Windfall Tax
SOME power producers may be able to pass on the cost of a windfall tax to Tenaga Nasional Bhd (TNB), a senior industry official said.
This is due to a clause in their power purchase agreements (PPAs) with TNB.
PPAs are long-term contracts under which TNB agrees to buy power from the IPPs.
"Of course, then it is up to the IPPs to decide whether they pass it on or not. It's on a voluntary basis," Dr Philip Tan, president of the Association of the Independent Power Producers of Malaysia, or Persatuan Nasional Penjanakuasa Bebas Malaysia (Penjanabebas), told Business Times in a telephone interview.
Starting July 1, IPPs and oil palm planters will be subjected to a windfall tax. The tax is part of the government's plan to cut fuel subsidies that have soared because of record high crude oil prices.
Tan explained that the pass-on clause could kick in because the tax is specific to the power sector and not across all businesses.
However, he said he could not state with certainty the number of PPAs with such a clause because he was not privy to information in all the agreements.
The association's council members had met on Wednesday to discuss the windfall tax.
According to the government, IPPs will be charged a 30 per cent tax on return of assets (ROA) that exceeds nine per cent in their audited accounts.
Tan said the association will write to the Ministry of Finance to seek clarification on how to calculate the tax.
"If it is based on normal accounting standards, then it means that older IPPs and IPPs which are conscientious enough to pay off their loans fast will bear the brunt of it," he said.
ROA shows how well a company uses its assets to make profits, with a higher percentage indicating greater efficiency. This is because it shows the company makes more money on less investment.
The ROA is derived by dividing net profit by total assets.
"It would be more equitable if it was net profit divided by original assets, but we want to check with the ministry on their formula," Tan said.
The tax will only be chargeable next year when the audited accounts are drawn up.
"The windfall tax actually discourages IPPs from being efficient. There is no incentive for us to control costs," Tan said.
1，Bond at 5.875% repayable in March 2009，影响着现金流动（例如2007年的现金突然倍增）
2，提交上给Ofwat的价格调整：
Ofwat allows our overall charges to change by inflation (RPI) plus what is known as the K factor and sets it to be either a positive or negative value.
RPI + K + recovery＝ Overall the average increase in price
3，英国的通货膨胀
4，环境所带来的影响，例如雨水的多寡影响sewerage charges
5，未来的消费趋势，比如metered and unmetered charges
对于Wessex Water，这个堪称YTL Power的主力，如今已经是英国数一数二的水务公司。根据Ofwat的一些标准衡量，他们都排在最前面。而水务本身则是个垄断性行业。综合以上的性质，不难发现这家公司拥有持续稳定发展、高效率与活跃的资本与资产回报。对于未来的评估，则除了一些变动因素外，不论英国的通货膨胀如何，这家公司的回报将会稳定增加，预计在未来5年内，水费的增加幅度将达到4～5%，使营业额持续增长。而对于债务，除了Bond at 5.875% repayable in March 2009外，其余的都是2023年后才能回收的债务。所以，稳定的现金流动是可以预计的。
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发表于 7-6-2008 01:34 AM
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