Exhibit 99.1
EMERA INCORPORATED
Supplemental Financial Information
December 31, 2015 and 2014
Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of Emera Incorporated
We have audited the consolidated financial statements of Emera Incorporated (the “Company”) as of December 31, 2015 and 2014, and for each of the years then ended, and have issued our report thereon dated February 12, 2016. Our audits in accordance with Canadian generally accepted auditing standards also subsequently included the accompanying Supplemental Financial Information. Management is responsible for the preparation and fair presentation of the accompanying Supplemental Financial Information in accordance with United States generally accepted accounting principles. Our responsibility is to express an opinion on the Supplemental Financial Information based on our audits.
In our opinion, the Supplemental Financial Information referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein in accordance with United States generally accepted accounting principles.
/s/ Ernst & Young LLP
Halifax, Canada
December 1, 2016
1. BASIS OF PRESENTATION
The accompanying supplemental financial information has been derived from the audited consolidated financial statements of Emera Incorporated (“Emera” or the “Company”) as at and for the years ended December 31, 2015 and 2014 and should be read in conjunction with such financial statements. The condensed consolidated financial statements utilize accounting policies that are consistent with those disclosed in the Company’s audited consolidated financial statements for the same period and were prepared in accordance with accounting principles generally accepted in the United States.
2. SUPPLEMENTAL FINANCIAL INFORMATION
On June 16, 2016, Emera US Finance LP, (in such capacity, the “Subsidiary Issuer”), issued $3.25 billion USD senior unsecured notes (“U.S. Notes”). The U.S Notes are fully and unconditionally guaranteed, on a joint and several basis, by Emera (in such capacity, the “Parent Company”) and Emera US Holdings Inc. (“EUSHI”) (in such capacity, the “Guarantor Subsidiaries”). Emera owns, directly or indirectly, all of the limited and general partnership interests in Emera US Finance LP. Emera US Finance LP had no material operations prior to June 16, 2016. On July 1, 2016, Emera, through EUSHI, acquired all of the outstanding common shares of TECO Energy Inc. for a net cash purchase price of $8.4 billion. Accordingly, the financial position and operating results of Emera, the Subsidiary Issuer and the Guarantor Subsidiaries after July 1, 2016 are not comparable to the respective amounts prior to July 1, 2016. The accompanying supplemental financial information should also be read in conjunction with unaudited condensed consolidated interim financial statements of Emera as at September 30, 2016 and for the three and nine-month periods then ended.
The following supplemental financial information presents condensed consolidating balance sheet information of the Parent, Subsidiary Issuer, Guarantor Subsidiaries and the Non-guarantor Subsidiaries as of December 31, 2015 and December 31, 2014, and condensed consolidating statements of income and cash flows for the years ended December 31, 2015 and 2014. The guarantors were not determined using geographic, service line or other similar criteria, and as a result, the “Parent”, “Subsidiary Issuer”, “Guarantor Subsidiaries” and “Non-guarantor Subsidiaries” columns each include portions of domestic and international operations. Accordingly, this basis of presentation is not intended to present Emera’s financial condition, results of operations or cash flows for any purpose other than to comply with the specific requirements for guarantor reporting.
