Financial Report - Veresen Inc.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
2012
Canada U.S. Total
Revenues 231.1 33.1 264.2
Equity income from jointly-controlled businesses 47.7 88.1 135.8
Investments in jointly-controlled businesses 462.5 494.9 957.4
Pipeline, plant and other capital assets 1,341.9 101.9 1,443.8
2011
Canada U.S. Total
Revenues 136.8 37.4 174.2
Equity income from jointly-controlled businesses 26.6 128.5 155.1
Investments in jointly-controlled businesses 471.7 462.4 934.1
Pipeline, plant and other capital assets 677.6 91.1 768.7
Revenues earned from one customer within the Company’s midstream segment represent approximately 36% of the Company’s
2012 operating revenues. Revenues earned from one customer within the Company’s power segment represent approximately 12%
(2011 – 18%) of the Company’s 2012 operating revenues. No other customer represents over 10% of operating revenues in 2012 or 2011.
Note 20. Supplemental Cash Flow Information
2012 2011
Accounts receivable (32.4) (0.9)
Accrued receivables (11.6) (1.4)
Other assets (2.9) 0.6
Payables 9.1 (1.4)
Interest payable 4.4 0.1
Deferred revenue 2.8 –
Accrued payables 1.8 5.8
Changes in non-cash operating working capital (28.8) 2.8
Note 21. Related Party Transactions
On March 30, 2012, the Company provided a $47.0 million amortizing term loan to Grand Valley, a jointly-controlled business.
Principal and interest are payable on a quarterly basis. The loan bears interest of 5.2% and the maturity date is December 31, 2031.
As at December 31, 2011, the Company had a short-term construction loan receivable of $25.5 million due from Grand Valley which
was settled in March 2012.
Note 22. Subsequent Events
Dividends
On February 19, 2013, the Company declared a quarterly dividend of $0.275 per share for the period ending March 31, 2013 in respect
of the Series A Preferred Shares, payable on March 31, 2013 to shareholders of record on March 15, 2013.
On January 22, 2013 and February 19, 2013, the Company declared dividends of $0.0833 per Common Share for each of January
and February 2013, respectively. These dividends are payable on February 22, 2013 to shareholders of record on January 31, 2013,
and March 22, 2013 to shareholders of record on February 28, 2013, respectively.
64