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See accompanying Notes to Interim Consolidated Financial Statements Fortis Inc. Consolidated Statements of Cash Flows (Unaudited) For the three months ended March 31 (in millions of Canadian dollars) Quarter Ended 2013 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Operating activitiesNet earnings $ 167 $ 133Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation - utility capital assets and income producing properties 113 107 Amortization - intangible assets 12 11 Amortization - other 4 1 Deferred income taxes (11) 5 Accrued employee future benefits (1) 4 Equity component of allowance for funds used construction (Note 8) (3) (2) Other (10) (14)Change in long-term regulatory assets and liabilities (9) 4Change in non-cash operating working capital (Note 15) 18 79 ------------------------------ 280 328 ------------------------------Investing activitiesChange in other assets and other liabilities 5 4Capital expenditures - utility capital assets (230) (211)Capital expenditures - income producing properties (13) (5)Capital expenditures - intangible assets (7) (13)Contributions in aid of construction 10 14Proceeds on sale of utility capital assets and income producing properties 1 -Business acquisition, net of cash acquired (Note 13) (55) - ------------------------------ (289) (211) ------------------------------Financing activitiesChange in short-term borrowings (48) (83)Repayments of long-term debt and capital lease and finance obligations (40) (4)Net borrowings under committed credit facilities 136 7Advances from non-controlling interests 22 41Issue of common shares, net of costs and dividends reinvested 10 2Dividends Common shares, net of dividends reinvested (41) (44) Preference shares (14) (11) Subsidiary dividends paid to non-controlling interests (2) (2) ------------------------------ 23 (94) ------------------------------Change in cash and cash equivalents 14 23Cash and cash equivalents, beginning of period 154 87 ------------------------------Cash and cash equivalents, end of period $ 168 $ 110--------------------------------------------------------------------------------------------------------------------------------------------------------Supplementary Information to Consolidated Statements of Cash Flows (Note 15)See accompanying Notes to Interim Consolidated Financial Statements Fortis Inc. Consolidated Statements of Changes in Equity (Unaudited) For the three months ended March 31 (in millions of Canadian dollars) Accumulated Additional Other Common Preference Paid-in Comprehensive Shares Shares Capital Loss-------------------------------------------------------------------------------------------------------------------------------------------------------- (Note 4)As at January 1, 2013 $ 3,121 $ 1,108 $ 15 $ (96)Net earnings - - - -Other comprehensive income - - - 3Common share issues 28 - (1) -Stock-based compensation - - 1 -Advances from non- controlling interests - - - -Foreign currency translation impacts - - - -Subsidiary dividends paid to non- controlling interests - - - -Dividends declared on common shares ($0.31 per share) - - - -Dividends declared on preference shares - - - - --------------------------------------------------------As at March 31, 2013 $ 3,149 $ 1,108 $ 15 $ (93)----------------------------------------------------------------------------As at January 1, 2012 $ 3,036 $ 912 $ 14 $ (95)Net earnings - - - -Other comprehensive loss - - - (1)Common share issues 14 - - -Stock-based compensation - - 1 -Advances from non- controlling interests - - - -Foreign currency translation impacts - - - -Subsidiary dividends paid to non- controlling interests - - - -Dividends declared on common shares ($0.30 per share) - - - -Dividends declared on preference shares - - - - --------------------------------------------------------As at March 31, 2012 $ 3,050 $ 912 $ 15 $ (96)-------------------------------------------------------------------------------------------------------------------------------------------------------- Retained Non-Controlling Total Earnings Interests Equity--------------------------------------------------------------------------------------------------------------------------------------------------------As at January 1, 2013 $ 952 $ 310 $ 5,410Net earnings 165 2 167Other comprehensive income - - 3Common share issues - - 27Stock-based compensation - - 1Advances from non- controlling interests - 22 22Foreign currency translation impacts - 1 1Subsidiary dividends paid to non- controlling interests - (2) (2)Dividends declared on common shares ($0.31 per share) (60) - (60)Dividends declared on preference shares (14) - (14) --------------------------------------------------------As at March 31, 2013 $ 1,043 $ 333 $ 5,555----------------------------------------------------------------------------As at January 1, 2012 $ 868 $ 208 $ 4,943Net earnings 132 1 133Other comprehensive loss - - (1)Common share issues - - 14Stock-based compensation - - 1Advances from non- controlling interests - 41 41Foreign currency translation impacts - (2) (2)Subsidiary dividends paid to non- controlling interests - (2) (2)Dividends declared on common shares ($0.30 per share) (57) - (57)Dividends declared on preference shares (11) - (11) --------------------------------------------------------As at March 31, 2012 $ 932 $ 246 $ 5,059--------------------------------------------------------------------------------------------------------------------------------------------------------See accompanying Notes to Interim Consolidated Financial Statements FORTIS INC. NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTSFor the three months ended March 31, 2013 and 2012 (unless otherwise stated) (Unaudited)
