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Retrieving Data

Financial Statements

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Income Statements
GROUP PARENT
2012 2011 2012 2011
For the year ended 31 March 2012 Note $000 $000 $000 $000
Operating Revenue
Electricity revenue 763,570 722,965 727,147 692,008
Carbon revenue 5,181 8,928 5,181 8,928
Meter rental revenue 6,986 6,051 6,986 6,051
Other customer fees and charges 2,808 3,391 2,808 3,391
Telecommunications sales 23,427 22,237 23,427 22,237
Other operating revenue 5,088 2,471 5,197 2,607
807,060 766,043 770,746 735,222
Operating Expenses
Energy costs 137,225 142,966 137,225 142,966
Generation production costs 39,036 33,579 33,089 27,774
Line costs 225,495 221,956 225,495 221,956
Market fees and costs 11,594 13,550 11,563 13,520
Meter rental costs 4,713 3,760 4,713 3,760
Other customer connection costs 1,835 1,983 1,835 1,983
Loss/(gain) on sale of property, plant and equipment (5) 98 (72) 91
Employee benefits 32,379 30,111 29,577 27,784
Telecommunications cost of sales 18,792 17,572 18,792 17,572
Other operating expenses 35,859 26,055 52,128 46,820
506,923 491,630 514,345 504,226
Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments and Asset Impairments (EBITDAF) 300,137 274,413 256,401 230,996
Impairment of assets 428 - 5,314 1,430
Fair value (gains)/losses on financial instruments 7,544 (62) 1,883 590
Amortisation of intangible assets 5,357 5,547 5,357 5,547
Depreciation 52,880 49,324 18,558 14,977
Operating Profit 233,928 219,604 225,289 208,452
Interest paid 63,889 62,746 48,788 47,506
Interest received (904) (917) (4,883) (1,400)
Net finance costs 62,985 61,829 43,905 46,106
Profit Before Income Tax 170,943 157,775 181,384 162,346
Income tax expense 39,291 45,406 47,831 55,213
Profit After Tax Attributable to the Shareholders of the Company 131,652 112,369 133,533 107,133
Basic earnings per share (cents per share) 41.9 35.7 42.5 34.0
Diluted earnings per share (cents per share) 41.8 35.6 42.5 34.0
 
 
Statements of Comprehensive Income
GROUP PARENT
2012 2011 2012 2011
For the year ended 31 March 2012 Note $000 $000 $000 $000
Profit after tax attributable to the shareholders of the Company 131,652 112,369 133,533 107,133
Other Comprehensive Income
Fair value gains/(losses) on generation assets 193,447 - 159,589 -
Currency translation differences on revaluation reserve (6,231) 1,806 - -
Fair value gains/(losses) on cash flow hedges 18,153 (33,025) 18,153 (33,025)
Other currency translation differences (4,027) 2,767 - -
Movements in employee share option reserve (100) (90) (100) (90)
Tax effect of the following:
   Fair value gains on generation assets (41,057) - (34,074) -
   Disposal of revalued assets 14 62 6 62
   Fair value gains/(losses) on cash flow hedges (5,083) 9,970 (5,083) 9,970
   Other currency translation differences (3,584) 2,692 - -
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 151,532 (5,320) 138,491 (13,706)
Total Comprehensive Income 283,184 107,049 272,044 93,427
Statements of Changes in Equity
Share capital Revaluation reserve Cash flow hedge reserve Other reserves Retained earnings Total
equity
For the year ended 31 March 2012 Note $000 $000 $000 $000 $000 $000
GROUP            
             
Opening balance as at 1 April 2010 176,751 867,493 15,406 15,064 362,432 1,437,146
 
Total comprehensive income for the period   - 13,119 (23,278) 4,839 112,369 107,049
Disposal of revalued assets   - (221) - - 221 -
Transactions with owners recorded directly in equity
Purchase of treasury shares by directors - - - - - -
Own shares repurchased (6,001) - - - - (6,001)
Dividends paid - - - - (119,703) (119,703)
Total transactions with owners recorded directly in equity (6,001) - - - (119,703) (125,704)
 
Closing balance as at 31 March 2011 170,750 880,391 (7,872) 19,903 355,319 1,418,491
Opening balance as at 1 April 2011 170,750 880,391 (7,872) 19,903 355,319 1,418,491
Total comprehensive income for the period - 146,173 13,070 (7,711) 131,652 283,184
Disposal of revalued assets - (51) - - 51 -
Transactions with owners recorded directly in equity
Purchase of treasury shares by directors 146 - - - - 146
Own shares repurchased (4,818) - - - - (4,818)
Dividends paid - - - - (125,672) (125,672)
Total transactions with owners recorded directly in equity (4,672) - - - (125,672) (130,344)
 
Closing balance as at 31 March 2012 166,078 1,026,513 5,198 12,192 361,350 1,571,331
 
Share capital Revaluation reserve Cash flow hedge reserve Other reserves Retained earnings Total
equity
  Note $000 $000 $000 $000 $000 $000
PARENT            
Opening balance as at 1 April 2010

176,751

696,365

15,406

193

316,540

1,205,255

Total comprehensive income for the period

-

9,662

(23,278)

(90)

107,133

93,427

Disposal of revalued assets

-

(221)

-

-

221

-

Transactions with owners recorded directly in equity
Purchase of treasury shares by directors - - - - - -
Own shares repurchased (6,001) - - - - (6,001)
Dividends paid - - - - (119,703) (119,703)
Total transactions with owners recorded directly in equity
             
Closing balance as at 31 March 2011 170,750 705,806 (7,872) 103 304,191 1,172,978
Opening balance as at 1 April 2011 170,750 705,806 (7,872) 103 304,191 1,172,978
             
