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 continued Inscribed stock Endeavour Energy has borrowings by the issue of inscribed stock to companies and various government bodies. There have been no new debt issues for this type of borrowing since November 1994. The loan amount in current liabilities includes the Corporation’s inscribed stock principal repayments to be made within one year of $0.27m (2010: $1.15m). All inscribed stock are fixed rate loans and fully payable on maturity, with the exception of one loan which requires half yearly principal repayments. Other financing facilities Endeavour Energy has the following additional facilities approved under the PAFA Act: (i) Purchasing and credit card facilities of $2.5m (2010: $2.5m) with the corporate banker; (ii) A bank guarantee facility of $3.0m (2010: $3.0m) with the corporate banker; and (iii) A set off arrangement allowing a maximum aggregate amount of all debit balances of accounts held with the corporate banker of $20.0m (2010: $20.0m) and a maximum net debit balance/overdraft of all accounts held with the corporate banker of $2.0m (2010: $2.0m). 9 Trade and Other Receivables 2011 $’000 2010 $’000 Trade receivables 123,445 183,310 Allowance for impairment (1,495) (20,849) 121,950 162,461 Other debtors 81,963 140,669 Prepayments – other 6,011 6,835 Total current trade and other receivables 209,924 309,965 Trade receivables are non-interest bearing. The Days Sales Outstanding (DSO) as at 30 June 2011 is 22.1 (2010: 24.1). 2011 $’000 2010 $’000 Trade receivables 17,332 – Total non-current trade and other receivables 17,332 – The non-current trade receivables balance relates to the recognition of a back-to-back asset for a non-current derivative liability (note 15) that has been sold as part of the sale of the retail net assets (refer note 2(q)). Movements in the allowance for impairment loss were as follows: 2011 $’000 2010 $’000 Opening balance 20,849 13,813 Charge for the year 8,524 14,193 Amounts written off (9,422) (7,435) Amounts recovered during the year 6 278 Amounts sold as part of Retail sale (18,462) – Closing balance 1,495 20,849 70
9 Trade and Other Receivables continued Total $’000 Past due but not impaired $’000 Considered impaired $’000 2011 < 3 months overdue 6,557 6,557 – 3 months – 6 months overdue 6,726 5,702 1,024 > 6 months overdue 471 – 471 2010 < 3 months overdue 24,409 24,376 33 3 months – 6 months overdue 11,146 5,177 5,969 > 6 months overdue 14,847 – 14,847 All trade debtors are recognised as amounts receivable at balance date. Collectibility of trade debtors is reviewed on an ongoing basis. Procedures as established in company policies and procedures are followed to recover outstanding amounts. Debts which are known to be uncollectible are written off. An allowance for impairment is raised when there is objective evidence that the entity will not be able to collect all amounts due. This evidence includes past experience, and current and expected changes in economic conditions, debtor credit ratings and company policy. No interest is earned on trade debtors. Sales are made on 21–30 day terms. 10 Inventories 2011 $’000 2010 $’000 Stores and materials 26,151 27,128 NSW Greenhouse Gas Abatement Certificates 1,154 10,335 Total inventories 27,305 37,463 During the year ended 30 June 2011 stores and materials and NSW Greenhouse Gas Abatement Certificates recognised in profit or loss amounted to $4.8m (2010: $16.5m). 11 Assets Classified as Held for Sale 2011 $’000 2010 $’000 Non-current assets held for sale 4,800 4,800 Total assets classified as held for sale 4,800 4,800 Non-current assets held for sale relate to vacant non-infrastructure land and buildings. Endeavour Energy Annual Performance Report 2010–11 71
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 and 70: 7 Deferred Tax (Assets)/Liabilities
Page 71: 8 Cash Flow Information continued (
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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