Toronto Hydro Corporation Releases its Third Quarter Financial Statements and Related MD&A

         
  Three months ended September 30; In Millions of dollars; Unaudited Nine months ended September 30; In Millions of dollars; Unaudited
  2011 2010 2011 2010
Net Income $29.0 $27.7 $78.7 $56.1
Net Revenues $148.4 $147.2 $424.1 $408.1
Capital Expenditures $101.6 $90.5 $306.8 $244.9

 

TORONTO, Nov. 23, 2011 /CNW/ - Toronto Hydro Corporation (the "Corporation") announced today that it has filed with Canadian security regulators its consolidated financial statements and related MD&A for the nine months ended September 30, 2011. Copies may be obtained from the Corporation or accessed through www.sedar.com.

  • Net income for the nine months ended September 30, 2011 was $78.7 million compared with $56.1 million for the same period in 2010.
  • Net revenues for the nine months ended September 30, 2011 were higher at $424.1 million compared to $408.1 million in 2010.
  • Capital Expenditures for the nine months ended September 30, 2011 were higher at $306.8 million compared to $244.9 million for the same period in 2010.

"Our capital construction programs that are addressing service reliability problems in many neighbourhoods are continuing on schedule and at a record pace. We are also renewing our workforce through our electrical trades apprentice programs, and we are proud to have been named one of Canada's Top 100 Employers by the Canada's Top 100 organization", said Anthony Haines, President and Chief Executive Officer, Toronto Hydro Corporation.

Financial Highlights

Net income was $78.7 million for the nine months ended September 30, 2011, compared to $56.1 million for the same period in 2010.  The increase in net income was mainly due to:

  • higher net revenues ($16.0 million);
  • lower depreciation expense ($14.3 million); and
  • lower provision for PILs ($11.7 million).

These favourable variances were partially offset by higher operating expenses ($16.2 million), and higher net financing charges ($3.1 million).

Financial Highlights
Nine months ended September 30
(in millions of dollars, unaudited)
  2011 2010 Variance Favourable / (Unfavourable)
Net Income 78.7 56.1 22.6
Net Revenues 424.1 408.1 16
Operating Expenses 181.8 165.6 (16.2)
Depreciation and Amortization 107.0 121.3 14.3
Gain on disposals of PP&E 5.0 2.7 2.3
Provision for Payment in Lieu of Taxes 5.8 17.5 11.7
Net Financing Charges 55.8 52.7 (3.1)
Capital Expenditures 306.8 244.9 (61.9)

About Toronto Hydro

The Corporation is a holding company which through its wholly-owned subsidiaries:

  • Toronto Hydro-Electric System Limited ("LDC") — distributes electricity and engages in conservation and demand management activities; and
  • Toronto Hydro Energy Services Inc. ("TH Energy") — provides street lighting services.

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to approximately 707,000 customers located in the City of Toronto.

SOURCE Toronto Hydro Corporation

For further information:

Blair Peberdy, Vice-President, Marketing, Communications and Public Affairs: 416-542-2515; bpeberdy@torontohydro.com Pankaj Sardana, VP, Treasurer and Regulatory Affairs; psardana@torontohydro.com: 416-542-2707

 


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