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Group Highlights
| 30 June 2009 $m |
30 June 2008 $m |
30 June 2007 $m |
|
|---|---|---|---|
| Profit after tax from continuing operations | 718.2 | 316.3 | 354.2 |
| Profit/(Loss) after tax from discontinued operations | 877.9 | (87.3) | 56.3 |
| Profit after tax attributable to Shareholders | 1,596.1 | 229.0 | 410.5 |
| Adjust for the following after tax items: | |||
| Assume demerger ocurred 1 July 2006 | – | – | 116.9 |
| Significant items | (1,441.3) | (62.6) | 85.9 |
| Changes in fair value of financial instruments | 251.0 | 184.6 | (287.7) |
| Pro forma adjustment | (27.0) | (10.0) | – |
| Underlying net profit after tax | 378.8 | 341.0 | 325.6 |
| Increase in underlying net profit after tax | 11.1% | 4.7% | – |
Divisional Highlights
- Gross margin up $48.5 million from increased tariffs and a focus on higher margin customers in both mass market and commercial and industrial customer segments.
- Increase of $40.5 million in operating expenses mainly due to process and billing issues relating to transfer of customers to AGL’s new billing platform.
- Process and system performance problems now resolved and the Phoenix change program now scheduled for completion by December 2009.
- Strong performance across entire business segment.
- Wholesale electricity, gas and eco-markets energy procurement costs well managed in difficult market.
- Fees from AGL’s wind farm developments continued to provide strong returns with contribution up $14.6 million to $54.6 million.
- With the sale of AGL’s investments in Papua New Guinea, Upstream Gas largely sold its operating EBIT base.
- PNG sales proceeds partly used to acquire strategically important New South Wales gas assets by purchasing projects in the Gloucester and Sydney basins in close proximity to one of our major retail markets.
- Certified 2P gas reserves at 30 June 2009 up to 1,056 PJ.
Key achievements for the past year
Geothermal Alliance with, and cornerstone investment in, Torrens Energy
Acquisition of Australian wind farm development portfolio from Allco
Investment in Galilee Basin coal seam gas production pilot and exploration
FY2008 results confirm AGL delivers on guidance and strategy in 2008
Fully franked dividend of 27 cents per share declared
Sale of 50% stake in Elgas for $221 million
Sale of shares in Queensland Gas Company for $1.18 billion
Acquisition of gas bank and minority interest from Tri-Star
Completion of transfer of retail customers to new SAP billing platform
Acquisition of wind farm development projects from Investec
Acquisition of Gloucester Basin coal seam gas assets
Sale of Papua New Guinea oil and gas assets for $1.127 billion
Acquisition of interests in Cooper Basin permits from Innamincka Petroleum
Strong half-year result announced. Fully franked dividend of 26 cents per share declared
Agrees to construct 132 MW Hallett 4 Wind Farm
Completed takeover of Sydney Gas Limited
Refinances $800 million of debt