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Retrieving Data

Financial Statements

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Income Statements
GROUP PARENT
For the Year Ended 31 March 2013 Note 2013
$000
2012
$000
2013
$000
2012
$000
Operating Revenue
Electricity revenue 765,155 763,570 727,215 727,147
Carbon revenue 1,692 5,181 1,692 5,181
Meter rental revenue 7,138 6,986 7,138 6,986
Other customer fees and charges 2,464 2,808 2,464 2,808
Telecommunications sales 23,346 23,427 23,346 23,427
Other operating revenue 5,709 5,088 5,601 5,197
805,504 807,060 767,456 770,746
Operating Expenses
Energy costs 136,480 137,225 136,480 137,225
Generation production costs 41,531 39,036 35,195 33,089
Line costs 230,312 225,495 230,312 225,495
Market fees and costs 10,458 11,594 10,428 11,563
Meter rental costs 4,650 4,713 4,650 4,713
Other customer connection costs 1,724 1,835 1,724 1,835
Net gain on sale of property, plant and equipment (104) (5) (41) (72)
Employee benefits 35,623 32,379 34,597 29,577
Telecommunications cost of sales 19,959 18,792 19,959 18,792
Other operating expenses 30,115 35,859 42,670 52,128
510,748 506,923 515,974 514,345
Earnings Before Interest, Tax, Depreciation,
Amortisation, Fair Value Movements of Financial Instruments and Asset Impairments (EBITDAF)
294,756 300,137 251,482 256,401
Impairment of assets - 428 2,841 5,314
Net fair value losses on financial instruments 5,593 7,544 3,721 1,883
Amortisation of intangible assets 7,930 5,357 7,930 5,357
Depreciation 58,057 52,880 23,898 18,558
Operating Profit 223,176 233,928 213,092 225,289
Interest paid 64,219 63,889 48,782 48,788
Interest received (1,472) (904) (3,320) (4,883)
Net finance costs 62,747 62,985 45,462 43,905
Profit Before Income Tax 160,429 170,943 167,630 181,384
Income tax expense 37,078 39,291 46,805 47,831
Profit After Tax Attributable to the
Shareholders of the Company
123,351 131,652 120,825 133,553
Basic earnings per share (cents per share) 39.2 41.9 38.4 42.5
Diluted earnings per share (cents per share) 39.2 41.8 38.4 42.5
Statements of Comprehensive Income
GROUP PARENT
For the Year Ended 31 March 2013 Note 2013
$000
2012
$000
2013
$000
2012
$000
Profit after tax attributable to the shareholders of the Company 123,351 131,652 120,825 133,553
Other Comprehensive Income
Revaluation gains on generation assets - 193,447 - 159,589
Currency translation differences on revaluation reserve (1,405) (6,231) - -
Fair value gains/(losses) on cash flow hedges (20,293) 18,153 (19,106) 18,153
Other currency translation differences (1,031) (4,027) - -
Movements in employee share option reserve (3) (100) (3) (100)
Tax effect of the following:
    Revaluation gains on generation assets - (41,057) - (34,074)
    Disposal of revalued assets 18 14 18 6
    Fair value gains/(losses) on cash flow hedges 5,705 (5,083) 5,349 (5,083)
    Other currency translation differences (493) (3,584) - -
Total Other Comprehensive Income (17,502) 151,532 (13,742) 138,491
Total Comprehensive Income 105,849 283,184 107,083 272,044

Statements of Changes In Equity
For the Year Ended
31 March 2013
Note Share capital
$000
Revaluation reserve
$000
Cash flow hedge reserve
$000
Other reserves
$000
Retained earnings
$000
Total
equity
$000
GROUP
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
Opening balance as at
1 April 2012
166,078 1,026,513 5,198 12,192 361,350 1,571,331
Total comprehensive
income for the period
- (1,387) (14,588) (1,527) 123,351 105,849
Disposal of revalued
assets
- (63) - - 63 -
Transactions with
owners recorded directly
in equity
Purchase of treasury
shares by directors
290 - - - - 290
Own shares
repurchased
(260) - - - - (260)
Dividends paid - - - - (125,447) (125,447)
Total transactions with
owners recorded directly
in equity
30 - - - (125,447) (125,417)
Closing balance as at
31 March 2013
166,108 1,025,063 (9,390) 10,665 359,317 1,551,763
For the Year Ended
31 March 2013
Note Share capital
$000
Revaluation reserve
$000
Cash flow hedge reserve
$000
Other reserves
$000
Retained earnings
$000
Total
equity
$000
PARENT
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
Opening balance as at
1 April 2012
166,078 861,554 5,198 3 357,401 1,390,234
Total comprehensive income for the period - 18 (13,757) (3) 120,825 107,083
Disposal of revalued assets - (63) - - 63 -
Transactions with owners recorded directly in equity
Purchase of treasury shares by directors 290 - - - - 290
Own shares repurchased (260) - - - - (260)
Dividends paid - - - - (125,447) (125,447)
Total transactions with owners recorded directly in equity 30 - - - (125,447) (125,417)
Closing balance as at
31 March 2013
166,108 861,509 (8,559) - 352,842 1,371,900