Emera Incorporated
Condensed Consolidated Statements of Income
For the year ended December 31, 2015
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||
Regulated electric | $ | — | $ | — | $ | 283 | $ | 1,860 | $ | (2 | ) | $ | 2,141 | |||||||||||
Regulated gas | — | — | — | 52 | — | 52 | ||||||||||||||||||
Non-regulated | — | — | 419 | 219 | (42 | ) | 596 | |||||||||||||||||
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Total operating revenues | — | — | 702 | 2,131 | (44 | ) | 2,789 | |||||||||||||||||
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Operating expenses | ||||||||||||||||||||||||
Regulated fuel for generation and purchased power | — | — | 70 | 744 | — | 814 | ||||||||||||||||||
Regulated fuel adjustment mechanism and fixed cost deferrals | — | — | — | 41 | — | 41 | ||||||||||||||||||
Non-regulated fuel for generation and purchased power | — | — | 277 | 64 | (5 | ) | 336 | |||||||||||||||||
Non-regulated direct costs | — | — | — | 49 | (30 | ) | 19 | |||||||||||||||||
Operating, maintenance and general | 54 | — | 148 | 473 | (8 | ) | 667 | |||||||||||||||||
Provincial, state and municipal taxes | — | — | 21 | 43 | — | 64 | ||||||||||||||||||
Depreciation and amortization | 1 | — | 79 | 260 | — | 340 | ||||||||||||||||||
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Total operating expenses | 55 | — | 595 | 1,674 | (43 | ) | 2,281 | |||||||||||||||||
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Income (loss) from operations | (55 | ) | — | 107 | 457 | (1 | ) | 508 | ||||||||||||||||
Income (loss) from equity investments in subsidiaries | 270 | — | — | — | (270 | ) | — | |||||||||||||||||
Income from equity investments | 37 | — | 5 | 67 | — | 109 | ||||||||||||||||||
Intercompany income (expenses), net | 156 | — | — | 8 | (164 | ) | — | |||||||||||||||||
Other income (expenses), net | 91 | — | 21 | 29 | — | 141 | ||||||||||||||||||
Interest expense, net | 46 | — | 28 | 273 | (134 | ) | 213 | |||||||||||||||||
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Income (loss) before provision for income taxes | 453 | — | 105 | 288 | (301 | ) | 545 | |||||||||||||||||
Income tax expense (recovery) | 25 | — | 35 | 33 | — | 93 | ||||||||||||||||||
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Net income (loss) | 428 | — | 70 | 255 | (301 | ) | 452 | |||||||||||||||||
Non-controlling interest in subsidiaries | — | — | — | 13 | 12 | 25 | ||||||||||||||||||
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Net income (loss) of Emera Incorporated | 428 | — | 70 | 242 | (313 | ) | 427 | |||||||||||||||||
Preferred stock dividends | 30 | — | 15 | 26 | (41 | ) | 30 | |||||||||||||||||
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Net income (loss) attributable to common shareholders | $ | 398 | $ | — | $ | 55 | $ | 216 | $ | (272 | ) | $ | 397 | |||||||||||
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Comprehensive income (loss) of Emera Incorporated | $ | 912 | $ | — | $ | 303 | $ | 452 | $ | (755 | ) | $ | 912 | |||||||||||
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Emera Incorporated
Condensed Consolidated Statements of Income
For the year ended December 31, 2014
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Operating revenues | ||||||||||||||||||||||||
Regulated electric | $ | — | $ | — | $ | 242 | $ | 1,825 | $ | (3 | ) | $ | 2,064 | |||||||||||
Regulated gas | — | — | — | 49 | — | 49 | ||||||||||||||||||
Non-regulated | — | — | 455 | 404 | (33 | ) | 826 | |||||||||||||||||
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Total operating revenues | — | — | 697 | 2,278 | (36 | ) | 2,939 | |||||||||||||||||
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Operating expenses | ||||||||||||||||||||||||
Regulated fuel for generation and purchased power | — | — | 59 | 785 | — | 844 | ||||||||||||||||||
Regulated fuel adjustment mechanism and fixed cost deferrals | — | — | — | 47 | — | 47 | ||||||||||||||||||
