AGL segment reclassification
AGL Energy Limited (AGL) today advises of changes to its segmental reporting structure following the announcement on 14 November 2016 that the New Energy business would become an “innovation accelerator”.
As such, New Energy, including Strategic Partnerships & Investments, Commercial Development and Technology Innovation & Development, will now be reported under Centrally Managed Expenses.
Proven and developed lines of business are to be integrated into the appropriate AGL business units as follows:
- The New Energy Services business, including residential and commercial solar and business energy efficiency solutions, will move to Energy Markets.
- The Distributed Energy Services business, including Active Stream digital metering and low emission generation assets, will move to Group Operations.
This change is in accordance with AASB 8, which requires companies to report segment information on a similar basis as is used internally by management for reviewing segment performance. The revised segment reporting will commence with the financial results for the half-year ended 31 December 2016 to be released on 9 February 2017.
There is no change to the reported profit in any periods, only movements between segments. To facilitate comparisons with performance in prior periods, AGL has provided the historical segment data and reconciliations in an appendix to this release.
AGL is one of Australia’s leading integrated energy companies. It is taking action to responsibly reduce its greenhouse gas emissions while providing secure and affordable energy to its customers. Drawing on over 175 years of experience, AGL serves its customers throughout eastern Australia with meeting their energy requirements, including gas, electricity, solar PV and related products and services. AGL has a diverse power generation portfolio including base, peaking and intermediate generation plants, spread across traditional thermal generation as well as renewable sources including hydro, wind, solar, landfill gas and biomass