Dominion audit finds $5.7bn shortfall in ‘redistribution’ report
A Dominion audit released this week shows the company has a $5 billion shortfall in the redistribution of the company’s profits and capital spending over the past four years.
The audit, which followed the completion of a third audit of the financial statements, found the company made $1.3 billion of capital expenditure in 2015-16.
That was down from $3.9 billion the previous year.
The $5 million shortfall was largely the result of the $2.3 million dividend the company received from the Australian Government, which was due to be paid in 2017-18.
But the audit also showed the company was paying off $1 billion of its debt, including the $1 million loan from the Reserve Bank of Australia that was due in 2019-20.
The company is due to make a $1-billion dividend in 2021.
The Capital Markets Group also revealed on Tuesday that Dominion has lost more than $200 million in the last three years, and has incurred an $80 million debt repayment.
It said the company had an $85 million loss in 2015 and another $80m in 2016.
It also said the number of assets and liabilities increased by $55 million, or $2,200 per employee.
Dominion said it had made significant capital and debt adjustments in order to manage the financial situation, but did not say how it achieved those adjustments.
Topics:business-economics-and-finance,business-administration,investment-and.financial-management,business,economy,wealth-security,dominion-6530,australiaFirst posted September 09, 2019 11:16:08Contact Adrian LeeMore stories from New South Wales