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CREDIT FACILITIES
As at December 31, 2012, the Corporation and its subsidiaries had consolidated credit facilities of approximately $2.5 billion, of which $2.1 billion was unused, including $946 million unused under the Corporation's $1 billion committed revolving corporate credit facility. The credit facilities are syndicated almost entirely with the seven largest Canadian banks, with no one bank holding more than 20% of these facilities. Approximately $2.3 billion of the total credit facilities are committed facilities with maturities ranging from 2013 to 2017.
The following table outlines the credit facilities of the Corporation and its subsidiaries.
----------------------------------------------------------------------------Credit Facilities (Unaudited) As at December December Regulated Fortis Corporate 31, 31,($ millions) Utilities Properties and Other 2012 2011--------------------------------------------------------------------------------------------------------------------------------------------------------Total credit facilities 1,402 13 1,045 2,460 2,248Credit facilities utilized: Short-term borrowings (136) - - (136) (159) Long-term debt (including current portion) (97) - (53) (150) (74)Letters of credit outstanding (66) - (1) (67) (66)----------------------------------------------------------------------------Credit facilities unused 1,103 13 991 2,107 1,949--------------------------------------------------------------------------------------------------------------------------------------------------------
OUTLOOK
Over the five years 2013 through 2017, the Corporation's capital program, including expenditures at Central Hudson, is expected to total approximately $6 billion, and will support continuing growth in earnings and dividends. Capital investment over that period is expected to allow utility rate base and hydroelectric generation investment to increase at a combined compound annual growth rate of approximately 6%.
Approval by the NYSPSC of the Corporation's acquisition of CH Energy Group is the last significant regulatory matter required to close the transaction. The acquisition is anticipated to close during the second quarter of 2013. With the acquisition of CH Energy Group, the Corporation's regulated midyear rate base will increase to approximately $10 billion.
Fortis is focused on closing the CH Energy Group acquisition. Fortis also remains disciplined and patient in its pursuit of additional electric and gas utility acquisitions in the United States and Canada that will add value for Fortis shareholders. Fortis will also pursue growth in its non-regulated businesses in support of its regulated utility growth strategy.
FORTIS INC.Consolidated Financial StatementsAs at and for the three and twelve months ended December 31, 2012 and 2011(Unaudited)
Prepared in accordance with accounting principles generally accepted in the United States
Fortis Inc. Consolidated Balance Sheets (Unaudited) As at December 31 (in millions of Canadian dollars) 2012 2011--------------------------------------------------------------------------------------------------------------------------------------------------------ASSETSCurrent assetsCash and cash equivalents $ 154 $ 87Accounts receivable 587 638Prepaid expenses 18 19Inventories 133 134Regulatory assets 185 230Deferred income taxes 16 24 -------------------------------- 1,093 1,132Other assets 200 184Regulatory assets 1,515 1,388Deferred income taxes - 8Utility capital assets 9,623 9,018Income producing properties 626 594Intangible assets 325 325Goodwill 1,568 1,565 -------------------------------- $ 14,950 $ 14,214--------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilitiesShort-term borrowings $ 136 $ 159Accounts payable and other current liabilities 966 977Regulatory liabilities 72 51Current installments of long-term debt 117 103Current installments of capital lease and finance obligations 7 7Deferred income taxes 10 8 -------------------------------- 1,308 1,305Other liabilities 622 564Regulatory liabilities 681 612Deferred income taxes 718 676Long-term debt 5,783 5,685Capital lease and finance obligations 428 429 -------------------------------- 9,540 9,271 --------------------------------Shareholders' equityCommon shares (1) 3,121 3,036Preference shares 1,108 912Additional paid-in capital 15 14Accumulated other comprehensive loss (96) (95)Retained earnings 952 868 -------------------------------- 5,100 4,735Non-controlling interests 310 208 -------------------------------- 5,410 4,943 -------------------------------- $ 14,950 $ 14,214--------------------------------------------------------------------------------------------------------------------------------------------------------(1) no par value: unlimited authorized shares; 191.6 million and 188.8 million issued and outstanding as at December 31, 2012 and 2011, respectively Fortis Inc. Consolidated Statements of Earnings (Unaudited) For the periods ended December 31 (in millions of Canadian dollars, except per share amounts)
