Overview
YTD · Actual vs AOP · USD $000s
Revenue YTD
$275.1M
▲ +0.6% vs AOP
AOP YTD: $273.5M
EBITDA YTD
$71.9M
▼ −1.1% vs AOP
AOP YTD: $72.7M
NPAT YTD
$19.9M
▼ −3.4% vs AOP
AOP YTD: $20.6M
CapEx YTD
$65.2M
▲ +4.2% vs AOP
AOP YTD: $62.6M
GWh Billed
1,082
▲ +1.8% vs AOP
AOP YTD: 1,063
RAG Performance Scorecard
YTD
| Metric | YTD Actual | YTD AOP | Variance $ | Var % | RAG | Commentary |
|---|---|---|---|---|---|---|
| Total Revenue | 275,100 | 273,500 | 1,600 | 0.6% | GREEN | Higher RT40 commercial volumes |
| EBITDA | 71,900 | 72,700 | (800) | (1.1%) | AMBER | Fuel cost above pass-through assumption |
| NPAT | 19,930 | 20,630 | (700) | (3.4%) | AMBER | EBITDA shortfall flows through |
| EBITDA Margin % | 26.1% | 26.6% | (0.5)pp | (1.7%) | AMBER | Margin compression on fuel |
| CapEx Spend | 65,200 | 62,600 | 2,600 | 4.2% | GREEN | Grid modernization ahead of plan |
| GWh Billed | 1,082 | 1,063 | 19 | 1.8% | GREEN | Demand recovery across all classes |
| T&D Loss % | 18.4% | 17.9% | 0.5pp | 2.8% | RED | Non-technical losses above target |
| Operating Cash Flow | 58,400 | 61,200 | (2,800) | (4.6%) | AMBER | Receivables build-up in Q1 |
YTD Income Summary USD $000s
| Line | YTD Actual | AOP YTD | Var % |
|---|---|---|---|
| Revenue | |||
| Non-Fuel Revenue | 158,300 | 156,900 | 0.9% |
| Fuel Cost Recovery | 116,800 | 116,600 | 0.2% |
| Total Revenue | 275,100 | 273,500 | 0.6% |
| Cost of Generation | |||
| Fuel & IPP Energy | 142,600 | 140,200 | (1.7%) |
| Variable O&M | 18,400 | 18,800 | 2.1% |
| Gross Margin | 114,100 | 114,500 | (0.3%) |
| Operating | |||
| Fixed O&M / Overheads | 42,200 | 41,800 | (1.0%) |
| EBITDA | 71,900 | 72,700 | (1.1%) |
| Depreciation | 31,500 | 31,200 | (1.0%) |
| Finance Costs (net) | 14,100 | 13,700 | (2.9%) |
| Tax | 6,370 | 7,170 | 11.2% |
| NPAT | 19,930 | 20,630 | (3.4%) |
Key Operational Metrics YTD
| Metric | Actual | AOP | RAG |
|---|---|---|---|
| Net Generation (GWh) | 1,326 | 1,295 | |
| GWh Billed | 1,082 | 1,063 | |
| System Heat Rate (Btu/kWh) | 9,840 | 9,720 | |
| T&D Loss % | 18.4% | 17.9% | |
| Avg Fuel Price (US$/bbl) | 84.2 | 81.0 | |
| Customers (000s) | 682 | 678 | |
| Revenue per kWh (US¢) | 25.4 | 25.7 | |
| Collections Rate % | 96.8% | 97.5% | |
| SAIDI (minutes) | 412 | 385 | |
| Renewable Share % | 10.2% | 9.5% |
Consolidated P&L
Income Statement · USD $000s
Statement of Comprehensive Income
Monthly · YTD · vs AOP
| Description | Jan | Feb | Mar | Apr | YTD Actual | AOP YTD | Var $ | Var % | AOP FY |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Non-Fuel Revenue | 39,100 | 38,400 | 40,100 | 40,700 | 158,300 | 156,900 | 1,400 | 0.9% | 478,200 |
| Fuel Cost Recovery | 28,600 | 28,100 | 29,800 | 30,300 | 116,800 | 116,600 | 200 | 0.2% | 352,400 |
| Total Revenue | 67,700 | 66,500 | 69,900 | 71,000 | 275,100 | 273,500 | 1,600 | 0.6% | 830,600 |
| Cost of Generation | |||||||||
| Fuel & IPP Energy | (35,200) | (34,600) | (36,100) | (36,700) | (142,600) | (140,200) | (2,400) | (1.7%) | (425,300) |
| Variable O&M | (4,500) | (4,600) | (4,600) | (4,700) | (18,400) | (18,800) | 400 | 2.1% | (56,900) |
| Gross Margin | 28,000 | 27,300 | 29,200 | 29,600 | 114,100 | 114,500 | (400) | (0.3%) | 348,400 |
| Operating Expenses | |||||||||
| Fixed O&M / Overheads | (10,400) | (10,500) | (10,600) | (10,700) | (42,200) | (41,800) | (400) | (1.0%) | (126,900) |
| EBITDA | 17,600 | 16,800 | 18,600 | 18,900 | 71,900 | 72,700 | (800) | (1.1%) | 221,500 |
| Depreciation | |||||||||
| Depreciation & Amortization | (7,800) | (7,850) | (7,900) | (7,950) | (31,500) | (31,200) | (300) | (1.0%) | (94,600) |
| EBIT | 9,800 | 8,950 | 10,700 | 10,950 | 40,400 | 41,500 | (1,100) | (2.7%) | 126,900 |
| Finance Costs | |||||||||
| Interest on Borrowings | (3,000) | (3,050) | (3,100) | (3,150) | (12,300) | (12,000) | (300) | (2.5%) | (36,400) |
