Notes to the financial statements (continued) Section 4: Debt and equity (continued) 23. Hedging reserve and retained earnings (continued) C. Movements in retained earnings Movements in retained earnings during the reporting years presented, are shown in table 53 below.
• a nil interim dividend for the reporting year ended 30 June 2025 – typically payable no later than the reporting year to which it relates (by June 2025). C. Dividends not recognised at the end of the reporting year Since 30 June 2025, the directors have resolved to recommend, subject to the approval of the Minister for Energy, a dividend of $204 million for the reporting year ended 30 June 2025, being: • a final dividend of $253 million in-line with Western Power’s net profit after income tax equivalent • a special dividend of $1 million for sale of land surplus to requirements • $50 million retention (per year between 2024/25 to 2027/28) in-line with approval by the Expenditure Review Committee as contribution toward the Housing Enabling Infrastructure Fund for housing-related infrastructure commitments. This recommendation is reflective of a nil interim dividend for the reporting year ended 30 June 2025 in-line with written notice from the Minister for Energy. The Expenditure Review Committee ( ERC ) has approved a revised dividend framework under which Western Power will contribute $50 million per annum in retained dividends between 2024/25 and 2027/28 to the Housing Enabling Infrastructure Fund ( the Fund ). This retention will be offset against the recommended final dividend when due to be paid in December 2025. The $204 million will be provided for in the accounts once accepted by the Minister for Energy – with the concurrence of the Treasurer of Western Australia. It is to be offset by an equity contribution subject to approval by the Western Australian State Government.
24. Dividends A. Accounting policy
Dividends are provided for in the reporting year in which the dividends recommended by the Board are accepted by the Minister for Energy – with the concurrence of the Treasurer of Western Australia. A corresponding amount is recognised directly in equity. Dividends are subject to a solvency test in-line with section 138 of the GTE Act. B. Dividends recognised in the reporting years During the reporting years presented, the below dividends shown in table 54 were declared and paid to the Western Australian State Government. i. 2024/25 dividends paid During the reporting year ended 30 June 2025, Western Power paid the State Government dividends (30 June 2024: $nil million). This is in-line with written notice from the Minister for Energy, and pursuant to sections 140 and 141 of the GTE Act respectively. • a final dividend of $71 million for the reporting year ended 30 June 2024 – paid in December 2024; and
Table 53: Movements in retained earnings
2024/25 $M
2023/24 $M
Note
At 1 July
2,308
1,927
Profit for the reporting year, net of tax equivalent Dividends provided for or paid
338 (71)
381 -
24(b)
At 30 June
2,575
2,308
Table 54: Dividends recognised in the reporting years
2024/25 $M
2023/24 $M
Note
Final dividend Special dividend
24(b)(i) 24(b)(i)
(71) - (71)
- - -
128
Western Power Annual Report 2025
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