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Attention Business/Financial Editors:

Toronto Hydro Corporation
Releases its 2003 Audited Financial Statements

February 27, 2004

Toronto Hydro Corporation announced today that it has filed with Canadian security regulators its audited financial statements and related MD&A for the year ended December 31, 2003. Copies may be obtained from the Corporation or accessed through www.sedar.com.

Net income for the year was $95.6 million, compared to $45.4 million in 2002. The change was primarily due to an increase in net revenues ($88.3 million), partially offset by an increase in the provision for payments in lieu of corporate income taxes (PILs) ($56.2 million), and non-recurring restructuring costs ($13.7 million) incurred in 2002 as a result of the cessation of electricity retailing activities by Energy Services.

Net revenues (revenues minus the cost of purchased power) from continuing operations for the year were $547.4 million, compared to $459.1 million in 2002. The change was primarily due to: (1) an increase in net revenues at Energy Services ($48.6 million) resulting from a full year (eight months in 2002) of open market operations, lower cost of sales and Business Protection Plan (BPP) rebates retained by Energy Services that reduced its cost of purchased power; and (2) an increase in net revenues at LDC ($35.0 million) resulting from a full year of the second market based rate of return increase and permitted PILs recoveries (ten months in 2002) and a non-recurring charge taken by LDC in 2002 on account of non-distribution related receivables.

"Our 2003 financial results reflect the strong performance of our principal businesses", said Clare Copeland, Chairman of the Corporation. "Going into 2004, we will continue to focus on our core business strategy of maintaining a financially sound organization focused on achieving productivity improvements and operational excellence across all business units".

Toronto Hydro Corp - Financial Summary
  Year ended
Dec. 31, 2003
Year ended
Dec. 31, 2002
  ($ thousands)  
Net Income 95,581 45,446
Net Revenues 547,418 459,148
Operating Expenses 185,333 189,307
Depreciation & Amortization 128,885 131,480
Net Interest Expense 71,457 70,320
Provision for PILs 62,600 6,377

Fourth Quarter Corporate Developments

  • During the fourth quarter of 2003, the Corporation declared and paid a dividend of $5.0 million to the City of Toronto. On February 27, 2004, the Corporation declared a dividend of $24.2 million with respect to the year ended December 31, 2003 payable to the City of Toronto on March 8, 2004; and the Corporation declared a dividend of $5.0 million with respect to the first quarter of 2004 payable to the City of Toronto on March 31, 2004.

  • Courtney Pratt, the Corporation's President and Chief Executive Officer, resigned effective December 31, 2003. Clare Copeland, the Corporation's Chairman, is serving as acting Chief Executive Officer until a replacement is appointed.

About Toronto Hydro

The Corporation is a holding company which through its wholly-owned subsidiaries:

  • Toronto Hydro-Electric Systems Limited (LDC) - distributes electricity;

  • Toronto Hydro Energy Services Inc. (Energy Services) - manages an existing portfolio of electricity contracts and is engaged in the development and sale of energy efficient products and services; and

  • Toronto Hydro Telecom Inc. - leases fibre optic cable capacity and provides managed data services.

The principal business of the Corporation is the distribution of electricity by LDC. LDC owns and operates an electricity distribution system that delivers electricity to over 660,000 customers located in the City of Toronto. LDC is the largest municipal electric distribution company in Canada and distributes approximately 17% of the electricity consumed in Ontario.

For further information: Please contact either Blair Peberdy, Vice-President, Communicatons and Public Affairs, (416) 542-2515, bpeberdy@torontohydro.com, or Pankaj Sardana, VP, Treasurer, (416) 542-2707, psardana@torontohydro.com;

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