Horizon announces record profit

Media release

Tuesday 17th May 2005

Horizon Energy Distribution Limited has announced an audited net surplus of $7.7 million for the twelve months ended 31 March 2005. This compares with the $6.3 million reported last year.

Company chairman, Colin Holmes, said the profit included higher than usual subdivision income and a one-off after tax benefit of $2.2 million which had arisen from the sale of the company's interest in the Kapuni Energy Joint Venture in 1999 and which had been included in profit forecasts.

Operating revenue for the period was $26.8 million compared with $25.8 million for the previous year. Depreciation for the year was $3.0 million compared with $2.4 million for 2004. This increase reflects the full year's impact of depreciation on the increased value of the company's distribution assets which were revalued at 31 March 2004. Interest expense at $2.0 million was slightly lower than last year's $2.1 million.

As at 31 March 2005 total assets of the Company stood at $80.7 million (2004 $77.2 million). Term loans were $26.6 million (2004 $28.3 million). Total shareholder funds were $48.0 million compared with $44.4 million a year earlier.

A fully imputed dividend of 12 cents per share, together with a special final unimputed dividend of 4 cents a share relating to the $2.2 million Kapuni benefit will be paid on 24 June 2005 to shareholders on the register at 5pm on Friday 17 June 2005. The total imputed ordinary dividend of 20 cents for the year together with the unimputed special dividend of 8 cents a share represents 90.8% of the tax paid profit for the year.

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