89,973 Total liabilities 331,243 Net assets attributable to discontinued operations 118,498 2011 $’000 * The working capital deficit reflects the difference between the target level of working capital defined in the Sale and Purchase Agreement, and the actual level of working capital as at sale Completion Date. (e) Gain/(loss) from discontinued operations Consideration received from the sale of the Retail business 1,000,000 2011 $’000 Stamp duty paid (71,254) Net assets of the Retail business sold (118,498) Recycling of cash flow hedge reserve (52,419) Gain on liability foregone 1,451 Gain on sale of discontinued operations before income tax 759,280 (f) Net cash flow on disposal Cash consideration received from the sale of the Retail business 1,000,000 2011 $’000 Stamp duty paid (71,254) Cash inflow reflected in Statement of Cash Flows 928,746 Endeavour Energy Annual Performance Report 2010–11 65
Page 1 and 2:
ANNUAL PERFORMANCE REPORT 2010-11 I
Page 3 and 4:
Contents LETTER TO SHAREHOLDING MIN
Page 5 and 6:
YeAR at a Glance Items 2009-10 2010
Page 7 and 8:
To that end, we pursued our second
Page 9 and 10:
Endeavour Energy’s six strategic
Page 11 and 12:
Performance indicator: lost time in
Page 13 and 14:
Performance indicator: Capital expe
Page 15 and 16: Efficiency reviews to reduce costs
Page 17 and 18: Each year we investigate bushfire r
Page 19 and 20: STRATEGIC OBJECTIVE 6 - DELIVER PER
Page 21 and 22: Network Strategy Network business o
Page 23 and 24: Major works in progress 2010-11 con
Page 25 and 26: Major works in progress 2010-11 con
Page 27 and 28: The NSW Code of Practice - Demand M
Page 29 and 30: Network-related calls increased fro
Page 31 and 32: New apprentices vital to our workfo
Page 33 and 34: Equal employment opportunity As par
Page 35 and 36: Multicultural policies and services
Page 37 and 38: 06 8 % reduction in greenhouse emis
Page 39 and 40: Environmental management system Our
Page 41 and 42: ENDEAvoUR ENERGY’S GoveRNANCE AND
Page 43 and 44: EXECUTIve LEADERshIP TEAM Vince Gra
Page 45 and 46: 08 $ 245 m operating profit after t
Page 47 and 48: Debt Balance sheet debt increased b
Page 49 and 50: Directors’ Report For the yEAR en
Page 51 and 52: Statement of Comprehensive Income F
Page 53 and 54: Statement of Changes in Equity For
Page 55 and 56: Statement of Cash Flows For the yEA
Page 57 and 58: 2 Statement of Significant Accounti
Page 65: 4 Expenses 2011 $’000 2010 $’00
Page 69 and 70: 7 Deferred Tax (Assets)/Liabilities
Page 71 and 72: 8 Cash Flow Information continued (
Page 73 and 74: 9 Trade and Other Receivables conti
Page 75 and 76: 12 property Plant and Equipment con
Page 77 and 78: 13 Intangible Assets Software $’0
Page 79 and 80: 14 Employee Benefits - Superannuati
Page 81 and 82: 16 Other Current Liabilities 2011 $
Page 83 and 84: 21 Financial Instruments continued
Page 91 and 92: 23 Expenditure Commitments continue
Page 93 and 94: 27 prudential Requirements An unsec
Page 95 and 96: Appendices Contents Five-year stati
Page 97 and 98: Australian Financial Services Licen
Page 99 and 100: Executive Remuneration General prin
Page 101 and 102: Table A: Number of applications by
Page 103 and 104: Implementation of Price Determinati
Page 105 and 106: GLossARY The Australian Consumer La
Page 107: Ausgrid LOCATIONS and contacts Kand
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