Financial Information Act Return - BC Hydro

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Notes to Consolidated Financial Statements For the Years Ended March 31, 2003 and 2002 Note 7: Sinking Funds Sinking funds are held by the Trustee (the Minister of Finance for the Province) for the redemption of long-term debt. Sinking fund income is recorded as a reduction of finance charges. The sinking fund balances at the balance sheet date include the following investments: (dollar amounts in millions) 2003 2002 Weighted Average Weighted Average Carrying Effective Carrying Effective Value Rate 1 Value Rate 1 Money market unitized funds 2 $ 4 2.6 % $ 239 2.1 % Province of BC and BC Crown corporation bonds 257 3.8 494 3.1 Federal and other provincial government securities 776 3.9 340 5.8 1 Rate calculated on market yield to maturity. $1,037 $1,073 2 Money market unitized funds consist of federal and provincial government paper and high-grade commercial paper with a maturity of one year or less. Fair value information for sinking funds is presented in Note 10. Sinking Fund Requirements Substantially all of BC Hydro’s debt issues have annual sinking fund cash requirements. The annual sinking fund cash requirements for the next five years are: (in millions) 2004 2005 2006 2007 2008 Canadian $45 $41 $39 $38 $38 US $9(US$6) $9(US$6) $9(US$6) $9(US$6) $9 (US$6) Note 8: Deferred Debt Costs (in millions) 2003 2002 Deferred foreign exchange translation adjustments $ 324 $ 492 Discount and issue costs 61 95 $ 385 $ 587
Notes to Consolidated Financial Statements For the Years Ended March 31, 2003 and 2002 Note 9: Long-Term Debt and Debt Management BC Hydro’s long-term debt comprises bonds, notes and debentures, substantially all of which have annual sinking fund requirements (see Note 7), and revolving borrowings obtained under an agreement with the Province. BC Hydro’s debt is either held or guaranteed by the Province. Under the Hydro and Power Authority Act, BC Hydro is subject to a borrowing limit of $8,800 million after deduction of sinking funds. As at March 31, 2003, BC Hydro’s total debt under the borrowing limit was $6,853 million (2002 – $6,906 million). During fiscal 2003, BC Hydro issued bonds and debentures totaling $1,007 million (2002 – $350 million) with a weighted average effective interest rate of 4.7 per cent (2002 –5.1 per cent) and a weighted average term to maturity of 6.9 years (2002 – 18.3 years). Long-term debt, expressed in Canadian dollars, is summarized in the following table by year of maturity. (dollar amounts in millions) 2003 2002 Weighted Weighted Average Average Interest Interest Canadian Foreign Total Rate 1 Total Rate 1 Maturing in fiscal: 2003 $ – $ – $ – –% $ 446 7.0% 2004 300 - 300 8.0 300 8.0 2005 388 195 583 7.9 584 7.6 2006 413 228 641 5.0 560 5.1 2007 314 264 578 3.6 601 3.9 2008 9 735 744 3.1 – Total 1 – 5 years 1,424 1,422 2,846 5.1 2,491 6.1 6 – 10 years 1,418 73 1,491 7.3 1,385 6.9 11 – 15 years 350 - 350 8.6 948 4.4 16 – 20 years 1,196 - 1,196 10.3 896 10.6 21 – 25 years 100 735 835 6.8 1,197 7.5 26 – 30 years 400 - 400 6.3 400 6.3 Over 30 years – 441 441 7.4 478 7.4 Bonds, notes and debentures 4,888 2,671 7,559 6.9 7,795 6.8 Revolving borrowings 315 16 331 2.7 184 2.0 $ 5,203 $ 2,687 7,890 7,979 Less: Current portion 631 Long-term debt $7,259 630 $ 7,349 1 The weighted average interest rate represents the effective rate of interest on fixed-rate bonds and notes and the current interest rate in effect at March 31 for floating-rate bonds and notes, all before considering the effect of derivative financial instruments used to manage interest rate risk. Under an agreement with the Province, BC Hydro indemnifies the Province for any credit losses incurred from contracts entered into by the Province on BC Hydro’s behalf. BC Hydro has not experienced any losses due to the indemnity.
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Financial Information Act Return - BC Hydro

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