The Accounts team is responsible for ensuring financial and accounting functions of the business are always undertaken effectively.
The accounts team manages all day to day accounting functions of the business including accounts payable, accounts receivable, payroll, and supplier management.
The team work closely with the other Managers to prepare budgets and to track and manage scheme expenditure.
Our Finance team also works closely with our lenders to manage scheme loans and finances. Ensuring company compliance with the terms of loan facilities is a primary focus.
CPWL is a limited liability company operating under a co-operative philosophy. Farmer shareholders own shares based on their water requirements.
CPWL is a limited liability company operating under a co-operative philosophy. Farmer shareholders own shares based on their water requirements.
There are two classes of shares.
Based on the most recent estimates the fair value of the Scheme infrastructure is closer to $446M million resulting in a $42 million increase in value over the historical cost value on the balance sheet. The value of the scheme is further increased by $65 million with the estimated replacement value of the existing consents and construction.
The Scheme has a maximum consented capacity of 63,000 hectares, the Company is currently irrigating approximately 45,000 hectares. The balance of capacity has been split throughout the Scheme area to allow for future additions and expansion. The infrastructure has also been built to enable additional expansion beyond the current infrastructure if the need arises.
Further opportunity exists to add hydro, storage, and solar power generation if viable.
The scheme evolved in four stages:
In total the Company generated $92 million in equity and raised $270 million in debt via a Syndicated Facility with ANZ and Westpac banks and later with the addition of China Construction Bank.
Crown Irrigation Investments Limited provided $6 million to assist with the construction of Stage 1 and increased this to $59 million by the end of Stage 2 to enable surplus capacity to be built into the Scheme to allow future share sales and expansion.
The scheme is now funded by a syndicate of banks and the Accident Compensation Corporation (ACC) who have replaced Crown Irrigation Investment Limited as a long term funder.
The scheme is funded by the recovery of costs via take or pay Water Use Charges.
The charges are controlled via the Water Use Agreements signed during the share sale process with security held over the shares and water delivery.
Charges are:
Water Use Charges include: