Spark Infrastructure - Notes to the Financial Statements

Annual Report

NOTES TO THE FINANCIAL STATEMENTS CONTINUED
7. Investments Accounted for Using the Equity Method (continued)
CONSOLIDATED COMPANY
2008 2007 2008 2007
$’000 $’000 $’000 $’000
c) Share of Associates’ Revenue and Expenses
Revenue – distribution 551,380 538,196 – –
Revenue – unregulated 252,111 227,006 – –
Operating revenue 803,491 765,202 – –
Revenue – transmission 165,117 157,137 – –
968,608 922,339 – –
Expenses (871,068) (809,796) – –
Profit before income tax 97,540 112,543 – –
Income tax benefit/(expense) 8,398 (10,916) – –
Net profits accounted for using the equity accounting method 105,938 101,627 – –
Additional share of profits from preferred partnership capital a 35,611 35,324 – –
141,549 136,951 – –
Additional depreciation/amortisation charge b (5,727) (5,712) – –
135,822 131,239 – –
a Under the partnership agreement, Spark Infrastructure is entitled to an additional share of
profit in the ETSA partnership.
b Relates to depreciation and amortisation by the fair value on uplift of assets on acquisition.
d) Movement in Carrying Amounts
Carrying amount at beginning of the Financial Year 1,458,811 1,350,348 – –
Share of profits after income tax 135,822 131,239 – –
Preferred partnership distribution received (69,826) (69,635) – –
Dividend received – associates (1,957) – – –
Share of associates’ (expense)/income recognised directly in equity (257,793) 46,943 – –
Other movements – (84) – –
Carrying amount at end of the Financial Year 1,265,057 1,458,811 – –
e) Capital Commitments and Contingent Liabilities
Spark Infrastructure’s share of capital commitments and contingent
liabilities are provided in Note 21 and Note 22 respectively.
8. Loans to Associates
Loans to CHEDHA – interest bearing a 792,698 842,973 – –
a 100 year loans at fixed interest rate of 10.85% per annum. The loans are repayable at
the discretion of the borrower.
9. Other Financial Assets
Shares in controlled entities – at cost – – 186,213 186,213
Fair value of interest rate swaps (current) – 2,957 – –
Fair value of interest rate swaps (non-current) – 9,509 – –
10. Payables
Payables to Related Parties 2,002 3,026 12,730 7,352
Other 2,146 2,389 – –
4,148 5,415 12,730 7,352
11. Interest Bearing Liabilities
Syndicated bank loans at amortised cost a – 199,789 – –
a The loans are unsecured.

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