Investor Presentaiton
FINANCIAL HIGHLIGHTS - HY 2013
Delivering now
Invested in regulated assets
with stable cash flows
Asset Companies delivering
solid results in line with
regulatory decisions
Strong balance sheets with
enhanced flexibility
Growing distributions
alongside strong and
growing look-through cash
flows
Current Regulatory Asset Base (RAB) of $8.3 billion (est.) (Spark share $4.1 billion)
► Total RAB growth of 3.1% in HY 2013 reflecting net capital expenditure of $422.3 million (100%
basis). 8.7% growth over last 12 months
Victoria Power Networks appeal revenues ($149.0 million) being recovered from 1 January 2013
► Total revenue of $1,049.2 million (100% ex customer contributions) - up 10.3% on HY 2012
▸ Distribution revenue of $802.5 million - up 8.0% on HY 2012
Total operating costs of $346.3 million (100%) - up 9.6% on HY 2012
Aggregate EBITDA of $702.9 million (100% ex customer contributions) - up 10.7% on HY 2012
► Asset Company Net debt to RAB at 30 June 2013 is 79.5% (0.2% reduction in half year; 2.3%
reduction over last 12 months)
► No refinancing of Asset Company long term debt maturities until September 2014
► Refinancing of Spark corporate debt during March 2013 on improved terms and conditions.
Paid down $30.0 million of drawn debt during HY 2013. Standalone gearing less than 1.0%
► 5.50cps in HY 2013; guidance of 11.0cps for FY 2013 - up 4.8% on FY 2012
► Continue to fund distributions from operating cash flows. HY 2013 standalone payout ratio of
87.6%-80% target for periods to 2015
► Look through operating cash flow of $119.2 million in HY 2013 - up 64.8% on HY 2012. Look
through payout ratio of 66.0% for HY 2013
SPARK INFRASTRUCTURE - INVESTOR PRESENTATION - NOVEMBER 2013 18
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