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ausnet services (AST) Details

AusNet Services is engaged in the electricity distribution and transmission, and gas distribution businesses in Australia. The company operates in four segments: Electricity Distribution, Gas Distribution, Electricity Transmission, and Select Solutions. The Electricity Distribution segment is involved in the distribution of electricity to approximately 650,000 consumer connection points over 80,000 square kilometers in eastern Victoria, including outer eastern suburbs of Melbourne. The Gas Distribution segment distributes natural gas to approximately 602,000 consumer connection points over 60,000 square kilometers in central and western Victoria comprising Melbourne’s western suburbs. The Electricity Transmission segment is engaged in the transmission of electricity from power stations to electricity distributors through its 12,800 high voltage towers and approximately 6,500 kilometers of transmission lines in Victoria. The Select Solutions segment provides metering, data, and asset management solutions, including integrated mobile and spatial technologies to businesses operating in the essential infrastructure sector, such as electricity, water, and gas utility owners, as well as transportation authorities and telecommunications companies. The company was formerly known as SP AusNet and changed its name to AusNet Services in August 2014. AusNet Services is headquartered in Southbank, Australia.

Founded in 2004

ausnet services (AST) Top Compensated Officers

Chief Executive Officer, Managing Director, E...
Total Annual Compensation: A$1.1M
Chief Financial Officer and General Manager o...
Total Annual Compensation: A$759.3K
General Manager of Strategy & Business Develo...
Total Annual Compensation: A$345.1K
General Manager of Service Delivery
Total Annual Compensation: A$431.5K
General Manager of Asset Management
Total Annual Compensation: A$415.9K
Compensation as of Fiscal Year 2014.

ausnet services (AST) Key Developments

AusNet Reaches $300 Million Settlement

AusNet has announced it has reached a $300 million settlement with the Marysville victims of the Black Saturday bushfires. The agreement, which was subject to court approval, came on the eve of the sixth anniversary of the bushfires and just before a class action trial was due to begin in Victoria's Supreme Court. Forty people died and an estimated 500 homes were destroyed when the blaze, also known as the Murrindindi fire, broke out on February 7, 2009. The class action, run by law firm Maurice Blackburn, alleged the fire was sparked by a break in an electrical conductor on a power pole near the Murrindindi Saw Mill.

Supreme Court of Victoria Approves the Settlement of Kilmore East Bushfire Class Action

Justice Osborn handed down judgment in the Supreme Court of Victoria to formally approve the settlement deed agreed by the parties to the Kilmore East Class Action on 15 July 2014. Under the terms of the settlement, the parties involved in the litigation have paid approximately $494.7 million, with contributions made in the proportions of AusNet Services is ­ $378.6 million; Victorian State Parties is $103.6 million; Utility Services Corporation Ltd. is $12.5 million. AusNet Services' liability insurers have paid all of AusNet Services' contribution. It is estimated that the contribution paid by AusNet Services' insurers is between 22% and 35% of the total losses suffered and costs incurred by those affected by the Kilmore East Bushfire. The settlement was reached without admission of liability by AusNet Services or any other party. AusNet Services remains a party to the Murrindindi Bushfire Class Action proceeding and intends to vigorously defend that claim. Notwithstanding the settlement of the Kilmore East Bushfire Class Action, AusNet Services considers that its insurance and, if required, a claim to the regulator for pass-through of residual costs ultimately incurred in relation to the Murrindindi proceeding, should be sufficient to cover AusNet Services' liability, if any, associated with the Murrindindi bushfire. However, the ultimate resolution of this matter cannot be known with certainty.

AusNet Services Reports Earnings Results for the Six Months Ended September 30, 2014; Revises Capex Guidance for the Second Half of 2014

AusNet Services reported earnings results for the six months ended September 30, 2014. For the period, the company reported total revenues of AUD 971.3 million against AUD 961.2 million a year ago. EBITDA was AUD 529.4 million against AUD 581.8 million a year ago. Net loss after tax was AUD 4.9 million against AUD 97.7 million a year ago. Adjusted net profit after tax was AUD 184.4 million against AUD 192.8 million a year ago. Net cash flow from operations was AUD 334.8 million against AUD 348.2 million. Payments for property, plant and equipment were AUD 423.2 million against AUD 475.8 million a year ago. Profit from operating activities was AUD 340.3 million against AUD 402.5 million a year ago. Profit before income tax was AUD 193.4 million against AUD 226.2 million a year ago. Net debt as at September 30, 2014 was AUD 5.9 billion against net debt as at September 30, 2014 of AUD 5.3 billion. Net asset value per security as at September 30, 2014 was AUD 1.03. Lower revenue and EBITDA due to a new price path commencing Apr. 1, 2014 as a result of TRR 2014-17. Higher revenues from regulated price increases of 13.75% in current year 2014, partially offset by lower Transmission charge (pass through) over recovery in prior period. For the second half of 2014, the company is increasing CapEx guidance. Previously, provided AUD 865 million, and raising that to AUD 915 million, which is basically solely driven by the additional AMI remediation and compares to AUD 922 million in fiscal year 2014.


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