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Retrieving Data

Financial Statements

The accompanying notes form part of these financial statements.


Income Statements

GROUP

PARENT

For the Year Ended 31 March 2014

Note

2014

$000

2013

$000

2014

$000

2013

$000

Operating Revenue

Electricity revenue

6

752,444

765,155

699,461

727,215

Gas revenue

38

10,962

-

9,840

-

Meter rental revenue

8,475

7,138

8,475

7,138

Other customer fees and charges

2,613

2,464

2,600

2,464

Telecommunications revenue

28,783

23,346

28,783

23,346

Other operating revenue

8,422

7,401

10,891

7,293

811,699

805,504

760,050

767,456

Operating Expenses

Energy costs

126,058

136,480

126,058

136,480

Generation production costs

49,345

41,531

38,766

35,195

Line costs

232,103

230,312

232,103

230,312

Gas cost of sales

8,617

-

8,617

-

Market fees and costs

8,464

10,458

8,464

10,428

Meter rental costs

5,571

4,650

5,571

4,650

Other customer connection costs

1,993

1,724

1,993

1,724

Net (gain)/loss on sale of property, plant and equipment

137

(104)

137

(41)

Employee benefits

40,959

35,623

40,027

34,597

Telecommunications cost of sales

23,261

19,959

23,261

19,959

Other operating expenses

7

37,785

30,115

50,074

42,670

534,293

510,748

535,071

515,974

Earnings Before Interest, Tax, Depreciation, Amortisation, Fair Value Movements of Financial Instruments and Asset Impairments (EBITDAF)

277,406

294,756

224,979

251,482

Impairment of assets

8

226

-

1,705

2,841

Net fair value (gains) / losses on financial instruments

9

(9,448)

5,593

(5,728)

3,721

Amortisation of intangible assets

25

10,619

7,930

10,619

7,930

Depreciation

23

61,394

58,057

25,257

23,898

Operating Profit

214,615

223,176

193,126

213,092

Interest paid

10

63,215

64,219

47,831

48,782

Interest received

10

(1,487)

(1,472)

(4,610)

(3,320)

Net finance costs

61,728

62,747

43,221

45,462

Profit Before Income Tax

152,887

160,429

149,905

167,630

Income tax expense

11

37,766

37,078

41,221

46,805

Profit After Tax Attributable to the Shareholders of the Company

115,121

123,351

108,684

120,825

Basic and diluted earnings per share (cents per share)

  4

36.7

39.2

34.7

38.4

Statements of Comprehensive Income

GROUP

PARENT

For the Year Ended 31 March 2014

Note

2014

$000

2013

$000

2014

$000

2013

$000

Profit after tax attributable to the shareholders of the Company

115,121

123,351

108,684

120,825

Other Comprehensive Income

Items that may be reclassified to profit or loss:

Asset impairments

15

(4,268)

-

(4,268)

-

Currency translation differences on revaluation reserve

15

(11,299)

(1,405)

-

-

Other currency translation differences

18

(6,796)

(1,031)

-

-

Fair value gains/(losses) on cash flow hedges

17

14,562

(20,293)

10,036

(19,106)

Movements in employee share option reserve

18

-

(3)

-

(3)

Tax effect of the following:

Asset impairments

15

(92)

-

(92)

-

Disposal of revalued assets

15

74

18

74

18

Other currency translation differences

18

(7,625)

(493)

-

-

Fair value gains/(losses) on cash flow hedges

17

(4,558)

5,705

(2,810)

5,349

Total Other Comprehensive Income

13

(20,002)

(17,502)

2,940

(13,742)

Total Comprehensive Income Attributable to Shareholders of the Company

95,119

105,849

111,624

107,083

 

Statements of Changes in Equity

GROUP


For the Year Ended 31 March 2014

Note

Share
capital

$000

Revaluation reserve

$000

Cash flow
hedge
reserve

$000

Other
reserves

$000

Retained
earnings

$000

Total
equity

$000

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

36

290

-

-

-

-

290

Own shares repurchased

14

(260)

-

-

-

-

(260)

Dividends paid

12

-

-

-

-

(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

Opening balance as at 1 April 2013

166,108

1,025,063

(9,390)

10,665

359,317

1,551,763

Total comprehensive income for the period

-

(15,585)

10,004

(14,421)

115,121

95,119

Disposal of revalued assets

-

(266)

-

-

266

-

Transactions with owners recorded directly in equity

Purchase of treasury shares by directors

36

298

-

-

-

-

298

Purchase of treasury shares by management

36

51

-

-

-

-

51

Own shares repurchased

14

(7,423)

-

-

-

-

(7,423)

Dividends paid

12

-

-

-

-

(125,276)

(125,276)

Total transactions with owners recorded directly in equity

(7,074)

-

-

-

(125,276)

(132,350)

Closing balance as at 31 March 2014

159,034

1,009,212

614

(3,756)

349,428

1,514,532

PARENT

Note

Share
capital

$000

Revaluation reserve

$000

Cash flow hedge reserve

$000

Other reserves

$000

Retained earnings

$000

Total
equity

$000

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

36

290

-

-

-

-

290

Own shares repurchased

14

(260)

-

-

-

-

(260)

Dividends paid

12

-

-

-

-

(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

Opening balance as at 1 April 2013

166,108

861,509

(8,559)

-

352,842

1,371,900

Total comprehensive income for the period

-

(4,286)

7,226

-

108,684

111,624

Disposal of revalued assets

-

(266)

-

-

266

-

Transactions with owners recorded directly in equity

Purchase of treasury shares by directors

36

298

-

-

-

-

298

Purchase of treasury shares by management

36

51

-

-

-

-

51

Own shares repurchased

14

(7,423)

-

-

-

-

(7,423)

