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Aurora-Energy-Annual-Report-2013-14.Pdf Aurora Energy Annual Report 2013-14 2 Contents Page 1. About this Report 3 2. Highlights and challenges at a glance 4 3. Strategic Performance Statement 2013-14 5 4. Chairman’s Review 6 5. CEO’s Report 8 6. Statement of Corporate Intent 2014-15 11 7. Corporate Governance Report 13 8. Financial Statements 25 9. Supplementary information: glossary, how to contact us 85 3 1. About this report This is the 16th Annual Report for Aurora Energy and encompasses the 2013-14 financial year. It includes the activities of the Aurora Energy Group, which up until 1 July 2014 comprised parent company Aurora Energy Pty Ltd and two operating subsidiary companies, EziKey Group Pty Ltd, trading as WireAlert, and Auroracom Pty Ltd, the holder of Aurora Energy’s telecommunications licence. This report and past reports can be accessed from www.auroraenergy.com.au. 2. Highlights and challenges at a glance During 2013-14, Aurora Energy was a State-owned company with two Shareholders, the Minister for Energy and the Treasurer. Aurora Energy retailed and distributed electricity to more than 250,000 customers throughout Tasmania. In 2013-14, Aurora Energy directly employed 8731 people, controlled assets worth $1.885 billion and sold $1.135 billion of electricity. It also: • achieved an underlying profit • continued to provide • prepared the Distribution before tax of $83.1 million, quality service to its Business for the merger with compared to $75.7 million telecommunications customers, Transend Networks Pty Ltd, in the previous year, with a opening a new $8 million data forming a new State-owned headline profit before tax of centre in the Hobart area in company, Tasmanian Networks $65.1 million, down from $73.6 February 2014; Pty Ltd (TasNetworks), from 1 million in 2012-13; July 2014; • showed a marked improvement • delivered a record $70.7 million in Call Centre performance, • readied the business for its in returns to its Shareholders up with a Grade of Service new role as a competitive, from $37.9 million in 2012-13; performance of 76 per cent stand-alone energy retailer surpassing its target rate by 6 on mainland Tasmania in • achieved seven months without per cent; a fully contestable market a lost-time safety incident, environment from 1 July 2014; for the first time in its 16 year • failed to meet its network and history, and recorded an overall reliability targets, due to an lost time injury frequency rate increase in outages caused by • undertook significant of 2.4; bad weather, vegetation coming restructuring activities as a into contact with overhead result of the reforms, including • experienced three significant powerlines and asset failures; transferring 697 Aurora Energy public safety incidents, personnel to TasNetworks although none resulted in • delivered several major while 89 positions were made personal injury; construction projects that will redundant. boost energy security and reliability into the future; From 1 July 2014, Aurora Energy continues as an energy retailer only, operating in Tasmania with all the company’s electricity distribution and telecommunications activities having been transferred to a new State-owned company, TasNetworks. 1 This number includes all employees (including directors and nine apprentices) directly employed by Aurora Energy on 30 June 2014. It excludes contractors. The full-time-equivalent number is 853.4 4 3. Strategic Performance Statement for 2013-14 Key result area Strategic objective Key Performance Target Result Achieved? Measures Financial Deliver sustainable Aurora Energy Group: Performance customer price outcomes and appropriate returns to - Profit Before Tax $47.8m $65.1m Yes shareholders - Operating cash flow $58.8m $32.1m No - Return on equity 5.8% 12.5% Yes - FFO interest cover 3.5x 4.1x Yes - Debt to total capital 55.8% 56.8% Yes Customer To maximise the value of Call centre Grade of Service 70% 76% Yes the Energy Business in (% of calls answered within preparation for sale and/or 30 seconds for the month) ownership transfer Deliver a safe and reliable network while ensuring no Service Target Performance >$0 <$0 No2 increase to customer prices Incentive Scheme (network as a result of our efforts reliability) Environment Zero Harm: - LTIFR (12 month rolling 2.9 2.4 Yes and Safety average) No harm to our people - Leader safety interactions 100% 175% Yes Minimise impact on the complete environment - Significant incidents (public 0 3 No safety and environment) People Ensure we have the culture, Employee-initiated turnover 5% 6.9% No capability and capacity to (12 month rolling average) achieve business strategy 2 Aurora Energy did not meet its network reliability targets this year however, the resulting penalty will be offset by the incentive that Aurora Energy earned last year when reliability targets were exceeded. 