储电待发？（一）

暴利税对独立发电厂的净利影响到底有多大？看了一大堆的报道，但还是整理不出一个所以然来，看来只有等待善变的政府公布进一步的详情之后再作打算。

The Edge
09-06-2008: Windfall tax holds back PPA re-negotiations PETALING JAYA: Tenaga Nasional Bhd’s proposed re-negotiation with independent power producers (IPPs) over their power purchase agreements (PPAs) may now be held back following the imposition of a windfall tax on the IPPs, analysts said.

“The windfall tax (imposed on IPPs) is an indication that the renegotiation on the PPAs is a no-go. The IPPs were not going to budge but they may do so now because of the windfall tax,” said an analyst.

The analyst said IPPs such as YTL Power International Bhd and Genting Bhd were unlikely to be badly hit as most of YTL Power’s earnings came from Wessex Waters while power made up a small portion of Genting group’s earnings. However, IPPs such as Tanjong plc and MMC Corporation Bhd may be affected more.

“Going forward, the windfall tax will be imposed until the IPPs budge,” said the local analyst, adding that the first generation of IPPs were being pushed to a corner. Previous attempts to re-negotiate the PPAs had failed.

Another analyst said the IPPs would be even less predisposed to enter into re-negotiations with Tenaga now that the government had imposed the windfall tax.

“The government cannot force them to accept the terms. The IPPs will drag the negotiations,” he said, adding that the government was seen to be favouring Tenaga. The PPA for the first generation of IPPs would expire in eight years.

The Edge
12-06-2008: Bigger potential impact from windfall tax on IPPs KUALA LUMPUR: The 30% windfall tax on independent power producers (IPPs) could potentially result in bigger cuts in earnings than its earlier estimates of 1% to 5%.

It stated in a report that YTL Power’s earnings could be cut by 6% to 7%; while Tanjong’s earnings could see a decline of 4% to 5% assuming the windfall tax is based on total assets.

“If we use fixed assets as the base, the potential impact is greater, with possibly a 7% to 8% cut in YTL Power’s earnings and an 11% to 12% reduction in Tanjong’s earnings,” analyst said.

Last Wednesday, Prime Minister Datuk Seri Abdullah Ahmad Badawi announced a 30% windfall tax on audited returns in excess of a benchmark 9% return on assets (ROA) for IPPs, which will swing into effect on July 1, 2008.

Even though it has been a week since the announcement was made, the exact definition of ROA has not been clarified and it remains uncertain how the windfall tax will be calculated or what is its proposed mechanism.

The report also said Economic Planning Unit (EPU) officials have hinted that earnings before interest and tax (Ebit) will be used to compute the ROA, but it was not revealed whether fixed assets or total assets will be used for the computation.

According to analyst’s estimates on potential windfall tax for major IPPs, Sime Darby and Malakoff’s Tanjung Gemuk plant in Port Dickson tops the list in terms of ROA, which came up to 28.3% if calculated based on total assets and 46% on fixed assets.

Should the windfall tax be calculated based on total assets, YTL Power’s plants in Terengganu and Johor have the second highest ROA at 19.3%; followed by Genting Sanyen’s Kuala Selangor plant at 19%.
If based on fixed assets, Tanjong’s Alor Gajah plant has a ROA of 41.5%; followed by Genting Sanyen’s Kuala Selangor plant at 26.7%.

While the government estimates that the windfall tax on IPPs could add RM600 million to its income, calculating the tax based on fixed assets ROA would amount to 91% of the estimated figure, while total assets ROA would amount to 55%.

星洲
發電廠須繳暴利稅（吉隆坡4日訊）政府將對獨立發電廠（IPP）及棕油廠實施暴利稅，分析師認為，新措施將打擊國內發電業者盈利，並將影響市場及投資意願。《The Edge》財經日報引述消息指出，政府或對獨立發電廠的本地營業額，征收高達5%暴利稅。國內獨立發電廠從國家能源（TENAGA）取得的營業額約達106億令吉，5%稅務將為政府帶來5億3100萬令吉收入。政府每年對電力領域提供的天然氣補貼達137億令吉，佔龐大補貼的3.9%。姚金龍指出，儘管實施暴利稅將改善政府財務狀況，但它並非親商政策，並將衝擊投資意願。“發電廠業者已繳付公司稅，額外稅務對它們不公平。”政府或應從獨立發電廠合約著手，修改收費架構。對獨立發電廠實施暴利稅是不可思議的，因為該領域業者並沒錄得高額盈利。該行指出，獨立發電廠雖獲國能及馬石油（Petronas）補貼，不過它們傾向于享有穩定燃油價格，而非獲取暴利。

Business Times
7-6-2008
Windfall TaxSOME power producers may be able to pass on the cost of a windfall tax to Tenaga Nasional Bhd (TNB). This is due to a clause in their power purchase agreements (PPAs) with TNB. PPAs are long-term contracts under which TNB agrees to buy power from the IPPs."Of course, then it is up to the IPPs to decide whether they pass it on or not. It's on a voluntary basis," Dr Philip Tan, president of the Association of the Independent Power Producers of Malaysia, or Persatuan Nasional Penjanakuasa Bebas Malaysia (Penjanabebas), told Business Times in a telephone interview.

