BRITISH COLUMBIA HYDRO AND POWER AUTHORITY

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British Columbia Hydro and Power Authority CONSOLIDATED STATEMENTS OF CASH FLOWS for the years ended March 31 (in millions) 2016 2015 Operating Activities Net income $ 655 $ 581 Regulatory account transfers (Note 13) (947) (1,225) Adjustments for non-cash items: Amortization of regulatory accounts (Note 13) 472 491 Amortization and depreciation expense (Note 7) 745 691 Unrealized losses (gains) on mark-to-market 75 (53) Employee benefit plan expenses 110 84 Interest accrual 717 670 Other items 69 96 1,896 1,335 Changes in: Accounts receivable and accrued revenue (47) 465 Prepaid expenses 9 - Inventories (33) 1 Accounts payable, accrued liabilities and other non-current liabilities (73) (202) Contributions in aid of construction 98 89 Other non-current assets (79) - (125) 353 Interest paid (711) (670) Cash provided by operating activities 1,060 1,018 Investing Activities Property, plant and equipment and intangible asset expenditures (2,102) (1,928) Cash used in investing activities (2,102) (1,928) Financing Activities Long-term debt: Issued 2,641 1,565 Retired (150) (325) Receipt of revolving borrowings 7,761 8,112 Repayment of revolving borrowings (8,927) (8,326) Payment to the Province (Note 17) (264) (167) Other items (14) (17) Cash provided by financing activities 1,047 842 Increase (decrease) in cash and cash equivalents 5 (68) Cash and cash equivalents, beginning of year 39 107 Cash and cash equivalents, end of year $ 44 $ 39 See accompanying Notes to the Consolidated Financial Statements.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2016 <strong>AND</strong> 2015 NOTE 1: REPORTING ENTITY British Columbia Hydro and Power Authority British Columbia Hydro and Power Authority (BC Hydro) was established in 1962 as a Crown corporation of the Province of British Columbia (the Province) by enactment of the Hydro and Power Authority Act. As directed by the Hydro and Power Authority Act, BC Hydro’s mandate is to generate, manufacture, conserve and supply power. BC Hydro owns and operates electric generation, transmission and distribution facilities in the province of British Columbia. The consolidated financial statements of BC Hydro include the accounts of BC Hydro and its principal wholly-owned operating subsidiaries Powerex Corp. (Powerex), Powertech Labs Inc. (Powertech), and Columbia Hydro Constructors Ltd. (Columbia), (collectively with BC Hydro, the Company) including BC Hydro’s one third interest in the Waneta Dam and Generating Facility (Waneta). All intercompany transactions and balances are eliminated on consolidation. The Company accounts for its one third interest in Waneta as a joint operation. BC Hydro has classified Waneta as a joint operation on the basis that fundamental operating and investing decisions relating to Waneta require unanimous approval by each co-owner. The consolidated financial statements include the Company’s proportionate share in Waneta, including its share of any liabilities and expenses incurred jointly with Teck Metals Ltd. and its revenue from the sale of the output in relation to Waneta. NOTE 2: BASIS OF PRESENTATION (a) Basis of Accounting These consolidated financial statements have been prepared in accordance with the significant accounting policies as set out in Note 4. These policies have been established based on the financial reporting provisions prescribed by the Province pursuant to Section 23.1 of the Budget Transparency and Accountability Act (BTAA) and Section 9.1 of the Financial Administration Act (FAA). In accordance with the directive issued by the Province’s Treasury Board, BC Hydro is to prepare these consolidated financial statements in accordance with the accounting principles of International Financial Reporting Standards (IFRS), combined with regulatory accounting in accordance with Financial Accounting Standards Board Accounting Standards Codification 980 (ASC 980), Regulated Operations (collectively, the Prescribed Standards). The application of ASC 980 results in BC Hydro recognizing in the statement of financial position the deferral and amortization of certain costs and recoveries that have been approved by the British Columbia Utilities Commission (BCUC) for inclusion in future customer rates. Such regulatory costs and recoveries would be included in the determination of comprehensive income unless recovered in rates in the year the amounts are incurred. BC Hydro’s accounting policies with respect to its regulatory accounts are disclosed in Note 4(a) and the impact of the application of ASC 980 on these consolidated financial statements is described in Note 13. Certain amounts in the prior year’s comparative figures have been reclassified to conform to the current year’s presentation. These consolidated financial statements were approved by the Board of Directors on June 1, 2016.
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Page 11 and 12: NOTES TO THE CONSOLIDATED FINANCIAL
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NAME POSITION MEETINGS ATTENDED 1 R
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Report ID: FI307 Accenture Inc. Acc
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COLUMBIA HYDRO CONSTRUCTORS LTD. Re
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Report ID: FI307 Workers' Compensat
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POWEREX CORP. Report ID: FI308 Sche
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POWEREX CORP. Report ID: FI308 Sche
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POWEREX CORP. Report ID: FI307 1672
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POWEREX CORP. Report ID: FI307 Prog
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POWERTECH LABS INC. SCHEDULE OF REM
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POWERTECH LABS INC. Report ID: FI30
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POWERTECH LABS INC. Report ID: FI30
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NOTE A reconciliation of amounts re
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BRITISH COLUMBIA HYDRO AND POWER AUTHORITY

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