Quarterly results reflect a number of timing,
unusual and unseasonal weather related items while core operations
remain strong;
Board declares first quarterly dividend to
public shareholders and announces establishment of dividend
reinvestment plan
TORONTO, Feb. 12, 2016 /CNW/ - Hydro One Limited,
Ontario's largest electricity
transmission and distribution company, today announced its
financial and operating results for the fourth quarter and full
year ended December 31, 2015.
"Following Hydro One's successful IPO, the recent acquisition of
three Local Distribution Companies and the just announced
acquisition of Great Lakes Power Transmission, management is
intensely focused on delivering enhanced service for our customers
and communities," said Mayo Schmidt,
President and CEO, Hydro One. "At the same time, we're sharpening
our execution and instilling a disciplined approach to leveraging
strategic opportunities. While the fourth quarter's results reflect
a number of timing, unusual and unseasonal weather related items,
Hydro One is at its core a strong and growing business. Under new
leadership, Hydro One is moving towards strengthening its
performance-based culture to generate consistent growth and value
for both customers and shareholders."
Consolidated Financial Highlights and Statistics
(millions of
Canadian dollars, except as otherwise noted)
|
|
2015
Q4
|
2014
Q4
|
|
2015
YTD
|
2014
YTD
|
|
|
|
|
|
|
|
Revenues
|
|
1,522
|
1,662
|
|
6,538
|
6,548
|
Revenues, net of
purchased power
|
|
736
|
769
|
|
3,088
|
3,129
|
Net income
attributable to common shareholders
|
|
143
|
216
|
|
690
|
731
|
|
|
|
|
|
|
|
Earnings per common
share (EPS)
|
|
$0.26
|
$0.45
|
|
$1.39
|
$1.53
|
Adjusted
EPS1
|
|
$0.24
|
$0.36
|
|
$1.16
|
$1.23
|
|
|
|
|
|
|
|
Net cash from
operating activities
|
|
(2,435)
|
479
|
|
(1,253)
|
1,256
|
Adjusted net cash
from operating activities2
|
|
375
|
479
|
|
1,557
|
1,256
|
|
|
|
|
|
|
|
Funds from operations
(FFO)
|
|
(2,674)
|
322
|
|
(1,479)
|
1,293
|
Adjusted
FFO2
|
|
136
|
322
|
|
1,331
|
1,293
|
|
|
|
|
|
|
|
Capital
investments
|
|
451
|
478
|
|
1,663
|
1,530
|
|
|
|
|
|
|
|
Transmission:
|
|
|
|
|
|
|
|
Average monthly
Ontario 60-minute peak demand (MW)
|
|
18,689
|
19,608
|
|
20,344
|
20,596
|
|
|
|
|
|
|
|
Distribution:
|
|
|
|
|
|
|
|
Units distributed to
Hydro One customers (TWh)
|
|
6.4
|
7.4
|
|
28.9
|
29.8
|
1
|
Calculated using the
number of common shares outstanding at December 31, 2015, versus a
weighted average
number of shares which includes the pre-IPO share count.
|
2
|
Excludes $2,810
million non-cash impact of IPO-related tax adjustments.
|
Recapitalization and Initial Public Offering
In November 2015, Hydro One
Limited and the Province of Ontario completed an initial public offering
on the Toronto Stock Exchange of 15% of its 595 million
outstanding common shares. Both Hydro One Limited and its fully
owned subsidiary Hydro One Inc. are now reporting issuers. The
final prospectus associated with the public offering which contains
details of the offering, recapitalization and corporate structure
can be found at www.sedar.com and www.HydroOne.com/Investors.
Key Financial Highlights
For the three months ended December 31,
2015, Hydro One Limited ("the Company") reported revenues of
$1,522 million, net income
attributable to common shareholders of $143
million, and adjusted earnings per share of $0.24. For the full year, 2015 reported revenues
totaled $6,538 million while net
income attributable to common shareholders was $690 million and adjusted earnings per share was
$1.16.