Non-regulated fuel for generation and purchased power | — | — | 312 | 93 | (4 | ) | 401 | |||||||||||||||||
Non-regulated direct costs | — | — | — | 55 | (24 | ) | 31 | |||||||||||||||||
Operating, maintenance and general | 38 | — | 87 | 444 | (8 | ) | 561 | |||||||||||||||||
Provincial, state and municipal taxes | — | — | 17 | 41 | — | 58 | ||||||||||||||||||
Depreciation and amortization | 1 | — | 78 | 251 | — | 330 | ||||||||||||||||||
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Total operating expenses | 39 | — | 553 | 1,716 | (36 | ) | 2,272 | |||||||||||||||||
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Income (loss) from operations | (39 | ) | — | 144 | 562 | — | 667 | |||||||||||||||||
Income (loss) from equity investments in subsidiaries | 394 | — | — | — | (394 | ) | — | |||||||||||||||||
Income from equity investments | 31 | — | (17 | ) | 53 | — | 67 | |||||||||||||||||
Intercompany income (expenses), net | 73 | — | (15 | ) | (29 | ) | (29 | ) | — | |||||||||||||||
Other income (expenses), net | — | — | 4 | 8 | — | 12 | ||||||||||||||||||
Interest expense, net | 31 | — | 19 | 130 | — | 180 | ||||||||||||||||||
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Income (loss) before provision for income taxes | 428 | — | 97 | 464 | (423 | ) | 566 | |||||||||||||||||
Income tax expense (recovery) | (5 | ) | — | 30 | 88 | — | 113 | |||||||||||||||||
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Net income (loss) | 433 | — | 67 | 376 | (423 | ) | 453 | |||||||||||||||||
Non-controlling interest in subsidiaries | — | — | — | 9 | 11 | 20 | ||||||||||||||||||
Net income (loss) of Emera Incorporated | 433 | — | 67 | 367 | (434 | ) | 433 | |||||||||||||||||
Preferred stock dividends | 26 | — | 16 | 24 | (40 | ) | 26 | |||||||||||||||||
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Net income (loss) attributable to common shareholders | $ | 407 | $ | — | $ | 51 | $ | 343 | $ | (394 | ) | $ | 407 | |||||||||||
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Comprehensive income (loss) of Emera Incorporated | $ | 511 | $ | — | $ | 136 | $ | 365 | $ | (501 | ) | $ | 511 | |||||||||||
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Emera Incorporated
Condensed Consolidated Balance Sheets
As at December 31, 2015
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 19 | $ | 1,068 | $ | (14 | ) | $ | 1,073 | |||||||||||
Restricted cash | — | — | 1 | 18 | — | 19 | ||||||||||||||||||
Receivables, net | 2 | — | 70 | 506 | — | 578 | ||||||||||||||||||
Intercompany receivable | 102 | — | 51 | 95 | (248 | ) | — | |||||||||||||||||
Income taxes receivable | — | — | 9 | 3 | — | 12 | ||||||||||||||||||
Inventory | — | — | 48 | 266 | — | 314 | ||||||||||||||||||
Derivative instruments | 109 | — | 46 | 112 | (17 | ) | 250 | |||||||||||||||||
Regulatory assets | — | — | 17 | 77 | — | 94 | ||||||||||||||||||
Prepaid expenses | — | — | 4 | 14 | — | 18 | ||||||||||||||||||
Due from related parties | 2 | — | — | — | — | 2 | ||||||||||||||||||
Other current assets | 7 | — | — | 229 | — | 236 | ||||||||||||||||||
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Total current assets | 222 | — | 265 | 2,388 | (279 | ) | 2,596 | |||||||||||||||||
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Property, plant and equipment, net of accumulated depreciation | 15 | — | 2,035 | 4,419 | — | 6,469 | ||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Income taxes receivable | — | — | — | 49 | — | 49 | ||||||||||||||||||
Deferred income taxes | — | — | 47 | 19 | (34 | ) | 32 | |||||||||||||||||
Derivative instruments | 35 | — | — | 167 | (34 | ) | 168 | |||||||||||||||||
Pension and post-retirement assets | — | — | — | 9 | — | 9 | ||||||||||||||||||
Regulatory assets | — | — | 100 | 505 | — | 605 | ||||||||||||||||||
Net investment in direct financing lease | — | — | — | 480 | — | 480 | ||||||||||||||||||
Investments in subsidiaries accounted for using the equity method | 6,042 | — | — | — | (6,042 | ) | — | |||||||||||||||||
