Financial Report - Veresen Inc.

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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
Corporate Information Officers Stephen W.C. Mulherin Chairman Don L. Althoff President and Chief Executive Officer David I. Holm Executive Vice President, Corporate and Business Development Richard G. Weech Senior Vice President, Finance and Chief <strong>Financial</strong> Officer Kevan S. King Senior Vice President, General Counsel and Secretary Directors (1, 3) J. Paul Charron Calgary, Alberta John E. Feick (3, 4) * Calgary, Alberta (1, 4) Maureen E. Howe Vancouver, British Columbia (1, 2, 3) Robert J. Iverach Calgary, Alberta (2, 4) Rebecca A. McDonald Houston, Texas Stephen W.C. Mulherin (3) Calgary, Alberta (2, 4) Henry W. Sykes Calgary, Alberta (1, 2) Bertrand A. Valdman Bellevue, Washington Don L. Althoff Calgary, Alberta Publicly Traded Securities Listed on the Toronto Stock Exchange: Common Shares Trading Symbol: Dividend: Record Date: Payment Date: VSN Monthly Last business day of each month 23rd day of the month following the record date or, if not a business day, the prior business day 5.75% Convertible Debentures, Series C Trading Symbol: VSN.DB.C Interest Payable: Semi-annually on July 31 and January 31 Preferred Shares, Series A Trading Symbol: VSN.PR.A Fixed cumulative dividends at an annual rate of 4.40%, payable quarterly Transfer Agent and Registrar Computershare Trust Company of Canada 600, 530 – 8th Avenue S.W. Calgary, Alberta T2P 3S8 Phone: 1-800-564-6253 Toll Free Fax: 1-888-453-0330 Computershare also has offices in Vancouver, Toronto, Winnipeg, Montreal Notice of Annual Meeting 2:00 pm, May 8, 2013 Livingston Club Conference Centre, Livingston Place (South Tower) Plus 15, 222 – 3rd Avenue S.W. Calgary, Alberta 1 2 3 4 Member of the Audit Committee Member of the Corporate Governance and Nominating Committee Member of the Compensation Committee Member of the Environmental, Health and Safety Committee All shareholders are invited to attend. *Not standing for re-election in 2013 VSN 65
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03 04 05 06 07 08 09 10 11 2012 VER
Page 3 and 4:
Management‘s Discussion and Analy
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Business Overview We are a Canadian
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• Aux Sable Canada (50% ownership
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Earnings also reflect increased cor
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Alliance Pipeline Alliance has firm
Page 13 and 14:
On May 26, 2009, the NEB adopted a
Page 15 and 16: Financial Highlights Hythe/Steeproc
Page 17 and 18: Opportunities and Developments Aux
Page 19 and 20: Operational performance from our ga
Page 21 and 22: For the three and 12 months ended D
Page 23 and 24: Sustainability of Dividends and Pro
Page 25 and 26: Distributable cash for the three an
Page 27 and 28: Capital Funding and Liquidity To fu
Page 29 and 30: Fair Values Fair value is the amoun
Page 31 and 32: We and our businesses employ variou
Page 33 and 34: The level of commitments for transp
Page 35 and 36: Critical Accounting Estimates The p
Page 37 and 38: Reconciliation of Distributable Cas
Page 39 and 40: Significant items that affected qua
Page 41 and 42: Independent Auditor’s Report To t
Page 43 and 44: Consolidated Statement of Income Ye
Page 45 and 46: Consolidated Statement of Sharehold
Page 47 and 48: JOINTLY-CONTROLLED Entity (1) Pipel
Page 49 and 50: In December 2011, the FASB issued A
Page 51 and 52: Financial Instruments Financial ass
Page 53 and 54: Note 6. Investments in Jointly-Cont
Page 55 and 56: Note 9. Pipeline, Plant and Other C
Page 57 and 58: Medium Term Notes On March 14, 2012
Page 59 and 60: Geographical Components Net income
Page 61 and 62: Common Shares 2012 2011 Common Shar
Page 63 and 64: The following table summarizes our
Page 65: Credit Risk Veresen and its jointly
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Financial Report - Veresen Inc.

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