The year over year change to quarterly revenues primarily
reflect lower purchased power costs, lower average monthly
Ontario 60-minute peak demand due
to generally milder weather in the fourth quarter, and the spin-off
of Hydro One Brampton, partially offset by higher OEB-approved
distribution rates.
In addition to revenue impacts resulting from unseasonably warm
weather during the fourth quarter together with expenses associated
with multiple wind storms which also occurred during the period, a
number of timing and non-recurring items impacted the comparability
of results on a year over year basis. These include the timing of
operating costs which, in 2014, were higher earlier in the year but
significantly reduced during the fourth quarter; the divestiture of
the Hydro One Brampton operations which occurred at the end of
August 2015; a one-time settlement of
insurance proceeds received in fourth quarter of last year; and an
increase in the Company's effective income tax rate. These items
were partially offset by a one-time benefit of $19 million recorded in the quarter associated
with tax benefits related to the initial public offering.
Hydro One continues to invest to improve the reliability and
performance of Ontario's
electricity transmission and distribution systems, address aging
power system infrastructure, facilitate new generation, and improve
service to customers. The Company made capital investments of
$451 million during the fourth
quarter and approximately $1.6
billion for 2015, and placed over $1.4 billion of new assets in-service during
the year.
Common Share Dividends
On February 11, 2016, the
Company's Board of Directors declared a cash dividend to common
shareholders of $0.34 per share. This
is the first common share dividend declared by Hydro One Limited
following the completion of its initial public offering and is
comprised of $0.13 for the post
initial public offering period from November
5 to December 31, 2015, and $0.21 for the full first quarter ending
March 31, 2016. The dividend will be
paid on March 31, 2016 to
shareholders of record on March 17,
2016. The Board of Directors has approved a non-dilutive
Dividend Reinvestment Plan which the Company expects will be
available to shareholders in March
2016. During the fourth quarter of 2015 and prior to the IPO
the Company declared and paid a special dividend in the amount of
$800 million to the Province of
Ontario.
Selected Operating Highlights
During the quarter, the Company completed the acquisition of
Woodstock Hydro Holdings Inc., an electricity distribution company
that serves approximately 16,000 customers in southwestern
Ontario, following receipt of
approvals by the Ontario Energy Board. Hydro One is committed to
delivering great service for Woodstock Hydro's customers, as the
Company continues to focus on efficient operations and improving
the customer experience for everyone it serves.
Subsequent to the end of the fourth quarter, the Company entered
into a purchase agreement to acquire Great Lakes Power Transmission
LP from Brookfield Infrastructure for $222
million in cash plus the assumption of approximately
$151 million in outstanding
indebtedness. Great Lakes Power Transmission LP is an Ontario regulated electricity transmission
business operating along the eastern shore of Lake Superior, north and east of Sault Ste. Marie, whose grid is interconnected
with Hydro One's transmission network. It has a rate base of
approximately $219 million primarily
consisting of 15 transmission stations, 560 kilometers of high and
medium voltage 44-230 kV transmission lines, and related
infrastructure covering an area of 12,000 square kilometers. Upon
completion of the transaction, Hydro One will operate approximately
98% of Ontario's transmission
capacity. The transaction is conditional upon the satisfaction of
customary closing conditions, including receipt of Competition Act
(Canada) and Ontario Energy Board
approvals.
In October, Hydro One's Board of Directors announced the
appointment of Fiona Crean as
Ombudsman for Hydro One. Ms. Crean will facilitate the resolution
of otherwise unresolved customer complaints by providing an
independent and impartial perspective and advice on any matters
that are referred to her by Hydro One customers. Ms. Crean reports
directly to the Hydro One Board of Directors, ensuring the
independence of the Ombudsman role at Hydro One and further
reinforcing the Company's commitment to serving its customers.
