BRITISH COLUMBIA HYDRO AND POWER AUTHORITY
financial-information-act-return-march-31-2016 financial-information-act-return-march-31-2016
British Columbia Hydro and Power Authority INDEPENDENT AUDITORS’ REPORT The Minister of Energy and Mines and Minister Responsible For Core Review, Province of British Columbia and the Board of Directors of British Columbia Hydro and Power Authority: We have audited the accompanying consolidated financial statements of British Columbia Hydro and Power Authority, which comprise the consolidated statement of financial position as at March 31, 2016, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the financial reporting provisions prescribed by the Province of British Columbia pursuant to Section 23.1 of the Budget Transparency and Accountability Act and Section 9.1 of the Financial Administration Act (see Note 2(a)), and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of British Columbia Hydro and Power Authority as at March 31, 2016 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with the financial reporting provisions prescribed by the Province of British Columbia pursuant to Section 23.1 of the Budget Transparency and Accountability Act and Section 9.1 of the Financial Administration Act (see Note 2(a)). Chartered Professional Accountants Vancouver, Canada June 1, 2016
British Columbia Hydro and Power Authority AUDITED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME for the years ended March 31 (in millions) 2016 2015 Revenues Domestic $ 5,056 $ 4,829 Trade 601 919 5,657 5,748 Expenses Operating expenses (Note 5) 4,250 4,535 Finance charges (Note 6) 752 632 Net Income 655 581 OTHER COMPREHENSIVE INCOME (LOSS) Items Reclassified Subsequently to Net Income Effective portion of changes in fair value of derivatives designated as cash flow hedges (Note 19) 12 81 Reclassification to income of derivatives designated as cash flow hedges (Note 19) (21) (127) Foreign currency translation gains 10 34 Other Comprehensive Income (Loss) 1 (12) Total Comprehensive Income $ 656 $ 569 See accompanying Notes to the Consolidated Financial Statements.
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British Columbia Hydro and Power Authority<br />
AUDITED FINANCIAL STATEMENTS<br />
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME<br />
for the years ended March 31 (in millions) 2016 2015<br />
Revenues<br />
Domestic $ 5,056 $ 4,829<br />
Trade 601 919<br />
5,657 5,748<br />
Expenses<br />
Operating expenses (Note 5) 4,250 4,535<br />
Finance charges (Note 6) 752 632<br />
Net Income 655 581<br />
OTHER COMPREHENSIVE INCOME (LOSS)<br />
Items Reclassified Subsequently to Net Income<br />
Effective portion of changes in fair value of derivatives designated<br />
as cash flow hedges (Note 19) 12 81<br />
Reclassification to income of derivatives designated<br />
as cash flow hedges (Note 19) (21) (127)<br />
Foreign currency translation gains 10 34<br />
Other Comprehensive Income (Loss) 1 (12)<br />
Total Comprehensive Income $ 656 $ 569<br />
See accompanying Notes to the Consolidated Financial Statements.
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