Total comprehensive income for the period - 125,521 13,070 (100) 133,553 272,044
Disposal of revalued assets - (25) - - 25 -
Transactions with owners recorded directly in equity
Purchase of treasury shares by directors

146

-

-

-

-

146

Amalgamation adjustment - 30,252 - - 45,304 75,556
Own shares repurchased (4,818) - - - - (4,818)
Dividends paid - - - - (125,672) (125,672)
Total transactions with owners recorded directly in equity (4,672) 30,252 - - (80,368) (54,788)
Closing balance as at 31 March 2012 166,078 861,554 5,198 3 357,401 1,390,234
 
Statements of Financial Position
GROUP PARENT
2012 2011 2012 2011
As at 31 March 2012 Note $000 $000 $000 $000
Equity
Capital and reserves attributable to shareholders of the Company
Share capital 166,078 170,750 166,078 170,750
Revaluation reserve 1,026,513 880,391 861,554 705,806
Retained earnings 361,350 355,319 357,401 304,191
Cash flow hedge reserve 5,198 (7,872) 5,198 (7,872)
Other reserves 12,192 19,903 3 103
Total Equity 1,571,331 1,418,491 1,390,234 1,172,978
Represented by:
Current Assets
Cash at bank 20,488 12,568 9,695 1,429
Bond deposits on trust 1,791 2,000 1,791 2,000
Electricity market security deposits - 1,234 - 1,234
Accounts receivable and prepayments 115,963 102,473 110,671 95,601
Derivative financial instruments 10,603 2,949 10,571 2,949
Taxation receivable 5,159 3,925 - -
154,004 125,149 132,728 103,213
Non Current Assets
Property, plant and equipment 2,584,985 2,435,783 1,954,993 1,626,487
Derivative financial instruments 5,665 5,756 5,665 5,465
Investments in subsidiaries - - 193,201 305,233
Other investments 5,085 4,373 1,892 1,808
Intangible assets 45,895 34,411 45,895 34,411
2,641,630 2,480,323 2,201,646 1,973,404
Total Assets 2,795,634 2,605,472 2,334,374 2,076,617
Current Liabilities
Accounts payable and accruals 109,812 86,611 101,850 85,738
Unsecured subordinated bonds 108,592 - 108,592 -
Derivative financial instruments 3,896 5,201 3,728 5,201
Taxation payable 5,702 4,186 5,432 4,060
228,002 95,998 219,602 94,999
Non Current Liabilities
Unsecured bank loans 308,440 336,327 119,605 132,700
Unsecured subordinated bonds 153,685 261,742 153,685 261,742
Unsecured senior bonds 212,178 211,518 212,178 211,518
Derivative financial instruments 17,510 19,599 10,857 18,107
Accounts payable and accruals 4,273 4,481 4,273 4,481
Deferred tax liability 300,215 257,316 223,940 180,092
996,301 1,090,983 724,538 808,640
Total Liabilities 1,224,303 1,186,981 944,140 903,639
Net Assets 1,571,331 1,418,491 1,390,234 1,172,978
Net Tangible Assets Per Share $4.86 $4.40 $4.28 $3.62
Cash Flow Statements
GROUP PARENT
2012 2011 2012 2011
For the year ended 31 March 2012 Note $000 $000 $000 $000
Cash Flows from Operating Activities
Cash was provided from:
Receipts from customers 816,396 814,813 778,748 784,475
816,396 814,813 778,748 784,475
Cash was applied to:
Payments to suppliers and employees 501,742 549,523 488,731 539,369
Taxation paid 46,402 41,252 46,370 41,219
548,144 590,775 535,101 580,588
Net Cash from Operating Activities 268,252 224,038 243,647 203,887
Cash Flows from Investing Activities
Cash was provided from:
Sale of property, plant and equipment 21 593 21 574
Return of bond deposits on trust 200 300 200 300
Return of electricity market security deposits 5,700 266 5,700 266
Return of advances from subsidiaries - - 12,038 1,916
Interest received 904 907 4,883 1,400
6,825 2,066 22,842 4,456
Cash was applied to:
Advances to subsidiaries - - 10,572 10,017
Interest capitalised in construction of property, plant and equipment 27 1,466 27 1,466
Lodgement of electricity market security deposits 4,457 1,500 4,457 1,500
Purchase of property, plant and equipment 35,863 89,488 33,789 82,328
Purchase of other investments 711 2,179 84 1,800
Purchase of intangible assets 16,841 4,384 16,841 4,384
57,899 99,017 65,770 101,495
Net Cash used in Investing Activities (51,074) (96,951) (42,928) (97,039)
Cash Flows from Financing Activities
Cash was provided from:
Bank loan proceeds 20,728 118,639 18,261 115,890
Senior bond issue proceeds - 75,000 - 75,000
Issue of shares 146 - 146 -
20,874 193,639 18,407 190,890
Cash was applied to:
Bond brokerage costs - 1,516 - 1,516
Purchase of own shares 4,818 6,001 4,818 6,001
Loan establishment costs - 2,250 - 2,250
Repayment of bank loans 35,979 126,976 32,000 124,261
Interest paid 63,082 61,712 48,371 46,446
Dividends paid 125,671 119,703 125,671 119,703
229,550 318,158 210,860 300,177
Net Cash used in Financing Activities (208,676) (124,519) (192,453) (109,287)
Net Increase/(Decrease) in Cash, Cash Equivalents and Bank Overdrafts 8,502 2,568 8,266 (2,439)
Cash, cash equivalents and bank overdrafts at beginning of the year 12,568 9,492 1,429 3,868
Exchange gains/(losses) on cash, cash equivalents and bank overdrafts (582) 508 - -
Cash, Cash Equivalents and Bank Overdrafts at End of the Year 20,488 12,568 9,695 1,429