Investor Presentaiton
INFRASTRUCTURE FOR THE FUTURE
STANDALONE NET OPERATING CASH FLOW
Operating Cash Flow ($m)
Investment Portfolio Distributions
Victoria Power Networks (1)
SA Power Networks
TransGrid
Total Investment Portfolio Distributions
Net interest received
Corporate expenses
Underlying Net Standalone OCF before tax
Underlying tax paid (2)
Underlying Net Standalone OCF after tax
Underlying Standalone OCF per Security
Operating costs - Bomen related
Project and transaction bid costs
Other interest paid (4)
Other tax paid (3)
Standalone Net OCF
Spark Infrastructure Distribution per Security
HY 2020
HY 2019
Change
78.4
75.9
3.3%
46.8
55.2
-15.2%
11.6
21.5
-46.0%
136.8
152.6
-10.4%
0.4
0.9
-55.6%
(7.5)
(8.0)
-6.3%
129.7
145.6
-10.9%
(19.0)
(8.5)
123.5%
110.7
137.1
-19.3%
6.5 cps
8.2 cps
-20.7%
(0.4)
(0.8)
-50.0%
(3.3)
(2.9)
13.8%
(6.7)
n/m
(55.3)
(5.4)
n/m
45.0
128.0
-64.8%
7.0 cps
7.5 cps
-6.7%
Cumulative underlying payout ratio for the last 4½ years (2016 - HY 2020) is 95% (after tax payments)
(1) Victoria Power Networks distributions for HY2019 include both interest on and repayment of shareholder loans. Repayments of loan principal are classified as investing activities for statutory reporting purposes (2) Tax paid of
$19.0m in 2020 represents half of the 2019 tax liability for the SIH1 and SIH2 tax groups. 2019 tax paid of $8.5m represents half of the 2018 tax liability for SIH2 tax group. (3) Other tax paid of $55.3m comprised of $34.4m
tax paid in relation to a number of historical years, net monthly tax instalments of $1.9m and $19.0m of tax paid in relation to H2 2019. 2019 other tax paid represents $5.4m of tax paid in relation to H2 2018. Refer to slide 45
for additional tax information (4) Other interest paid includes an interest charge of $6.7m on historical tax payments made (related to the Victoria Power Networks litigation and subject to the outcome of the Federal Court
appeal)
Spark Infrastructure I Investor Presentation | August 2020
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