Ladies and gentlemen, thank you for standing by, and welcome to Spark Infrastructure full year 2020 results briefing conference call. As a reminder, this conference is being recorded on Tuesday, the 23rd of February, 2021. All participants are in a listen-only mode. There'll be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. Your speakers today will be Mr. Rick Francis, Managing Director and Chief Executive Officer, and Mr. Gerard Dover, Chief Financial Officer. It is now my pleasure to turn the conference over to Mr. Francis. Please go ahead. Thank you and good morning. Thank you very much for joining us today for our 2020 full year results call. As usual, I'll start by outlining the key points in the presentation and then hand over to Gerard, who'll take us through the results by business in more detail. Also, as per usual, we will be referring to underlying balances, which we present to simplify some of the tax transition primarily, and to eliminate some of the other one-off mark-to-market or provision movement noise that can confuse the BAU results and variances. As usual, we've also got additional detail in the appendices that we won't necessarily touch on today in the presentation. Moving over to slide two, a quick reminder that our investments are in leading essential energy infrastructure businesses serving 5 million homes and businesses, and also heavily involved in leading and facilitating the transition in the electrical system to one that is increasingly reliant on renewable energy. Being part of this energy transition is important to us. For security holders, our aim is to deliver long-term sustainable value through an accretive yield complemented by organic growth, and also through acquisitional growth where it fits our mandate and objectives. There's no change in our network assets, which you know well. In the first half of the year, we completed construction of our new solar farm at Bomen near Wagga Wagga, with the final cost significantly under budget. Full production commenced in late June, with revenues accounted for in the P&L from one July. At the end of the year, our proportional share of the Regulated and Contracted Asset Base, RCAB, was $ 6.7 billion, an increase of 3.7% over the last 12 months. Looking at the financial highlights on slide three, no surprises here. Underlying look-through EBITDA was up 2.4% to $862 million. Continued investment in the regulated business delivered annual growth in RAV of 3.3% to $6.4 billion, while spend in Transgrid's contracted connection assets and also our solar farm saw annual growth in CAB of 13.4% to $294 million. Look-through FFO to net debt was 12.4% for the year. Continuing to demonstrate the significant balance sheet capacity we have at both the asset and corporate level to support continued RCAB growth, while also maintaining distributions to security holders. The final distribution for 2020 was AUD 0.065. That was declared back in December, delivering a full year distribution of AUD 0.135, which was unchanged from our guidance back in February, which was pre-COVID. The final distribution also now includes franking credits of AUD 0.021 per security. Our DRP will remain on for the final distribution. The DRP is not underwritten, and securities will be offered at a 2% discount to the five-day VWAP. The last election date for the DRP is one March. With the renewed regulatory revenue certainty ahead, with the SAPN and VPN reg decisions largely done, and resolution of the VPN tax appeal in late 2020, we are now providing distribution guidance for 2021 of AUD 0.125, obviously subject to business conditions, plus expected franking credits of around AUD 0.03 or 25% of the distribution. Distribution guidance has been rebased. Looking forward, we intend to target growth in distributions at or around CPI through the next regulatory period out to 2025, subject to business conditions, with franking credits again expected to average around 25% of the distribution over that period. Looking at the key achievements, during COVID, our businesses have continued to perform well. We must congratulate them on that. They have maintained continuity of energy supply during that period and maintained the safety of employees and the community. Our businesses have not drawn on any COVID-related financial support. In turn, they have provided support to customers experiencing hardship through the network tariff relief program. The regulator released its final determination for SA Power Networks in June 2020. The final determinations for CitiPower and Powercor are expected in April. These decisions provide the businesses with revenue certainty for the next five years to maintain, operate, and grow their respective distribution systems. The SA Power Networks decision was struck at a very difficult time amidst COVID, with the Reserve Bank of Australia intervening in the bond market to push down rates. As a result, their risk-free rate was the lowest ever at 0.9%. The SAPN decision also adopts the old inflation forecasting approach by the regulator, which has subsequently changed for the rest of the industry. SAPN are closely looking at how it needs to operate over the next five years under this challenging reset. On a more positive note, the updated inflation forecasting approach will apply to Victoria Power Networks from 1 July 2021. The outcome of this review means that the network service providers are more likely to receive the return stipulated in the AER's rate of return instrument, which in turn will better encourage investment in networks to facilitate the transition to a lower emissions energy system. As I just said, the Bomen Solar Farm was delivered on time and under budget. It was delivered for a total capital cost, including land and developer fees of approximately $175 million, down on our early estimate of AUD 188 million. In addition, we have built a pipeline of over 1.5 GW of wind, solar, and battery projects. We have acquired development rights over these opportunities for minimal cost, and will only proceed if we are comfortable that they are accretive. During October 2020, the Full Federal Court handed down its decision in the appeal by VPN against the ATO, in relation to the tax treatment of cash contributions and gifted assets. VPN, as I think you are aware, was