As at 30 June 2007
|
2007 |
2006 |
|
|
|
Cash and liquid assets |
286.6 |
193.3 |
Outstanding settlements receivable |
402.6 |
444.6 |
Due from financial institutions |
21.1 |
20.5 |
Securities held |
3,847.2 |
2,327.5 |
Derivative financial instruments receivable |
90.9 |
43.9 |
Loans to Government clients |
27,703.8 |
26,660.1 |
Other assets |
15.8 |
16.4 |
Plant and equipment |
2.1 |
1.8 |
Total assets |
32,370.1 |
29,708.1 |
|
|
|
Due to financial institutions |
100.1 |
124.8 |
Outstanding settlements payable |
531.5 |
294.5 |
Due to Government clients |
409.4 |
949.9 |
Borrowings |
30,275.0 |
27,700.5 |
Derivative financial instruments payable |
967.0 |
573.2 |
Income tax equivalent payable |
2.6 |
3.3 |
Other liabilities and provisions |
41.4 |
18.8 |
Total liabilities |
32,327.0 |
29,665.0 |
Net assets |
43.1 |
43.1 |
Represented by: |
|
|
Equity |
|
|
Retained profits |
43.1 |
43.1 |
Total equity |
43.1 |
43.1 |
The accompanying discussion and analysis, and notes form part of these concise financial statements.
The principal asset of loans to Government clients of $27,704 million represented over 85% of total assets. These comprised of loans to:
|
2007 |
2006 |
Crown Entity (NSW General Government) |
10,484.6 |
10,196.5 |
Electricity entities |
10,429.1 |
9,390.1 |
Transport entities |
1,241.4 |
2,107.7 |
Water entities |
3,931.4 |
3,459.2 |
Other entities |
1,617.3 |
1,506.6 |
|
27,703.8 |
26,660.1 |
Securities, cash and liquid assets and amounts due from financial institutions are held for liquidity management purposes and in total, increased by $1,614 million to $4,155 million at 30 June 2007. This reflects the need to progressively increase liquidity in advance of the maturity of the March 2008 benchmark borrowing series.
Borrowings, the principal liability, comprised:
|
2007 |
2006 |
Domestic Benchmark Bonds |
12,419.2 |
12,000.3 |
Global Exchangeable Bonds |
14,431.2 |
11,047.7 |
|
26,850.4 |
23,048.0 |
Euro medium term notes |
3,003.9 |
4,145.5 |
Other borrowings |
420.7 |
507.0 |
|
30,275.0 |
27,700.5 |
The volume of borrowings is a function of the requirement on TCorp to fund loans to New South Wales public sector clients. The Benchmark Bond program continues to be a cornerstone of TCorp’s funding strategy.
During the year, TCorp completed a net borrowing program of $2.9 billion. Face value of net outstandings of Benchmark Bonds increased by $4.6 billion. Continued strong demand from offshore investors enabled outstanding Global Exchangeable Bonds to be increased by $3.4 billion. Domestic Benchmarks Bonds were increased by $0.8 billion. Strong demand for Benchmark Bonds enabled funding to be raised in addition to net client loan drawdowns, the balance being applied to liquidity asset holdings.
The volumes on issue of both Domestic Benchmark and Global Exchangeable Bonds are:
|
|
2007 |
2007 |
2006 |
2006 |
1 March 2008 |
8.0% |
5,867.7 |
6,082.6 |
6,408.8 |
6,778.2 |
1 October 2009 |
6.0% |
1,355.0 |
1,355.6 |
- |
- |
1 December 2010 |
7.0% |
5,300.0 |
5,372.1 |
5,191.9 |
5,416.5 |
1 May 2012 |
6.0% |
5,196.4 |
5,088.4 |
4,879.8 |
4,921.3 |
1 August 2014 |
5.5% |
4,922.8 |
4,706.4 |
4,446.3 |
4,392.1 |
1 March 2017 |
5.5% |
4,534.1 |
4,245.3 |
1,582.5 |
1,539.9 |
|
|
27,176.0 |
26,850.4 |
22,509.3 |
23,048.0 |