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Western Australian Treasury Corporation 2012 Annual Report - Page 4Western Australian Treasury Corporation 2012 Annual Report - Page 5
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HIGHLIGHTS 2011/12 • WATC EXCEEDED ITS TARGETS FOR FIVE KPIS WHILE THE SIXTH KPI, EMPLOYEE ENGAGEMENT, SIGNIFICANTLY IMPROVED TO 55% (FROM 38% IN 2010/11). • WATC ADVANCED $3.9 BILLION IN NET NEW LOAN FUNDING TO WESTERN AUSTRALIAN PUBLIC SECTOR ENTITIES (A 90% INCREASE OVER 2010/11). • WATC WAS RESPONSIBLE FOR CLIENT FUNDS UNDER MANAGEMENT OF $6.46 BILLION AT 30 JUNE 2012 (A 29% INCREASE OVER 2010/11). • WATC CONTINUED TO EXPAND ITS ROLE OF ASSISTING CLIENTS WITH THE IDENTIFICATION AND EFFECTIVE MANAGEMENT OF FOREIGN EXCHANGE RISK IN ASSET PROCUREMENT. • A NEWLY AMALGAMATED FINANCIAL AND COMMERCIAL ADVISORY SERVICES TEAM SUCCESSFULLY DELIVERED ON KEY CLIENT ENGAGEMENTS IN 2011/12 INCLUDING: – THE MIDLAND HEALTH CAMPUS PUBLIC PRIVATE PARTNERSHIP; – ASSET AND LIABILITY MODELLING FOR POWER AND WATER AUTHORITIES; – FINANCIAL MODELLING FOR A NUMBER OF PORT AUTHORITY PROJECTS, INCLUDING OAKAJEE PORT; – THE WESTERN AUSTRALIAN FUTURE FUND; AND – ALIGNMENT OF CLIENT DEBT TO THE ECONOMIC REGULATION AUTHORITY'S REGULATORY RESET PERIOD. • WATC CONDUCTED A SUCCESSFUL WEIGHTED AVERAGE COST OF CAPITAL FORUM IN AUGUST 2011, WITH APPROXIMATELY 100 PEOPLE ATTENDING FROM 24 CLIENT ORGANISATIONS. • WATC UNDERTOOK TWO KEY CLIENT INITIATIVES IN 2011/12: – CUSTOMER RELATIONSHIP MANAGEMENT (CRM) TRAINING FOR CLIENT RELATIONSHIP MANAGERS; AND – INTRODUCTION OF THE MICROSOFT DYNAMICS CRM SYSTEM SOLUTION TO FACILITATE AND ENHANCE THE QUALITY OF SERVICE TO CLIENTS. • WATC LAUNCHED AN ENHANCED WEBSITE IN JANUARY 2012, INCORPORATING A CONTEMPORARY DESIGN, ADDITIONAL INFORMATION FOR USERS AND IMPROVED NAVIGATION AND MANAGEMENT. • WATC COMPLETED A SIGNIFICANT UPGRADE TO ITS SUMMIT TREASURY MANAGEMENT SYSTEM TO INCREASE FUNCTIONALITY, FLEXIBILITY AND PERFORMANCE. • WATC UNDERTOOK ITS FIRST TWO SYNDICATED BOND ISSUES: – A$1 BILLION TAP OF ITS 8% COUPON, 15 JULY 2017 BENCHMARK BOND; AND – A$200 MILLION ISSUE OF 4-YEAR FLOATING RATE NOTES. • WATC CONTINUED TO FOCUS ON ITS INVESTOR MARKETING PROGRAM, EDUCATING POTENTIAL INVESTORS ON THE MERITS OF WATC'S AAA/AAA RATED DEBT, CREATING A POSITIVE IMPACT ON PRICING AND