successful on appeal in respect of the tax treatment of gifted assets. As a consequence, we estimate that in respect of prior years, Spark will be due a refund of primary tax of approximately AUD 40 million and a refund of interest of approximately AUD five. Importantly, the resolution of this matter means that Spark is now able to provide franking credits on an ongoing basis, which will start with its 2020 final distribution. Our network businesses are integral to Australia's transition to renewable generation. In 2020, we directly contributed to this transition through the successful completion of the Bomen Solar Farm, which has delivered 105 gigawatt hours of clean energy since June 2020 and contributed to a reduction of over 85,000 tons of greenhouse gases. This contribution and a better understanding of the contribution that our networks are making to the sustainability of our future has seen Spark achieve a B rating in the Climate Disclosure Project Survey for 2020. Moving to the 2020 results, the performance summary on slide five combines the financial outcomes on a proportional basis of our investment businesses, i.e. Victoria Power Networks, SA Power Networks, and Transgrid. Gerard will go into the individual performances in a minute, but in aggregate, total revenues were up 1% or $11.5 million to $1,178 million, while operating costs were up 1.3% or $4.2 million to $330 million. The unregulated businesses of both VPN and SAPN continue to perform strongly in 2020, with EBITDA margins increasing strongly. All up, aggregated proportional EBITDA was up $13.7 million or 1.6% to $870 million. These numbers exclude the solar farm, and on the right-hand side, we then reconcile from the investment business' EBITDA, add in Bomen Solar Farm and corporate costs to obtain the total underlying look-through EBITDA for Spark for the year of $862 million. Slide six, Spark is widely recognized for the attractiveness and robustness of its distribution. In fact, Spark is the only entity to be ranked in the top 10 for distribution yield over each of the last five years in the ASX 100. With confirmation of the rebasing of guidance for 2021 today, the addition of franking credits and the statement of intent for future distribution growth, we would expect this to continue. What isn't always appreciated is where the growth comes from. That is the growth in our underlying asset base, which you can see has been significant at just over 7% CAGR over the last 10 years, and is expected to continue to grow consistently over the next five years. The implied valuation of Wren House's sale of its stake in Transgrid in early 2020 acknowledged the high quality of the existing Transgrid regulated business, its significant contracted asset base, as well as the extensive pipeline of growth opportunities emerging from both the ISP and renewable energy zones in New South Wales. As we have seen through COVID, Spark's asset portfolio offers relatively low risk and stable cash flows, facilitating the payment of attractive distributions, but also offer the potential for long-term capital growth. Looking at the distribution outlook on slide seven. This slide recaps all the key points on our distribution guidance, which we've already provided today. I won't go over that detail again, but to be clear on our approach, the sustainability of our distributions is assessed against operating cash flows over the period, specifically the five-year period that most closely matches the key regulatory periods for Victoria Power Networks and SA Power Networks, as these currently represent approximately 80% of our asset base. We focus on look-through operating cash flow, but also have regard to standalone cash flows. The organic growth in VPN and SAPN in their RAV is generally more moderate, and hence retained cash and debt is expected to be used to fund growth. Transgrid growth is more material and perhaps less predictable in timing. We expect equity commitments to this growth to be met by continued operation of the DRP and debt. To be clear, the DRP can and will be used to manage equity for growth, ensuring sufficient cash exists at the corporate level to fund distributions to security holders. With that, I'll hand over to Gerard to go through the financial results in more detail. Thanks, Rick. Turning to the standalone cash flow on slide nine. We are particularly pleased with delivering AUD 252.8 million or AUD 14.7 underlying standalone cash flow per security for 2020. This result is 9% above our 2020 distribution guidance, which as disclosed this time last year, reflected the commencement of SAPN's new regulatory period and the transition to a full run rate of tax. To add some color to some of the key outline items running down the page, distributions received from VPN increased AUD 12 million to AUD 171.5 million. This performance reflects a 6.4% increase in EBITDA, driven by regulated asset growth, strong cost control, and a stronger contribution from Beon, the unregulated industry-leading renewable EPC business. The distribution is also particularly pleasing given the 15% year-on-year increase to VPN's highest-ever annual CapEx investment that I'll talk to later. Distributions from SAPN were down AUD 9.6 million, mainly reflecting six months of their new regulatory period set at the new lower rate of return and flowing through to lower EBITDA, offset by the increased contribution from Enerven and lower capital expenditure. Distributions received from Transgrid were AUD 22.9 million, down AUD 13.9 million from 2019. The decrease was primarily due to Transgrid utilizing a higher proportion of its increased operational cash flow to invest in both its regulated and contracted asset bases. Regulated CapEx almost doubled in 2020, with major projects such as Powering Sydney's Future and QNI progressing well. Bomen Solar Farm represents six months of operations offset by the expected buildup in receivables. The step-up in tax paid is as expected and as previously disclosed. 