Investments subject to significant influence | 509 | — | 12 | 624 | — | 1,145 | ||||||||||||||||||
Investment securities | — | — | — | 116 | — | 116 | ||||||||||||||||||
Goodwill | — | — | 158 | 106 | — | 264 | ||||||||||||||||||
Due from related parties | — | — | — | 3 | — | 3 | ||||||||||||||||||
Intercompany notes receivable | 3,051 | — | — | 2,754 | (5,805 | ) | — | |||||||||||||||||
Other investments - intercompany | — | — | — | 98 | (98 | ) | — | |||||||||||||||||
Other long-term assets | 16 | — | 13 | 74 | — | 103 | ||||||||||||||||||
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Total other assets | 9,653 | — | 330 | 5,004 | (12,013 | ) | 2,974 | |||||||||||||||||
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Total assets | $ | 9,890 | $ | — | $ | 2,630 | $ | 11,811 | $ | (12,292 | ) | $ | 12,039 | |||||||||||
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Emera Incorporated
Condensed Consolidated Balance Sheets – Continued
As at December 31, 2015
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 14 | $ | — | $ | — | $ | 16 | $ | (14 | ) | $ | 16 | |||||||||||
Current portion of long-term debt | 250 | — | 6 | 18 | — | 274 | ||||||||||||||||||
Accounts payable | 17 | — | 76 | 301 | — | 394 | ||||||||||||||||||
Income taxes payable | — | — | — | 8 | — | 8 | ||||||||||||||||||
Intercompany payable | 52 | — | 92 | 77 | (221 | ) | — | |||||||||||||||||
Derivative instruments | 17 | — | 36 | 313 | (17 | ) | 349 | |||||||||||||||||
Regulatory liabilities | — | — | 10 | 102 | — | 112 | ||||||||||||||||||
Pension and post-retirement liabilities | — | — | — | 7 | — | 7 | ||||||||||||||||||
Due to related party | — | — | — | 2 | — | 2 | ||||||||||||||||||
Other current liabilities | 51 | — | 24 | 130 | — | 205 | ||||||||||||||||||
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Total current liabilities | 401 | — | 244 | 974 | (252 | ) | 1,367 | |||||||||||||||||
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Long-term liabilities | ||||||||||||||||||||||||
Long-term debt | 464 | — | 389 | 2,882 | — | 3,735 | ||||||||||||||||||
Intercompany long-term debt | 2,631 | — | 120 | 3,072 | (5,823 | ) | — | |||||||||||||||||
Deferred income taxes | 3 | — | 343 | 450 | (34 | ) | 762 | |||||||||||||||||
Convertible debentures | 2,139 | — | — | (1,458 | ) | — | 681 | |||||||||||||||||
Derivative instruments | 34 | — | — | 96 | (34 | ) | 96 | |||||||||||||||||
Regulatory liabilities | — | — | 12 | 341 | — | 353 | ||||||||||||||||||
Asset retirement obligations | — | — | — | 109 | — | 109 | ||||||||||||||||||
Pension and post-retirement liabilities | 13 | — | 93 | 197 | — | 303 | ||||||||||||||||||
Other long-term liabilities | 5 | — | 61 | 233 | — | 299 | ||||||||||||||||||
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Total long-term liabilities | 5,289 | — | 1,018 | 5,922 | (5,891 | ) | 6,338 | |||||||||||||||||
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Equity | ||||||||||||||||||||||||
Common stock | 2,157 | — | 312 | 3,829 | (4,141 | ) | 2,157 | |||||||||||||||||
Cumulative preferred stock | 709 | — | 425 | 271 | (696 | ) | 709 | |||||||||||||||||
Contributed surplus | 29 | — | 45 | 133 | (178 | ) | 29 | |||||||||||||||||
Accumulated other comprehensive income (loss) | 137 | — | 245 | (169 | ) | (76 | ) | 137 | ||||||||||||||||
Retained earnings | 1,168 | — | 341 | 751 | (1,092 | ) | 1,168 | |||||||||||||||||
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Total Emera Incorporated equity | 4,200 | — | 1,368 | 4,815 | (6,183 | ) | 4,200 | |||||||||||||||||
Non-controlling interest in subsidiaries | — | — | — | 100 | 34 | 134 | ||||||||||||||||||
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Total equity | 4,200 | — | 1,368 | 4,915 | (6,149 | ) | 4,334 | |||||||||||||||||
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Total liabilities and equity | $ | 9,890 | $ | — | $ | 2,630 | $ | 11,811 | $ | (12,292 | ) | $ | 12,039 | |||||||||||
