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REVIEW 11 Ravensworth Rail Unloader Expansion 1 MACQUARIE GENERATION 2001 REVIEW 11 Ravensworth rail unloader expansion 1 10 Technology upgrade for Liddell 16 Sawmill waste for renewable energy 19 Aussie Climb 2000—an epic fundraiser 20 Gas-fuelled power plant proposed REVIEW 2001 CONTENTS FINANCIAL PERFORMANCE* 4 PERFORMANCE HIGHLIGHTS 5 CHAIRMAN’S REVIEW 6 CHIEF EXECUTIVE’S REPORT 7 FOUNDATIONS FOR THE FUTURE—LIDDELL UPGRADE, RAIL UNLOADER EXPANSION, INDUSTRY ZONE, TOMAGO GAS TURBINE 10 ENVIRONMENTAL PERFORMANCE 14 RENEWABLE ENERGY PORTFOLIO—BIOMASS CO-FIRING, HYDROELECTRIC PLANT, WIND POWER STUDIES 16 IN THE COMMUNITY—AUSSIE CLIMB 2000 19 FORESTRY TRIALS, SAFETY WINNERS 20 * Macquarie Generation’s 2001 Financial Statements presented to the New South Wales Parliament are available from the Corporation’s web site or by contacting our Newcastle office. Contact details appear on the back cover of Review 2001. Cover: Water vapour rises from Bayswater Power Station’s cooling towers. 11 Ravensworth rail unloader expansion 1 10 Technology upgrade for Liddell 16 Sawmill waste for renewable energy 19 Aussie Climb 2000—an epic fundraiser 20 Gas-fuelled power plant proposed REVIEW 2001 CONTENTS FINANCIAL PERFORMANCE* 4 PERFORMANCE HIGHLIGHTS 5 CHAIRMAN’S REVIEW 6 CHIEF EXECUTIVE’S REPORT 7 FOUNDATIONS FOR THE FUTURE—LIDDELL UPGRADE, RAIL UNLOADER EXPANSION, INDUSTRY ZONE, TOMAGO GAS TURBINE 10 ENVIRONMENTAL PERFORMANCE 14 RENEWABLE ENERGY PORTFOLIO—BIOMASS CO-FIRING, HYDROELECTRIC PLANT, WIND POWER STUDIES 16 IN THE COMMUNITY—AUSSIE CLIMB 2000 19 FORESTRY TRIALS, SAFETY WINNERS 20 * Macquarie Generation’s 2001 Financial Statements presented to the New South Wales Parliament are available from the Corporation’s web site or by contacting our Newcastle office. Contact details appear on the back cover of Review 2001. Cover: Water vapour rises from Bayswater Power Station’s cooling towers. 3 The LP turbine project is expected to increase generat- Letter to Shareholders A Powerful Presence ing capacity to 2060MW by 2005, making Liddell the third largest power station in the National Electricity Market. October 2001 This Report is consistent with the Macquarie Generation’s Bayswater Power Station Hon Michael Egan MLC requirement of Section 24A of the Macquarie Generation is Australia’s largest electricity (2,640MW) shares Treasurer of New South Wales, State Owned Corporations Act, 1989 the title of Australia’s largest Minister for State Development, power station. and Section 10 of the Annual Reports Vice-President of the Executive Council (Statutory Bodies) Act, 1984 and is producer. In 2001, Macquarie Generation’s Hunter Hon John Della Bosca MLC Special Minister of State, submitted to the Shareholders for Assistant Treasurer presentation to the Parliament. Valley power stations—Bayswater and Liddell—supplied Parliament of New South Wales Macquarie Street Sydney NSW 2000 approximately 15% of the electricity consumed in Dear Shareholders, Evan Rees We have pleasure in submitting the Chairman Macquarie Generation Annual Report, New South Wales, Victoria, Queensland, South Australia including the State of Financial Performance and the Statement of and the Australian Capital Territory. Review 2001 records Financial Position for the financial year ended 30 June 2001, as audited by the Grant Every-Burns Auditor-General of New South Wales. Chief Executive and Managing Director Macquarie Generation’s performance and achievements, as well as providing insight into future developments. 3 The LP turbine project is expected to increase generat- Letter to Shareholders A Powerful Presence ing capacity to 2060MW by 2005, making Liddell the third largest power station in the National Electricity Market. October 2001 This Report is consistent with the Macquarie Generation’s Bayswater Power Station Hon Michael Egan MLC requirement of Section 24A of the Macquarie Generation is Australia’s largest electricity (2,640MW) shares Treasurer of New South Wales, State Owned Corporations Act, 1989 the title of Australia’s largest Minister for State Development, power station. and Section 10 of the Annual Reports Vice-President of the Executive Council (Statutory Bodies) Act, 1984 and is producer. In 2001, Macquarie Generation’s Hunter Hon John Della Bosca MLC Special Minister of State, submitted to the Shareholders for Assistant Treasurer presentation to the Parliament. Valley power stations—Bayswater and Liddell—supplied Parliament of New South Wales Macquarie Street Sydney NSW 2000 approximately 15% of the electricity consumed in Dear Shareholders, Evan Rees We have pleasure in submitting the Chairman Macquarie Generation Annual Report, New South Wales, Victoria, Queensland, South Australia including the State of Financial Performance and the Statement of and the Australian Capital Territory. Review 2001 records Financial Position for the financial year ended 30 June 2001, as audited by the Grant Every-Burns Auditor-General of New South Wales. Chief Executive and Managing Director Macquarie Generation’s performance and achievements, as well as providing insight into future developments. 