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 8 Cash Flow Information (a) Cash and Cash Equivalents 2011 $’000 2010 $’000 Cash in bank 3,260 30,321 Cash on hand 28 34 Total cash and cash equivalents 3,288 30,355 For the purposes of the Cash Flow Statement, cash includes cash on hand and cash equivalents. (b) Reconciliation of Cash Flows from Operating Activities to Profit After Tax 2011 $’000 2010 $’000 Profit after tax 1,003,997 178,979 Adjustments for: Depreciation non-current assets 147,399 133,202 Amortisation non-current assets 17,261 16,516 Amortisation of discounts/premiums 11,391 19,308 Non cash capital contributions (61,281) (44,127) Net profit/(loss) on disposal of property, plant and equipment 2,975 (5) Asset revaluation reserve movements 4,726 12,238 Gain on sale of discontinued operations (759,280) – Net assets of Retail business derecognised during the year (136,065) – Changes in assets and liabilities (Increase)/decrease in trade and other receivables 82,709 (48,991) (Increase)/decrease in unread meters 78,554 (5,363) (Increase)/decrease in derivative financial assets 10,620 (5,112) (Increase)/decrease in inventories 11,717 4,380 (Increase)/decrease in other assets 10,158 19,877 (Increase)/decrease in assets classified as held for sale – 4,383 Increase/(decrease) in trade and other payables (87,501) 19,406 Increase/(decrease) in provisions 21,895 13,534 Increase/(decrease) in current tax balances 10,642 36,878 Increase/(decrease) in deferred tax liabilities 50,206 (3,608) Increase/(decrease) in derivative financial liabilities (50,396) 50,709 Increase/(decrease) in other liabilities (16,202) (1,776) Net cash flows from operating activities 353,525 400,428 68
8 Cash Flow Information continued (c) Financing Facilities 2011 $’000 2010 $’000 Total facilities available The Corporation has access to the following lines of credit: Bank overdraft 2,000 2,000 T-Corp short term accommodation 100,000 150,000 T-Corp loans 3,166,000 2,866,000 Inscribed stock 265 1,407 Total facilities available 3,268,265 3,019,407 Facilities utilised at reporting date* Bank overdraft – – T-Corp short term accommodation 19,250 – T-Corp loans 2,597,969 2,412,891 Inscribed stock 265 1,407 Total facilities utilised at reporting date 2,617,484 2,414,298 Facilities unused at reporting date Bank overdraft 2,000 2,000 T-Corp short term accommodation 80,750 150,000 T-Corp loans 568,031 453,109 Inscribed stock – – Total facilities unused at reporting date 650,781 605,109 * Facilities utilised at reporting date reflect actual balances and do not account for unpresented cheques. T-Corp short term accommodation Endeavour Energy has approval from the Public Authorities (Financial Arrangements) Act 1987 (“PAFA Act”) to obtain a $100m (2010: $150m) short term accommodation (Come-and-Go facility) from NSW Treasury Corporation (T-Corp). T-Corp loans Endeavour Energy has approval from the PAFA Act to obtain $3,166m (2010: $2,866m) loan funding from T-Corp. The loans are secured by a guarantee from the NSW Government and a government guarantee fee is payable by Endeavour Energy to NSW Treasury. The guarantee fee payable is calculated in accordance with NSW Treasury Accounting Policy TPP10-4 Government Guarantee Fee Policy for Government Businesses. The loan amounts in current liabilities include the portion of the Corporation’s T-Corp loans payable within one year of $399.5m (2010: $461.4m). Non-current T-Corp loans payable on or before 15 April 2039 total $2,217.9m (2010: $1,952.9m), with maturity dates ranging between one and twenty eight years from reporting date. All T-Corp debt is fully payable on maturity with the majority being fixed rate loans. Bank overdraft Endeavour Energy has an approved overdraft limit facility of $2.0m. The total bank overdraft of the Corporation is unsecured. The bank overdraft is payable on demand and subject to annual review. Endeavour Energy Annual Performance Report 2010–11 69
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 and 66: 4 Expenses 2011 $’000 2010 $’00
Page 67 and 68: 5 Gain/(loss) on sale of Retail bus
Page 69: 7 Deferred Tax (Assets)/Liabilities
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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