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Emera Incorporated
Condensed Consolidated Balance Sheets
As at December 31, 2014
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 38 | $ | 193 | $ | (10 | ) | $ | 221 | |||||||||||
Restricted cash | — | — | 1 | 15 | — | 16 | ||||||||||||||||||
Receivables, net | 1 | — | 65 | 448 | — | 514 | ||||||||||||||||||
Intercompany receivable | 85 | — | — | 177 | (262 | ) | — | |||||||||||||||||
Income taxes receivable | 2 | — | 1 | 2 | — | 5 | ||||||||||||||||||
Inventory | — | — | 39 | 256 | — | 295 | ||||||||||||||||||
Derivative instruments | 5 | — | 70 | 67 | (5 | ) | 137 | |||||||||||||||||
Regulatory assets | — | — | 15 | 99 | — | 114 | ||||||||||||||||||
Prepaid expenses | — | — | 12 | 13 | — | 25 | ||||||||||||||||||
Due from related parties | 2 | — | — | 1 | — | 3 | ||||||||||||||||||
Other current assets | 5 | — | — | 76 | — | 81 | ||||||||||||||||||
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Total current assets | 100 | — | 241 | 1,347 | (277 | ) | 1,411 | |||||||||||||||||
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Property, plant and equipment, net of accumulated depreciation | 10 | — | 1,620 | 4,115 | — | 5,745 | ||||||||||||||||||
Other assets | ||||||||||||||||||||||||
Income taxes receivable | — | — | — | 29 | — | 29 | ||||||||||||||||||
Deferred income taxes | 31 | — | 9 | 2 | 16 | 58 | ||||||||||||||||||
Derivative instruments | 10 | — | 8 | 84 | (10 | ) | 92 | |||||||||||||||||
Pension and post-retirement assets | — | — | — | 6 | — | 6 | ||||||||||||||||||
Regulatory assets | — | — | 92 | 396 | — | 488 | ||||||||||||||||||
Net investment in direct financing lease | — | — | — | 484 | — | 484 | ||||||||||||||||||
Investments in subsidiaries accounted for using the equity method | 2,964 | — | — | — | (2,964 | ) | — | |||||||||||||||||
Investments subject to significant influence | 340 | — | 245 | 443 | — | 1,028 | ||||||||||||||||||
Investment securities | — | — | — | 84 | — | 84 | ||||||||||||||||||
Goodwill | — | — | 133 | 89 | — | 222 | ||||||||||||||||||
Due from related parties | — | — | — | 3 | — | 3 | ||||||||||||||||||
Intercompany notes receivable | 2,302 | — | 25 | 2,093 | (4,420 | ) | — | |||||||||||||||||
Other investments - intercompany | — | — | — | 69 | (69 | ) | — | |||||||||||||||||
Other long-term assets | 126 | — | 9 | 70 | — | 205 | ||||||||||||||||||
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Total other assets | 5,773 | — | 521 | 3,852 | (7,447 | ) | 2,699 | |||||||||||||||||
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Total assets | $ | 5,883 | $ | — | $ | 2,382 | $ | 9,314 | $ | (7,724 | ) | $ | 9,855 | |||||||||||
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Emera Incorporated
Condensed Consolidated Balance Sheets – Continued
As at December 31, 2014
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Short-term debt | $ | 10 | $ | — | $ | — | $ | 258 | $ | (10 | ) | $ | 258 | |||||||||||
Current portion of long-term debt | — | — | 5 | 89 | — | 94 | ||||||||||||||||||
Accounts payable | 5 | — | 40 | 326 | — | 371 | ||||||||||||||||||
Intercompany payable | 24 | — | 31 | 206 | (261 | ) | — | |||||||||||||||||
Income taxes payable | — | — | — | 34 | — | 34 | ||||||||||||||||||
Derivative instruments | 5 | — | 31 | 96 | (5 | ) | 127 | |||||||||||||||||
Regulatory liabilities | — | — | 7 | 36 | — | 43 | ||||||||||||||||||
Pension and post-retirement liabilities | — | — | — | 8 | — | 8 | ||||||||||||||||||
Due to related party | — | — | — | 2 | — | 2 | ||||||||||||||||||
Other current liabilities | 32 | — | 36 | 119 | — | 187 | ||||||||||||||||||
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Total current liabilities | 76 | — | 150 | 1,174 | (276 | ) | 1,124 | |||||||||||||||||
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Long-term liabilities | ||||||||||||||||||||||||
