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Retrieving Data

Financial Statements 2010

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INCOME STATEMENTS

GROUP PARENT
2010 2009 2010 2009
For the year ended 31 March 2010 Note $000 $000 $000 $000

Operating Revenue
Electricity revenue 6 717,349 744,762 682,766 721,421
Carbon revenue 9,654 8,377 9,654 8,377
Meter rental revenue 5,221 4,473 5,221 4,473
Other customer fees and charges 3,800 3,518 3,800 3,519
Telecommunications sales 19,672 17,024 19,672 17,024
Other operating revenue 3,591 7,242 2,248 6,355
759,287 785,396 723,361 761,169
Operating Expenses
Energy costs 136,893 207,525 136,893 207,525
Generation production costs 35,787 30,341 30,275 27,187
Line costs 223,027 202,284 223,027 202,284
Market fees and costs 13,851 15,244 13,820 15,244
Meter rental costs 3,237 2,716 3,237 2,716
Other customer connection costs 2,053 1,613 2,053 1,613
Loss/(gain) on sale of property, plant and equipment 549 93 549 162
Employee benefits 28,734 26,263 26,646 24,592
Telecommunications cost of sales 15,549 13,143 15,549 13,143
Other operating expenses 7 25,726 24,746 45,643 38,746
485,406 523,968 497,692 533,212
Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments and Asset Impairments (EBITDAF) 273,881 261,428 225,669 227,957
Impairment of assets 8 6,120 1,459 7,885 1,760
Fair value (gains)/losses on financial instruments 9 (12,509) 19,567 (3,537) 8,682
Amortisation of intangible assets 23 5,657 5,690 5,657 5,690
Depreciation 21 49,358 38,678 14,788 14,126
Operating Profit 225,255 196,034 200,876 197,699
Interest paid 10 59,100 53,366 46,078 46,093
Interest received 10 (385) (999) (1,190) (4,329)
Net finance costs 58,715 52,367 44,888 41,764
Profit Before Income Tax 166,540 143,667 155,988 155,935
Income tax expense 11 47,127 38,592 48,356 47,117
Profit After Tax Attributable to the Shareholders of the Company 119,413 105,075 107,632 108,818
Basic earnings per share (cents per share) 5 37.8 33.3 34.1 34.5
Diluted earnings per share (cents per share) 5 37.8 33.2 34.1 34.4

Statements of Comprehensive Income

GROUP PARENT
2010 2009 2010 2009
For the year ended 31 March 2010 Note $000 $000 $000 $000

Profit after tax attributable to the shareholders of the Company 119,413 105,075 107,632 108,818
Other Comprehensive Income
Fair value (losses)/gains on generation assets 14 (159) 259,684 - 120,537
Currency translation differences on revaluation reserve 14 3,719 - - -
Fair value gains/(losses) on cash flow hedges 16 23,746 (16,309) 23,746 (22,230)
Other currency translation differences 17 5,344 3,681 - -
Movements in employee share option reserve 17 160 65 160 65
Tax effect of the following:
Fair value gains on generation assets 14 1,865 (55,599) 1,557 (11,337)
Fair value gains/(losses) on cash flow hedges 16 (7,182) 4,882 (7,182) 6,676
Other currency translation differences 17 3,413 1,838 - -
Total Other Comprehensive Income 30,906 198,242 18,281 93,711
Total Comprehensive Income 150,319 303,317 125,913 202,529

Statements of Changes in Equity

GROUP PARENT
2010 2009 2010 2009
For the year ended 31 March 2010 Note $000 $000 $000 $000

Total Comprehensive Income 150,319 303,317 125,913 202,529
Issue of shares pursuant to the employee share option scheme 13 1,707 333 1,707 333
Own shares purchased 13 - (1,634) - (1,634)
Dividends paid 12 (144,949) (129,273) (144,949) (129,273)
Total Movements in Equity 7,077 172,743 (17,329) 71,955
Equity at the beginning of the year 1,430,069 1,257,326 1,222,584 1,150,629
Equity at the end of the year 1,437,146 1,430,069 1,205,255 1,222,584

