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Treasury Corporation of Victoria Annual Report 1998 Jr J

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Treasury Corporation of Victoria Annual Report 1998 Jr J Joint Departmental Information Centre Level 5. 1 Macarthur St Ph. 03 96515660 Fax: 03 96515859 email: [email protected] au <v V y < _ i Treasury Corporation of Victoria Annual Report 1998 Jr j. A| sa*' w M /a fcfs Iin Èg to change • A' * «km o we are Where we are going What we achieved - Highlights Overview of our performance ' Financial summary 'Report of the Chairman and Managing Director Working with our clients tr- Our dealings in financial markets flisk monitoring and compliance framework Our people and how we are organised Corporate governance Financial Statements , . Appendices: -, Our clients International debt portfolio m « f • Wm aggBBlj^ if 5 V , AJ.-iir* ! "•«îRfj •V ^^f-'iUf^î •Six-k^A.. in a moving environment By selecting the right path and prudent financial management we are adding value to Victoria, today and tomorrow. m Who we are Treasury Corporation of Victoria Our stakeholder and clients ('TCV' or 'the corporation') is the Our sole stakeholder Is the Treasurer of Victoria. Our Chairman, on behalf of the Board of central financing authority for the Directors, reports directly to him. Our clients are the State of Victoria, participating authorities State of Victoria. The corporation and other State owned entitles. A list of our clients is on page 56. was established by the Treasury What we do Corporation of Victoria Act 1992 Treasury Corporation of Victoria is empowered to borrow, Invest and undertake financial and commenced operations on arrangements to hedge, protect or manage the financial assets or liabilities of the State or 1 January 1993 to manage all the corporation. We also provide financial advice to the Treasurer and our clients. of the State of Victoria's funding We work with our clients to provide financial solutions tailored to meet their underlying business requirements and to provide needs. We fund these needs from both the domestic and international money markets and financial services and advice to ensure that the total borrowing portfolio is optimised within recognised prudential standards. the State and its various public We also advise our clients on a wide range of financial matters. authorities. Our guarantee Centralisation within TCV of Our payment obligations in relation to borrowings and derivative transactions are guaranteed Government guaranteed debt, by the Government of Victoria (section 32 of the TCV Act). We lend only to the State and including that of the larger public participating authorities that are themselves guaranteed by the State of Victoria. authorities in the electricity, gas and water industries, has been Where we are going substantially completed. Our vision Our vision is to be a respected centralised financing authority, maximising benefits for the State of Victoria and our clients, Our 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. Our objectives • Act as a financial institution for the benefit of the State and participating authorities. • Enhance the financial position of our corporation, participating authorities and the State. • Provide services in an effective, efficient and competitive manner. Our goals • Fund the State and its public authorities at the lowest possible cost having regard to their business needs. • Ensure that the State's financing is undertaken using a risk averse approach with due regard to internationally accepted standards of prudence. • Deliver efficient services and a high standard of financing and treasury advice to assist our clients to effectively manage their financial exposures. • Maintain a well-defined and respected presence in domestic and international financial markets. • Advise the Government on effective financial management strategies. • Maintain, 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. E What we achieved Highlights • Delivered pricing at yields competitive with other AAA rated Australian States, despite a lower rating for most of the year. Upgraded by Standard and Poor's to AAA in April 1998. • Advised and assisted with the privatisation of PowerNet Victoria and Southern Hydro Ltd. These privatisations were largely responsible for reducing the market value of our net debt from $17.3 billion to $14.4 billion. • Undertook 30 advisory assignments that received strong positive feedback from clients. Our advice included the financial restructuring of the gas and water sectors. • Delivered our strategic focus by exceeding the minimum critical level of outstandings in our core A$ debt programme while efficiently repurchasing $2.0 billion illiquid debt. • Repurchased $6.0 billion of international debt over the past three years at no economic cost to the State. • Transacted innovative CPI indexed swaps, a first in the Australian financial market. • Restructured our Dealer Panel arrangements to support delivery of our key strategic objectives. • Implemented Value at Risk as the primary measure for monitoring our exposure to financial markets. • Achieved an annual return on capital of 18%. This is reflected in a net profit of $24.4 million (1997: $34.5 million). • Paid a special dividend of $13 million in June 1998 in addition to the $16 million dividend provided in 1997-98. Daily 10 Year Margin to Swap and Margin to Commonwealth Government Loans Margin to CGL Margin to Swap O O) O) o> § u-8. 