Starting July 1, IPPs and oil palm planters will be subjected to a windfall tax. The tax is part of the government's plan to cut fuel subsidies that have soared because of record high crude oil prices.Tan explained that the pass-on clause could kick in because the tax is specific to the power sector and not across all businesses.However, he said he could not state with certainty the number of PPAs with such a clause because he was not privy to information in all the agreements.The association's council members had met on Wednesday to discuss the windfall tax.According to the government, IPPs will be charged a 30 per cent tax on return of assets (ROA) that exceeds nine per cent in their audited accounts.Tan said the association will write to the Ministry of Finance to seek clarification on how to calculate the tax."If it is based on normal accounting standards, then it means that older IPPs and IPPs which are conscientious enough to pay off their loans fast will bear the brunt of it," he said.ROA shows how well a company uses its assets to make profits, with a higher percentage indicating greater efficiency. This is because it shows the company makes more money on less investment.The ROA is derived by dividing net profit by total assets."It would be more equitable if it was net profit divided by original assets, but we want to check with the ministry on their formula," Tan said.The tax will only be chargeable next year when the audited accounts are drawn up."The windfall tax actually discourages IPPs from being efficient. There is no incentive for us to control costs," Tan said.

The Star
Thursday June 12, 2008
IPPs face uncertainty over windfall tax
PETALING JAYA: The independent power producers (IPPs) are still in the dark over how the windfall tax announced by the Government last Wednesday will be administered on them.

On June 4, the Government announced that a windfall tax of 30% would be imposed on the IPPs from July 1 following an announcement that fuel prices and electricity tariff would also be raised due to the high price of crude oil.

Questions that have arisen include the return on asset (ROA) definition, the frequency of the tax, the amount to be raised from the tax and whether it would be imposed on all IPPs or only on those in the peninsula.

There are still a number of undefined variables that need to be spelt out before analyst can make an accurate assessment of the potential impact on the IPPs.

A quick check with a few IPPs revealed that they're still waiting for the official formula from the Government. According to press reports, some IPPs are even looking at the possibility of asking for an extension of their concession in return for this tax payment,” she said.

Although officials at the Economic Planning Unit had intimated that earnings before interest and tax would be used to derive the ROA for the computation of the windfall tax, “it did not spell out the variable in the denominator, which some parties think could be fixed assets instead of the usual total assets”.

The frequency of the tax also remained unclear but clarification should come through by year-end since the companies needed to account for these taxes when finalising their financial accounts.

There might be greater challenges for the renegotiation of the power purchase agreements between Tenaga Nasional Bhd and the IPPs if the tax were successfully implemented.

The Edge
12-06-2008: Bigger potential impact from windfall tax on IPPs KUALA LUMPUR: The 30% windfall tax on independent power producers (IPPs) could potentially result in bigger cuts in earnings than its earlier estimates of 1% to 5%.

It stated in a report that YTL Power’s earnings could be cut by 6% to 7%; while Tanjong’s earnings could see a decline of 4% to 5% assuming the windfall tax is based on total assets.

If use fixed assets as the base, the potential impact is greater, with possibly a 7% to 8% cut in YTL Power’s earnings and an 11% to 12% reduction in Tanjong’s earnings.

Last Wednesday, Prime Minister Datuk Seri Abdullah Ahmad Badawi announced a 30% windfall tax on audited returns in excess of a benchmark 9% return on assets (ROA) for IPPs, which will swing into effect on July 1, 2008.

Even though it has been a week since the announcement was made, the exact definition of ROA has not been clarified and it remains uncertain how the windfall tax will be calculated or what is its proposed mechanism.

The report also said Economic Planning Unit (EPU) officials have hinted that earnings before interest and tax (Ebit) will be used to compute the ROA, but it was not revealed whether fixed assets or total assets will be used for the computation.

Estimates on potential windfall tax for major IPPs, Sime Darby and Malakoff’s Tanjung Gemuk plant in Port Dickson tops the list in terms of ROA, which came up to 28.3% if calculated based on total assets and 46% on fixed assets.

Should the windfall tax be calculated based on total assets, YTL Power’s plants in Terengganu and Johor have the second highest ROA at 19.3%; followed by Genting Sanyen’s Kuala Selangor plant at 19%.
If based on fixed assets, Tanjong’s Alor Gajah plant has a ROA of 41.5%; followed by Genting Sanyen’s Kuala Selangor plant at 26.7%.

While the government estimates that the windfall tax on IPPs could add RM600 million to its income, calculating the tax based on fixed assets ROA would amount to 91% of the estimated figure, while total assets ROA would amount to 55%.

写于六月十日二零零八年