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Statement of Cash Flows for the year ended 30 June 2005 Consolidated Corporation 2005 2004 2005 2004 $’000 $’000 $’000 $’000 Note Inflows / (Outflows) Inflows / (Outflows) CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 1,806,649 1,714,535 1,801,612 1,711,817 Payments to suppliers & employees (1,428,887) (1,365,778) (1,429,529) (1,360,194) Interest received 879 1,927 878 1,730 Interest and other costs of finance paid (121,267) (106,545) (121,267) (106,545) Income tax refund/(paid) (64,860) 6,109 (63,332) 6,109 NET OPERATING CASH FLOWS 21 192,514 250,248 188,362 252,917 68 CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment (392,976) (324,808) (388,825) (320,264) Proceeds from sale of property, plant & equipment 6,982 9,553 6,982 9,553 Net sales of investments - - - 1,000 NET INVESTING CASH FLOWS (385,994) (315,255) (381,843) (309,711) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings 217,742 62,000 217,742 62,000 Repayment of borrowings (171) (4,455) (171) (4,455) Net community service obligations received/(paid) 344 1,613 344 1,613 Dividends paid 6 (29,764) (29,764) (29,764) (29,764) NET FINANCING CASH FLOWS 188,151 29,394 188,151 29,394 NET INCREASE/(DECREASE) IN CASH HELD (5,329) (35,613) (5,330) (27,400) Cash at the beginning of the financial year 2,155 37,768 2,145 29,545 Cash at the end of the financial year 1(g),(I) (3,174) 2,155 (3,185) 2,145 The accompanying notes form part of this Statement of Cash Flows. COUNTRY ENERGY ANNUAL REPORT 2004–2005
Notes to the Financial Statements for the year ended 30 June 2005 NOTE 1. SIGNIFICANT ACCOUNTING POLICIES The significant policies which have been adopted in the preparation of the financial statements are: (a) Reporting Entity Country Energy was formed on 1 July 2001 by the merger of three NSW electricity distributors. These distributors traded as Advance Energy, Great Southern Energy and NorthPower. Country Energy is incorporated under the State Owned Corporations Act 1989. Country Energy’s capital comprises two (2) fully paid $1.00 ordinary shares issued to the Minister for Finance and another Minister, currently the Special Minister of State and Assistant Treasurer. The $2.00 share capital has been included in the amount of contributed equity disclosed in the Statement of Financial Position (refer note 19). (b) Financial Reporting Framework The accompanying statements are a general purpose financial report which has been prepared in accordance with the requirements of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2000 and the State Owned Corporations Act 1989. The financial statements have been prepared on an accrual accounting, going concern basis in accordance with these Acts and Regulation, and are in conformity with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board and Urgent Issues Group Consensus Views. 69 The financial statements have been prepared in accordance with the historical cost convention and do not take account of changes in the general purchasing power of the dollar except where stated. Comparatives have been reclassified where necessary to enhance comparability in respect of changes in the current year. Where prior year information was not disclosed, or where it is not practical to calculate the information, comparatives have been omitted. Where this has occurred, references have been made accordingly throughout the financial statements. Figures have been reclassified this year to incorporate changes required by new or revised accounting standards. (c) Principles of Consolidation The consolidated financial statements of the economic entity include the financial statements of the Corporation, being the parent entity, and its controlled entities. Details of holdings in controlled entities appear in note 27. The balances and effects of transactions with the controlled entities included in the financial statements have been eliminated. The controlled entities are EMMLINK Pty Limited, NorthPower Energy Services Pty Limited and Country Energy Gas Pty Limited. In the prior year controlled entities included EastCoast Gas Pty Ltd. This entity was deregistered during the previous year. NorthPower Energy Services Pty Limited did not operate during the year. (d) Change in Accounting Policies The accounting policies are consistent with those applied in the previous year. (e) Impacts of Adopting Australian Equivalents to International Financial Reporting Standards Country Energy will apply the Australian Equivalents to International Financial Reporting Standards (AEIFRS) from the reporting period beginning 1 July 2005. (i) Managing the transition The strategy to manage the transition to AEIFRS includes the following key components. • Consultants have analysed the standards and Urgent Issues Group Abstracts to identify key areas regarding policies, procedures, systems and financial impacts affected by the transition • The differences between AGAAP and AEIFRS have been identified • A project plan was prepared and is being followed to resolve these differences and assist with the transition. • The Audit and Risk Committee is overseeing the transition. The Group General Manager, Finance and Business Development is responsible for the project and reports regularly to the Committee on progress against the plan. • The plan identifies the steps required to design and implement the necessary processes, procedures and policies to achieve transition. COUNTRY ENERGY ANNUAL REPORT 2004–2005
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Becoming Australia’s leading util
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Priorities in 2004-2005 Country Ene
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A leader in safety 5 COUNTRY ENERGY
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Detailed audit schedules have been
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Workers compensation In addition to
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A successful national retailer 11 C
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Looking inside We recognise that ou
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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
Page 55 and 56: Risk management Country Energy appr
Page 57 and 58: Executive remuneration At the end o
Page 59 and 60: Consultants A total of $1.3 million
Page 61 and 62: • Electricity Industry Act 2000 N
Page 63 and 64: Financial statements contents Indep
Page 65 and 66: Statement by Members of the Board 6
Page 67: Statement of Financial Position as
Page 71 and 72: Notes to the Financial Statements f
Page 97 and 98: Customer information The following
Page 99 and 100: Index A Achievements inside cover A
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