Supplemental Segment Information
(millions of
Canadian dollars)
|
|
2015
Q4
|
2014
Q4
|
|
2015
YTD
|
2014
YTD
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Transmission
|
|
361
|
382
|
|
1,536
|
1,588
|
|
Distribution
|
|
1,148
|
1,268
|
|
4,949
|
4,903
|
|
Other
|
|
13
|
12
|
|
53
|
57
|
Total
revenues
|
|
1,522
|
1,662
|
|
6,538
|
6,548
|
|
|
|
|
|
|
|
Revenues, net of
purchased power
|
|
|
|
|
|
|
|
Transmission
|
|
361
|
382
|
|
1,536
|
1,588
|
|
Distribution
|
|
362
|
375
|
|
1,499
|
1,484
|
|
Other
|
|
13
|
12
|
|
53
|
57
|
Total revenues,
net of purchased power
|
|
736
|
769
|
|
3,088
|
3,129
|
|
|
|
|
|
|
|
Income (loss)
before financing charges and taxes
|
|
|
|
|
|
|
|
Transmission
|
|
138
|
206
|
|
736
|
848
|
|
Distribution
|
|
119
|
130
|
|
486
|
375
|
|
Other
|
|
(15)
|
(4)
|
|
(28)
|
(8)
|
Total income
before financing charges and taxes
|
|
242
|
332
|
|
1,194
|
1,215
|
|
|
|
|
|
|
|
Capital
Investments
|
|
|
|
|
|
|
|
Transmission
|
|
251
|
265
|
|
943
|
845
|
|
Distribution
|
|
198
|
211
|
|
711
|
680
|
|
Other
|
|
2
|
2
|
|
9
|
5
|
Total capital
Investments
|
|
451
|
478
|
|
1,663
|
1,530
|
Summary of Fourth Quarter Results of Operations
Net Income and EPS
The changes to net income and adjusted earnings per share
attributable to common shareholders were primarily due to the
following:
- Milder weather resulted in a decrease in transmission revenues,
mainly due to lower average monthly Ontario 60-minute peak demand, and lower net
distribution revenues; and
- Although expenses related to stabilization of the Company's
customer information system were significantly lower than last
year, OM&A costs increased from last year, primarily due to:
- expenses related to write-offs of project and inventory costs
due to revisions of asset replacement strategies;
- higher storm restoration efforts due to multiple windstorms in
the fourth quarter of 2015;
- timing of preventative maintenance on grid infrastructure;
- non-recurring insurance proceeds receipts in the prior year;
and
- expenditures related to integration of acquired local
distribution companies.
Income tax expense for the quarter was reduced by an income tax
recovery of $19 million due to tax
benefits related to the initial public offering. Excluding this
effect, the fourth quarter 2015 effective tax rate would have been
approximately 13.8% compared to the fourth quarter 2014 effective
tax rate of approximately 6.6%.
Revenues
(millions of
Canadian dollars)
|
|
2015
Q4
|
2014
Q4
|
|
2015
YTD
|
2014
YTD
|
Transmission
|
|
361
|
382
|
|
1,536
|
1,588
|
Distribution
|
|
1,148
|
1,268
|
|
4,949
|
4,903
|
Other
|
|
13
|
12
|
|
53
|
57
|
|
|
1,522
|
1,662
|
|
6,538
|
6,548
|
|
|
|
|
|
|
|
Transmission:
|
|
|
|
|
|
|
|
Average monthly
Ontario 60-minute peak demand (MW)
|
|
18,689
|
19,608
|
|
20,344
|
20,596
|
|
|
|
|
|
|
|
Distribution:
|
|
|
|
|
|
|
|
Units distributed to
Hydro One customers (TWh)
|
|
6.4
|
7.4
|
|
28.9
|
29.8
|
Transmission Segment Revenues
The quarterly decrease of $21
million or 5.5% in transmission revenues was primarily due
to lower average monthly Ontario
60-minute peak demand associated with unseasonably warm weather
during the fourth quarter of 2015.
Distribution Segment Revenues
The quarterly decrease of $120
million or 9.5% in distribution revenues was primarily due
to lower purchased power costs, the spin-off of Hydro One Brampton,
and lower consumption due primarily to milder weather, partially
offset by higher OEB-approved distribution rates.