37.9 million is the full year 2019 tax liability for both of the tax consolidated groups, which hold the investments in VPN and SAPN and represents the first full year of tax. The prior year, AUD 16.9 million reflected the partial transition to becoming a full taxpayer. There's more detail on the tax and interest paid, but shown below underlying cash flow on slide 45 of this deck. Importantly, the successful outcome of the federal court appeal means that Spark expects a refund from the ATO in 2021 of approximately AUD 45 million, including tax and associated interest. Finally, a reference to the effective cash tax rate of 13%, being the tax paid as a proportion of the pre-tax underlying cash flow. Excluding the refund, we expect this effective tax rate to remain the average rate for the period to 2025. Moving to slide 10, we have presented the cash flow on a look-through or proportional interest basis. We are breaking cash flow out for each of our investment businesses and at the Spark level so that it is easier to see the individual contributions to total cash from operations and the investments in growth. On a look-through basis, underlying net operating cash flow was AUD 320.3 million, or AUD 0.186 per security. This result provides 38% cover above the 2020 distribution and reflects the 2.4% increase in look-through EBITDA. Compared to 2019, the look-through cash flow is offset by increased net reg depreciation, which is higher due to the lower inflation applied and a step-up in tax paid as previously described. Note that the net reg depreciation less CPI uplift is a non-cash component that we use internally when assessing the free cash flows from the business. It can be volatile between years as it was this year, and we do the cross-check against the five-year regulatory period. As inflation increases, as it's predicted to do, this conceptual allowance will actually decrease. Just to note, we've excluded tax paid by VPN and SAPN as the benefit of these franking credits will be distributed to Spark in future periods. On the investing cash flows, look-through growth CapEx at the investment businesses was AUD 230.7 million, representing a 13.3% year-on-year increase and contributing to the 3.7% year-on-year increase in asset base. Slide 11 is a high-level summary of the strong liquidity and low financing risks across the business. Feedback from the market provides us with confidence that we and our businesses will continue to have favorable access to multiple cost-effective sources of debt. At the corporate level, we increased the Spark debt facilities by AUD 280 million to AUD 400 million and raised around AUD 80 million of additional equity across the March and September DRPs. The appendices of the pack provide a lot more detail on the successful capital raisings, diversified debt maturities, and prudent hedging across each of the businesses. Turning now to the investment businesses financial results, starting with Victoria Power Networks on slides 13 and 14. As usual, we are recording performances of these businesses on a 100% basis. VPN delivered a robust performance for the year, notwithstanding the significant disruption in the state with total revenue of AUD 1,187,000,000, excluding Beon. 3.2% higher than the prior year, largely due to higher regulated revenue of just over AUD 1 billion. EBITDA was AUD 903.1 million, 6.4% higher than the prior year, due to higher revenue, higher BM margin, and strong control over operating costs. As referenced a moment ago, CapEx was AUD 585.2 million, an increase of 15.2%, due largely to the continuation of the Rapid Earth Fault Current Limiters program, an increase in the pole replacement program, and the development of new depots. COVID-19 had little impact on the delivery of VPN's capital program in 2020. As a result, VPN's RAV grew to AUD 6,635 million at 31 December 2020, a 4.7% higher than 31 December 2019. CitiPower and Powercor's draft determinations for the period 1st of July 2021 to 30th of June 2026 were issued by the AER in September 2020, which excluded consideration of the transition period from the 1st of January 2021 to 30th of June 2021. Revised proposals were submitted by businesses in December 2020, and final determinations are expected in April of this year. Turning now to SA Power Networks, slide 15 and 16. SAPN's final determination for the period 1st of July 2020 to 30th of June 2025 was issued by the AER in June 2020 and was broadly in line with expectations, providing regulatory certainty for the next five years. SAPN performed steadily during the year, with a total revenue of AUD 942.2 million, excluding NNE, a reduction of 1.9% compared to the prior year. Regulated revenue was AUD 849.2 million or broadly flat on the prior year, with all other revenue streams, excluding NNE, being lower than the prior year. EBITDA was AUD 668.1 million, AUD 3.3 million lower than the prior year, but which would have been flat year-on-year if not for expenses previously capitalized but expensed in 2020. Net capital expenditure was AUD 368.7 million or 9.1% lower than last year due to lower network connection augmentation and maintenance CapEx in line with the new regulatory determination. RAV increased to AUD 4,395 million at 31 December 2020, 1.3% higher than at 31st of December 2019. Moving to TransGrid on slides 17, 18, and 19. TransGrid's total revenue was AUD 896.4 million, an increase of 1.9% on the prior year, largely due to higher regulated revenue of AUD 773.6 million, up 2.5%. While connections revenue has continued to increase year on year, overall unregulated revenue increased modestly by 3.4% to AUD 124.2 million, primarily due to the completion of the Western Sydney Airport asset relocation project in 2019. Regulated operating expenses increased AUD 9.5 million or 6.1% to AUD 165.1 million, principally due to major bush fire remediation costs of AUD 12.8 million at the beginning of the year. These costs are expected to qualify as pass through and will be recovered in future periods. Excluding this amount, regulated operating expenses decreased by 6.1% due to the continued operating efficiencies being delivered. Unregulated operating expenses and other costs were AUD 62.2 million, an increase of AUD 18.8 million. This is mainly due to the increase in costs associated with new renewable connections, partially offset by a reduction in the line modifications projects from the previous year. Renewable connection projects involve upfront non-capitalized activity, which can result in a mismatch in timing of operating expenses and the resulting revenue if projects proceed. Overall, EBITDA