Toronto Hydro Corporation Releases its Third Quarter Financial Statements and
Related MD&A
Three months ended September 30; | Nine Months ended September 30; | ||||||
In Millions of dollars; Unaudited | In Millions of dollars; Unaudited | ||||||
2010 | 2009 | 2010 | 2009 | ||||
Net Income | $27.7 | $11.8 | $56.1 | $33.2 | |||
Net Revenues | $147.2 | $130.0 | $410.2 | $377.9 | |||
Capital Expenditures | $90.5 | $59.8 | $244.9 | $159.4 |
TORONTO, Nov. 26 /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, 2010. Copies may be obtained from the Corporation or accessed through www.sedar.com.
- Net income for the nine months ended September 30, 2010 was $56.1 million compared with $33.2 million for the same period in 2009.
- Net revenues for the nine months ended September 30, 2010 were higher at $410.2 million compared to $377.9 million in 2009.
- Capital Expenditures for the Nine Months ended September 30, 2010 were higher at $244.9 million compared to $159.4 million for the same period in 2009.
"These results reflect the effort that we are putting into our distribution system modernization program, to improve service to our customers. Our capital construction programs to renew the grid are proceeding on schedule in neighborhoods across Toronto," said Anthony Haines, President and Chief Executive Officer.
Financial Highlights
The $22.9 million increase in net income for the first nine months of 2010 was mainly due to higher regulated distribution rates approved by the Ontario Energy Board associated with the renewal of electricity distribution infrastructure. As part of the electricity distribution renewal efforts, the Corporation increased capital expenditures by $86 million for the first nine months of 2010, compared with the same period in 2009.
Financial Highlights Nine Months ended September 30 (in millions of dollars, unaudited) |
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2010 | 2009 | Variance Favourable / (Unfavourable) |
|
Net Income | 56.1 | 33.2 | 22.9 |
Net Revenues | 410.2 | 377.9 | 32.3 |
Operating Expenses | 167.7 | 159.0 | (8.7) |
Depreciation and Amortization | 121.3 | 122.4 | 1.1 |
Change in Fair Value of Investments | 2.4 | (1.0) | 3.4 |
Gain on disposals of Property, Plant & Equipment | 2.7 | 0.5 | 2.2 |
Provision for Payment in Lieu of Taxes | 17.5 | 10.6 | (6.9) |
Net Interest Expense | 52.7 | 52.1 | (0.6) |
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 697,000 customers located in the City of Toronto.
For further information:
Blair Peberdy, Vice-President, Marketing, Communications and Public Affairs and Chief Conservation Officer: 416-542-2515; [email protected] |
Pankaj Sardana, VP, Treasurer and Regulatory Affairs; [email protected]: 416-542-2707 |
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