Operation, Maintenance and Administration (OM&A)
Costs
(millions of
Canadian dollars)
|
|
|
|
2015
Q4
|
2014
Q4
|
|
2015
YTD
|
2014
YTD
|
|
Transmission
|
|
|
|
128
|
86
|
|
426
|
394
|
|
Distribution
|
|
|
|
146
|
148
|
|
633
|
742
|
|
Other
|
|
|
|
27
|
13
|
|
76
|
56
|
|
|
|
|
301
|
247
|
|
1,135
|
1,192
|
Transmission Segment OM&A Costs
The quarterly increase of $42
million or 48.8% in transmission OM&A costs was
primarily due to the following:
- expenses related to write-offs of project and inventory costs
due to revisions of asset replacement strategies;
- higher volumes of preventative and corrective station
maintenance on power equipment;
- insurance proceeds received in the fourth quarter of 2014
related to 2013 floods at the Company's Richview and Manby
transformer stations which were recorded as a reduction in 2014
OM&A costs;
- higher expenditures during 2015 related to work required to
adhere to the North American Electric Reliability Corporation
Critical Infrastructure Protection standards; and
- increased expenditures related to forestry control and line
clearing on the Company's transmission rights-of-way.
Distribution Segment OM&A Costs
The decrease of $2 million or 1.4%
in distribution OM&A costs during the fourth quarter of 2015
was primarily due to the following:
- a decrease in bad debt expense and lower expenditures related
to remediation of the Company's Customer Information System;
and
- decreased vegetation management expenditures relating to
distribution line clearing and forestry control; partially offset
by
- increased costs associated with responding to power
quality-related issues and outages as a result of multiple wind
storms which occurred during the fourth quarter of 2015.
Depreciation and Amortization
The increase of $3 million or 1.6%
in depreciation and amortization costs during the fourth quarter of
2015 compared to last year was mainly due to the growth in capital
assets as the Company continues to place new assets in-service,
consistent with its multi-year capital investment program.
Income Taxes
The decrease of $14 million in
income tax expense for the fourth quarter of 2015 compared to 2014
was due to lower income before taxes, in addition to the positive
effect of an income tax recovery associated with the step-up of the
tax basis of the assets of Hydro One Inc. and its subsidiaries to
fair market value in excess of the departure tax incurred when
Hydro One exited the PILs Regime.
For the fourth quarter of 2015, the Company realized an
effective tax rate of approximately 0.7%, compared to approximately
6.6% realized for the fourth quarter of 2014. The difference in the
effective tax rates is due primarily to the income tax recovery on
the revaluation of the assets of Hydro One on exiting the PILs
Regime, partially offset by a decrease in accelerated capital cost
allowance over depreciation recognized in 2014 for certain classes
of assets.
Capital Investments
During the fourth quarter of 2015, the Company made capital
investments totalling $451 million
and placed $607 million of new assets
in-service. The following table presents Hydro One's capital
investments by reportable segment during the fourth quarter of 2015
and 2014:
(millions of
Canadian dollars)
|
|
|
|
2015
Q4
|
2014
Q4
|
|
2015
YTD
|
2014
YTD
|
|
Transmission
|
|
|
|
251
|
265
|
|
943
|
845
|
|
Distribution
|
|
|
|
198
|
211
|
|
711
|
680
|
|
Other
|
|
|
|
2
|
2
|
|
9
|
5
|
|
|
|
|
451
|
478
|
|
1,663
|
1,530
|
Capital investments in the transmission system during the fourth
quarter included equipment replacements at the Bruce, Richview and
Pickering Transmission Stations, and continued work on the
Company's major inter-area network and local area supply projects,
including the Clarington Transmission Station and Guelph Area
Transmission Refurbishment projects.
Capital investments in the distribution system during the fourth
quarter included capital work related to station refurbishment
programs and wood utility pole replacements, continued investments
in new customer connections and upgrades, and increased storm
restoration work as a result of two significant wind storms during
the fourth quarter of 2015.
Sale of Hydro One Brampton
On August 31, 2015, Hydro One
completed the spin-off transaction of its subsidiary, Hydro One
Brampton, whereby Hydro One declared a dividend on its common
shares payable in all of the issued and outstanding common shares
of Hydro One Brampton. Hydro One
Brampton's results of operations up to August 31, 2015 are included in the consolidated
results of operations of Hydro One. Prior periods have not been
restated.