was AUD 669.1 million, 1.7% lower than the prior year. Regulated capital expenditure increased by 96.7% to AUD 501 million, mainly due to investment in major augmentation projects, including Powering Sydney's Future, the Stockdill switching station, and ISP projects, including EnergyConnect and QNI Minor upgrade. Unregulated contracted capital expenditure in 2020 of AUD 207.2 million, mainly related to renewable project connections. RCAB grew to AUD 7.5 billion at 31 December 2020, 5.5% higher than at 31 December 2019. Moving to slide 20 on the Bomen Solar Farm. As we announced last year, Bomen Solar Farm is now operational and generating in line with expectations for its first six months of operations. Total revenue of AUD 7 million was underpinned by the PPA agreements with Westpac and Flow Power, while operating costs of AUD 1.7 million were in line with the expectations despite some increased vegetation management costs, resulting in an EBITDA outcome of AUD 5.3 million. At the beginning of this year, Bomen experienced a 20-day outage due to a part failure at the substation. The plant was back up at full export following replacement of the part, but the root cause is still under investigation. That concludes the financial review of operations. I'll now hand you back to Rick. Thanks, Gerard. Moving to slide 22. Our businesses continue to display excellent productivity performance and sustained efficiency over time, as you can see from the AER's 2020 Annual Benchmarking Report. Transgrid, pleasingly, also improved its ranking from fourth to third in this year's report, confirming the continued efforts to improve productivity. Slide 23 is the SAPN final reg determination. This is the slide we presented back in June, when we gave the market a briefing on the AER final determination. We've included it again for completeness and to remind investors that the determination provides good certainty for SAPN's revenues for the next five years. The X factors are also provided in a table in the appendix. Slide 24. Similarly, we provided this slide at the half year, but it's now updated for the AER's draft decisions in September and the revised proposals submitted in December. The risk-free rate in the draft decisions was 0.93. We are in the calculation period now, so we do expect a small increase on this in the final. The revised regulatory inflation approach will also apply in the final. Applying the new approach is expected to deliver an inflation forecast of 2%, as compared to the draft decision of 2.3%. The final determination, I think as you know, is expected to be issued in April. Our usual regulatory timeline slide is provided on slide 25. It's less busy from previous ones, which I guess is good. We've also outlined the ISP major projects as best we know them, and do note our disappointment with the AEMC's recent draft decision to not accept the finance ability rule change in connection to Project EnergyConnect. Slide 26, more for the record, just shows some of the more important regulatory reviews going on. Moving now to slide 28, and just repeating our strategic vision. It is an important reminder of our vision and also our three-part strategy. As I said before, our vision is to deliver long-term value through capital growth and distributions for security holders from a portfolio of high-quality, long-life energy infrastructure businesses. This is unchanged. Our mandate is reasonably narrow, focused on electricity, gas, and water. We are also focused on adjacent assets and businesses to these core segments. This includes our commitment to contracted renewable assets, as demonstrated by our build of the Bomen Solar Farm, but also ultimately into wind, solar, and storage, which will be an increasingly important part of that energy mix going forward. We are strongly committed to the energy transition, whether that be through renewable generation and storage or through building new networks to connect and transport generation and services from the new technologies. You're all aware that there will be reduced returns in this coming regulatory period. This is obviously significantly correlated to the continued reductions in the bond yield market and the low inflation for longer environment. With the potential growth emanating from the transition, it is expected that future returns from Spark will have an increasing amount attributable to capital growth. I'll hand now to Gerard just to take us through some of the growth opportunities and pipeline. Thanks, Gerard. Thanks, Rick. Slide 29 is a recap on the specific opportunities to Transgrid in New South Wales coming out of AEMO's integrated system plan. A reminder that these major projects are an addition to the AUD 1.25 billion CapEx allowance in Transgrid's 2018 to 2023 revenue determination. QNI Minor and VNI Minor are progressing well while HumeLink, Central-West REZ, and VNI West are in earlier stages of planning. EnergyConnect is described as a no-regrets investment and the first major project earmarked under AEMO's integrated system plan. Along with the Transgrid management team and fellow shareholders, we continue to assess feedback from the draft determination on the financability rule change proposal and alternatives to solve the issues Transgrid have raised. In total, there is an AUD 7.3 billion investment opportunity this decade through committed and actionable projects in New South Wales, and we expect Transgrid to play a significant role in each of these projects. Slide 30 provides indicative timing in the overall scale of Transgrid's CapEx over the next five years and is based on Spark's proportionate ownership. The components include the ISP major projects, but also include the indicative unregulated renewable connection asset pipeline, as well as ongoing prescribed CapEx. The equity funding shown under the chart includes the assumed equity contributions from Spark, which are based on 40% of the major project CapEx timing. I'll put this equity requirement in the context of the broader Spark capital management response in a moment. Moving to slide 31. Following the success of the Bomen Solar Farm and consistent with our strategic vision, we are actively and selectively exploring opportunities in large-scale solar, wind, and batteries across the NEM. We have remained