5 4. Chairman’s review On behalf of the Board of Aurora and we are continuing to receive new re-structure and re-engineering a wide Energy it is my pleasure to applications. Aurora Energy effectively range of business practices, policies managed the ‘grandfathering’ of and processes to ensure it will compete present the 2013-2014 Annual the Government’s amended feed- effectively and deliver value for its Report. in-tariff scheme and our engineers customers. are developing network solutions to Underlying profit before tax amounted accommodate a more sophisticated A change of this magnitude does not to $83.1 million, an improvement on last electricity grid. come without costs or disruption. year’s $75.7 million, which has enabled Aurora Energy’s financial statements a record return to Government of $70.7 Transformation completed show reform operating costs of $25.3 million. million, and capital expenditure incurred Early in 2014, Aurora Energy’s during the year to prepare for FRC It is pleasing to report that this record Distribution Business achieved a major was $28.5 million. As a result, the level of profitability was achieved during milestone by becoming accredited to industry structure is more specialised, a period when the company was both support Full Retail Contestability (FRC) more efficient and will proceed with preparing itself for a new future and in Tasmania, including systems that a lower cost structure. Aurora Energy continuing to perform strongly in its facilitate customer churn and the billing played a central role in this reform and ‘business as usual’ role of distributing of multiple retailers. From 1 July 2014 established a stronger platform for the and retailing electricity to Tasmanian all Tasmanian customers, including electricity sector to continue to underpin customers. small businesses and households, and support economic development are participants in a fully competitive in Tasmania. To this extent we are very Aurora Energy’s improved profitability market. pleased to have played our part. also had a positive impact on the company’s net debt position, with net Thank you debt (borrowings less cash and cash “The business quickly and equivalents) reduced to $717 million by decisively transformed and The challenges of the past year brought year end. repositioned itself into a small scale to the fore a very strong endorsement of Aurora Energy’s values. Senior An increase in costs relating to reform stand-alone retailer.” management and staff applied and restructuring was a major factor themselves with professionalism to behind the lower headline profit before Throughout the year, the Distribution the broad range of activities created by tax result of $65.1 million. However, the Business worked very effectively with the parallel workstreams of reform and increased efficiency and productivity the newly formed TasNetworks to bring ‘business as usual’, often when their own that was achieved as a result of the about the merger with Transend for the futures were uncertain. A well deserved reforms, combined with the divestment ongoing benefit of Tasmanian customers. “congratulations” is in order. of the Tamar Valley Power Station in the previous year, contributed to a pleasing Early in the financial year Aurora I would also like to acknowledge reduction in operating costs. Energy’s Retail Business was the contribution of my fellow Board systematically organised and prepared members for their exceptional Electricity demand in Tasmania fell for for sale in two tranches. However, in contribution during the year. Thank you the third consecutive year with the State September 2013 this sale process was to Directors Mervyn Davies and Peter experiencing mild weather conditions, suspended. Lowe, who left the Board on 30 June modest economic growth and the 2014 and thank you to the remaining continuing strong take-up of solar From then on the business quickly and Directors who will provide continuity for, generation. Aurora Energy responded to decisively transformed and re-positioned and stewardship of, Aurora Energy. falling customer demand by containing itself into a small scale stand-alone costs and lowering capital expenditure. retailer fully prepared to operate in On behalf of the Board, I would like It is estimated that one in 20 households the FRC environment from 1 July 2014. to acknowledge CEO and Managing in Tasmania now has a solar connection This transformation involved a business Director Peter Davis for his 10 years at 6 the most senior executive level. employees have demonstrated that they have the knowledge, the skills and the The company prospered under his commitment needed for the business to direction and control. thrive in the new marketplace, for the benefit of all Tasmanians. Thank you to all those employees who retired or left Aurora Energy on 30 June We look forward to the journey. 2014. Your contribution to the business over your career is in no way diminished by these major changes bringing an end to your service and we extend our best wishes to you in your future endeavours. Thank you also to those who have continued at either TasNetworks or Aurora Energy, where, we have no doubt, you will have the opportunity to adapt and develop your careers.
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