Skip to content

We have found the following suggestions for your query:

Newsroom

Stay informed on our latest news.

< Back to News Room

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

-------------------------------------------------------------------------
                                 Three months                    Nine months
                           Ended September 30;            Ended September 30;
                       In Millions of dollars;        In Millions of dollars;
                      -------------------------------------------------------
                                    Unaudited                      Unaudited
                            2008         2007              2008         2007
                            ----         ----              ----         ----
    Net Income            $126.6        $11.0            $164.2        $63.6

    Net Income from
     Continuing
     Operations            $11.1         $9.3             $41.6        $34.9
    Net Revenues          $132.5       $134.0            $369.8       $371.2
    -------------------------------------------------------------------------TORONTO, Nov. 14 /CNW/ - Toronto Hydro Corporation (the "Corporation")
announced today that it has filed with Canadian security regulators its
financial statements and related MD&A for the nine months ended September 30,
2008. Copies may be obtained from the Corporation or accessed through
www.sedar.com.-   Net income for the nine months ended September 30, 2008 amounted to
        $164.2 million compared with $63.6 million for the same period in
        2007. The net income to September 30, 2008 includes the recognition
        of a gain on the sale of the shares of Toronto Hydro Telecom Inc. of
        $118.6 million.

    -   Net revenues for the nine months ended September 30, 2008 were
        slightly lower at $369.8 million compared to $371.2 million for the
        same period in 2007."Our third quarter results continue to reflect strength in our overall
business and reflect our continued focus on our electricity distribution
system operations. Our construction projects are proceeding on schedule and
recruitment and electrical trades training remain a priority", said David
O'Brien, President and Chief Executive Officer.

    Financial Highlights

    Net income from continuing operations was $41.6 million for the nine
months ended September 30 2008, compared to $34.9 million for the same period
in 2007. The primary factor contributing to the higher net income was a
favourable variance in the provision for Payment in Lieu of Taxes (PILs)
stemming from a settlement with the Ministry of Finance of prior period tax
issues in 2008.
    The favourable PILs variance was partially offset by higher depreciation
expense from increased investment in electricity distribution infrastructure,
and a higher impairment on investments held to maturity, stemming from the
deterioration of global credit markets.Financial Highlights

    -------------------------------------------------------------------------
                                 Three months                    Nine months
                           Ended September 30;            Ended September 30;
                         Thousands of dollars;          Thousands of dollars;
                                    Unaudited                      Unaudited
    -------------------------------------------------------------------------
                            2008         2007              2008         2007
    -------------------------------------------------------------------------
    Net Income from
     Continuing
     Operations           11,125        9,311            41,584       34,948
    -------------------------------------------------------------------------
    Net Income from
     Discontinued
     Operations          115,498        1,734           122,608       28,660
    -------------------------------------------------------------------------
    Net Revenues         132,474      134,030           369,754      371,199
    -------------------------------------------------------------------------
    Operating
     Expenses             48,424       45,340           147,332      146,519
    -------------------------------------------------------------------------
    Depreciation
     & Amortization       39,482       36,787           117,126      105,650
    -------------------------------------------------------------------------
    Net Interest
     Expense              15,652       16,898            46,819       44,614
    -------------------------------------------------------------------------
    Impairment of
     Investments Held
     to Maturity           9,185       13,059            18,612       13,059
    -------------------------------------------------------------------------
    Provision for
     (recovery
     of) PILs              8,606       12,635            (1,719)      26,409
    -------------------------------------------------------------------------

    Corporate Developments

    -   On July 31, 2008, the Corporation successfully closed the sale of
        shares held in Toronto Hydro Telecom Inc. to Cogeco Cable Inc. (TSX:
        CCA) for $200 million subject to post closing adjustments.

    -   On November 14, 2008, the Corporation declared dividends amounting to
        $82.0 million relating to the fourth quarter of 2008 ($7.0 million)
        and a special dividend in respect of the sale of shares in Toronto
        Hydro Telecom Inc. ($75.0 million), payable to the City of Toronto on
        December 31, 2008.

    About Toronto Hydro

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

    -   Toronto Hydro-Electric System Limited ("LDC") - distributes
        electricity; and

    -   Toronto Hydro Energy Services Inc. ("TH Energy") - provides street
        lighting and expressway lighting services, and energy efficiency
        products and 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 684,000 customers located in the
City of Toronto.