Investor Presentaiton
INFRASTRUCTURE FOR THE FUTURE
STANDALONE NET OPERATING CASH FLOW
Net Operating Cash Flow ($m)
2020
2019
Change
Investment Portfolio Distributions and Interest
Victoria Power Networks - includes repayment of shareholder loans
171.5
159.5
7.5%
SA Power Networks
106.6
116.2
-8.3%
TransGrid
22.9
36.8
-37.8%
Total Investment Portfolio Distributions and Interest
301.0
312.5
-3.7%
Net operating cashflows - Bomen Solar Farm
Net interest (paid)/received
Corporate expenses
Underlying Net Standalone OCF before tax
Tax paid (1)
4.7
n/m
(1.8)
1.2
-250.0%
(13.2)
(13.3)
-0.8%
290.7
300.4
-3.2%
(37.9)
(16.9)
124.3%
Underlying Net Standalone OCF after tax
252.8
283.5
-10.8%
Underlying Standalone OCF per Security
14.7 cps
16.8 cps
-11.8%
Project and transaction bid costs
(5.6)
(5.3)
5.7%
Other interest paid (3)
(6.7)
n/m
Other tax paid (2)
Standalone Net OCF - statutory
Spark Infrastructure Distribution per Security
Underlying Pay-out ratio
Underlying Effective Tax Rate
(48.0)
(21.8)
120.2%
192.5
256.4
-24.9%
13.5 cps
92%
13.0%
15.0 cps
-6.3%
90%
5.7%
Cumulative underlying payout ratio for the last 5 years (2016-2020) is 93% (after tax payments)
(1) 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 2019 tax liability for SIH2 tax group. (2) Other tax paid of $48.0m comprised of $34.4m tax
paid in relation to a number of historical years, and $13.6m relating to instalments for the 31 December 2020 income tax year. 2019 other tax paid represents $21.8m of tax paid in relation to a number of historical tax years (2015-
2018). Refer to slide 45 for additional tax information (3) Other interest paid includes an interest charge of $6.7m on historical tax payments made (related to the ATO litigation) of which $5.0m is expected to be refunded in 2021.
Spark Infrastructure | Investor Presentation | February 2021
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