Statements of Financial Position

GROUP PARENT
2010 2009 2010 2009
As at 31 March 2010 Note $000 $000 $000 $000

Equity
Capital and reserves attributable to shareholders of the Company
Share capital 13 176,751 174,754 176,751 174,754
Revaluation reserve 14 867,493 862,370 696,365 695,110
Retained earnings 15 362,432 387,666 316,540 353,555
Cash flow hedge reserve 16 15,406 (1,158) 15,406 (1,158)
Other reserves 17 15,064 6,437 193 323
Total Equity 1,437,146 1,430,069 1,205,255 1,222,584
Represented by:
Current Assets
Cash at bank 18 9,492 27,416 3,868 4,467
Bond deposits on trust 2,300 2,700 2,300 2,700
Accounts receivable and prepayments 19 117,453 73,750 111,604 68,861
Derivative financial instruments 20 5,182 2,738 5,182 2,738
134,427 106,604 122,954 78,766
Non Current Assets
Term receivable - 4,039 - 4,039
Property, plant and equipment 21 2,366,252 2,372,896 1,546,599 1,546,467
Derivative financial instruments 20 20,340 3,542 19,499 3,542
Investments in subsidiaries 22 - - 326,409 368,014
Other investments 2,195 521 8 -
Intangible assets 23 35,583 39,516 35,583 39,516
2,424,370 2,420,514 1,928,098 1,961,578
Total Assets 2,558,797 2,527,118 2,051,052 2,040,344
Current Liabilities
Accounts payable and accruals 24 103,831 84,695 102,748 77,654
Unsecured bank loans 25 193,904 - - -
Derivative financial instruments 20 4,287 3,501 3,809 3,501
Taxation payable 7,078 3,220 6,439 1,422
309,100 91,416 112,996 82,577
Non Current Liabilities
Unsecured bank loans 25 142,943 471,473 142,943 284,973
Unsecured subordinated bonds 26 261,206 260,671 261,206 260,671
Unsecured senior bonds 27 137,518 - 137,518 -
Derivative financial instruments 20 4,361 22,352 2,415 11,798
Deferred tax liability 28 266,523 251,137 188,719 177,741
812,551 1,005,633 732,801 735,183
Total Liabilities 1,121,651 1,097,049 845,797 817,760
Net Assets 1,437,146 1,430,069 1,205,255 1,222,584
Net Tangible Assets Per Share $4.44 $4.41 $3.71 $3.75

Cash Flow Statements

GROUP PARENT
2010 2009 2010 2009
For the year ended 31 March 2010 Note $000 $000 $000 $000

Cash Flows from Operating Activities
Cash was provided from:
Receipts from customers 758,427 808,204 723,003 788,166
758,427 808,204 723,003 788,166
Cash was applied to:
Payments to suppliers and employees 493,004 563,400 483,078 549,448
Taxation paid 31,314 30,587 31,219 30,466
524,318 593,987 514,297 579,914
Net Cash from Operating Activities 29 234,109 214,217 208,706 208,252
Cash Flows from Investing Activities
Cash was provided from:
Sale of property, plant and equipment 243 494 224 418
Return of bond deposits on trust 400 - 400 -
Return of electricity market security deposits - 55,400 - 55,400
Return of advances from subsidiaries - - 19,550 -
Subsidiary purchased 1 - - -
Interest received 559 1,393 17 4,328
1,203 57,287 20,191 60,146
Cash was applied to:
Advances to subsidiaries - - 13,704 13,990
Purchase of subsidiary - - 350 -
Interest capitalised in construction of property, plant and equipment - 3,556 - 371
Lodgement of electricity market security deposits - 55,400 - 55,400
Purchase of property, plant and equipment 33,886 191,562 15,692 15,650
Purchase of other investments 1,674 - 8 -
Purchase of intangible assets 7,886 4,941 7,886 4,941
43,446 255,459 37,640 90,352
Net Cash used in Investing Activities (42,243) (198,172) (17,449) (30,206)
Cash Flows from Financing Activities
Cash was provided from:
Bank loan proceeds 79,700 319,355 79,700 245,861
Senior bond issue proceeds 140,000 - 140,000 -
Subordinated bond issue proceeds - 100,000 - 100,000
Issue of shares 1,707 333 1,707 333
221,407 419,688 221,407 346,194
Cash was applied to:
Bond brokerage costs 2,630 1,317 2,630 1,317
Purchase of own shares - 1,634 - 1,634
Repayment of subordinated bonds - 50,511 - 50,511
Repayment of bank loans 227,149 298,357 222,122 298,357
Interest paid 57,759 53,748 43,562 44,819
Dividends paid 144,949 129,273 144,949 129,273
432,487 534,840 413,263 525,911
Net Cash used in Financing Activities (211,080) (115,152) (191,856) (179,717)
Net Increase/(Decrease) in Cash, Cash Equivalents and Bank Overdrafts (19,214) (99,107) (599) (1,671)
Cash, cash equivalents and bank overdrafts at beginning of the year 27,416 115,198 4,467 6,138
Exchange gains/(losses) on cash, cash equivalents and bank overdrafts 1,290 11,325 - -
Cash, Cash Equivalents and Bank Overdrafts at End of the Year 9,492 27,416 3,868 4,467