Sustainability Report 2006/07Solid financial performance
This year, we made payments to the Victorian Government of $114.6 million, comprising a dividend of $99.4 million, income tax equivalent payments of $6.3 million, a financial accommodation levy of $5.8 million and local government rate equivalents of $3.1 million. We also made payments to Government of $26.1 million in land tax and $2.9 million in payroll tax.
We invested $417.8 million ($226.7 million last year) in capital works. Operating revenue was $600.3 million, which was $27.3 million below plan.
Operating expenditure was $405.9 million, which was $16.8 million below plan. Net profit after tax was $67.6 million compared with $133.5 million last year.
Total assets increased from $3979 million last year to $4436.3 million. Borrowings increased by $305 million to support our increased capital works program.
We achieved a return on equity of 3.4% compared with our plan of 5.1%.
At 30 June 2008, the total book value of our interest-bearing liabilities was $1629.2 million. Our gearing ratio of 45.1% (41.3% last year) was within our target range.
