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Summary financial data

The summary financial data presented here is in addition to, and does not form part of, the Audited Financial Statements.

New commitments/deployment/recycled capital ($’m)

Revenue ($’m)

Operating expenses/impairment/concession ($’m)

Normalised surplus from operations ($’m)

Reconciliation of Surplus from operations to Normalised surplus from operations ($’m)

Actual

30/6/2015

Actual

30/6/2016

Actual

30/6/2017

Actual

30/6/2018

Budget

30/6/2019

Actual

30/6/2019

Reported surplus from operations

31.2

21.1

21.7

73.7

69.0

218.8

Less: FV Gains from loans and bonds at FVTPL

(71.5)

Less: Concessional Discount Unwind

(1.5)

(2.0)

(2.4)

(6.1)

(6.6)

(7.7)

Add: Concession expense

1.4

6.9

11.4

12.0

25.0

3.9

Normalised surplus from operations

31.0

26.0

30.7

79.5

87.4

143.6

Normalised Surplus from operations represents the underlying financial performance of the Corporation and excludes:

a. The non-cash concessional loan charges and unwind of these as revenue; and

b. The impact of fair value gains/losses arising from the mark-to-market of loans and bonds, since these movements are largely a function of changes in market interest rates and not a good indicator of the underlying financial performance of the Corporation.

Core Portfolio PBR(1) (%)

30/6/19

Actual

30/6/19

Normalised

Cumulative return2

5.293

4.57

PBR (5 year bond rate + 3-4%)

5.39–6.39

5.39–6.39

Annualised return

6.524

4.71

Annualised PBR (5 year bond rate + 3-4%)

5.19–6.19

5.19–6.19

1. The Portfolio Benchmark Return (PBR) rates are established as targets in the Clean Energy Finance Corporation Investment Mandate Direction 2018.

2. Since inception.

3. Includes 0.72% FV Gains on Bonds and Loans at FVTPL.

4. Includes 1.81% FV Gains on Bonds and Loans at FVTPL.

Clean Energy Innovation Fund PBR(1) (%)

30/6/19

Actual

Cumulative return2

(27.05)

PBR (5 year bond rate + 1%)

3.22

1. The Portfolio Benchmark Return (PBR) rates are established as targets in the Clean Energy Finance Corporation

2. Returns since its inception includes impact of fair value adjustments on early-stage equity commitments, where negative returns may be anticipated in the early years of investment.