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Retrieving Data

Financial Statements 2011

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Income Statements
GROUP PARENT
2011 2010 2011 2010
For the year ended 31 March 2011

Note

$000 $000 $000 $000
Operating Revenue
Electricity revenue

6

722,965 717,349 692,008 682,766
Carbon revenue 8,928 9,654 8,928 9,654
Meter rental revenue 6,051 5,221 6,051 5,221
Other customer fees and charges 3,391 3,800 3,391 3,800
Telecommunications sales 22,237 19,672 22,237 19,672
Other operating revenue 2,471 3,591 2,607 2,248
766,043 759,287 735,222 723,361
Operating Expenses
Energy costs 142,966 136,893 142,966 136,893
Generation production costs 33,579 35,787 27,774 30,275
Line costs 221,956 223,027 221,956 223,027
Market fees and costs 13,550 13,851 13,520 13,820
Meter rental costs 3,760 3,237 3,760 3,237
Other customer connection costs 1,983 2,053 1,983 2,053
Loss/(gain) on sale of property, plant and equipment 98 549 91 549
Employee benefits 30,111 28,734 27,784 26,646
Telecommunications cost of sales 17,572 15,549 17,572 15,549
Other operating expenses

7

26,055 25,726 46,820 45,643
491,630 485,406 504,226 497,692
Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments and Asset Impairments (EBITDAF) 274,413 273,881 230,996 225,669
Impairment of assets

8

 

- 6,120 1,430 7,885
Fair value (gains)/losses on financial instruments

9

(62) (12,509) 590 (3,537)
Amortisation of intangible assets

23

5,547 5,657 5,547 5,657
Depreciation

21

49,324 49,358 14,977 14,788
Operating Profit 219,604 225,255 208,452 200,876
Interest paid

10

62,746 59,100 47,506 46,078
Interest received

10

(917) (385) (1,400) (1,190)
Net finance costs 61,829 58,715 46,106 44,888
Profit Before Income Tax 157,775 166,540 162,346 155,988
Income tax expense

11

45,406 47,127 55,213 48,356
Profit After Tax Attributable to the Shareholders of the Company 112,369 119,413 107,133 107,632
Basic earnings per share (cents per share)

4

35.7 37.8 34.0 34.1
Diluted earnings per share (cents per share)

4

35.6 37.8 34.0 34.1
 
 
Statements of Comprehensive Income
GROUP PARENT
2011 2010 2011 2010
For the year ended 31 March 2011

Note

$000 $000 $000 $000
Profit after tax attributable to the shareholders of the Company 112,369 119,413 107,133 107,632
Other Comprehensive Income
Fair value gains/(losses) on generation assets

14

- (159) - -
Currency translation differences on revaluation reserve

14

1,806 3,719 - -
Fair value gains/(losses) on cash flow hedges

16

(33,025) 23,746 (33,025) 23,746
Other currency translation differences

17

2,767 5,344 - -
Movements in employee share option reserve

17

(90) 160 (90) 160
Tax effect of the following:
   Fair value gains on generation assets

14

- 1,865 - 1,557
   Disposal of revalued assets

14

62 - 62 -
   Fair value gains/(losses) on cash flow hedges

16

9,970 (7,182) 9,970 (7,182)
   Other currency translation differences

17

2,692 3,413 - -
Effect of the change in corporate tax rate on the following:
   Revaluation reserve 11,251 - 9,600 -
   Cash flow hedge reserve (223) - (223) -
   Foreign currency translation reserve (530) - - -
Total Other Comprehensive Income (5,320) 30,906 (13,706) 18,281
Total Comprehensive Income 107,049 150,319 93,427 125,913
Statements of Changes in Equity
GROUP PARENT
2011 2010 2011 2010
For the year ended 31 March 2011

Note

$000 $000 $000 $000
Total Comprehensive Income 107,049 150,319 93,427 125,913
Issue of shares pursuant to the employee share option scheme

13

- 1,707 - 1,707
Own shares purchased

13

(6,001) - (6,001) -
Dividends paid

12

(119,703) (144,949) (119,703) (144,949)
Total Movements in Equity (18,655) 7,077 (32,277) (17,329)
Equity at the beginning of the year 1,437,146 1,430,069 1,205,255 1,222,584
Equity at the end of the year 1,418,491 1,437,146 1,172,978 1,205,255
Statements of Financial Position
GROUP PARENT
2011 2010 2011 2010
As at 31 March 2011

Note

$000 $000 $000 $000
Equity
Capital and reserves attributable to shareholders of the Company
Share capital

13

170,750 176,751 170,750 176,751
Revaluation reserve

14

880,391 867,493 705,806 696,365
Retained earnings

15

355,319 362,432 304,191 316,540
Cash flow hedge reserve

16

(7,872) 15,406 (7,872) 15,406
Other reserves

17

19,903 15,064 103 193
Total Equity 1,418,491 1,437,146 1,172,978 1,205,255
Represented by:
Current Assets
Cash at bank

