Investor Presentaiton
EQUITY ACCOUNTING PROFITS – HY 2013
-
100% Basis
Regulated revenue distribution and metering
Semi regulated and unregulated revenue
Customer contributions and gifted assets
Total Income
Total Income excl CCs and GAS
Operating Costs
EBITDA (excl CCs and GAs)
Depreciation and amortisation
EBIT
Net interest expense (excl Sub Debt)
SA Power
Networks
Victoria Power
Networks
Combined
Spark 49%
Share
418.6
453.2
871.8
427.2
89.1
88.2
177.3
86.9
43.5
33.8
77.3
37.9
551.2
575.2
1,126.4
551.9
507.7
541.4
1,049.1
514.1
(150.2)
(196.1)
(346.3)
(169.7)
357.5
345.5
702.9
344.4
(87.9)
(130.2)
(218.1)
(106.9)
313.1
249.0
562.1
275.4
(101.6)
(118.3)
(219.9)
(107.8)
Subordinated debt interest expense
(35.9)
(81.9)
(117.8)
(57.7)
Net profit before tax
175.5
48.8
224.3
109.9
Tax expense
1.1
(19.2)
(18.1)
(8.9)
Net profit after tax
176.5
29.7
206.2
101.0
less: additional share of profit from preferred partnership capital (PPC) 1
Asset Company Net Profits for Equity Accounting
(34.3)
(34.3)
(16.8)
142.2
29.7
171.9
84.2
49% Basis - Spark Share
69.7
14.5
84.2
84.2
Add back: additional share of profit from preferred partnership capital (PPC) 1
34.3
34.3
34.3
Less: depreciation/amortisation of fair value on uplift of assets on acquisition
Share of equity accounted profits
(0.3)
(2.4)
(2.8)
(2.8)
103.7
12.1
115.8
115.8
Add: interest income from Associates (Victoria Power Networks 49% sub debt)
Total Income from Asset Companies included in Spark Profit and Loss
40.1
40.1
40.1
155.9
Interest income
0.7
Interest expense
Interest expense - Loan Notes
General and administrative expenses
Profit for the period before tax
Income tax expense
Net profit for the period attributable to Securityholders
(5.6)
(46.4)
(4.3)
100.3
(24.3)
76.0
1.
Under the partnership agreement, Spark is entitled to an additional share of profit in SA Power Networks.
Note: Numbers may contain rounding errors.
SPARK INFRASTRUCTURE INVESTOR PRESENTATION - NOVEMBER 2013
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