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with Canadian GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Estimates are based on historical experience, current conditions and various other assumptions believed to be reasonable under the circumstances. Due to changes in facts and circumstances and the inherent uncertainty involved in making estimates, actual results may differ significantly from the current estimates. Estimates are reviewed periodically and, as adjustments become necessary, are reported in earnings in the period in which they become known. The Company’s critical accounting estimates relate to: 

Revenue Recognition 

Revenue derived from the sale of electricity is taken to income on a bills-rendered basis, adjusted for unbilled revenues. Customer bills are 

## Selected Annual Financial Information 

issued throughout the month based on meter readings that establish electricity consumption since the last meter reading. The unbilled revenue accrual for the period is based on estimated electricity sales to customers since the last meter reading. The estimation process for accrued unbilled electricity consumption will result in adjustments of electricity revenue in the periods they become known when actual results differ from the estimates. As at December 31, 2011, the amount of unbilled revenue recorded in Accounts Receivable - Trade was $4.6 million (December 31, 2010: $4.4 million). Consumers are billed at the beginning of each month leading to the accrual of approximately three weeks of unbilled revenue. 

Kilowatt-hour Sales 

Kilowatt-hour sales throughout the month are based on meter readings that establish electricity consumption since the last meter reading. The kWh accrual for the period is based on estimated electricity sales to 

customers since the last meter reading. The estimation process for electricity consumption will result in adjustments of kWh sales statistics in the periods they become known when actual results differ from the estimates. As at December 31, 2011, the amount of estimated kWh sales was 33.2 million kWh (2010: 36.2 million kWh). As bills are generated at the beginning of each month it is necessary to accrue for kWh for accurate reporting. 

Employee Future Benefits 

The Company’s defined benefit pension plan is subject to judgments utilised in the actuarial determination of the expense and related obligation. There are currently two participants in the Company’s defined benefit pension plan. The main assumptions utilised by Management in determining pension expense and obligations were the discount rate for the accrued benefit obligation, pension commencement date, inflation and the expected rate of return on plan assets. As at December 31, 2011, the Company had an 

(in $ thousands except Basic Earnings per Class A Ordinary Share, dividends paid per Class A Ordinary Share and where otherwise indicated 

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