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To View Asset TCV PROFILE Established by the Treasury Corporation of Victoria Act, 1992, the Treasury Corporation of Victoria ("TCV" or "the Corporation") is the central financing authority for the State of Victoria. The Corporation has the following objectives: • to act as a financial institution for the benefit of the State and participating authorities; • to enhance the financial positions of the State, the Corporation and of participating authorities; and • to provide services in an effective, efficient and competitive manner. Shareholder The Treasurer of the State of Victoria is our sole shareholder whose interests are monitored by the Department of Treasury and Finance. Our Chairman, on behalf of the Board of Directors, reports directly to the Treasurer of Victoria. Our clients are the State of Victoria, participating authorities and other State-owned entities. A list of our clients is provided on page 20. Government Guarantee Our payment obligations in relation to borrowings and derivative transactions are guaranteed by the Government of Victoria (section 32 of the Treasury Corporation of Victoria Act, 1992). We lend only to the State and participating authorities that are themselves guaranteed by the State of Victoria. Our Vision, Mission and Values Vision To be a respected financing authority maximising benefits for the State of Victoria and our clients Mission Combining our people and technology, we are united in our commitment to deliver innovative financial solutions. Our culture motivates our people to act with integrity and professionalism to achieve the best results for the State and our clients Values Teamwork, Integrity, Commitment and Professionalism We realise our Mission by • funding the State and its public authorities at the lowest possible cost having regard to their business needs; • ensuring that the State's financing is undertaken using a risk-averse approach with due regard to internationally accepted standards of prudence; • delivering efficient services and a high standard of financing and treasury advice to assist our clients to effectively manage their financial exposures; • maintaining a well-defined and respected presence in domestic and international financial markets; • advising the Government, its departments and agencies and our participating authorities on effective financial management strategies; and • maintaining, without conflicting with the preceding goals, the Corporation's value by achieving a return on capital in excess of the TCV "10-Year Bond" rate. We use our expertise to work with our clients on liability management, treasury management, financial structuring, financial risk management and the execution of transactions, to deliver the best results for the State of solutions Victoria and our clients Contents Page 2 Chairman's Report 4 Performance Indicators 6 Financial Summary 7 Working Together to Achieve Better Solutions 11 Risk Monitoring & Compliance 14 TCV People 18 Corporate Governance 20 Appendices 27 Financial Statements I.B.C Contact Details After five yeárs of managing the significant proceeds from throughout the year. Net income from treasury operations at privatisations, TCV's activities during 1999-00 were $8.7 million (1999 adjusted: $10.2 million) was 15 per cent concentrated on servicing the borrowing needs of the State lower than the previous year's adjusted result. Net profit was and our Participating Authorities, and providing a full range a disappointing $1 million (1999 adjusted: $8.3 million), of treasury products and financial services to our clients. reflecting not only this decline in operations revenue but, Substantially reduced cost recovery from fee income, more significantly, a reduction in administration fees from coupled with volatile markets in the second half of the year, $11.4 million in 1999 to $4.8 million. This reduction reflects contributed to a disappointing profit result for the year. the revised fee structure set by the budget sector for the management of its portfolio. Following the election of the Bracks Government in September 1999, TCV accompanied the new Premier and The 2000 accounts also include a significant adjustment of Treasurer on a financial roadshow to the United States and $13.1 million as an Abnormal Item reflecting an equivalent Europe in June 2000. This mission, co-ordinated by TCV overstatement in the 1999 reported profit. Although market and designed to promote Victoria to foreign investors, value accounting was applied for substantially all of our assets provided an opportunity for financial market participants and liabilities last year, we adopted historic cost accounting overseas to meet the Premier and the Treasurer and to be for that part of the inflation-indexed portfolio that is expected informed of the Government's vision and commitment to to be held to maturity. In calculating the historic cost values responsible financial management. we incorrectly recognised $10,098,000 as income in 1998-99. In addition, $2,967,000 of income, relating to an Performance individual debt buy-back transaction, was treated as income TCV's ongoing provision of competitive financing to our without adequately reflecting future expenses associated with clients is underpinned by the pricing of our benchmark debt that transaction. Although no economic loss was incurred, the securities in line with other AAA/Aaa-rated Australian States. 