Investor Presentaiton
Balance sheet
Balance sheet FY18-201
A$m, nominal
FY18
FY19
FY20
Variance
(FY19-20)
Property, plant & equipment
16,212
16,735
16,925
190
Intangibles
3,981
3,671
3,641
(30)
Assets held for sale
10
4
4
Fixed assets
20,203
20,410
20,570
160
Accounts receivable/contract assets
426
419
359
(60)
Creditors
(301)
(292)
(266)
26
Inventories
39
38
31
(7)
Other current liabilities
(8)
(8)
(11)
(3)
Net working capital
156
157
113
(44)
Deferred tax assets/(liabilities)
(6)
206
305
99
Provisions
(472)
(530)
(399)
131
Derivatives
55
(23)
155
178
Other non-current liabilities
(42)
(56)
(75)
(19)
Deposits and unclaimed monies
(2)
(2)
(2)
Other assets/(liabilities)
(467)
(405)
(16)
389
Borrowings
(12,138)
(13,003)
(13,763)
(760)
Cash, deposits and investments
217
187
403
216
Other debt items
Net debt
(11,921)
(12,816)
(13,360)
(544)
Net assets
Capital
Reserves
Retained earnings
7,971
7,346
7,307
(39)
8,847
8,890
8,920
30
13
(480)
(711)
(231)
(889)
(1,064)
(902)
162
Equity
7,971
7,346
7,307
(39)
Better
Ausgrid Together
Note: 1. FY20 numbers are unaudited and subject to revision
Comments
The increase in fixed assets of $160 million in FY20 is mainly
driven by additions of $813 million offset by
depreciation/amortisation of $639 million and disposal of assets
of $14 million
The decrease in accounts receivable/contract assets of
$60 million in FY20 is mainly driven by the lower unread meter
revenue accrual which reflects the lower tariffs following the AER
Determination for the FY20-24 regulatory period and lower
consumption in the last quarter of FY20 due to COVID-19
The increase in deferred tax assets/(liabilities) of $99 million in
FY20 represents the tax impacts (30%) on the fair value movement
of the cash flow hedges and the actuarial losses of the defined
benefit plan
The decrease in provisions of $131 million in FY20 mostly relates
to employee exits through the FY20 Restructure
The increase in derivatives of $178 million in FY20 is mostly due to
the strengthening of the AUD against the EUR and USD and
decrease in interest rates
The increase in borrowings of $760 million in FY20 is mainly due to
drawdowns under the Ausgrid's loan facilities (net drawdown of
$243 million), fair value movements of
$504 million due to the strengthening of the AUD against the EUR
and USD, and the decrease in interest rates and capitalised ASF
transaction costs of $16 million. Borrowings in the balance sheet
are measured at fair value under accounting standards and
translated at year end exchange rates. This differs from borrowings
presented on page 27 which are measured at the relevant hedged
rate
The increase in cash of $216 million in FY20 is mostly due to the
$200 million additional funds drawn down during COVID-19
The increase in reserves of $231 million in FY20 mainly
relates to the decrease in the fair value of swaps during FY20 due
to a reduction in interest rates
48View entire presentation