18

12,568 9,492 1,429 3,868
Bond deposits on trust 2,000 2,300 2,000 2,300
Electricity market security deposits 1,234 - 1,234 -
Accounts receivable and prepayments

19

102,473 117,453 95,601 111,604
Derivative financial instruments

20

2,949 5,182 2,949 5,182
Taxation receivable 3,925 - - -
125,149 134,427 103,213 122,954
Non Current Assets
Property, plant and equipment

21

2,435,783 2,366,252 1,626,487 1,546,599
Derivative financial instruments

20

5,756 20,340 5,465 19,499
Investments in subsidiaries

22

- - 305,233 326,409
Other investments 4,373 2,195 1,808 8
Intangible assets

23

34,411 35,583 34,411 35,583
2,480,323 2,424,370 1,973,404 1,928,098
Total Assets 2,605,472 2,558,797 2,076,617 2,051,052
Current Liabilities
Accounts payable and accruals

24

91,092 103,831 90,219 102,748
Unsecured bank loans

25

- 193,904 - -
Derivative financial instruments

20

5,201 4,287 5,201 3,809
Taxation payable 4,186 7,078 4,060 6,439
100,479 309,100 99,480 112,996
Non Current Liabilities
Unsecured bank loans

25

336,327 142,943 132,700 142,943
Unsecured subordinated bonds

26

261,742 261,206 261,742 261,206
Unsecured senior bonds

27

211,518 137,518 211,518 137,518
Derivative financial instruments

20

19,599 4,361 18,107 2,415
Deferred tax liability

28

257,316 266,523 180,092 188,719
1,086,502 812,551 804,159 732,801
Total Liabilities 1,186,981 1,121,651 903,639 845,797
Net Assets 1,418,491 1,437,146 1,172,978 1,205,255
Net Tangible Assets Per Share $4.40 $4.44 $3.62 $3.71
Cash Flow Statements
GROUP PARENT
2011 2010 2011 2010
For the year ended 31 March 2011

Note

$000 $000 $000 $000
Cash Flows from Operating Activities
Cash was provided from:
Receipts from customers 814,813 758,427 784,475 723,003
814,813 758,427 784,475 723,003
Cash was applied to:
Payments to suppliers and employees 549,523 493,004 539,369 483,078
Taxation paid 41,252 31,314 41,219 31,219
590,775 524,318 580,588 514,297
Net Cash from Operating Activities

29

224,038 234,109 203,887 208,706
Cash Flows from Investing Activities
Cash was provided from:
Sale of property, plant and equipment 593 243 574 224
Return of bond deposits on trust 300 400 300 400
Return of electricity market security deposits 266 - 266 -
Return of advances from subsidiaries - - 1,916 19,550
Subsidiary purchased - 1 - -
Interest received 907 559 1,400 17
Sale of investments - - - -
2,066 1,203 4,456 20,191
Cash was applied to:
Advances to subsidiaries - - 10,017 13,704
Purchase of subsidiary - - - 350
Interest capitalised in construction of property, plant and equipment 1,466 - 1,466 -
Lodgement of electricity market security deposits 1,500 - 1,500 -
Purchase of property, plant and equipment 89,488 33,886 82,328 15,692
Purchase of other investments 2,179 1,674 1,800 8
Purchase of intangible assets 4,384 7,886 4,384 7,886
99,017 43,446 101,495 37,640
Net Cash used in Investing Activities (96,951) (42,243) (97,039) (17,449)
Cash Flows from Financing Activities
Cash was provided from:
Bank loan proceeds 118,639 79,700 115,890 79,700
Senior bond issue proceeds 75,000 140,000 75,000 140,000
Issue of shares - 1,707 - 1,707
193,639 221,407 190,890 221,407
Cash was applied to:
Bond brokerage costs 1,516 2,630 1,516 2,630
Purchase of own shares 6,001 - 6,001 -
Loan establishment costs 2,250 - 2,250 -
Repayment of bank loans 126,976 227,149 124,261 222,122
Interest paid 61,712 57,759 46,446 43,562
Dividends paid 119,703 144,949 119,703 144,949
318,158 432,487 300,177 413,263
Net Cash used in Financing Activities (124,519) (211,080) (109,287) (191,856)
Net Increase/(Decrease) in Cash, Cash Equivalents and Bank Overdrafts 2,568 (19,214) (2,439) (599)
Cash, cash equivalents and bank overdrafts at beginning of the year 9,492 27,416 3,868 4,467
Exchange gains/(losses) on cash, cash equivalents and bank overdrafts 508 1,290 - -

Cash, Cash Equivalents and Bank Overdrafts at End of the Year

12,568

9,492

1,429

3,868