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Investor Presentaiton

Cash flow statement Cash flow statement FY18-201 Variance A$m, nominal FY18 FY19 FY20 (FY19-20) EBITDA 1,573 1,655 1,319 (336) (Increase)/decrease in net working capital (42) 17 (83) (100) Non-cash items / reform costs (151) (174) (129) 45 / finance lease interest paid Net cash flow from operating activities 1,380 1,498 1,107 (391) Acquisition of business combination, net of cash (165) acquired Capital expenditure (702) (1,026) (675) 351 Proceeds from the sale of PPE and assets 22 10 4 (6) Net cash flow from investing activities (845) (1,016) (671) 345 Free cash flow 535 482 436 (46) Equity injection from partners 110 43 30 (13) Net proceeds from borrowings 227 230 243 13 Finance costs paid (477) (451) (465) (14) Interest received 4 3 2 (1) Dividends paid (distributions paid) (505) (337) (30) 307 Net cash flows from financing activities (641) (512) (220) 292 Income tax paid Net cash flow (106) (30) 216 246 Net cash flow (excluding income tax and dividends paid) 399 307 246 (61) Better Ausgrid Together Note: 1. FY20 numbers are unaudited and subject to revision Comments Net cash flow from operating activities reduced by $391 million in FY20 primarily driven by: lower tariffs following the AER Determination and reduced consumption volumes impacted by milder weather and COVID-19 higher cash reform costs due to employee exits under the FY20 Restructure increased transmission charges from Trans Grid working capital movements Net cash flow from investing activities reduced by $345 million in FY20 due to lower capital expenditure as a result of the LWP Equity injection from partners of $30 million in FY20 represents distribution paid by Ausgrid Operator Partnership that was immediately reinvested as equity into PLUS ES Net proceeds from borrowings of $243 million in FY20 includes a $200 million drawdown during COVID-19 as a liquidity buffer. The smaller drawdown in FY20 is due to lower capital expenditure and a $95 million repayment of Ausgrid's syndicated loan facility Finance costs increased by $14 million in FY20 due to fees paid in relation to the refinance of Ausgrid's syndicated loan facility and higher interest payments from a higher loan balance in FY20 46
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