INTRODUCTION OUR SERVICES OUR WORKFORCE OUR ENVIRONMENTal INITIATIVES OUR COMMUNITY OUTREACH OUR ECONOMIC PERFORMANCE OUR GOVERNANCE, COMPLIANCE AND BUSINESS CONDUCT Our Economic Performance Consolidated net income for the year ended December 31, 2012 was $86.0 million compared to $95.9 million for the comparable period in 2011. The decrease in net income was primarily due to restructuring costs incurred in conjunction with cost reduction initiatives at Toronto Hydro recognized in the first quarter of 2012 ($27.8 million), lower net revenues ($9.6 million) and lower gain on disposals of property, plant and equipment ($2.1 million). These unfavourable variances were partially offset by lower operating expenses ($17.0 million), lower depreciation and amortization expense ($9.4 million), lower income tax expense ($1.7 million) and lower net financing charges ($1.3 million). The decrease in capital expenditures for the year ended December 31, 2012 amounted to $146.7 million. The decrease was primarily due to the uncertainty surrounding Toronto Hydro’s capital work program as a result of the Ontario Energy Board’s (OEB) decision to impose the Incentive Regulation Mechanism (IRM) framework for 2012. Highlights of our Financial Performance: *The Corporation’s consolidated financial statements were prepared in accordance with Part V of Canadian GAAP until December 31, 2011. Selected financial information from comparative consolidated financial statements for 2011 have been adjusted retroactively from the consolidated financial statements previously filed to conform to the presentation of the Corporation’s 2012 consolidated financial statements prepared in accordance with US GAAP . TORONTO HYDRO 2012 corporate respnosibility report 90 Learn more about our financial performance in Toronto Hydro’s Annual Report.
Toronto Hydro 2012 CR Report
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