Statements of Financial Position
GROUP PARENT
As At 31 March 2013 Note 2013
$000
2012
$000
2013
$000
2012
$000
Equity
Capital and reserves attributable to
shareholders of the Company
Share capital 166,108 166,078 166,108 166,078
Revaluation reserve 1,025,063 1,026,513 861,509 861,554
Retained earnings 359,317 361,350 352,842 357,401
Cash flow hedge reserve (9,390) 5,198 (8,559) 5,198
Other reserves 10,665 12,192 - 3
Total Equity 1,551,763 1,571,331 1,371,900 1,390,234
Represented by:
Current Assets
Cash at bank 53,972 23,142 31,117 9,695
Bond deposits on trust 995 1,791 995 1,791
Accounts receivable and prepayments 136,414 115,963 129,456 110,671
Derivative financial instruments 4,230 10,603 2,797 10,571
Advances to subsidiaries - - 130,553 142,066
Taxation receivable 6,362 5,159 - -
201,973 156,658 294,918 274,794
Non-Current Assets
Accounts receivable and prepayments 3,051 - - -
Property, plant and equipment 2,716,588 2,584,985 1,958,019 1,954,993
Derivative financial instruments 4,941 5,665 4,595 5,665
Investments in subsidiaries - - 51,135 51,135
Other investments 2,420 2,431 1,892 1,892
Intangible assets 47,298 45,895 47,298 45,895
2,774,298 2,638,976 2,062,939 2,059,580
Total Assets 2,976,271 2,795,634 2,357,857 2,334,374
Current Liabilities
Accounts payable and accruals 120,463 109,812 115,786 101,850
Unsecured subordinated bonds 54,713 108,592 54,713 108,592
Unsecured bank loans 24,908 - - -
Derivative financial instruments 3,328 3,896 303 3,728
Taxation payable 2,726 5,702 2,561 5,432
206,138 228,002 173,363 219,602
Non-Current Liabilities
Unsecured bank loans 435,284 308,440 108,983 119,605
Unsecured subordinated bonds 237,662 153,685 237,662 153,685
Unsecured senior bonds 212,838 212,178 212,838 212,178
Derivative financial instruments 36,399 17,510 27,990 10,857
Accounts payable and accruals 4,064 4,273 4,064 4,273
Deferred tax liability 292,123 300,215 221,057 223,940
1,218,370 996,301 812,594 724,538
Total Liabilities 1,424,508 1,224,303 985,957 944,140
Net Assets 1,551,763 1,571,331 1,371,900 1,390,234
Cash Flow Statements
GROUP PARENT
For the Year Ended 31 March 2013 Note 2013
$000
2012
$000
2013
$000
2012
$000
Cash Flows from Operating Activities
Cash was provided from:
Receipts from customers 802,716 816,396 765,453 778,748
802,716 816,396 765,453 778,748
Cash was applied to:
Payments to suppliers and employees 517,867 501,742 497,603 488,731
Taxation paid 43,741 46,402 43,426 46,370
561,608 548,144 541,029 535,101
Net Cash from Operating Activities 241,108 268,252 224,424 243,647
Cash Flows from Investing Activities
Cash was provided from:
Sale of property, plant and equipment 377 21 252 21
Return of bond deposits on trust 800 200 800 200
Return of electricity market security deposits 8,900 5,700 8,900 5,700
Return of advances from subsidiaries - - - 12,038
Interest received 1,497 904 3,321 4,883
11,574 6,825 13,273 22,842
Cash was applied to:
Advances to subsidiaries - - 14,308 10,572
Interest capitalised in construction of property, plant and equipment 4,780 27 514 27
Lodgement of electricity market security deposits 8,905 4,457 8,905 4,457
Purchase of property, plant and equipment 198,603 35,863 28,823 33,789
Purchase of other investments - 100 - 84
Purchase of intangible assets 9,333 16,841 9,333 16,841
221,621 57,288 61,883 65,770
Net Cash used in Investing Activities (210,047) (50,463) (48,610) (42,928)
Cash Flows from Financing Activities
Cash was provided from:
Bank loan proceeds 242,358 20,728 68,535 18,261
Subordinated bond issue proceeds 74,925 - 74,925 -
Issue of shares 290 146 290 146
317,573 20,874 143,750 18,407
Cash was applied to:
Bond brokerage costs 1,907 - 1,907 -
Purchase of own shares 260 4,818 260 4,818
Repayment of bank loans 83,613 35,979 79,789 32,000
Repayment of subordinated bonds 43,517 - 43,517 -
Interest paid 61,404 63,076 47,222 48,370
Dividends paid 125,447 125,672 125,447 125,672
316,148 229,545 298,142 210,860
Net Cash from/(used in) Financing Activities 1,425 (208,671) (154,392) (192,453)
Net Increase in Cash and Cash Equivalents 32,486 9,118 21,422 8,266
Cash and cash equivalents at beginning of the year 23,142 14,606 9,695 1,429
Exchange losses on cash and cash equivalents (1,656) (582) - -
Cash and Cash Equivalents at End of the Year 53,972 23,142 31,117 9,695