Long-term debt | 753 | — | 335 | 2,572 | — | 3,660 | ||||||||||||||||||
Intercompany long-term debt | 1,631 | — | 459 | 2,327 | (4,417 | ) | — | |||||||||||||||||
Deferred income taxes | — | — | 223 | 374 | 16 | 613 | ||||||||||||||||||
Derivative instruments | 10 | — | 4 | 74 | (11 | ) | 77 | |||||||||||||||||
Regulatory liabilities | — | — | 19 | 140 | — | 159 | ||||||||||||||||||
Asset retirement obligations | — | — | — | 106 | — | 106 | ||||||||||||||||||
Pension and post-retirement liabilities | 11 | — | 97 | 253 | — | 361 | ||||||||||||||||||
Other long-term liabilities | 4 | — | 16 | 29 | — | 49 | ||||||||||||||||||
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Total long-term liabilities | 2,409 | — | 1,153 | 5,875 | (4,412 | ) | 5,025 | |||||||||||||||||
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Equity | ||||||||||||||||||||||||
Common stock | 2,016 | — | 312 | 1,385 | (1,697 | ) | 2,016 | |||||||||||||||||
Cumulative preferred stock | 709 | — | 425 | 397 | (822 | ) | 709 | |||||||||||||||||
Contributed surplus | 9 | — | 45 | 23 | (68 | ) | 9 | |||||||||||||||||
Accumulated other comprehensive income (loss) | (348 | ) | — | 12 | (380 | ) | 369 | (347 | ) | |||||||||||||||
Retained earnings | 1,012 | — | 285 | 699 | (984 | ) | 1,012 | |||||||||||||||||
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Total Emera Incorporated equity | 3,398 | — | 1,079 | 2,124 | (3,202 | ) | 3,399 | |||||||||||||||||
Non-controlling interest in subsidiaries | — | — | — | 141 | 166 | 307 | ||||||||||||||||||
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Total equity | 3,398 | — | 1,079 | 2,265 | (3,036 | ) | 3,706 | |||||||||||||||||
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Total liabilities and equity | $ | 5,883 | $ | — | $ | 2,382 | $ | 9,314 | $ | (7,724 | ) | $ | 9,855 | |||||||||||
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Emera Incorporated
Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2015
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 291 | $ | — | $ | 190 | $ | 364 | $ | (170 | ) | $ | 675 | |||||||||||
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Investing activities | ||||||||||||||||||||||||
Additions to property, plant and equipment | (1 | ) | — | (66 | ) | (302 | ) | — | (369 | ) | ||||||||||||||
Net purchase of investments subject to significant influence, inclusive of acquisition costs | (1 | ) | — | (3 | ) | (132 | ) | — | (136 | ) | ||||||||||||||
Proceeds on sale of investment subject to significant influence | — | — | 282 | — | — | 282 | ||||||||||||||||||
Other intercompany investing activities | (2,453 | ) | — | — | (29 | ) | 2,482 | — | ||||||||||||||||
Other investing activities | (756 | ) | — | (10 | ) | (465 | ) | 1,330 | 99 | |||||||||||||||
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Net cash provided by (used in) investing activities | (3,211 | ) | — | 203 | (928 | ) | 3,812 | (124 | ) | |||||||||||||||
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Financing activities | ||||||||||||||||||||||||
Change in short-term debt, net | 4 | — | — | (262 | ) | (4 | ) | (262 | ) | |||||||||||||||
Proceeds from long-term debt, net of issuance costs | — | — | 29 | 1,465 | (1,047 | ) | 447 | |||||||||||||||||
Proceeds from convertible debentures represented by instalment receipts, net of issuance costs | 2,138 | — | — | (1,457 | ) | — | 681 | |||||||||||||||||
Retirement of long-term debt | — | — | (420 | ) | (372 | ) | 702 | (90 | ) | |||||||||||||||
Net borrowings (repayments) under committed credit facilities | (39 | ) | — | (9 | ) | (153 | ) | — | (201 | ) | ||||||||||||||
Issuance of common stock, net of issuance costs | 9 | — | — | 2,390 | (2,390 | ) | 9 | |||||||||||||||||
Issuance of preferred stock, net of issuance costs | — | — | — | 6 | (6 | ) | — | |||||||||||||||||
Dividends on common stock | (163 | ) | — | — | (162 | ) | 162 | (163 | ) | |||||||||||||||
