Statement of Income and Retained Earnings by osq14347

VIEWS: 285 PAGES: 3

									                                              CONSOLIDATED FINANCIAL STATEMENTS 29



Consolidated Statement of Income and Retained Earnings
(in millions)




For the year ended December 31                             2003                  2002
                                                                     (Restated – Note 3)
Revenue
  Electric sales
    Saskatchewan                                          $1,104               $1,058
    Export                                                  113                     43
  Other                                                      26                     23
Total revenue                                              1,243                1,124

Expense
  Fuel and purchased power (Note 4)                         502                   366
  Operating, maintenance and administration                 301                   286
  Depreciation (Note 5)                                     186                   167
  Finance charges (Note 6)                                  152                   147
  Taxes (Note 7)                                             29                     27
Total expense                                              1,170                  993
Income before foreign exchange gains
  and equity investment income                               73                   131
Foreign exchange gains                                      113                      6
Equity investment income                                      1                      –
Net income                                                  187                   137
Retained earnings, beginning of year                        705                   650
Dividends                                                  (169)                   (82)
Retained earnings, end of year                            $ 723                $ 705

See accompanying notes
30 CONSOLIDATED FINANCIAL STATEMENTS



  Consolidated Statement of Financial Position
  (in millions)




   As at December 31                                                      2003                 2002
                                                                                 (Restated – Note 3)
   Assets
   Current assets
     Cash and short-term investments (Note 8)                         $      4             $     93
     Accounts receivable and unbilled revenue                              157                  151
     Materials, fuel and supplies                                          116                  104
                                                                           277                  348
   Property, plant and equipment (Note 9)
     Property, plant and equipment                                     5,555                   5,171
     Less: Accumulated depreciation                                    2,356                   2,196
                                                                       3,199                   2,975
     Construction in progress                                               61                  215
                                                                       3,260                   3,190
   Other assets (Note 10)                                                   73                   91
   Total assets                                                       $3,610               $3,629

   Liabilities and equity
   Current liabilities
     Accounts payable and accrued liabilities                         $ 173                $ 176
     Accrued interest                                                       45                   49
     Short-term advance (Note 11)                                           30                     –

     Current portion of long-term debt (Note 12)                            75                  168
     Dividend payable                                                       95                   19
                                                                           418                  412
   Long-term debt (Note 12)                                            1,696                   1,718
   Other liabilities (Note 13)                                             113                  134
   Total liabilities                                                   2,227                   2,264
   Equity
     Equity advances (Note 14)                                             660                  660
     Retained earnings                                                     723                  705
   Total equity                                                        1,383                   1,365
   Total liabilities and equity                                       $3,610               $3,629

   Commitments and contingencies (Note 16)

   See accompanying notes

   On behalf of the Board:




   Patricia A. G. Quaroni                          V. Lynne Pearson
   Acting Chair                                    Director
                                                        CONSOLIDATED FINANCIAL STATEMENTS 31



Consolidated Statement of Cash Flows
(in millions)




For the year ended December 31                                       2003                   2002
                                                                                (Restated – Note 3)
Operating activities
Net income                                                          $ 187                  $ 137
Add (deduct) items not involving cash:
  Depreciation                                                          186                  167
  Foreign exchange gains                                                (113)                  (6)
  Defined benefit pension plan expense (income)                            3                   (8)
  Sinking fund earnings                                                   (9)                  (9)
  Equity investment income                                                (1)                   –
Operating cash flow                                                     253                  281
Net change in non-cash working capital (Note 17)                         (53)                 (19)
Cash provided by operating activities                                   200                  262

Investing activities
  Property, plant and equipment                                         (253)                (282)
  Equity investment                                                       (2)                  (8)
Cash used in investing activities                                    (255)                   (290)
Decrease in cash before financing activities                             (55)                 (28)

Financing activities
  Advances from the Province of Saskatchewan
    Canadian dollar denominated debt – proceeds                         200                     –
                                     – repayment                        (73)                    –
    United States dollar denominated debt – repayment                    (69)                   –
    Short-term advance – proceeds                                        30                     –
  Non-recourse debt                                                        –                    6
  Sinking fund installments net of redemptions                            (4)                 (15)
  Debt premium and issue costs                                             5                    –
  Dividends paid                                                         (93)                 (70)
  Long-term agreements payable                                           (30)                  (3)
Cash used in financing activities                                        (34)                 (82)
Decrease in cash and short-term investments                              (89)                (110)
Cash and short-term investments, beginning of year                       93                  203
Cash and short-term investments, end of year                        $      4               $ 93


Supplemental information:
Cash paid for interest                                              $ 161                  $ 165
Cash paid for grants-in-lieu of taxes                                    13                    13
Cash paid for capital tax                                                14                    13
See accompanying notes

								
To top