Investor Presentaiton
INFRASTRUCTURE FOR THE FUTURE
UNDERLYING LOOK-THROUGH CASH FLOW SUMMARY
Spark Infrastructure share ($m)
Victoria Power
Networks
SA Power
TransGrid
Networks
Spark
Infrastructure
2020
2019 Change
EBITDA from operations
less corporate costs
Look-through EBITDA
442.5
327.4
100.4
5.3
875.6
856.6
2.2%
(13.2)
(13.2)
(14.8)
-10.8%
442.5
327.4
100.4
(7.9)
862.4
841.8
2.4%
less net finance charges (1)
(79.6)
(64.5)
(32.2)
(1.8)
(178.1)
(175.0)
1.8%
less net reg/unreg depreciation/maint. capex
(2)
(148.1)
(135.1)
(29.2)
(312.4)
(276.3)
13.1%
Working capital/non cash movements
(28.6)
17.1
(1.7)
(0.6)
(13.7)
6.9
n/m
Underlying net operating cash flows before tax
186.2
144.9
37.4
(10.3)
358.2
397.4
-9.9%
less tax paid (3)(4)
-
-
(37.9)
(37.9)
(18.1)
n/m
Underlying net operating cash flows after tax
186.2
144.9
37.4
(48.2)
320.3
379.3
-15.6%
Underlying Standalone OCF per Security
18.6 cps
22.5 cps
-17.3%
(5)
Distributions paid
233.5
253.6
Growth capex (6)
(145.1)
(27.0)
(58.6)
(230.7)
(203.6)
13.3%
Bomen Solar Farm acquisition and construction costs
Other
(9.8)
(9.8)
(164.2)
-94.0%
5.2
(12.9)
(10.5)
(18.3)
(34.4)
-46.8%
Investing cash flows
(139.9)
(39.9)
(69.1)
(9.8)
(258.8)
(402.2)
-35.7%
Look-through EBITDA for FY2020 increased by 2.4%; growth capex up 13.3% to $230.7m
(1) Corporate finance charges excludes interest paid of $6.7m on historical tax payments made (under review)
(2) Net reg/unreg depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of CPI uplift on RAB. Increase in net regulatory depreciation is primarily driven by decrease in CPI adjustment in
comparison to 2019.
(3) Spark Infrastructure corporate tax paid of $37.9m in 2020 represents the 2019 tax liability for the SIH1 and SIH2 tax groups. 2019 tax paid of $16.9m represents the 2018 tax liability for SIH2 tax group. Excludes other tax
paid of $48.0m. Refer to slide 45 for additional tax information.
(4) VPN and SAPN cash tax paid of $22.8m and $2.8m respectively has been excluded as a tax refund related to the ATO litigation is expected in 2021 and the benefit of franking credits will be distributed to Spark Infrastructure
in future years
(5) Total FY2020 and FY2019 distributions are based on weighted average number of Spark Infrastructure securities on issue throughout the year.
(6) Represents net increase in RCAB
Spark Infrastructure | Investor Presentation | February 2021
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