Dividends paid

12

-

-

-

-

(125,276)

(125,276)

Total transactions with owners recorded directly in equity

(7,074)

-

-

-

(125,276)

(132,350)

Closing balance as at 31 March 2014

159,034

856,957

(1,333)

-

336,516

1,351,174

Statements of Financial Position

GROUP

PARENT

As at 31 March 2014

Note

2014

$000

2013

$000

2014

$000

2013

$000

Equity

Capital and reserves attributable to shareholders of the Company

Share capital

14

159,034

166,108

159,034

166,108

Revaluation reserve

15

1,009,212

1,025,063

856,957

861,509

Retained earnings

16

349,428

359,317

336,516

352,842

Cash flow hedge reserve

17

614

(9,390)

(1,333)

(8,559)

Other reserves

18

(3,756)

10,665

-

-

Total Equity

1,514,532

1,551,763

1,351,174

1,371,900

Represented by:

Current Assets

Cash at bank

19

31,723

53,972

2,614

31,117

Bond deposits on trust

800

995

800

995

Electricity market security deposits

1,799

-

1,799

-

Accounts receivable and prepayments

20

131,515

136,414

118,683

129,456

Derivative financial instruments

21

5,132

4,230

2,216

2,797

Advances to subsidiaries

22

-

-

117,262

130,553

Taxation receivable

9,913

6,362

-

-

180,882

201,973

243,374

294,918

Non-Current Assets

Accounts receivable and prepayments

20

764

3,051

-

-

Property, plant and equipment

23

2,886,619

2,716,588

1,943,947

1,958,019

Derivative financial instruments

21

4,507

4,941

3,277

4,595

Investments in subsidiaries

24

-

-

51,135

51,135

Other investments

1,892

2,420

1,892

1,892

Intangible assets

25

72,239

47,298

72,239

47,298

2,966,021

2,774,298

2,072,490

2,062,939

Total Assets

3,146,903

2,976,271

2,315,864

2,357,857

Current Liabilities

Accounts payable and accruals

26

122,429

120,463

117,961

115,786

Unsecured subordinated bonds

28

-

54,713

-

54,713

Unsecured senior bonds

29

75,000

-

75,000

-

Unsecured bank loans

27

193,508

24,908

-

-

Derivative financial instruments

21

2,907

3,328

2,807

303

Taxation payable

5,222

2,726

5,048

2,561

399,066

206,138

200,816

173,363

Non-Current Liabilities

Unsecured bank loans

27

529,012

435,284

142,102

108,983

Unsecured subordinated bonds

28

238,211

237,662

238,211

237,662

Unsecured senior bonds

29

138,498

212,838

138,498

212,838

Derivative financial instruments

21

13,966

36,399

8,897

27,990

Accounts payable and accruals

26

3,856

4,064

3,856

4,064

Deferred tax liability

30

309,762

292,123

232,310

221,057

1,233,305

1,218,370

763,874

812,594

Total Liabilities

1,632,371

1,424,508

964,690

985,957

Net Assets

1,514,532

1,551,763

1,351,174

1,371,900

Cash Flow Statements

GROUP

PARENT

For the Year Ended 31 March 2014

Note

2014

$000

2013

$000

2014

$000

2013

$000

Cash Flows from Operating Activities

Cash was provided from:

Receipts from customers

839,741

802,716

791,744

765,453

839,741

802,716

791,744

765,453

Cash was applied to:

Payments to suppliers and employees

548,999

517,867

531,122

497,603

Taxation paid

33,979

43,741

33,780

43,426

582,978

561,608

564,902

541,029

Net Cash from Operating Activities

32

256,763

241,108

226,842

224,424

Cash Flows from Investing Activities

Cash was provided from:

Sale of property, plant and equipment

338

377

338

252

Return of bond deposits on trust

200

800

200

800

Return of electricity market security deposits

8,300

8,900

8,300

8,900

Interest received

1,490

1,497

4,610

3,321

Sale of investments

523

-

-

-

10,851

11,574

13,448

13,273

Cash was applied to:

Advances to subsidiaries

-

-

7,969

14,308

Interest capitalised in construction of property, plant and equipment

15,146

4,780

474

514

Lodgement of electricity market security deposits

10,107

8,905

10,102

8,905

Purchase of property, plant and equipment

308,803

198,603

15,581

28,823

Purchase of business

38

17,038

-

17,038

-

Purchase of intangible assets

16,493

9,333

16,493

9,333

367,587

221,621

67,657

61,883

Net Cash used in Investing Activities

(356,736)

(210,047)

(54,209)

(48,610)

Cash Flows from Financing Activities

Cash was provided from:

Bank loan proceeds


406,550

242,358

105,545

68,535

Subordinated bond issue proceeds

-

74,925

-

74,925

Issue of shares

298

290

298

290

406,848

317,573

105,843

143,750

Cash was applied to:

Bond brokerage costs

-

1,907

-

1,907

Purchase of own shares

7,423

260

7,423

260

Repayment of bank loans

73,000

83,613

73,000

79,789

Repayment of subordinated bonds

54,713

43,517

54,713

43,517

Interest paid

61,796

61,404

46,568

47,222

Dividends paid

125,275

125,447

125,275

125,447

322,207

316,148

306,979

298,142

Net Cash from/(used in) Financing Activities

84,641

1,425

(201,136)

(154,392)

Net Increase/(Decrease) in Cash and Cash Equivalents

(15,332)

32,486

(28,503)

21,422

Cash and cash equivalents at beginning of the year

53,972

23,142

31,117

9,695

Exchange gains/(losses) on cash and cash equivalents

(6,917)

(1,656)

-

-

Cash and Cash Equivalents at End of the Year

31,723

53,972

2,614

31,117

The accompanying notes form part of these financial statements.