1998-99 net income from operations was overstated by We maintained the performance of our yield curve in the $13,065,000 and has now been reversed and recorded as financial markets in line with that of equivalent credits an Abnormal Item in the 1999-00 Financial Statements. 2 Working together. Competitive Client Financing Directors Our major business focus is on the centralised provision of During the year the term of appointment of three Directors treasury services. This enables clients to effectively manage expired. Reginald A D Nicolson, Deputy Chairman was their debt portfolios, cash management requirements and reappointed for a two year period while Duncan G Andrews financial risks without the need to employ a specialist and David E Meiklejohn retired as Directors. In addition treasury operation or to retain external treasury advisers. Paul J Rizzo advised his intention to retire with effect from We achieve our objectives by providing services through a 30 September 2000. In August 2000 John F Astbury and team with a breadth of knowledge and experience in David T Craig were appointed to the Board, both of whom financial markets and treasury management. Our client bring extensive experience in the finance industry to the relationship is based on a comprehensive understanding of Board of TCV. client needs and tailoring financial solutions to ensure those David Carruthers elected not to renew his contract as needs are met in an effective, efficient and competitive Managing Director. The Board appointed Michael manner. We have continued our focus on maintaining a Dontschuk to the position of Managing Director, effective viable liquid debt program, which has enabled us to deliver 4 September 2000. The Board and management extend a net cost of funds after fees to our clients lower than their appreciation to those Directors who have departed comparable AAA/Aaa-rated States. In addition this is the Board for their contribution to the governance of TCV significantly below the cost at which funds could be over many years and to David Carruthers for his contribution obtained if individually raised by the client. to the development of TCV over the past five years. Balance Sheet Management Acknowledgments During 1999-00 our gross debt was reduced by around We express our appreciation for the support provided by the $1 billion to $12.6 billion. Investments and cash respective Treasurers of Victoria. The commitment and holdings remained relatively stable at $6.4 billion professionalism of our staff is acknowledged as providing (1999: $6.6 billion). Debt maturities of $1.7 billion and the stability required to meet our objectives in a changing debt buy-backs of $0.3 billion facilitated increases in our environment. benchmark programs' outstandings - Hotstocks $6.3 billion (1999: $5.7 billion) and domestic commercial paper The Future $0.5 billion (1999: $zero). Client loans decreased from As the central financing authority for the State, TCV has an $9.7 billion to $8.9 billion. obligation to provide a constructive contribution to the management of the State's financial risks. We will continue Market Developments to deliver this through: The continued evolution of Australian capital markets has seen the growth in issuance of non-government securities, • providing competitive flexible loan financing with an unprecedented level of activity coming from arrangements to clients; corporate and offshore issuers in domestic markets during • the central management of client treasury services; 1999-00. Although the level of Government debt has not • efficiently managing the State's financing risks; and declined significantly during the year, investor demand has • providing financial advice to the State and our clients. accommodated the growth in the non-Government sector. This growth has highlighted and reinforced the role of Government paper as the primary liquidity provider in the domestic market. Goods and Services Tax (GST) VIC. JOINT DEPT INFC CENTRE Along with other financial institutions, TCV is input taxed under the GST legislation. Accordingly, from Ian N Ferres 3 0 OCT 2G00 1 July, the GST component of costs will be substantially Chairman unrecoverable from the Australian Tax Office. LEVEL 3, 1 MACARTHUR STREET E. MELBOURNE VIC. 3002 The Corporation's expenses are expected to increase by over $0.5 million in the year to 30 June 2001 due to this impost. .to achieve better solutions 3 Performance Targets and Outcomes for 1999- 00 Indicators JJ Gross Debt Market Value at 30 June • Illiquid Debt •y-fjfv- • Liquid Debt * li " $ billion . " ' - fi v.'f . HR 40 • - 35 30 25 20 15 10 5 0 1993 1994 1995 1996 1997 1998 1999 2000 During 1993 and 1994 the debt obligations of Victorian Public Authorities such as SECV, Melbourne Water, Gas & Fuel Corp.
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