Meridian Annual Report - Meridian Energy

38
Meridian Energy Limited — Income Statement for the year ended 30 June 2008
Group
Parent
Note
2008
$’000
2007
$’000
2008
$’000
2007
$’000
Operating Revenue
Energy Sales 2,578,128 1,771,174 2,526,993 1,771,174
Energy Related Services Revenue 5,511 5,393 996 1,595
Dividends Received - - 450 585
Other Revenue 19,844 14,155 12,189 9,012
Total Operating Revenue 2,603,483 1,790,722 2,540,628 1,782,366
Operating Expenses
Energy Related Costs (1,594,481) (720,378) (1,592,664) (719,893)
Energy Transmission and Distribution (413,661) (376,312) (411,575) (376,312)
Employee Costs 3 (69,088) (55,284) (48,699) (42,781)
Other Operating Expenses 3 (155,153) (162,327) (146,562) (143,651)
(2,232,383) (1,314,301) (2,199,500) (1,282,637)
Earnings Before Interest, Tax, Depreciation,
Amortisation and Financial Instruments (EBITDAF)
371,100 476,421 341,128 499,729
Unrealised Net (Loss)/Gain on Financial Instruments 23 45,497 658 45,497 658
Depreciation 17 (139,556) (107,132) (117,545) (105,150)
Amortisation of Intangible Assets 16 (13,115) (10,231) (9,069) (8,627)
Gain on Sale of Property, Plant and Equipment 508 1,040 12,351 1,074
Equity Accounted Earnings of Joint Ventures 14 (98) - - -
Operating Profit 264,336 360,756 272,362 387,684
Finance Costs and Other Finance Related Income/(Expenses)
Finance Costs 4 (56,898) (56,323) (62,689) (56,323)
Interest Income 5 4,561 10,364 11,145 10,412
Unrealised Net (Loss)/Gain on Financial Instruments 23 (14,332) 23,888 (14,332) 23,888
Profit Before Tax 197,667 338,685 206,486 365,661
Income Tax Expense 6 (69,105) (97,455) (58,796) (106,033)
Profit After Tax 128,562 241,230 147,690 259,628
Profit After Tax Attributable to:
Shareholders of the Parent Company 128,678 240,444 147,690 259,628
Minority Interest (116) 786 - -
128,562 241,230 147,690 259,628
The Statement of Accounting Policies and Notes to the Financial Statements form an integral part of these Financial Statements.