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Annual Report - Belize Electricity Limited

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Question;18 2011 | Annual Report | Belize Electricity LimitedRodwell WilliamsChairman of the BoardJeffrey LockeChief Executive OfficerBALANCESHEETDECEMBER 31, 2011 | 2010(In Belize thousands of dollars)2011 2010$ 9,174 $ 5,34016,440 17,85617,720 6,1621,315 99044,649 30,348445,143 444,683715 1,872445,858 446,555$ 490,507 $ 476,903$ 46,298 $ 24,66461,602 57,4846,65316,94812,347-814 774132,315 95,26912,139 18,43552,363 69,31164,502 87,7467,373 7,125138,046 138,0465,741 5,74133,190 31,7225,000 5,000104,340 106,254286,317 286,763$ 490,507 $ 476,903NotesThe notes on pages 21 ? 37 are an integral part of these financial statements.ASSETSCURRENT ASSETSCash and short term investmentsAccounts receivableInventoriesPrepayments and deferred expensesPROPERTY, PLANT AND EQUIPMENT - netINTANGIBLE ASSETSTOTALLIABILITIES AND SHAREHOLDERS? EQUITYCURRENT LIABILITIESAccounts payable and accrualsCost payable to customersCurrent portion of long-term debtCurrent portion of debenturesCorporate tax payableLONG-TERM LIABILITIESLONG-TERM DEBTDEBENTURESCONSUMER DEPOSITSSHAREHOLDERS? EQUITYOrdinary sharesAdditional paid in capitalCapital contributionInsurance reserveRetained earningsTOTAL1h & 21g & 431f & 511& 681b, 1c & 1710111410111n121k & 1617Belize Electricity Limited | Annual Report | 2011 19The notes on pages 21 ? 37 are an integral part of these financial statements.*Reclassified for comparative purposes.STATEMENT OF INCOME& RETAINED EARNINGSYEARS ENDED DECEMBER 31, 2011 | 2010(In Belize thousands of dollars)ELECTRICITY REVENUESCOST OF POWEROTHER REVENUEOPERATING EXPENSESDEPRECIATION AND AMORTIZATIONFINANCE CHARGESGAIN ON FOREIGN EXCHANGENET EARNINGS BEFORE TAXESCORPORATE TAXEARNINGS APPLICABLE TO SHAREHOLDERSEARNINGS PER SHARE (BASIC & DILUTED)RETAINED EARNINGS, BEGINNING OF YEARNet earningsDividendsRETAINED EARNINGS, END OF YEAR2011 2010$ 191,535 $ 190,526(133,689) (133,577)*57,846 56,9495,979 5,722(28,491) (28,781)*(16,926) (16,014)(13,810) (11,934)19 2844,617 6,226(2,735) (2,778)$ 1,882 $ 3,448$ 0.03 $ 0.05$ 106,254 $ 102,8061,882(3,796)3,448-$ 104,340 $ 106,2541d & 175 & 6101e & 101j & 141i & 15Notes20 2011 | Annual Report | Belize Electricity LimitedSTATEMENTOF CASH FLOWSYEARS ENDED DECEMBER 31, 2011 | 2010(In Belize thousands of dollars)CASH FROM OPERATIONS:NET EARNINGSITEMS NOT AFFECTING CASH:DEPRECIATION AND AMORTIZATION (NET)EXCHANGE GAIN ON LONG-TERM DEBTCHANGE IN WORKING CAPITALCASH USED IN INVESTING:ACQUISITION OF PLANT AND EQUIPMENTACQUISITION OF INTANGIBLE ASSETSCASH USED IN FINANCING:PAYMENT OF DEBTCAPITAL CONTRIBUTIONDEBENTURES REDEEMEDNET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTSCASH AND SHORT-TERM INVESTMENTS, BEGINNING OF YEARCASH AND SHORT -TERM INVESTMENTS, END OF YEARITEMS PAID BY CASH:InterestTaxes2011 2010$ 1,882 $ 3,44816,926 16,014(19) (284)27,019 14,26945,808 33,447(31,331) (44,250)(140) (122)(31,471) (44,372)(11,971) (11,336)1,468 2,488- (161)(10,503) (9,009)3,834 (19,934)5,340 25,274$ 9,174 $ 5,340(8,263) (9,051)$ (10,213) $ (8,022)$ $The notes on pages 21 ? 37 are an integral part of these financial statements.Prepare complete financial analysis for the years attached1. using ratios2. analyzing changes each year3. and recommendations for improvement

 

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