cautious and disciplined in our assessment of opportunities, and as of today, we have established a development pipeline of around 1.5 gigawatts of renewable options. The graph provides the indicative timing and quantum of CapEx over the next five years, totaling AUD 1.15 billion. This profile is based upon probability weightings and final ownership of the specific projects, which is equivalent to ownership of 580 megawatts at AUD 2 million per megawatt. I'll put the capital management implications in context later on in the presentation. Moving on to slide 33. We think it's worthwhile highlighting that Spark is the only ASX 100 entity to be placed in the top 10 for distribution yield over each of the last five years. The chart also highlights the consistency with which Spark has delivered distributions, as well as the yield premium and correlation with the average yield on ASX 100 stocks. A strong message on consistency and relative value that Spark represents. Slide 34 is an update to a slide that we showed at the half year. A few moments ago, I talked to the slide showing the key components of growth from the Transgrid pipeline and the renewables pipeline. The graphs on slide 34 bring these components of growth into the context of the Spark portfolio and the sources of capital. Some of the funding is met at the asset level, where the investment businesses will retain some of their operating cash flow and utilize their balance sheet capacity to fund capital expenditure. The additional equity required for Transgrid major projects and for funding renewables, we will utilize the DRP and corporate level debt. These sources leave operating cash flow to continue to fund distributions going forward and as outlined today. In addition to the attractive distributions that we spoke to just a moment ago and as depicted on the top right of this slide, this growth pipeline results in a compound annual growth rate of the asset base of 6.6%, fully funded with no new calls on equity. Moving to slide 36, under the banner of sustainability, 36, 37 and 38 slides capture the link between Spark's purpose, vision, strategy, and objectives, and the focus we are applying to our ESG priority metrics. Like others, we believe that sustainability and long-term value is inextricably linked. Hopefully, these summary slides provide a sense of how we are tackling these goals. Safety first is one of Spark Infrastructure's core values, which informs how we ensure the physical, mental, and psychological health of our people. This was evident across every aspect of our businesses throughout the devastating bushfires in early 2020 and the COVID-19 pandemic from March last year. Slide 37 links key elements of the environmental, social, and governance issues with Spark's priority metrics. The graphic identifies the outcomes of these priority metrics and also cross-references to the UN sustainability goals. Slide 38 summarizes the results of the priority metrics calculated on a proportionate ownership basis. That is, we have aggregated the statistics across the Spark businesses. In the environment section of this slide, we have calculated that our network businesses have transported a weighted average proportion of renewable energy that has increased from 28% in 2019 to 33% of total electricity transported in 2020. Our network businesses are integral to Australia's transition to renewable generation. This is evident through VPN and SAPN's investments to enable the increasing penetration of rooftop solar and Transgrid's investment in connection assets for large-scale renewables. These investments contribute directly to this metric. In 2020, we directly contributed to the renewable transition with the successful completion of the Bomen Solar Farm. Bomen has delivered 105 gigawatt hours of clean energy since June 2020 and contributed to a reduction of over 85,000 tonnes of greenhouse gases in the first six months of operation. Spark and our businesses play a significant role in the communities in which we operate across Australia, both as an employer and as a contributor to community initiatives. The construction of Bomen provided around 200 jobs at its peak, with a focus on local and Indigenous employment and supporting local businesses. In partnership with Westpac, Spark has established a community fund to invest $1 million over 10 years to support youth education and biodiversity. Finally, as evidenced in our commitment to sustainability, Spark achieved a B rating in the Climate Disclosure Project survey for 2020, an uplift from a D last year. I'll now hand back to Rick to sum up. Thanks, Gerard. I'm on slide 40. There is plenty to sum up. Recognizing that this is the start of a new period for us, which only comes around every five years. In 2021, SAPN and VPN will be operating under new regulatory determinations for the next five years. SAPN's determination commenced 1 July 2020. As I said before, it was struck at a very difficult time. Despite repeated protestations, SAPN will operate under the old regulatory forecast methodology for inflation, which in our view, currently overestimates market forecasts. At the same time, the Reserve Bank interventions were putting downward pressure on the 10-year government bond rate, not to intentionally impact SAPN, but in an attempt to resuscitate the economy impacted by COVID. Before investing in the network with an artificially low rate of return over the next five years to support the energy transition and to support the economic recovery in South Australia will be a challenge for SAPN. Management are experienced and will take on the challenge. VPN entered its transitional period from 1 January, and their final determination will come into play from 1 July this year. Unlike SAPN, their regulatory forecasting approach for inflation will be applied to VPN, and in recent times, we've seen some modest upticks. Upticks in the risk-free rate and inflation, which will flow through to their final determinations in April. Greater comfort on where these determinations will land has been critical in giving the board confidence to rebase distribution expectations for the next five years. At Transgrid, the growth opportunities remain large, with a number of ISP and REZ projects being discussed. While the ESB is attempting to write new