5 Plant Performance Bayswater Energy sent out 15,246.16 GWh Plant availability 83.62% Forced outage rate 2.14% Station trip rate 0.27 trips/1000hrs Thermal efficiency (sent out) 35.32% Liddell Energy sent out 9,289.75 GWh Plant availability 90.12% Forced outage rate 1.87% Station trip rate 0.55 trips/1000hrs Thermal efficiency (sent out) 32.70% Financial Performance Performance Highlights A SUMMARY OF MACQUARIE GENERATION’S FINANCIAL PERFORMANCE FROM 1 JULY 2000 TO 30 JUNE 2001 2001 2000 % CHANGE Earnings before interest and tax (EBIT) Total equity decreased by $245.7 increased total revenue of 8.2%; 2001 2000 1999 Statement of Financial Performance ($ millions) increased by 51.5% from $140.3 million million to $694.7 million as a result reduction in net borrowing costs EBIT $ Millions Revenue 810.2 748.7 8.2 to $212.6 million as a result of improved of the Capital Restructure Policy being of 7.7%; and Expenses from ordinary activities 511.8 523.6 -2.3 selling prices, increased sales volume undertaken by the Shareholders (refer 212.6 140.3 165 reduction in other expenses from Earnings before depreciation, interest and tax 298.4 225.1 32.6 and improved cost control. Note 17 of the Financial Statements). ordinary activities of 2.3% including Depreciation 85.8 84.8 1.2 Net Profit $ Millions The EBIT for 2000 has been decreased Total debt increased by $122.2 million a decrease in fuel costs of 1.1%. Earnings before interest and tax (EBIT) 212.6 140.3 51.5 by $34.4 million from $174.7 million to to $939.1 million, comprised of: 103.6 59.2 46.6 Borrowing costs (net) 69.4 75.2 -7.7 Income tax expense includes a credit $140.3 million. This amount represents Net profit before income tax 143.2 65.1 120.0 an additional $190 million of debt adjustment of $6 million due to the the net abnormal items from the Income tax 39.6 5.9 571.2 Return on Equity (after tax) % raised by the Corporation in April restatement of the deferred tax NET PROFIT AFTER INCOME TAX 103.6 59.2 75.0 2000 year reclassified as revenue 2001 as a result of the Capital balances for the reduction in corporate 14.9 6.3 5.0 and expenses from ordinary activities Statement of Cash Flows ($ millions) Restructure Policy; and tax rates from 34% to 30% and in accordance with revised Accounting Cash flows from operating activities (excluding financing) 303.2 246.9 22.8 $8 million due to a prior period timing Debt to Equity % Standard AAS 1 Statement of Financial offset by a repayment of $67.8 million Capital expenditure 13.8 11.7 17.9 difference reassessed as a permanent Performance. This is detailed in in October 2001 which was part of 135.2 86.9 98.6 Dividends paid 59.3 40.0 48.3 difference. This is detailed in Notes 1(b) Notes 1(a), 2 and 3 of the Financial the Corporation’s ongoing debt Statement of Financial Position ($ millions) and 4 of the Financial Statements. Statements presented to the repayment program. Total Assets 2,064.8 2,158.0 -4.3 Availability % New South Wales Parliament. Net profit after tax increased by Total Debt 939.1 816.9 15.0 As a result the debt to equity ratio 86.6 91.8 93.1 a significant 75% to $103.6 million. Equity 694.7 940.4 -26.1 Improved efficiency levels were evident increased by 55.6% to 135.2%. Financial Statistics across the board with particular Return on equity after tax increased Net borrowing costs decreased Forced Outage Rate % EBIT to Revenue (%) 26.2 18.7 40.0 reference to the EBIT to sales ratio by 136.9% from 6.3% to 14.9%. by 7.7% to $69.4 million despite the 2.0 1.32 1.09 Debt to Equity (%) 135.2 86.9 55.6 (up 40% on 2000); production volume increase in debt. Dividend provided increased by 100% Interest Cover (times) 3.1 1.9 64.2 per employee (up 5.6%) and EBIT per to $100 million. Safety (LTIFR) Return (after tax) on Equity (%) 14.9 6.3 136.9 employee (up 53.7%). Net profit before tax increased by Operating Statistics a significant 120% due to: The Corporation maintained a very high 6.5 14.2 4.6 Safety performance (LTIFR) improved EBIT per employee ($’000) 344.0 223.8 53.7 standard of plant performance with the by 54.2%. increased average NSW pool prices Safety (accidents per million hours worked) 6.5 14.2 -54.2 availability and forced outage rates Production per Employee Gwh of 33%; Equivalent forced outage (%) 2.0 1.3 51.5 Average NSW pool prices increased by similar to those recorded last year. 39.5 37.4 34.0 Availability (%) 86.6 91.8 -5.7 33% to $37.69/MWh due to maturing of increased sales volume of 5%; Production per employee (GWh) 39.5 37.4 5.6 the National Electricity Market.
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