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Toronto Hydro Corporation Reports its Third Quarter Financial Results for 2019
TORONTO, Nov. 20, 2019 /CNW/ - Toronto Hydro Corporation (the "Corporation") today announced its consolidated financial and operating results for the three and nine months ended September 30, 2019.
Net income after net movements in regulatory balances for the nine months ended September 30, 2019, was $138.9 million compared to $135.4 million for the comparable period in 2018. The increase over the previous year was primarily due to lower operating expenses and higher 2019 distribution revenue, partially offset by higher depreciation, and higher finance costs.
The Corporation continues to invest in the grid to address safety, reliability, support a growing city and meet customer service needs.
Selected Financial Highlights
(in millions of Canadian dollars)
Three months ended September 30 | Nine months | |||||||||
2019 $ | 2018 $ | 2019 $ | 2018 $ | |||||||
Distribution revenue | 207.5 | 175.8 | 598.7 | 510.3 | ||||||
Net income after net movements in | 50.2 | 50.4 | 138.9 | 135.4 | ||||||
regulatory balances | ||||||||||
Capital expenditures | 154.0 | 126.4 | 387.7 | 354.0 | ||||||
The unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis (presented in Canadian Dollars) are available on the Corporation's website torontohydro.com or through SEDAR's website sedar.com.
CORPORATE DEVELOPMENTS
On November 20, 2019, the Board of Directors of the Corporation declared dividends in the amount of $25.1 million with respect to the fourth quarter of 2019, which is payable to the City of Toronto by December 31, 2019.
ABOUT TORONTO HYDRO
The Corporation is a holding company which wholly owns two subsidiaries:
- Toronto Hydro-Electric System Limited (THESL) – distributes electricity; and
- Toronto Hydro Energy Services Inc. – provides street lighting and expressway lighting services in the City of Toronto.
The principal business of the Corporation and its subsidiaries is the distribution of electricity by THESL, which owns and operates the electricity distribution system for Canada's largest city. Recognized as a Sustainable Electricity Company™ by the Canadian Electricity Association, it has 775,000 customers located in the City of Toronto and distributes approximately 18% of the electricity consumed in Ontario.
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FORWARD-LOOKING INFORMATION
Certain information included in this news release constitutes "forward-looking information" within the meaning of applicable securities legislation. The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future results of operations, performance, business prospects and opportunities and may not be appropriate for other purposes. All forward-looking information is given pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. The words "can", "could", "will" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on information currently available to the Corporation's management. Specific forward-looking information included in this news release includes, but is not limited to, payment of dividends to the City of Toronto as shareholder.
The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results or events to differ from current expectations include, but are not limited to, risks associated with the execution of the Corporation's capital and maintenance programs necessary to maintain the performance of our distribution assets and make required infrastructure improvements; risks associated with electricity industry regulatory developments and other governmental policy changes; risks associated with the timing and results of regulatory decisions regarding the Corporation's revenue requirements, cost recovery and rates; risk that the Corporation is not able to arrange sufficient and cost-effective debt financing to fund capital expenditures and other obligations; and risk of downgrades to the Corporation's credit rating.
All forward-looking information in the news release is qualified in its entirety by the above cautionary statements and, except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
SOURCE Toronto Hydro Corporation