rules to make the ISP actionable, the issues with the current rules remain unresolved. We were very disappointed with the AEMC draft decision on our proposed rule change to remove indexation on the PEC project. While the core challenges around financeability are not disputed, there are clearly different views on how they should be addressed. We remain in discussion with many different parties on alternative ways to address the issues. At this point, unfortunately, no decision can be made to push ahead with the project. Don't forget, this is not our project. This is an ESB and AEMO no-regrets project under the current integrated system plan, for which we have to accept the regulated rate of return. It is energy consumers who are missing out from lower prices and lower emissions from the delays. Getting back to what we can control, notwithstanding the challenging times we faced during 2020, we have seen the defensive characteristics and qualities of our assets shine through, and as a result, we were able to achieve our previous distribution guidance of AUD 0.135 for the year. With the tax appeal now resolved and the new determinations largely known, we have been able to provide distribution guidance of AUD 0.125 for 2021. With this guidance now rebased, we have also signaled our intent to grow distributions by at or around CPI over the next five years. All guidance and statements of intent are subject to business conditions, as you would expect. Also, with the tax appeal resolved and tax profiles better able to be forecasted, we can now say that we expect to be able to frank distributions on average around 25% over that period. As we've said, we expect organic RCAB growth over the next five years to approach 4% per annum. While growth in VPN and SAPN will be funded from operational cash flows and debt, as they have previously, we would expect equity commitments to support Transgrid's major projects to be met from new equity, in our case, from the continued operation of the DRP and potentially corporate debt. To be clear, the DRP can and will be used to manage equity for growth, ensuring sufficient cash exists at the corporate level to fund distributions to security holders. That is, distributions will not be compromised by major projects growth. Finally, we are excited about the pipeline of development opportunities we've been able to create. Our initial outlays to get a foot on these opportunities is small and enables us to get very comfortable with the project economics before we make any significant commitment. Thank you very much. On that note, we will now open it up to questions. Could we please ask that you keep it to one question at a time. I'll now hand back to our moderator. Thank you. Thank you. If you wish to ask a question please press star one on your telephone and wait for your name to be announced.If you wish to cancel your request please press star two. If you are on the speaker phone please pick up the headset to ask your question. Your first question comes from Tom Allen of UBS. Please go ahead. Morning, Rick and Gerard, congratulations on your full year result. Firstly, I was hoping just for a bit more color on one or two items disclosed in your share of equity profit to NPAT on slide 58 of your result presentation. Specifically, the $36 million from the unrealized gains from derivative instruments. What drove the outcome here? That's the mark-to-market on the PPAs we have at Bomen, Tom. We've excluded that from the way that we presented our result. It's non-cash and obviously reflects the downward trajectory of wholesale electricity prices that we've seen in the last year or so. Okay. Thanks, Gerard. You've reported on the same slide the interest expense of negative AUD 3.9 million for the year. For the first half, if I'm correct, the reported interest expense was negative AUD 7.9 million. There appears to have been some adjustment here in the second half. Any color on that, Gerard? Just trying to recall. I might have to come back to you on that one, Tom. That's fine. We'll follow that up later. I'll jump back in the queue. Thanks, gents. Thanks, Tom. Thank you. Your next question comes from Rob Koh of Morgan Stanley. Please go ahead. Yes, good morning, gents. Yeah, congrats on the result. I just wondered if I could ask a couple of questions about the renewables strategy. You've mentioned there proportional ownership indicatively. Can you talk to whether your preference is the Bomen structure or if you're looking at minority control positions or things like that? Then I guess related to that is the use of the corporate debt in the funding strategy. And just wondering if you could give us some color on how you look to term out that debt as you put the growth assets in, given that the corporate debt only has a two-year maturity. Is the plan to go to the bond markets or project finance or something like that? All right, Rob. I'll leave the second question to Gerard in a sec, but just focusing on the first question in our strategy. Our strategy, first of all, is to actually develop these opportunities. What we've certainly found is that by having a controlling stake, and obviously Bomen is an example of one, is that we are able to best develop that project and move it forward and structure it the way that will work best for ourselves and also hopefully for others, if in fact that we do vend them in at a later date. Setting up the structure, setting up the term of the PPAs, integrating it into our own pipeline of portfolio as we move forward, is part of that strategy. The introduction of other funding parties later down the track is something that we're open to, we're not committed to. Obviously, we haven't done that necessarily with Bomen in the first instance, but as I said, that's an example of one. As we look at some of these other projects that are in the hopper, they are quite large individually, and should they move ahead, they would require quite a substantial capital commitment. Therefore we will look at those options as we move forward, and if and when that we bring in a partner. We've got the optionality and the flexibility to bring those parties in at the appropriate time, should we believe it to be appropriate. Gerard, do you want to just address the second question? Yeah. I'll try and make it brief, Rob. The