Hydro One continues to provide certain management,
administrative and smart meter network services to Hydro One
Brampton pursuant to service level agreements. These agreements
will terminate no later than December 31,
2019, or the date on which the Province disposes of its
interest in Hydro One Brampton, except in the case of the smart
meter network services agreement, which is anticipated to continue
for a transition period after the Province disposes of its interest
in Hydro One Brampton.
Consolidated Income Statements
(millions of
Canadian dollars, except per share amounts)
|
|
2015
Q4
|
2014
Q4
|
2015
YTD
|
2014
YTD
|
Revenues
|
|
|
|
|
|
Distribution
|
|
1,148
|
1,268
|
4,949
|
4,903
|
Transmission
|
|
361
|
382
|
1,536
|
1,588
|
Other
|
|
13
|
12
|
53
|
57
|
|
|
1,522
|
1,662
|
6,538
|
6,548
|
|
|
|
|
|
|
Costs
|
|
|
|
|
|
Purchased
power
|
|
786
|
893
|
3,450
|
3,419
|
Operation,
maintenance and administration
|
|
301
|
247
|
1,135
|
1,192
|
Depreciation and
amortization
|
|
193
|
190
|
759
|
722
|
|
|
1,280
|
1,330
|
5,344
|
5,333
|
|
|
|
|
|
|
Income before
financing charges and taxes
|
|
242
|
332
|
1,194
|
1,215
|
Financing
charges
|
|
94
|
98
|
376
|
379
|
|
|
|
|
|
|
Income before
taxes
|
|
148
|
234
|
818
|
836
|
Income tax
expense
|
|
1
|
15
|
105
|
89
|
Net
income
|
|
147
|
219
|
713
|
747
|
|
|
|
|
|
|
Other comprehensive
income
|
|
1
|
–
|
1
|
–
|
Comprehensive
income
|
|
148
|
219
|
714
|
747
|
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
4
|
(2)
|
10
|
(2)
|
|
Preferred
shareholders
|
|
–
|
5
|
13
|
18
|
|
Common
shareholders
|
|
143
|
216
|
690
|
731
|
|
|
147
|
219
|
713
|
747
|
|
|
|
|
|
|
Comprehensive
income attributable to:
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
4
|
(2)
|
10
|
(2)
|
|
Preferred
shareholders
|
|
–
|
5
|
13
|
18
|
|
Common
shareholders
|
|
144
|
216
|
691
|
731
|
|
|
148
|
219
|
714
|
747
|
|
|
|
|
|
|
EPS (Basic and
Diluted)
|
|
$0.26
|
$0.45
|
$1.39
|
$1.53
|
Adjusted EPS
(Basic and Diluted)
|
|
$0.24
|
$0.36
|
$1.16
|
$1.23
|
|
|
|
|
|
|
Consolidated Balance Sheets
(millions of
Canadian dollars)
|
|
|
|
December
31, 2015
|
December
31, 2014
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
94
|
100
|
|
Accounts
receivable
|
|
|
|
776
|
1,016
|
|
Due from related
parties
|
|
|
|
191
|
224
|
|
Regulatory
assets
|
|
|
|
36
|
31
|
|
Materials and
supplies
|
|
|
|
21
|
23
|
|
Deferred income tax
assets
|
|
|
|
19
|
19
|
|
Derivative
instruments
|
|
|
|
–
|
2
|
|
Prepaid expenses and
other assets
|
|
|
|
29
|
35
|
|
|
|
|
1,166
|
1,450
|
Property, plant and
equipment:
|
|
|
|
|
|
|
Property, plant and
equipment in service
|
|
|
|
26,070
|
25,356
|
|
Less: accumulated
depreciation
|
|
|
|
9,414
|
9,134
|
|
|
|
|
16,656
|
16,222
|
|
Construction in
progress
|
|
|
|
1,155
|
1,025
|
|
Future use land,
components and spares
|
|
|
|
157
|
154
|
|
|
|
|
17,968
|
17,401
|
Other long-term
assets:
|
|
|
|
|
|
|
Regulatory
assets
|
|
|
|
3,015
|
3,200
|
|
Deferred income tax
assets
|
|
|
|
1,636
|
7
|
|
Intangible
assets
|
|
|
|
336
|
276
|
|
Goodwill
|
|
|
|
163
|
173
|
|
Deferred debt
issuance costs
|
|
|
|
34
|
36
|
|
Derivative
instruments
|
|
|
|
1
|
–
|
|
Other
|
|
|
|
9
|
7
|
|
|
|
|
5,194
|
3,699
|
Total
assets
|
|
|
|
24,328
|
22,550
