Annual Report 2011 - Watercare

Watercare Services Limited
2011 ANNUAL REPORT
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2011
group and Company Company
2011 2010
Notes $000 $000
Revenue Note 1, page 81 373,107 199,227
Total revenue 373,107 199,227
Operating expenses
Asset operating costs (56,070) (35,486)
Maintenance costs (39,012) (19,275)
Employee benefit expenses (27,659) (14,635)
Other expenses (33,799) (19,338)
Total operating expenses Note 3, page 82 (156,540) (88,734)
Depreciation and amortisation Note 4, page 82 (143,626) (68,755)
Finance costs Note 5, page 82 (61,107) (31,513)
Total expenses (361,273) (189,002)
Operating surplus from trading operations 11,834 10,225
Loss on disposal and provision for redundant property, plant and equipment and other restructuring costs (6,162) (6,140)
Revaluation of derivative financial instruments Note 6, page 83 (13,567) (20,483)
Operating deficit before tax (7,895) (16,398)
Income tax expense
Deferred tax Note 8, page 84 (4,438) (11,311)
Income tax expense (4,438) (11,311)
Net deficit for the year (12,333) (27,709)
Other comprehensive income net of tax
Gain on revaluation of property, plant and equipment and adjustments Note 12, page 88 361,873 -
Impairment of property, plant and equipment Note 12, page 88 - (390)
Deferred tax relating to future reduction in tax rate Note 12, page 88 - 29,761
Other comprehensive income for the year, net of tax 361,873 29,371
Total comprehensive income for the year, net of tax 349,540 1,662
The financial statements should be read in conjunction with the accounting policies and notes on pages 74 to 105.
2011 Financial Report
PAGE 68
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