Investor Presentaiton
INFRASTRUCTURE FOR THE FUTURE
SA POWER NETWORKS LOOK-THROUGH NOCF (100%)
HY 2020
HY 2019
$m
350
(66.3)
300
250
200
361.6
150
100
50
(122.9)
(14.6)
157.9
( 4.0 )
337.8
153.9
( 64.4)
( 120.0)
(29.6)
123.8
(1.7)
122.1
0
EBITDA
less: Net
less: Net
finance regulatory
charges (cash) depreciation
Non cash/net Operating
working capital c/flow - before
movements
Tax paid
tax
Operating
c/flow - after
tax
EBITDA
less: Net
less: Net
finance
regulatory
charges (cash) depreciation
Non cash/net Operating
working capital c/flow - before
movements
Tax paid
Operating
c/flow - after
tax
tax
Note re maintenance capex:
Net regulatory depreciation is a proxy for maintenance capex. It is calculated as regulatory depreciation net of actual CPI uplift on RAB
CPI uplift on RAB was estimated by:
In H1 2020: actual December 2018 CPI of 1.84% was applied, with 50% assumed to apply to H1 2020; In H1 2019: actual December 2018 CPI of 1.78% was applied, with 50% assumed to apply to H1 2019
CPI is based on 'All groups CPI' for weighted average of 8 capital cities, not seasonally adjusted (Source: ABS). December on December (released January) for the regulatory period commencing 1 July
Spark Infrastructure | Investor Presentation I August 2020
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