Financial Information Act Return - BC Hydro

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Consolidated Statement of Cash Flows for the years ended March 31 (in millions) 2003 2002 Operating Activities Net income $ 418 $ 403 Adjustments for: Depreciation and amortization 417 386 Transfer from Rate Stabilization Account (66) (145) Other non-cash items 24 23 793 667 Working capital changes 1 (451) Cash provided by operating activities 794 216 Investing Activities Loans receivable (8) 3 Capital asset expenditures (680) (604) Contributions in aid of construction 62 54 Demand-side management programs (45) (14) Future removal and site restoration costs (12) (6) Proceeds from property sales 1 4 Cash used for investing activities (682) (563) Financing Activities Bonds, notes and debentures – issued 1,007 350 – retired (1,019) (622) Revolving borrowings 147 173 Sinking funds 48 139 Deferred debt costs 3 8 Settlement of financial instruments 22 2 Cash provided by financing activities 208 50 Payment to the Province (Note 1) (333) (372) Decrease in cash (13) (669) Cash at beginning of year 17 686 Cash at end of year $ 4 $ 17 Supplemental disclosure of cash flow information Interest paid $ 540 $ 585 Cash consists of temporary investments. See accompanying notes to consolidated financial statements.
Notes to Consolidated Financial Statements For the Years Ended March 31, 2003 and 2002 Significant Accounting Policies Purpose British Columbia Hydro and Power Authority (“BC Hydro”), established in 1962 as a Crown corporation of the Province of British Columbia (the “Province”) by enactment of the Hydro and Power Authority Act, has a corporate mission to provide integrated energy solutions to its customers in an environmentally and socially responsible manner. BC Hydro is subject to regulation (see Note 1) by the British Columbia Utilities Commission (the “Commission”) which, among other things, approves the rates BC Hydro charges for its services. BC Hydro owns and operates electric generation, transmission and distribution facilities in the province of British Columbia. Consolidation The consolidated financial statements include the financial statements of BC Hydro and its principal wholly-owned operating subsidiaries Powerex Corp. (“Powerex”), Powertech Labs Inc. and Westech Information Systems Inc. Revenues Domestic revenues comprise sales to customers within the province and sales of firm energy to those outside the province under long-term contracts which are reflected in BC Hydro’s domestic load requirements. Other sales outside the province are classified as electricity trade. Revenue is recognized on the basis of cyclical billings and also includes electricity deliveries not yet billed. Foreign Currency Translation Foreign currency denominated revenues and expenses are translated into Canadian dollars at the rate of exchange in effect at the transaction date. Foreign currency denominated monetary assets and liabilities are translated into Canadian dollars at the rate of exchange prevailing at the balance sheet date. Gains and losses arising from the translation of foreign denominated long-term monetary items are deferred and amortized. On July 11, 2002, the British Columbia Utilities Commission approved, under Order Number G–47–02, the continued deferral and amortization of foreign exchange gains and losses on the translation of foreign denominated long-term monetary items, using the straight-line pooled method of amortization, to be applied on a prospective basis for the fiscal year beginning April 1, 2002. The impact of this change on current year’s operations was to increase net income by approximately $21 million. For long-term debt, the straight-line pooled method is based on the weighted average remaining term to maturity of the long-term foreign currency denominated debt portfolio. In prior years, amortization was calculated using a reverse sum-of-years methodology, with straight-line amortization in the last four years. Where foreign currency denominated long-term debt is refinanced in the same currency, any unamortized foreign currency translation gains and losses associated with the refinanced debt continue to be deferred and amortized. Where a portion of the foreign currency denominated long-term debt is refinanced in a different currency, a pro rata portion of the related pool of any unamortized foreign currency translation gains or losses are included in finance charges at the refinancing date. For sinking funds, the straight-line pooled method is based on the weighted average term to maturity of the underlying long-term foreign currency denominated debt weighted by its sinking fund balances. The
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Financial Information Act Return - BC Hydro

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