Dividends on preferred stock | (30 | ) | — | (15 | ) | (25 | ) | 40 | (30 | ) | ||||||||||||||
Dividends paid by subsidiaries to non-controlling interest | — | — | (3 | ) | (11 | ) | (14 | ) | ||||||||||||||||
Other financing activities | 1,001 | — | (11 | ) | (54 | ) | (1,092 | ) | (156 | ) | ||||||||||||||
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Net cash provided by (used in) financing activities | 2,920 | — | (426 | ) | 1,373 | (3,646 | ) | 221 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 14 | 66 | — | 80 | ||||||||||||||||||
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Net increase (decrease) in cash and cash equivalents | — | — | (19 | ) | 875 | (4 | ) | 852 | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 38 | 193 | (10 | ) | 221 | |||||||||||||||||
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Cash and cash equivalents, end of period | $ | — | $ | — | $ | 19 | $ | 1,068 | $ | (14 | ) | $ | 1,073 | |||||||||||
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Emera Incorporated
Condensed Consolidated Statements of Cash Flows
For the year ended December 31, 2014
millions of Canadian dollars | Parent | Subsidiary Issuer | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 223 | $ | — | $ | 143 | $ | 613 | $ | (216 | ) | $ | 763 | |||||||||||
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Investing activities | ||||||||||||||||||||||||
Additions to property, plant and equipment | — | — | (136 | ) | (298 | ) | — | (434 | ) | |||||||||||||||
Net purchase of investments subject to significant influence, inclusive of acquisition costs | (4 | ) | — | (4 | ) | (147 | ) | — | (155 | ) | ||||||||||||||
Proceeds on sale of investment subject to significant influence | (111 | ) | — | — | — | — | (111 | ) | ||||||||||||||||
Other intercompany investing activities | (1,484 | ) | — | (23 | ) | (1,529 | ) | 3,036 | — | |||||||||||||||
Other investing activities | (144 | ) | — | (4 | ) | (1 | ) | 138 | (11 | ) | ||||||||||||||
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Net cash provided by (used in) investing activities | (1,743 | ) | — | (167 | ) | (1,975 | ) | 3,174 | (711 | ) | ||||||||||||||
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Financing activities | ||||||||||||||||||||||||
Change in short-term debt, net | 44 | — | (65 | ) | (183 | ) | (10 | ) | (214 | ) | ||||||||||||||
Proceeds from long-term debt, net of issuance costs | — | — | 180 | 410 | (288 | ) | 302 | |||||||||||||||||
Retirement of long-term debt | (250 | ) | — | (38 | ) | (35 | ) | 14 | (309 | ) | ||||||||||||||
Net borrowings (repayments) under committed credit facilities | (39 | ) | — | — | 66 | — | 27 | |||||||||||||||||
Issuance of common stock, net of issuance costs | 252 | — | — | 80 | (80 | ) | 252 | |||||||||||||||||
Issuance of preferred stock, net of issuance costs | 194 | — | — | 57 | (57 | ) | 194 | |||||||||||||||||
Dividends on common stock | (153 | ) | — | — | (188 | ) | 188 | (153 | ) | |||||||||||||||
Dividends on preferred stock | (26 | ) | — | (16 | ) | (24 | ) | 40 | (26 | ) | ||||||||||||||
Dividends paid by subsidiaries to non-controlling interest | — | — | — | (2 | ) | (11 | ) | (13 | ) | |||||||||||||||
Other financing activities | 1,498 | — | (1 | ) | 1,262 | (2,761 | ) | (2 | ) | |||||||||||||||
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Net cash provided by (used in) financing activities | 1,520 | — | 60 | 1,443 | (2,965 | ) | 58 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 10 | — | 10 | ||||||||||||||||||
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Net increase (decrease) in cash and cash equivalents | — | — | 36 | 91 | (7 | ) | 120 | |||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 1 | 100 | — | 101 | ||||||||||||||||||
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Cash and cash equivalents, end of period | $ | — | $ | — | $ | 37 | $ | 191 | $ | (7 | ) | $ | 221 | |||||||||||
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