Toronto Hydro Corporation Releases its 2011 Financial Statements and Related MD&A

Published In: Business, Financial, Ontario 
Friday, March 2, 2012 5:04 PM
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Toronto Hydro Corporation Releases its 2011 Financial Statements and Related MD&A

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Toronto Hydro Corporation Releases its 2011 Financial Statements and Related MD&A
PR Newswire
TORONTO, March 2, 2012









 

 
 
 
 
 
 
 
 
 
 



Year Ended December 31
(in millions of dollars, audited)




 

 
 
 
 
 

 2011
$

 
 
 

2010
$




Net Income

 
 
 
 
 

95.9

 
 
 

66.1




Net Revenues

 
 
 
 
 

570.8

 
 
 

549.4




Capital Expenditures

 
 
 
 
 

437.1

 
 
 

390.8




 


TORONTO, March 2, 2012 /PRNewswire/ - 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 year ended December 31, 2011.  Copies may be obtained from the
Corporation or accessed through www.sedar.com.



Net income was $95.9 million in 2011 compared to $66.1 million in 2010.




Net revenues were higher at $570.8 million in 2011 compared to $549.4
million in 2010.




Capital Expenditures were higher at $437.1 million in 2011 compared to
$390.8 million in 2010.



"The Corporation performed very well in 2011 completing the OEB-approved
most successful capital construction program in its 100 year history.
Significantly, we achieved a record high of two million hours without a
lost time injury while integrating new electrical trade apprentices
into our workforce as part of our strategic workforce renewal program.
Following recent regulatory developments, we are now preparing the
organization to operate effectively under the incentive regulation
mechanism framework," said Anthony Haines, President and Chief
Executive Officer.


Financial Highlights
Net income was $95.9 million in 2011, compared to $66.1 million in
2010.  The increase in net income was primarily due to:



higher net revenues ($21.4 million);




lower depreciation expense ($18.4 million); and




lower provision for payment in lieu of taxes ($16.8 million).



These favourable variances were partially offset by higher operating
expenses ($20.2 million) incurred to maintain the aging infrastructure
of the regulated electricity distribution business.







 

 
 
 
 
 

 

 
 
 

 




Financial Highlights
Year ended December 31
(in millions of dollars, audited)




 

 
 
 
 
 

2011
$

 
 
 

2010
$




Net Income

 
 
 
 
 

95.9

 
 
 

66.1




Net Revenues

 
 
 
 
 

570.8

 
 
 

549.4




Operating Expenses

 
 
 
 
 

243.5

 
 
 

223.3




Depreciation and Amortization

 
 
 
 
 

151.0

 
 
 

169.4




Net Financing Charges

 
 
 
 
 

75.3

 
 
 

71.2




Gain on Disposals of Property, Plant and Equipment

 
 
 
 
 

3.9

 
 
 

3.8




Provision for Payment in Lieu of Taxes

 
 
 
 
 

8.8

 
 
 

25.6




Capital Expenditures

 
 
 
 
 

437.1

 
 
 

390.8




About Toronto Hydro
The Corporation is a holding company which wholly-owns two 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 709,000 customers
located in the City of Toronto.


SOURCE Toronto Hydro Corporation








 
Friday, March 2, 2012 5:04 PM

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