|
Consolidated Balance Sheets (continued)
(millions of
Canadian dollars, except number of shares)
|
|
|
December
31, 2015
|
December
31, 2014
|
Liabilities
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Bank
indebtedness
|
|
|
–
|
2
|
|
Short-term notes
payable
|
|
|
1,491
|
–
|
|
Accounts
payable
|
|
|
155
|
173
|
|
Accrued
liabilities
|
|
|
598
|
611
|
|
Due to related
parties
|
|
|
138
|
227
|
|
Accrued
interest
|
|
|
96
|
100
|
|
Regulatory
liabilities
|
|
|
19
|
47
|
|
Derivative
instruments
|
|
|
–
|
3
|
|
Long-term debt
payable within one year
|
|
|
500
|
552
|
|
|
|
2,997
|
1,715
|
|
|
|
|
|
Long-term
debt
|
|
|
8,224
|
8,373
|
Other long-term
liabilities:
|
|
|
|
|
|
Post-retirement and
post-employment benefit liability
|
|
|
1,560
|
1,533
|
|
Pension benefit
liability
|
|
|
952
|
1,236
|
|
Regulatory
liabilities
|
|
|
236
|
168
|
|
Deferred income tax
liabilities
|
|
|
207
|
1,313
|
|
Environmental
liabilities
|
|
|
185
|
221
|
|
Net unamortized debt
premiums
|
|
|
17
|
18
|
|
Asset retirement
obligations
|
|
|
9
|
9
|
|
Long-term accounts
payable and other liabilities
|
|
|
17
|
17
|
|
|
|
3,183
|
4,515
|
Total
liabilities
|
|
|
14,404
|
14,603
|
|
|
|
|
|
Preferred
shares
|
|
|
–
|
323
|
Noncontrolling
interest subject to redemption
|
|
|
23
|
21
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Common
shares
|
|
|
5,623
|
3,314
|
|
Preferred
shares
|
|
|
418
|
–
|
|
Additional paid-in
capital
|
|
|
10
|
–
|
|
Retained
earnings
|
|
|
3,806
|
4,249
|
|
Accumulated other
comprehensive loss
|
|
|
(8)
|
(9)
|
|
Total Hydro One
shareholders' equity
|
|
|
9,849
|
7,554
|
|
|
|
|
|
|
Noncontrolling
interest
|
|
|
52
|
49
|
Total
equity
|
|
|
9,901
|
7,603
|
|
|
|
24,328
|
22,550
|
Consolidated Statements of Cash Flows
(millions of
Canadian dollars)
|
|
2015
Q4
|
2014
Q4
|
2015
YTD
|
2014
YTD
|
Operating
activities
|
|
|
|
|
|
Net income
|
|
147
|
219
|
713
|
747
|
Environmental
expenditures
|
|
(6)
|
(6)
|
(19)
|
(18)
|
Adjustments for
non-cash items:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
168
|
172
|
668
|
641
|
|
Regulatory assets and
liabilities
|
|
(157)
|
(64)
|
(3)
|
(69)
|
|
Deferred income
taxes
|
|
(2,844)
|
6
|
(2,844)
|
10
|
|
Other
|
|
19
|
–
|
24
|
–
|
Changes in non-cash
balances related to operations
|
|
238
|
152
|
208
|
(55)
|
Net cash from
(used in) operating activities
|
|
(2,435)
|
479
|
(1,253)
|
1,256
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
Long-term debt
issued
|
|
–
|
–
|
350
|
628
|
Long-term debt
retired
|
|
(17)
|
(750)
|
(585)
|
(776)
|
Short-term notes
issued
|
|
1,041
|
–
|
1,491
|
–
|
Common shares
issued
|
|
2,600
|
–
|
2,600
|
–
|
Dividends
paid
|
|
(800)
|
(29)
|
(888)
|
(287)
|
Contributions from
noncontrolling interest
|
|
–
|
72
|
–
|
72
|
Distributions paid to
noncontrolling interest
|
|
(1)
|
–
|
(5)
|
–
|
Change in bank
indebtedness
|
|
(27)
|
(28)
|
(2)
|
(29)
|
Other
|
|
(6)
|
–
|
(7)
|
(3)
|
Net cash from
(used in) financing activities
|
|
2,790
|
(735)
|
2,954
|
(395)
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
Capital
expenditures
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
(426)
|
(461)
|
(1,595)
|
(1,481)
|
|
Intangible
assets
|
|
(15)
|
(7)
|
(37)
|
(23)
|
Capital
contributions
|
|
62
|
