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South Australian Water Corporation (SA Water)

Financial statistics
Water and sewer rates and charges: $1.23 billion
Community service obligations: $130.4 million
   
Borrowing costs: $336 million
   
Profit before income tax: $301 million
   
Infrastructure, plant and equipment: $13.6 billion
Borrowings: $6.4 billion
Net assets: $5.4 billion
   
Number of FTEs: 1452.7

Significant events and transactions
  • Profit before tax increased by $22 million (8%). SA Water attributes the increased profit largely to a 6.5% increase in the volume of water sold, reflecting hot and dry weather conditions.
  • Work commenced on the $94.7 million upgrade of Kangaroo Creek Dam Safety, with $9 million spent in 2015-16.
  • A net revaluation gain of $97 million was realised, mainly due to the annual valuation of water and sewer infrastructure assets.
  • The Essential Services Commission of South Australia announced the regulatory arrangements that will apply for the next regulatory period, beginning 1 July 2016.

Financial statement opinion
Unmodified

Financial controls opinion
Modified
Key issues:
  • No review of CHRIS 21 and TimeWise delegations and inconsistent review of bona fide reports
  • Quarterly reviews of Ellipse user access and delegations could be improved