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Chairman and Managing Director’s report 4 Country Energy broke new ground in 2004-2005. We enjoyed widely acknowledged successes, commenced a major cultural shift and set about meeting our customers’ increasing expectations – all in a challenging commercial environment. The ultimate reward was the announcement of our merger with Australian Inland in November 2004. Country Energy was itself formed through the successful three-way merger of smaller energy suppliers and has never looked back. Our track record shows that we have the capacity to improve service delivery and reliability, viably compete against larger urban retailers, harness economies of scale and promote sustainable jobs growth. The merger with Australian Inland means that Country Energy’s operating area spans a massive 95 per cent of New South Wales’ land mass and confirms Country Energy’s position as operator of Australia’s largest power network. With the addition of water services in Broken Hill and surrounding townships, Country Energy has become a genuine multi-utility. The merger has also given both organisations the benefit of combined resources, expertise and clout. Our decentralised structure ensures decision making reflects local priorities. At the same time, our corporate scale allows us to provide the infrastructure needed to support effective frontline service delivery. Underpinning the growth of our customer base is a capacity to market and deliver competitive products and services. We have a proud record of building and maintaining customer relationships, operating customer service infrastructure and realising the significant value of the Country Energy brand. Building on last year’s strong financial performance, we delivered an excellent result for our shareholders, providing an after tax profit of $98.7 million. This was ahead of target for the fourth year in succession. Continued strong growth in operating revenue and careful management of our expenditure were contributing factors. This result is particularly pleasing as it was achieved in a more competitive environment than a year ago. Country Energy remains acutely aware of the challenge of securing new energy supplies while reducing the environmental impacts of energy use. We have adopted a suite of responses, including innovative energy efficiency initiatives, buying energy from renewable and low emission generators and reducing the impact of our own energy consumption. These measures contribute to a better balance of energy security and environmental sustainability. New opportunities may arise from policy reforms under consideration by the New South Wales Government, as first articulated in the Energy Directions Green Paper. Country Energy submitted a comprehensive response, focussing on our expertise as a dedicated regional energy supplier, and putting forward proposals to create an even more competitive retail business while encouraging new investment in generation capacity. Our Board will continue to demand high standards of the corporation, setting ‘stretch’ targets to drive performance improvement. We acknowledge the contribution of our Board to the governance of the organisation, and we thank fellow directors for their guidance. Most importantly, we sincerely thank Country Energy’s employees for their hard work, passion and dedication. This report records many achievements of which all employees can be proud. Barbara Ward Chairman of the Board Craig Murray Managing Director COUNTRY ENERGY ANNUAL REPORT 2004–2005
A leader in safety 5 COUNTRY ENERGY ANNUAL REPORT 2004–2005
Page 1 and 2: Becoming Australia’s leading util
Page 3: Priorities in 2004-2005 Country Ene
Page 7 and 8: Detailed audit schedules have been
Page 9 and 10: Workers compensation In addition to
Page 11 and 12: A successful national retailer 11 C
Page 13 and 14: Looking inside We recognise that ou
Page 15 and 16: This resulted in the campuses reduc
Page 17 and 18: The best network manager 17 COUNTRY
Page 19 and 20: The table below highlights some exa
Page 21 and 22: • Large snowfalls in the Snowy Mo
Page 23 and 24: Vegetation management The managemen
Page 25 and 26: Information services In addition to
Page 27 and 28: A responsible environmental manager
Page 29 and 30: One of the most rewarding aspects o
Page 31 and 32: Our increasing involvement in proje
Page 33 and 34: Waste management A code of practice
Page 35 and 36: A valued part of the community 35 C
Page 37 and 38: Increased presence Our program of r
Page 39 and 40: Nu 1000 0 2002-2003 2003-2004 2004-
Page 41 and 42: Sponsorship spend $82,424 $125,000
Page 43 and 44: An employer of choice 43 COUNTRY EN
Page 45 and 46: Apprentices by region / operational
Page 47 and 48: Employees also initiated a fundrais
Page 49 and 50: Employee assistance program Country
Page 51 and 52: Our Executive Craig Murray - Managi
Page 53 and 54: Director Current appointment Board
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Risk management Country Energy appr
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Executive remuneration At the end o
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Consultants A total of $1.3 million
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• Electricity Industry Act 2000 N
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Financial statements contents Indep
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Statement by Members of the Board 6
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Statement of Financial Position as
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Notes to the Financial Statements f
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Customer information The following
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Index A Achievements inside cover A
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