Spark Infrastructure Group (ASX: SKI) is an Australian based company falling under the utility sector. The company owns 49% interest CitiPower and Powercor in Victoria and SA Power Networks in South Australia; all the companies are engaged in electricity distribution. It also holds a 15.01% interest in New South Wales electricity transmission business TransGrid. SKI focusses on Australian electricity networks by investing in quality regulated utility infrastructure. The Australian Energy Regulator has ranked SKI’s investments amongst the most efficient assets. It provides a combination of cash generation capability and value creation opportunity.
Today, the company has announced its 2019 calendar stating the key announcements dates. Mr. Alexandra Finley, the Company Secretary, has made the announcement on behalf of the company.
For 2018, the company will be declaring its FY18 results on Tuesday, 26 February 2019. For the full year dividends, the Ex-date will be Tuesday, 5 March 2019; record date will be Wednesday, 6 March 2019; and the payment date will be Friday, 15 March 2019. The Annual General Meeting is expected to be held on Friday, 24 May 2019.
Similarly, for 2019, the company will be declaring its half-year 2019 results on Tuesday, 27 August 2019. The company has scheduled the interim dividend Ex-date on Tuesday, 3 September 2019; record date on Wednesday, 3 September 2019; and the payment date on Friday, 13 September 2019.
On 17 December 2018, the Australian Energy Regulator (AER) announced its new overall Rate of Return (ROR) Instrument at 5.36% which was 40 bps below the previous 2013 guideline. In every four years, the Regulator is required to set the ROR Instrument rate. SKI will apply this rate to all future regulatory revenue determinants over the next four years. ROR makes up circa 50% of a network business’ allowed revenue. This revenue contributes about 50% of final electricity bills.
The company released its half-year 2018 results on 27 August 2018. During 1H 2018, the company reported adjusted proportional revenue of $563.5 million which was up by 5.7% and an EBITDA of $420.2 million which was up by 7.6% on previous half year. Its standalone operating cash flow was marked at $130 million which was up by 6.9%. It paid an interim dividend of 8 cents per share and reaffirmed its full-year dividend at 16 cents per share. It had a regulated asset base of $5.9 billion up by 1.5% and a contracted asset base of $400 million up by 12.7%. The company reported total investment portfolio distributions at $138 million which was also up by 4.3%.
SKI has 1.68 billion shares outstanding with the market cap of $3.68 billion as on 4 January 2019. The company has an annual dividend yield of 7.13.
The SKI stock price has fallen by 11.34% over last one year. Currently, the stock is trading at the price of level $2.250 (as on 4 January 2019) which is up by 2.74% as compared to the previous close of $2.190.
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