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Annual Report City West Water Corporation

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Annual Report City West Water Corporation Annual Report for the year ended 30 June 2013 City West Water Corporation ABN 70 066 902 467 Contents A Foreword from the Chairman and Managing Director ...............................................................................................1 Report of Operations ................................................................................................................................................2 Performance Report ...............................................................................................................................................22 Major non residential water users ............................................................................................................................24 Attestation on Compliance with the Australian/New Zealand Risk Management Standard ...........................................25 Statement of Comprehensive Income ......................................................................................................................26 Balance Sheet ........................................................................................................................................................27 Statement of Changes in Equity ..............................................................................................................................28 Cash Flow Statement .............................................................................................................................................29 Notes to and forming part of the Financial Statements 1. Summary of significant accounting policies ....................................................................................................30 2. Financial risk management objectives and policies .........................................................................................37 3. Revenue and other income ...........................................................................................................................40 4. Expenses ....................................................................................................................................................42 5. Income tax ...................................................................................................................................................43 6. Deferred tax assets and deferred tax liabilities reconciliation ..........................................................................44 7. Dividends ....................................................................................................................................................45 8. Current assets - Cash and cash equivalents .................................................................................................45 9. Current assets - Receivables ........................................................................................................................46 10. Current assets - Prepayments ......................................................................................................................47 11. Non current assets - Receivables .................................................................................................................47 12. Non current assets - Infrastructure, property, plant and equipment .................................................................47 13. Non-current assets - Intangible assets ..........................................................................................................49 14. Non current assets - Deferred tax assets ......................................................................................................50 15. Current liabilities - Payables ..........................................................................................................................50 16. Current liabilities - Borrowings .......................................................................................................................50 17. Current liabilities - Current tax liabilities ..........................................................................................................50 18. Current liabilities - Provisions ........................................................................................................................51 19. Current liabilities - Other ...............................................................................................................................52 20. Non-current liabilities - Borrowings ................................................................................................................52 21. Non-current liabilities - Deferred tax liabilities ..................................................................................................52 22. Non-current liabilities - Provisions ..................................................................................................................52 23. Non-current liabilities - Unearned income ......................................................................................................52 24. Equity ..........................................................................................................................................................52 25. Responsible persons and executives ............................................................................................................53 26. Remuneration of auditor ...............................................................................................................................56 27. Contingent assets and liabilities ....................................................................................................................56 28. Commitment for expenditure ........................................................................................................................57 29. Employee benefits ........................................................................................................................................58 30. Related party disclosure ...............................................................................................................................62 31. Economic dependency ................................................................................................................................68 32. Reconciliation of profit after income tax to net cash inflow from operating activities ..........................................68 33. Financial instruments ....................................................................................................................................69 Statutory Certification ..............................................................................................................................................73 Independent Auditor’s Report ..................................................................................................................................74 Appendix 1 – Disclosure Index ................................................................................................................................76 Appendix 2 – Key Performance Indicators ................................................................................................................79 Appendix 3 – Bulk Water Entitlement reporting .........................................................................................................81 A Foreword from the Chairman and Managing Director We are pleased to present City West Water’s 2012-13 Annual Report. This report provides a summary of the corporation’s performance, audited financial report, corporate governance statements and additional statutory information. Overall, City West Water performed very well across its triple bottom line key performance indicators. Profit before tax for the year was $48.7m compared to budget of $27.1m. Higher than expected sales revenue due to a hot and dry summer, as well as lower than expected finance charges and depreciation were the main contributing factors to this positive result. Water purchases were 103.2GL compared to last year’s 96.3GL and budget of 95.3GL. A focus on customer service as well as improving the corporation’s productivity continues to be a priority for City West Water. The corporation’s aim is to continue to deliver the level of service customers want at lower cost. City West Water commenced the implementation phase of the corporation’s business transformation program during the year. When the program is fully implemented over the next few years, City West Water’s operations will be simplified, efficiency improved and customer service capability strengthened. Release One of the program involves implementation of foundation modules such as finance and contract management. This release went live in early August 2013, and was delivered under budget. The Victorian water regulator, the Essential Services Commission (ESC), handed down its final decision on prices for the next five years in late June 2013. City West Water’s residential customers will see their household bill increase by around 20 per cent from 1 July 2013. Approximately 80 per cent of the price increase is attributable to the fact that the State commenced to pay for the Victorian Desalination Plant (VDP), with the remaining increase largely due to the need to invest in infrastructure to service growth. The costs associated with the VDP are separated into an annual availability payment (which meets the cost of the plant’s having been constructed and
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