funding really is, notionally we think about the equity of renewables at 30%, the debt at 70%, pretty much in line with a typical project, which might be project finance. We have the advantage of obviously having the corporate level financing with significant headroom on that level of funding, and you're right, we would be evaluating a number of different sources, including the bond market, AMTN market, convertible market. There's a number of different sources there, I think, that are open to us, with our investment-grade rating, and the nature of the investment involved. We'd be very confident of being able to put in place more suitable long-term financing to match the tenor of the asset. Okay, great. Sounds good. All the best with it. Thank you. Thanks, Rob. Thank you. Your next question comes from Ian Myles of Macquarie. Please go ahead. Hi. Could I ask a couple of technical things? Revaluation of the employment entitlements provision at VPN, how significant was that? How difficult was that, Ian? How significant was it? Oh, yeah. You called it out, but you didn't quantify the amount that it contributed to the profit increase. Again, I'm going to have to come back to you on that one, Ian. It's not something we've disclosed, but it did make a small difference to that outcome. On the SAPN, you talked about some items going from capitalized to expenses. I sort of missed what you said on the call. I was just wondering if you could re-explain that. Last year, corporate overheads were capitalized. This year, they were expensed. The amount is approximately AUD 20 million for SAPN. Going forward, they'll always be expensed? Yes. Okay. Just one final thing. On your renewable strategy, do you actually have development portfolio rights, or are you talking about just conversations you're having with potential developers? No, the ones that we've mentioned there, Ian, the one and a half gigawatts, we have exclusive rights to those development projects. Okay. Those projects will move through various milestones. We can pull out of the projects if we don't like the way that they're developing or the market, et cetera. It's a staged, milestone development path that may well take 12 to 18 months before we think that we've actually got a project that's worthwhile to progress with. You have to pay for them? Those rights. Yeah. Those types of arrangements are, as I said, they're sort of milestone payments and as we get better clarity around the project, then those amounts sort of tend to step up over time. Okay. Thanks. Thank you. Your next question comes from Richard McDonald of Australian Shareholders' Association. Please go ahead. Thank you. Good morning, Rick. Just a question on your slides, you mentioned green hydrogen. What's happening there, and how does that fit into the Spark plans? Yeah, thanks, Richard. Yes, it's on the slide. I think there are a number of parties across the country trying to evaluate that option, and we're no different. Certainly what's ahead of us and what we're experienced in is around the electricity assets and the development of the networks. Obviously we've been successful with the Bomen Solar Farm and we've got, as I just said to Ian and others, we've got a pipeline there of wind and solar and fundamentally battery options as part of those. Green hydrogen is something that we'll have a look at. Green hydrogen does involve, obviously, renewable generation and siting renewable generation near those facilities. It's something that we're interested to pursue. We haven't made any commitments to it. Generally involves substantial outlays of capital, so we'd need to go in with eyes wide open. We're just kicking the tires and understanding that opportunity. Thanks, Rick. Thank you. Thank you. Once again if you wish to ask a question please press star one on your telephone and wait for your name to be announced. Your next question comes from Baden Moore of Goldman Sachs. Please go ahead. Good morning. I was wondering if you could just talk through slide seven in a bit more detail. You're talking about your dividend is now rebased at AUD 0.125 per share and targeting CPI growth. There's a lot obviously coming up, which you've already talked about a lot in terms of the New South Wales energy plan and what that means. Can you just talk about how you think about managing that growth in the distribution and whether there's any flex in that current payout ratio at 92% to allow you to ultimately fund increased CapEx? Is that something you could talk a bit more detail about? Yes, I can, Baden. Yes, you probably note that we haven't, in our guidance, mentioned a particular payout ratio. The intention is that we look to pay out the majority, if not all of our operating cash flows over that period. We again, try to make it clear that we look at the cash flows over the regulatory period. Where we are in this current cycle is obviously that we're at the start or the entry of the new reg periods for the two distribution businesses, SA and Vic which do provide the majority of our cash flows based on the asset side. We do have very good certainty in relation to those businesses. Those businesses do offer substantial flexibility in their balance sheets, and we've discussed that over time. I've been repeatedly asked the question, "Can those businesses distribute more?" It's something that we've always got on the agenda. You may well see distributions in any particular year exceeding 100% of the operating cash flows. That's not something necessarily to be concerned about. It's just us trying to manage a smooth and growing distribution profile over that extended period. The other key aspect, Baden, is really around the growth in Transgrid. With the major projects growth, it is envisaged that that would require fresh equity to be injected into that business. Some of the principles that we've been talking about with our fellow security holders in Transgrid is that recycling of cash. The on payment of distributions and then the reinvestment of new equity into that vehicle. If that doesn't happen for any particular reason, then we're happy to replicate that structure at the Spark level. We understand the importance that security holders have in terms of seeing that regular distribution flow coming out of the Spark corporate vehicle. We also