BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
financial-information-act-return-march-31-2016 financial-information-act-return-march-31-2016
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2016 AND 2015 NOTE 14: OTHER NON-CURRENT ASSETS British Columbia Hydro and Power Authority (in millions) 2016 2015 Non-current receivables $ 171 $ 156 Sinking funds 167 155 Other 79 - $ 417 $ 311 Non-Current Receivables Included in the non-current receivables balance is a $152 million (2015 - $156 million) receivable for contributions in aid of the construction of the Northwest Transmission Line (NTL). The contributions will be received in annual payments of approximately $11 million, adjusted for inflation. The fair value of the receivable was initially measured using an estimated inflation rate and a 4.6 per cent discount rate. The current portion of the NTL receivable is $11 million (2015 - $10 million) and has been recorded within accounts receivable and accrued revenue. Included in the non-current receivables balance is an $8 million receivable from certain mining customers. In February 2016, the Province of British Columbia issued a direction to the BCUC to establish the Mining Customer Payment Plan, which allows the operators of applicable B.C. mines to defer payment of a portion of electricity purchases for a period of up to five years. The direction also allows BC Hydro to establish a regulatory account in which BC Hydro would transfer the impact of any defaults on these deferred payments to allow recovery in future rates. Sinking Funds Investments held in sinking funds are held by the Trustee (the Minister of Finance for the Province) for the redemption of long-term debt. The sinking fund balances at the statement of financial position date are accounted for as held to maturity, and include the following investments: (in millions) 2016 2015 Weighted Weighted Carrying Average Carrying Average Value Effective Rate 1 Value Effective Rate 1 Province of BC bonds $ 107 2.9 % $ 100 3.0 % Other provincial government and crown corporation bonds 60 3.1 % 55 3.1 % $ 167 $ 155 1 Rate calculated on market yield to maturity. Effective December 2005, all sinking fund payment requirements on all new and outstanding debt were removed.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2016 AND 2015 British Columbia Hydro and Power Authority NOTE 15: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (in millions) 2016 2015 Accounts payable $ 265 $ 294 Accrued liabilities 1,031 945 Current portion of other long-term liabilities (Note 20) 122 129 Dividend payable (Note 17) 326 264 Other 72 76 $ 1,816 $ 1,708 NOTE 16: LONG-TERM DEBT AND DEBT MANAGEMENT The Company’s long-term debt comprises bonds and revolving borrowings obtained under an agreement with the Province. The Company has a commercial paper borrowing program with the Province which is limited to $4,500 million, and is included in revolving borrowings. At March 31, 2016, the outstanding amount under the borrowing program was $2,376 million (2015 - $3,547 million). During fiscal 2016, the Company issued bonds with a par value of $2,691 million (2015 – $1,665 million) a weighted average effective interest rate of 2.5 per cent (2015 – 3.4 per cent) and a weighted average term to maturity of 20.2 years (2015 – 26.4 years).
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS<br />
FOR THE YEARS ENDED MARCH 31, 2016 <strong>AND</strong> 2015<br />
British Columbia Hydro and Power Authority<br />
NOTE 15: ACCOUNTS PAYABLE <strong>AND</strong> ACCRUED LIABILITIES<br />
(in millions) 2016 2015<br />
Accounts payable $ 265 $ 294<br />
Accrued liabilities 1,031 945<br />
Current portion of other long-term liabilities (Note 20) 122 129<br />
Dividend payable (Note 17) 326 264<br />
Other 72 76<br />
$ 1,816 $ 1,708<br />
NOTE 16: LONG-TERM DEBT <strong>AND</strong> DEBT MANAGEMENT<br />
The Company’s long-term debt comprises bonds and revolving borrowings obtained under an agreement<br />
with the Province.<br />
The Company has a commercial paper borrowing program with the Province which is limited to $4,500<br />
million, and is included in revolving borrowings. At March 31, 2016, the outstanding amount under the<br />
borrowing program was $2,376 million (2015 - $3,547 million).<br />
During fiscal 2016, the Company issued bonds with a par value of $2,691 million (2015 – $1,665 million)<br />
a weighted average effective interest rate of 2.5 per cent (2015 – 3.4 per cent) and a weighted average term<br />
to maturity of 20.2 years (2015 – 26.4 years).
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