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Prepared in accordance with accounting principles generally accepted in the United States
Fortis Inc. Consolidated Balance Sheets (Unaudited) As at (in millions of Canadian dollars) March 31, December 31, 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------ASSETSCurrent assetsCash and cash equivalents $ 168 $ 154Accounts receivable 675 587Prepaid expenses 15 18Inventories 78 133Regulatory assets (Note 3) 129 185Deferred income taxes 22 16 ------------------------------ 1,087 1,093Other assets 206 200Regulatory assets (Note 3) 1,544 1,515Utility capital assets 9,779 9,623Income producing properties 635 626Intangible assets 319 325Goodwill (Note 13) 1,585 1,568 ------------------------------ $ 15,155 $ 14,950--------------------------------------------------------------------------------------------------------------------------------------------------------LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilitiesShort-term borrowings (Note 18) $ 89 $ 136Accounts payable and other current liabilities 886 966Regulatory liabilities (Note 3) 110 72Current installments of long-term debt 81 117Current installments of capital lease and finance obligations 7 7Deferred income taxes 8 10 ------------------------------ 1,181 1,308Other liabilities 635 638Regulatory liabilities (Note 3) 696 681Deferred income taxes 721 702Long-term debt 5,933 5,783Capital lease and finance obligations 434 428 ------------------------------ 9,600 9,540 ------------------------------Shareholders' equityCommon shares (1)(Note 4) 3,149 3,121Preference shares 1,108 1,108Additional paid-in capital 15 15Accumulated other comprehensive loss (93) (96)Retained earnings 1,043 952 ------------------------------ 5,222 5,100Non-controlling interests (Note 5) 333 310 ------------------------------ 5,555 5,410 ------------------------------ $ 15,155 $ 14,950--------------------------------------------------------------------------------------------------------------------------------------------------------(1) no par value: unlimited authorized shares; 192.5 million and 191.6 million issued and outstanding as at March 31, 2013 and December 31, 2012, respectively Commitments and Contingent Liabilities (Notes 19 and 21, respectively) See accompanying Notes to Interim Consolidated Financial Statements Fortis Inc. Consolidated Statements of Earnings (Unaudited) For the three months ended March 31 (in millions of Canadian dollars, except per share amounts) Quarter Ended 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Revenue $ 1,113 $ 1,149 ----------------------------Expenses Energy supply costs 505 566 Operating 221 214 Depreciation and amortization 129 119 ---------------------------- 855 899 ----------------------------Operating income 258 250Other income (expenses), net (Note 8) 6 (3)Finance charges (Note 9) 89 91 ----------------------------Earnings before income taxes and extraordinary item 175 156Income taxes (Note 10) 30 23 ----------------------------Earnings before extraordinary item 145 133Extraordinary gain, net of tax (Note 11) 22 - ----------------------------Net earnings $ 167 $ 133 ---------------------------- ----------------------------Net earnings attributable to: Non-controlling interests $ 2 $ 1 Preference equity shareholders 14 11 Common equity shareholders 151 121 ---------------------------- $ 167 $ 133 ---------------------------- ----------------------------Earnings per common share before extraordinary item (Note 12) Basic $ 0.67 $ 0.64 Diluted $ 0.66 $ 0.62Earnings per common share (Note 12) Basic $ 0.79 $ 0.64 Diluted $ 0.76 $ 0.62--------------------------------------------------------------------------------------------------------------------------------------------------------See accompanying Notes to Interim Consolidated Financial Statements Fortis Inc. Consolidated Statements of Comprehensive Income (Unaudited) For the three months ended March 31 (in millions of Canadian dollars) Quarter Ended 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Net earnings $ 167 $ 133 ---------------------------- ----------------------------Other comprehensive income (loss)Unrealized foreign currency translation gains (losses), net of hedging activities and tax 2 (2)Unrealized employee future benefits gains, net of tax 1 1 ---------------------------- 3 (1) ----------------------------Comprehensive income $ 170 $ 132 ---------------------------- ----------------------------Comprehensive income attributable to: Non-controlling interests $ 2 $ 1 Preference equity shareholders 14 11 Common equity shareholders 154 120 ---------------------------- $ 170 $ 132--------------------------------------------------------------------------------------------------------------------------------------------------------