| Lease Interest (IFRS 16) | (450) | (450) | (450) | (450) | (1,800) | (1,700) | (100) | (5.9%) | (5,200) |
| Net Profit Before Tax | 6,350 | 5,450 | 7,150 | 7,350 | 26,300 | 27,800 | (1,500) | (5.4%) | 85,300 |
| Taxation | |||||||||
| Income Tax Expense | (1,540) | (1,320) | (1,730) | (1,780) | (6,370) | (7,170) | 800 | 11.2% | (21,300) |
| Net Profit After Tax | 4,810 | 4,130 | 5,420 | 5,570 | 19,930 | 20,630 | (700) | (3.4%) | 64,000 |
Balance Sheet
Statement of Financial Position · USD $000s
Statement of Financial Position
Current vs Prior Period
| Description | Current | Prior | Movement |
|---|---|---|---|
| Non-Current Assets | |||
| Property, Plant & Equipment | 1,284,600 | 1,251,400 | 33,200 |
| Capital Work in Progress | 98,300 | 81,700 | 16,600 |
| Right-of-Use Assets (IFRS 16) | 42,100 | 44,800 | (2,700) |
| Intangible Assets | 12,400 | 13,100 | (700) |
| Total Non-Current Assets | 1,437,400 | 1,391,000 | 46,400 |
| Current Assets | |||
| Inventories (fuel & spares) | 38,700 | 35,200 | 3,500 |
| Trade Receivables | 112,300 | 104,800 | 7,500 |
| Cash & Cash Equivalents | 54,200 | 61,900 | (7,700) |
| Other Current Assets | 18,600 | 17,400 | 1,200 |
| Total Current Assets | 223,800 | 219,300 | 4,500 |
| TOTAL ASSETS | 1,661,200 | 1,610,300 | 50,900 |
| Equity | |||
| Share Capital | 421,000 | 421,000 | 0 |
| Retained Earnings | 288,700 | 268,800 | 19,900 |
| Reserves | 46,300 | 45,100 | 1,200 |
| Total Equity | 756,000 | 734,900 | 21,100 |
| Non-Current Liabilities | |||
| Long-Term Borrowings | 512,400 | 498,600 | 13,800 |
| Lease Liabilities (IFRS 16) | 36,800 | 39,200 | (2,400) |
| Deferred Tax Liability | 68,200 | 66,400 | 1,800 |
| Total Non-Current Liabilities | 617,400 | 604,200 | 13,200 |
| Current Liabilities | |||
| Trade & Other Payables | 186,500 | 172,300 | 14,200 |
| Short-Term Borrowings | 74,200 | 71,800 | 2,400 |
| Current Lease Liabilities | 8,400 | 8,100 | 300 |
| Current Tax Payable | 18,700 | 19,000 | (300) |
| Total Current Liabilities | 287,800 | 271,200 | 16,600 |
| TOTAL EQUITY & LIABILITIES | 1,661,200 | 1,610,300 | 50,900 |
Cash Flow
Statement of Cash Flows (Indirect) · USD $000s
Statement of Cash Flows
Indirect method · YTD vs AOP
| Description | YTD Actual | AOP YTD | Var $ |
|---|---|---|---|
| Operating Activities | |||
| Net Profit Before Tax | 26,300 | 27,800 | (1,500) |
| Add: Depreciation & Amortization | 31,500 | 31,200 | 300 |
| Add: Finance Costs | 14,100 | 13,700 | 400 |
| Changes in Working Capital | (7,900) | (5,300) | (2,600) |
| Income Tax Paid | (5,600) | (6,200) | 600 |
| Net Cash from Operating | 58,400 | 61,200 | (2,800) |
| Investing Activities | |||
| Purchase of PP&E | (48,600) | (46,400) | (2,200) |
| Additions to CWIP | (16,600) | (16,200) | (400) |
| Proceeds from Asset Disposal | 1,200 | 900 | 300 |
| Net Cash from Investing | (64,000) | (61,700) | (2,300) |
| Financing Activities | |||
| Proceeds from Borrowings | 28,400 | 26,000 | 2,400 |
| Repayment of Borrowings | (12,200) | (12,200) | 0 |
| Lease Payments (IFRS 16) | (4,900) | (4,900) | 0 |
| Interest Paid | (13,400) | (13,000) | (400) |
| Dividends Paid | 0 | 0 | 0 |
| Net Cash from Financing | (2,100) | (4,100) | 2,000 |
| Net Movement | |||
| Net Increase / (Decrease) in Cash | (7,700) | (4,600) | (3,100) |
| Opening Cash Balance | 61,900 | 61,900 | 0 |
| Closing Cash Balance | 54,200 | 57,300 | (3,100) |
CapEx & CWIP
Capital expenditure & work in progress · USD $000s
Other Income / IFRS
Below-EBITDA items & IFRS 16 schedules · USD $000s
Revenue & Generation
Tariff revenue & billing volumes by rate class · USD $000s
Variance Analysis
Actual vs AOP · USD $000s
Financial Ratios
Profitability, liquidity & leverage · USD $000s
KPI Scorecard
Operational & Financial KPIs · RAG vs Annual Target
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