–
|
62
|
–
|
Acquisition of
Haldimand Hydro
|
|
(8)
|
–
|
(66)
|
–
|
Acquisition of
Woodstock Hydro
|
|
(24)
|
–
|
(24)
|
–
|
Investment in Hydro
One Brampton
|
|
–
|
–
|
(53)
|
–
|
Acquisition of
Norfolk Power
|
|
–
|
–
|
–
|
(66)
|
Proceeds from
investment
|
|
–
|
250
|
–
|
250
|
Other
|
|
5
|
(4)
|
6
|
(6)
|
Net cash used in
investing activities
|
|
(406)
|
(222)
|
(1,707)
|
(1,326)
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
(51)
|
(478)
|
(6)
|
(465)
|
Cash and cash
equivalents, beginning of period
|
|
145
|
578
|
100
|
565
|
Cash and cash
equivalents, end of period
|
|
94
|
100
|
94
|
100
|
About Hydro One
Hydro One Limited is Ontario's
largest electricity transmission and distribution company
headquartered in Toronto, Ontario
with approximately $24.3 billion in
assets and 2015 revenues of over $6.5
billion. The company delivers electricity safely and
reliably to over 1.3 million customers across the province of
Ontario, and to large industrial
customers and municipal utilities. Hydro One owns and operates
Ontario's approximately 29,000 km
high-voltage transmission network and an approximately 123,000
circuit km primary low-voltage distribution network. Hydro One
Limited common shares are listed on the Toronto Stock Exchange
(TSX: H). This Press Release should be read in conjunction
with the Company's 2015 Consolidated Financial Statements and
Management's Discussion and Analysis. Additional information about
Hydro One, including the complete 2015 Consolidated Financial
Statements and Management's Discussion and Analysis, can be
accessed at www.sedar.com and www.HydroOne.com/Investors.
Quarterly Investment Community Teleconference
The Company's fourth quarter 2015 results teleconference with
the investment community will be held on February 12, 2016 at 9:00
a.m. Eastern Time, a webcast of which will
be available at www.HydroOne.com/Investors. Members of the
financial community wishing to ask questions during the call should
dial 1-855-716-2690 at least ten minutes prior to the
scheduled start time and request access to Hydro One's fourth
quarter 2015 results teleconference. Media and other interested
parties are welcome to participate on a listen-only basis.
Forward-Looking Statements and Information
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Such information
includes, but is not limited to: statements related to corporate
transformation, strategy, growth, service, performance,
reliability, value creation, ongoing and planned investments,
dividends, Hydro One Brampton, the role of Hydro One's Ombudsman,
and the Company's acquisitions and integrations. Words such as
"expect," "anticipate," "intend," "attempt," "may," "plan," "will",
"can", "believe," "seek," "estimate," and variations of such words
and similar expressions are intended to identify such
forward-looking information. These statements are not guarantees of
future performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, is discussed more fully in Hydro
One's filings with the securities regulatory authorities in
Canada, which are available on
SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims
any obligation, to update any forward-looking information, except
as required by law.
SOURCE Hydro One Limited