❓ A WA parliamentary question on notice regarding the Minister's statements about Synergy's financial status, specifically its assets and profitability. The Minister defends his earlier statements by clarifying the context and the type of assets Synergy holds.
AnsweredQoN 248Legislative Assembly
QuestionView source ↗
I refer to the Minister's comments in the House on 18 April 2013 that Synergy has a profit of $14 million and sales of $2 billion, but no assets, and I ask:
(a) who informed the Minister of this information, and if no-one did, how did he come to this conclusion;
(b) has the Minister read the 2011–2012 Synergy Annual Report which was tabled in the Legislative Assembly on 20 September 2012;
(c) is the Minister aware that this report includes a
Statement of Comprehensive Income For the Year Ended 30 June 2012
;
(d) is the Minister aware that this statement notes that
Profit Before Income Tax Equivalent Expense
was $120,969,000;
(e) is the Minister aware that this report also includes a
Statement of Financial Position
as at 30 June 2012;
(f) is the Minister aware that this Statement reports that Synergy’s net assets were $359,378,000; and
(g) is the Minister aware of these matters, does he still maintain that Synergy has a profit of $14 million and sales of $2 billion, but no assets, and if not, when will he be correct the record of the Parliament?
(a) who informed the Minister of this information, and if no-one did, how did he come to this conclusion;
(b) has the Minister read the 2011–2012 Synergy Annual Report which was tabled in the Legislative Assembly on 20 September 2012;
(c) is the Minister aware that this report includes a
Statement of Comprehensive Income For the Year Ended 30 June 2012
;
(d) is the Minister aware that this statement notes that
Profit Before Income Tax Equivalent Expense
was $120,969,000;
(e) is the Minister aware that this report also includes a
Statement of Financial Position
as at 30 June 2012;
(f) is the Minister aware that this Statement reports that Synergy’s net assets were $359,378,000; and
(g) is the Minister aware of these matters, does he still maintain that Synergy has a profit of $14 million and sales of $2 billion, but no assets, and if not, when will he be correct the record of the Parliament?
AnswerView source ↗
Answered
12 June 2013
Responded by
Minister for Energy
Response time
21 days
(a) The Minister receives advice from a variety of sources, upon which
comments made in this house on 18 April 2013 were based.
(b) Yes.
(c) Yes.
(d) Yes.
(e) Yes.
(f) Yes.
(g) Yes, comments made on 18 April 2013 by myself related not to the figures
and data available in the Synergy 2011/12 annual report. The comments made were
in relation to more current data available to Government, however I note even
these figures were indicative as we have not reached the end of the financial
year. As such, the comments made by myself on 18 April 2013 are subject to
change upon the publication of Synergy's annual report for the 2012/13
reporting period. In relation to comments I made regarding Synergy's assets, I
maintain that Synergy owns no tangible or individually saleable assets. Whilst
it is true that Synergy lists assets in its audited financial statements, these
line items refer to computer systems and hardware, which Synergy requires to
service its customers. Unlike other assets, such as individually saleable power
stations, land and other tangible assets, Synergy's assets would only be of
value if considered to be part of Synergy's total assets, liabilities and
operations. I believe that having now clarified the context in which my
comments on 18 April 2013 were made, all members can agree I was correct when I
referred to Synergy as owning no assets.
comments made in this house on 18 April 2013 were based.
(b) Yes.
(c) Yes.
(d) Yes.
(e) Yes.
(f) Yes.
(g) Yes, comments made on 18 April 2013 by myself related not to the figures
and data available in the Synergy 2011/12 annual report. The comments made were
in relation to more current data available to Government, however I note even
these figures were indicative as we have not reached the end of the financial
year. As such, the comments made by myself on 18 April 2013 are subject to
change upon the publication of Synergy's annual report for the 2012/13
reporting period. In relation to comments I made regarding Synergy's assets, I
maintain that Synergy owns no tangible or individually saleable assets. Whilst
it is true that Synergy lists assets in its audited financial statements, these
line items refer to computer systems and hardware, which Synergy requires to
service its customers. Unlike other assets, such as individually saleable power
stations, land and other tangible assets, Synergy's assets would only be of
value if considered to be part of Synergy's total assets, liabilities and
operations. I believe that having now clarified the context in which my
comments on 18 April 2013 were made, all members can agree I was correct when I
referred to Synergy as owning no assets.
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