understand that some investors maybe don't necessarily want to reinvest, whereas others are very happy to reinvest in the growth in those long-term assets. It is something that we can replicate if necessary, using the distribution reinvestment plan at the corporate level. That was critical behind my comment around the fact that distributions will not be at the expense of growth in the funding of the Transgrid major projects. Is that helpful, Baden? Very good. Thank you. All right. Thank you. Thank you. Once again if you wish to ask a question please press star one on your telephone and wait for your name to be announced. Your next question comes from Nathan Lead of Morgans Financial. Please go ahead. Good day, gents. Thanks for taking my questions. The first one I've got is just the federal budget with the immediate expensing of CapEx through to June 2022. Could you talk through what sort of impact that might have on your tax and therefore the franking? Obviously, you've discussed the sort of franking considerations with your distributions there. If you just touch on that'd be great. Thanks, Nathan. Very quickly, VPN is expected to take advantage of that 100% write-down. We've taken that into account in terms of our comments around franking and cash flows going forwards. I guess the unknown is the applicability to SAPN, which is a partnership and not qualifying under the legislation. Suffice to say that we're looking to see if that legislation could be adapted to take into account SAPN, and then that would be a net positive for us, but not anticipated at this stage. Right. Okay. Second question for me is. Maybe I'm just asking a question a different way than others here. Just maybe if you can just talk about the capital management parameters, if there's been anything changed to do with SAPN and VPN, I suppose, with your partnership with CKI there. Just whether there's anything changed in terms of the gearing or the distribution profile coming out of those assets? Thanks, Nathan. I guess another way of expressing it is that SAPN and VPN have significant headroom above the A-minus threshold. That means they have capacity to be able to utilize more of that debt capacity for both investment and distributions. That's what we're expecting them to do. This is something which we've agreed with CKI, frankly, we're not beholden to that A-minus rating either. I think that gives even further capacity going forward. Rick? Yeah, I think the point that I'd add, Nathan, is that we referred in across, I guess, one of the previous regulatory periods to the 75% net debt to RAB. I think people recognize now that that is one of the less influential metrics that the credit or the rating agencies use. It's a reason why we are more transparently referring to the FFO to net debt, and that's something that is acknowledged by CKI. As Gerard was alluding to, CKI recognize the situations that the businesses are in, particularly as I refer to SAPN with quite a challenging result in front of it. They're very willing to have discussions about prudently reexamining the capital structure. They're also very aligned with ourselves in trying to manage all of those competing forces in terms of ensuring that we continue to get a good, reliable stream of distributions coming out of the business, but also maintaining the operations of the networks and where appropriate, growing them. That comment there about not being beholden to the A-minus, is that something sort of agreed with them that you'd be willing to drop it into triple B plus? Yeah, where appropriate, yeah. Yep. It was never a primary factor. It was always a second-order factor. It's also been one that we've been able to achieve, and not at the expense of distributions. I think, obviously, the new reg determinations create a new challenge with us in terms of where the rate of returns are. I think you can understand from that comment that our fellow shareholder is also very focused on getting distributions out of the businesses as well. Yep. Okay. Look, just a final question from me. I'm just interested, obviously, the appetite for renewables investment. Obviously, some quite low market prices at the moment. We've seen AGL take a pretty meaningful write-down on its renewable PPAs. Has that changed your view on the attractiveness of renewables? No, I think that there is still that fundamental attractiveness of renewables. Ultimately, coal-fired generation is heading out the door, as we all know. It needs to be replaced with something. There's definitely an opportunity there. We are very cognizant, of course, of where energy prices are. I would support the comments being made by AGL and Origin around the current level of energy wholesale prices and the difficulty that's causing in terms of investment and new build. We still see that there's a good opportunity there. Don't get me wrong, we are very interested and closely examining the wholesale price, et cetera, and what that means in terms of PPA pricing. These are 30-year assets. We're looking at price curves across 30 years. Of course, there's obviously the wholesale price curves, et cetera, out two or three years. They're making it extremely challenging to move ahead. As I said, perhaps poorly, we're very much looking at the longer term as well. Okay. Thanks, guys. Thank you. There are no further questions at this time. I'll now hand back to Mr. Francis for closing remarks. Yeah. Thank you very much. I think Gerard was just going to come back on Tom Allen question. Is that right? Yeah. The question was around the booking of interest in the first half and a small amount in the second half, and basically that's to do with the interest on the ATO case, which we booked prudently in the first half. We've reversed it in the second half through the P&L, obviously expecting to receive the cash during the course of this year. All right. Thanks, Gerard. All right. Thank you very much. There are no further questions. We thank you very much for your time. I know that Gerard and his team have got calls with a number of you guys to ensure that you can get out your reports and updates later on this afternoon. Thank you very much. We'll be in touch. Thank you very much, Bernadette. That does conclude our conference for today. Thank you for participating. You may now disconnect.