5| ^A St ^| ^ Overview of our performance Objective 97-98 Target 97-98 Outcome Target 98-99 Delivery of State financing Ensure certainty of funding Satisfied clients requirements for Deliver client needs at rates requirements Provide competitive financing funding at rates competitive with competitive with other AAA for the State other AAA rated States rated States Manage the States financial Reduce client risk by providing Actively involved in 30 Reduce client risk by providing exposures professional advice assignments during the year professional advice Efficient access to financial Develop strategies for Maintained core $A debt Develop strategies for markets implementation in the context programme at appropriate levels implementation in the context of TCV's critical mass in Continued buyback of illiquid of TCV's critical mass in financial markets debt ($2.0 billion) financial markets Planned strategic structural changes to our financial market approach in the event of a change in Interest Withholding Tax arrangements Pricing relativity Ensure our spread to 10 year Consistently ahead of equivalent Ensure our spread to 10 year Commonwealth stock and State credits Commonwealth stock and margin to swap are better margin to swap are better priced than equivalent credits priced than equivalent credits Liquidity in Hotstocks Maintain sufficient market activity Progressively restored Maintain sufficient market activity in Hotstocks through Dealer outstandings to $6.5 billion in Hotstocks through Dealer Panel participation face value at 30 June 1998 in Panel participation response to market sentiment on critical mass for Hotstock outstandings Reduction of refinancing risk Maintain 12 month maturities at At 30 June 1998 $3.1 billion Maintain 12 month maturities at levels consistent with anticipated of outstandings mature in less less than 20% of outstandings privatisation process than 12 months - 16% of total outstandings Capital adequacy Maintain at a minimum of 10% Minimum 12% Maximum 21% Maintain target of 10% with a minimum of 8% Return on capital A return on capital in excess of A return of 18% was achieved, Monitor industry developments TCV 10 year bond rate averaged well in excess of average and respond appropriately over 1997-98 bond rate Complete review of appropriate This approach to be reviewed The review is not yet completed benchmark during the year Review risk monitoring Implement appropriate risk Created Risk Control Unit The review was finalised arrangements monitoring strategies in October 1997 1997-98 Value at Risk (VaR) implemented in January 1998 Credit Ratings of TCV and State of Victoria at 30 June 1998 Debt Standard & Moody's Investors Japan Bond Poor's Service Research Institute Australian Currency AAA Aa1 Foreign Currency AA Aa2 AA Short Term A-1+ P-1 H Financial summary Income and Expenditure Summary | 1997-98 Annual 1996-97 1995-96 1994-95 1993-94 $ million change % $ million $ million $ million $ million Net income from operations 25.8 (28) 35.7 41.8 58.8 24.5 Administrative expenses (9.4) 6 (8.9) (9.7) (9.0) (9.0) Borrowing related expenses (3.7) (3) (3.8) (5.9) (6.7) (8.5) (13.1) 3 (12.7) (15.6) (15.7) (17.5) Administrative fees and recoveries 11.7 2 11.5 12.9 14.9 27.0 (1.4) 17 (1.2) (2.7) (0.8) 9.5 Net Surplus 24.4 (29) 34.5 39.1 58.0 34.0 Dividend (16.0) (29) (22.5) (25.5) (38.0) 0.0 Special dividend (13.0) Balance Sheet Summary 30 June 1998 Annual 1997 1996 1995 1994 $ million change % $ million $ million $ million $ million Loans to clients 16,038 (14) 18,737 24,132 32,973 32,335 Deposits from clients (1,269) 16 (1,093) (1,423) (941) (1,709) Net loans to clients 14,769 (16) 17,644 22,709 32,032 30,626 Other assets 173 (26) 235 601 867 818 Total 14,942 (16) 17,879 23,310 32,899 31,444 Financed by: Hotstocks 7,725 10 7,024 9,227 13,624 13,119 International 5,714 (28) 7,952 10,459 10,351 8,855 Domestic other 6,343 18 5,396 6,043 9,944 10,699 Total Debt 19,782 (3) 20,372 25,729 33,919 32,673 Cash and investments (5,374) 76 (3,058) (3,238) (2,115) (2,096) Net Debt 14,408 (17) 17,314 22,491 31,804 30,577 Other liabilities 402 (6) 429 695 984 777 Equity 132 (3) 136 124 111 90 Total 14,942 (16) 17,879 23,310 32,899 31,444 Report of the Chairman and Managing Director '...we delivered, throughout the Over the past three years we have Australia's monetary policy was only adjusted year, a cost of funding to State successfully managed a major transformation once during the year when official interest of the State's exposure to financial markets.
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