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