2012 wintec annual report

WINTEC ANNUAL
REPORT 2012
95
Indicator(s) Audited 2011
Outcome
Target 2012
Outcome
Comment
Depreciation ($m) 6.0 7.0 6.4 Timing of capital spend has resulted
in a lower depreciation spend.
Total expenditure ($m) 77.9 80.5 81.6 Mainly due to the addition of expenses related
to additional revenues received that were not
confirmed at the time the budget was set.
Depreciation as
a percentage of
expenditure
7.7% 8.7% 7.8% Lower due to increased expenditure
compared to budget as well as a lower
depreciation charge than budget.
Debt/Equity 6.7% 11.0% 5.9% Driven by higher equity through
increase in valuations.
Net cashflow from
114% 111% + 115% Above target due to positive cashflow.
operations
Liquid assets 8.2% 12% 15.6% Timing in cash receipts from land sales and
corresponding reduction of overdraft facility
has resulted in higher liquid assets.
Debt cover 0.7x 1.8x or less 0.7x Lower term debt and reduction
in overdraft facility.
Interest cover 7.8x 3x or more 6.2x Lower borrowing and interest rates.
Working capital ratio 0.48:1 0.59:1 0.54:1 Primarily driven by cash receipts from land
sales and reduction in overdraft facility.
Ratio excludes land held for resale.
Maximum term
borrowing ($m)
Maximum aggregate
borrowing ($m)
Personnel as a
% of revenue
Personnel as a %
of expenditure
Full time equivalent
(FTE)
Capital Asset
Management System
(CAMS) performance
8.0 14.0 7.2 Lower debt levels due to proceeds
received from asset sales.
13.0 11.4 7.3 Primarily driven by cash receipts from land
sales and reduction of overdraft facility.
54.7% 55.5% 52.6% Represents the increased efficiency of
delivery (average class size efficiencies) as the
proportional increase in revenue is greater
than the proportional cost of delivery.
57.1% 57.6% 55.3%
$69,617 $71,528 $72,542 Higher average costs associated with
wage negotiations and wage pressure on
replacement staff starting salaries.
All CAMs attributes
are rated at
moderate or above
by December 2012
85% of attributes
self-rated
as moderate
or better
All but one attribute (asset management
systems) rated as moderate or better. As part
of the on-going improvements to our asset
management systems, all asset management
plans and the self-assessment have been
completed and externally reviewed by SPM.
The new asset system implementation is
underway and will be in place by July 2013.
STATEMENT OF SERVICE PERFORMANCE
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