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ACC - 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 $ 5,340 16,440 17,856 17,720 6,162 1,315 990 44,649 30,348 445,143 444,683 715 1,872 445,858 446,555$ 490,507 $ 476,903$ 46,298 $ 24,664 61,602 57,484 6,653 16,948 12,347 - 814 774 132,315 95,269 12,139 18,435 52,363 69,311 64,502 87,746 7,373 7,125 138,046 138,046 5,741 5,741 33,190 31,722 5,000 5,000 104,340 106,254 286,317 286,763$ 490,507 $ 476,903NotesThe notes on pages 21 ? 37 are an integral part of these financial statements.ASSETS CURRENT ASSETS Cash and short term investments Accounts receivable Inventories Prepayments and deferred expenses PROPERTY, PLANT AND EQUIPMENT - net INTANGIBLE ASSETSTOTALLIABILITIES AND SHAREHOLDERS? EQUITY CURRENT LIABILITIES Accounts payable and accruals Cost payable to customers Current portion of long-term debt Current portion of debentures Corporate tax payable LONG-TERM LIABILITIES LONG-TERM DEBT DEBENTURES CONSUMER DEPOSITS SHAREHOLDERS? EQUITY Ordinary shares Additional paid in capital Capital contribution Insurance reserve Retained 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 POWER OTHER REVENUE OPERATING EXPENSES DEPRECIATION AND AMORTIZATION FINANCE CHARGES GAIN ON FOREIGN EXCHANGENET EARNINGS BEFORE TAXES CORPORATE TAXEARNINGS APPLICABLE TO SHAREHOLDERSEARNINGS PER SHARE (BASIC & DILUTED)RETAINED EARNINGS, BEGINNING OF YEAR Net earnings DividendsRETAINED EARNINGS, END OF YEAR2011 2010$ 191,535 $ 190,526 (133,689) (133,577)* 57,846 56,949 5,979 5,722 (28,491) (28,781)* (16,926) (16,014) (13,810) (11,934) 19 284 4,617 6,226 (2,735) (2,778)$ 1,882 $ 3,448$ 0.03 $ 0.05$ 106,254 $ 102,806 1,882 (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 DEBT CHANGE IN WORKING CAPITALCASH USED IN INVESTING: ACQUISITION OF PLANT AND EQUIPMENT ACQUISITION OF INTANGIBLE ASSETSCASH USED IN FINANCING: PAYMENT OF DEBT CAPITAL CONTRIBUTION DEBENTURES 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: Interest Taxes2011 2010$ 1,882 $ 3,44816,926 16,014 (19) (284) 27,019 14,269 45,808 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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