Annual Report 2011 - Watercare

Watercare Services Limited
2011 ANNUAL REPORT
STATEMENT OF COMPREHENSIVE INCOME BY BUSINESS UNIT
FOR THE YEAR ENDED 30 JUNE 2011
group and Company
company
Water Wastewater Total Water Wastewater Total
2011 2011 2011 2010 2010 2010
$000 $000 $000 $000 $000 $000
Revenue
Water and wastewater 131,438 203,773 335,211 71,962 106,922 178,884
Trade waste - 14,038 14,038 - 11,763 11,763
Other revenue 9,066 14,792 23,858 3,992 4,588 8,580
Total revenue 140,504 232,603 373,107 75,954 123,273 199,227
Operating expenses
Asset operating costs (19,577) (36,493) (56,070) (13,019) (22,467) (35,486)
Maintenance costs (18,361) (20,651) (39,012) (7,660) (11,615) (19,275)
Employee benefit expenses (12,386) (15,273) (27,659) (7,352) (7,283) (14,635)
Other expenses (13,205) (20,594) (33,799) (10,276) (9,062) (19,338)
Total operating expenses (63,529) (93,011) (156,540) (38,307) (50,427) (88,734)
Depreciation and amortisation (71,106) (72,520) (143,626) (34,680) (34,075) (68,755)
Finance costs (25,901) (35,206) (61,107) (9,786) (21,727) (31,513)
Total expenses (160,536) (200,737) (361,273) (82,773) (106,229) (189,002)
Operating (deficit)/surplus from trading operations (20,032) 31,866 11,834 (6,819) 17,044 10,225
Loss on disposal and provision for redundant property,
plant and equipment and other restructuring costs (3,215) (2,947) (6,162) (4,100) (2,040) (6,140)
Revaluation of derivative financial instruments (5,191) (8,376) (13,567) (6,805) (13,678) (20,483)
Operating (deficit)/surplus before tax (28,438) 20,543 (7,895) (17,724) 1,326 (16,398)
Income tax expense
Deferred tax (1,686) (2,752) (4,438) (3,362) (7,949) (11,311)
Income tax expense (1,686) (2,752) (4,438) (3,362) (7,949) (11,311)
Net (deficit)/surplus for the year (30,124) 17,791 (12,333) (21,086) (6,623) (27,709)
Other comprehensive income net of tax
Gain on revaluation and impairment of property,
plant and equipment and adjustments 137,512 224,361 361,873 - - -
Impairment of property, plant and equipment - - - - (390) (390)
Deferred tax relating to future reduction in tax rate - - - 18,633 11,128 29,761
Other comprehensive income for the year, net of tax 137,512 224,361 361,873 18,633 10,738 29,371
Total comprehensive income for the year, net of tax 107,388 242,152 349,540 (2,453) 4,115 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 72
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