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.
Visit
https://www.transparency.gov.au/annual-reports/clean-energy-finance-corporation/reporting-year/2018-2019-43