AUDITOR-GENERAL'S REPORT FINANCIAL AUDITS Volume Three 2009 focusing on Electricity _part4

NHÀ PHÂN PHỐINăng lượng Việt Nam 2009 m tóm tắt thu nhập báo cáo (năm tài chính kết thúc ngày 30 tháng 6) Tổng doanh thu lợi nhuận trước thuế thu nhập thuế thu nhập cổ tức tương đương được thanh toán và cung cấp Bảng cân đối kế toán tóm lược (tại ngày 30 tháng 6)
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AUDITOR-GENERAL’S REPORT FINANCIAL AUDITS Volume Three 2009 focusing on Electricity _part4Electricity Industry Overview ______________________________________________________________________DISTRIBUTORS Energy Australia Integral Energy Country Energy Total 2009 2008 2009 2008 2009 2008 2009 2008 $m $m $m $m $m $m $m $m Abridged Income Statements (year ended 30 June) Total revenue 3,339.2 3,136.3 1,998.4 1,848.1 2,491.3 2,314.1 7,828.9 7,298.5 Profit before income tax 330.7 373.4 205.6 239.1 125.0 50.2 661.3 662.7 Income tax equivalent 99.4 105.3 63.4 66.7 (34.0) 4.5 128.9 176.5 Dividends paid and provided 172.9 183.5 103.6 125.0 29.2 49.1 305.7 357.6 Abridged Balance Sheets (at 30 June) Total assets 8,948.1 7,920.7 4,305.7 3,918.7 4,974.3 4,642.2 18,228.1 16,481.6 Total liabilities 7,164.9 5,986.0 3,394.7 2,880.5 4,135.1 3,678.0 14,694.7 12,544.4 Net assets 1,783.2 1,934.7 911.0 1,038.2 839.2 964.2 3,533.4 3,937.1 Retained earnings (at 30 June) 422.6 467.0 168.4 179.5 426.3 430.1 1,017.3 1,076.6 Financial Performance Indicators* (year ended 30 June) Return on average equity (%) 12.4 23.6 14.6 14.6 10.1 5.0 12.4 14.5 Return on average assets (%) 7.1 11.6 8.7 9.2 6.8 4.9 6.5 8.7 Debt/equity 2.8 2.1 2.5 1.9 3.5 2.7 2.9 2.2 Interest cover (times) 2.2 2.5 2.4 2.9 1.6 1.3 2.1 2.2 * Indicators calculated in accordance with standard formulas used by the Productivity Commission This is trial version22 _________________________________________ Auditor-General’s Report to Parliament 2009 Volume Three www.adultpdf.com Section Two Commentary on Government AgenciesThis is trial version 23www.adultpdf.comThis is trial versionwww.adultpdf.com Minister for Energy Electricity Generators: Delta Electricity Eraring Energy Macquarie Generation Electricity Distributors: Country Energy EnergyAustralia Integral Energy Australia TransGrid Refer to Appendix 1 for: Cobbora Unincorporated Joint Venture Cobbora Management Company Pty Limited Cobbora Coal Unit Trust CCP Holdings Pty LimitedThis is trial version 25www.adultpdf.comThis is trial versionwww.adultpdf.com Delta ElectricityAUDIT OPINIONThe audits of Delta Electricity and its controlled entities’ financial reports for the year ended30 June 2009 resulted in unqualified Independent Auditor’s Reports.Unless otherwise stated, the following commentary relates to the consolidated entity.The Independent Auditor’s Reports for Delta Electricity and Delta Electricity Australia Pty Ltd drewattention to significant uncertainty regarding forecast cash flows which may impact asset values.Delta Electricity and Delta Electricity Australia Pty Ltd calculate the carrying value of their powerstations using estimated discounted cash flows. These estimates are subject to volatility,particularly from the potential impacts of the Federal Government’s proposed Carbon PollutionReduction Scheme. The ultimate extent of this impact cannot presently be determined and thiscreates significant uncertainty as to whether the estimated discounted cash flows will be realised.KEY ISSUESRestructure of Electricity IndustryThe Government is proposing to contract Delta Electricity’s electricity trading rights to the privatesector and to sell four of Delta Electricity’s development sites. See the ‘Electricity IndustryOverview’ section appearing earlier in this report for details on the sale and ...