INVESTOR DIVERSIFICATION. • WATC NOW HAS EIGHT DERIVATIVE COUNTERPARTIES COVERED BY ISDA CREDIT SUPPORT ANNEXES, REDUCING CREDIT EXPOSURES, PROVIDING FUNDING AND ALLOWING FOR MORE COMPETITIVE PRICING FROM ITS COUNTERPARTIES. • WATC CONTINUED TO EXPAND ITS PROGRAM OF PROFESSIONAL CERTIFICATION WITH 26 STAFF FULLY ACCREDITED BY THE AUSTRALIAN FINANCIAL MARKETS ASSOCIATION AT 30 JUNE 2012. • WATC WAS AWARDED A PLATINUM WORKSAFE CERTIFICATE OF ACHIEVEMENT IN HEALTH AND SAFETY MANAGEMENT – THE ONLY PUBLIC SECTOR ENTITY TO RECEIVE THE TOP LEVEL AWARD IN 2011. • WATC CONTINUED TO FOCUS ON ACTIVELY MANAGING ITS COSTS AND ACHIEVED SIGNIFICANT OUTCOMES FOR A MODEST 1.1% INCREASE IN ADMINISTRATION COSTS FROM 2010/11. WATC'S ADMINISTRATION COST RATIO EQUATED TO ONLY 5.6 BASIS POINTS ON TOTAL FUNDS LENT TO CLIENTS. WATC'S QUALITY OF SERVICE TO CLIENTS WAS RATED WELL ABOVE FINANCIAL INDUSTRY BENCHMARKS. 2 WESTERN AUSTRALIAN TREASURY CORPORATION BLUE BOAT HOUSE, SWAN RIVER, CRAWLEY
FIVE-YEAR SUMMARY FIVE-YEAR FINANCIAL SUMMARY FINANCIAL PERFORMANCE PROFIT BEFORE INCOME TAX EQUIVALENT 25.0 GROSS ADMINISTRATION EXPENSES 15.0 INCOME TAX EQUIVALENT EXPENSE 7.5 DIVIDENDS PAID 7.4 FINANCIAL POSITION INVESTMENTS 5,383.9 2011/12 2010/11 2009/10 2008/09 2007/08 $M $M $M $M $M LOANS TO AUTHORITIES OTHER ASSETS TOTAL ASSETS PERCENTAGE CHANGE IN ASSETS (%) 30,414.8 1,098.9 36,897.6 30.6 16.2 14.8 4.9 3.1 3,346.2 24,054.3 862.3 28,262.8 10.5 27,609.9 564.7 28,174.6 88.2 6.8 14.0 2.0 12.0 2,586.7 22,078.0 904.4 25,569.1 33.8 25,173.3 315.9 25,489.2 79.9 2009/10 YES 0.072% 8.40% 92% 78% 34.4 14.3 10.3 2.2 2,702.2 15,886.9 522.2 19,111.3 27.9 18,580.9 443.2 19,024.1 87.2 2008/09 YES 0.101% 53.27% N/A* 84% 6.4 11.3 1.9 5.0 2,753.7 11,406.8 778.7 14,939.2 14.5 14,075.2 798.7 14,873.9 65.3 2007/08 YES 0.101% 10.78% 97% 76% BORROWINGS 34,720.2 OTHER LIABILITIES 2,079.1 TOTAL LIABILITIES 36,799.3 EQUITY 98.3 FIVE-YEAR KPI SUMMARY ESTIMATED INTEREST RATE SAVINGS > 0.00% ADMINISTRATION COST RATIO RETURN ON CAPITAL CLIENT SATISFACTION STAFF SURVEY ** 2011/12 2010/11 YES YES 0.056% 0.063% 29.39% 20.60% 100% 100% 55% 38% N/A: NOT AVAILABLE. * CLIENT SURVEY NOT CONDUCTED. ** FROM 2010/11, THE SURVEY ASSESSED EMPLOYEE ENGAGEMENT, AS DISTINCT FROM EMPLOYEE SATISFACTION IN PREVIOUS YEARS. ANNUAL REPORT 2012 3
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