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Financial Summary Filed: 2010-05-26 EB-2010-0008 Exhibit A2 Tab 1 Schedule 1 Page 1 of 5 1 FINANCIAL SUMMARY 2 3 1.0 PURPOSE 4 This evidence presents OPG’s audited consolidated financial statements as well as the 5 audited financial statements for the prescribed facilities for 2008 and 2009. 6 7 2.0 OPG’S CONSOLIDATED FINANCIAL STATEMENTS 8 OPG’s consolidated financial statements are prepared in accordance with Generally 9 Accepted Accounting Principles (“GAAP”). OPG is a reporting issuer under the Securities Act 10 and is subject to continuous disclosure obligations under this Act. This includes the 11 requirement to file annual and interim financial statements and certifications on internal 12 control over financial reporting with the Ontario Securities Commission. The annual 13 consolidated financial statements, which cover a fiscal year ending December 31, are 14 audited. 15 16 The consolidated financial statements include the accounts of OPG and its subsidiaries. 17 They provide financial information by business segment: Regulated – Nuclear Generation, 18 Regulated – Nuclear Waste Management, Regulated – Hydroelectric, Unregulated – 19 Hydroelectric, Unregulated – Thermal, as well as an “Other” category. Prior to the fourth 20 quarter of 2008, OPG reported the financial results of the Regulated – Nuclear Generation 21 and Regulated – Nuclear Waste Management segments in a single segment. Starting in the 22 fourth quarter of 2008, the Regulated – Nuclear Waste Management segment was created in 23 order to reflect a revised internal reporting structure and to improve the transparency of the 24 information provided to stakeholders. This segment primarily reports the balances of OPG’s 25 nuclear decommissioning and nuclear used fuel and waste management obligations and 26 nuclear segregated funds, as well as the associated revenues and costs (such as 27 earnings/losses on the nuclear segregated funds, accretion expense, and the related impacts 28 of the variance/deferral accounts). Asset retirement costs included in fixed asset balances 29 and associated depreciation expense continue to be reported in the Regulated – Nuclear 30 Generation segment. In accordance with GAAP, both nuclear segments include assets, 31 liabilities, revenues and costs related to the Bruce facilities. These are included for external Filed: 2010-05-26 EB-2010-0008 Exhibit A2 Tab 1 Schedule 1 Page 2 of 5 1 financial reporting purposes by virtue of their inclusion in the setting of the payment amounts 2 by the OEB. 3 4 OPG’s 2008 annual report, which includes audited annual consolidated financial statements 5 and Management’s Discussion and Analysis (“MD&A”), and OPG’s 2009 financial results, 6 including audited annual consolidated financial statements and MD&A, are presented in 7 Attachments 1 and 2, respectively. OPG’s financial statements and annual reports are also 8 available on OPG’s website at the following url: 9 http://www.opg.com/investor/fin_reports/index.asp 10 11 In accordance with GAAP, OPG’s consolidated financial statements have recognized 12 regulatory assets and liabilities for its regulatory operations since the introduction of 13 regulated prices on April 1, 2005. Regulatory assets and liabilities recorded by OPG in the 14 2008 and 2009 audited consolidated financial statements reflect the variance and deferral 15 accounts authorized by the OEB (see Exhibit H). 16 17 OPG’s consolidated financial statements also reflect a regulatory asset related to future 18 income taxes following the adoption of a new GAAP standard. Effective January 1, 2009, 19 GAAP requires all rate-regulated entities to use the liability method of accounting for income 20 taxes and, therefore, to record future income taxes in the financial statements. To the extent 21 that future income taxes related to rate-regulated activities are expected to be recovered 22 from, or refunded to ratepayers through future regulated payment amounts, GAAP requires 23 OPG to recognize corresponding regulatory assets or liabilities. While these regulatory 24 assets or liabilities appear on OPG’s financial statements, they do not impact the revenue 25 requirement and are not included in the variance and deferral account amounts presented in 26 Exhibit H. 27 28 The adoption of other new GAAP standards since January 1, 2008 is discussed as 29 applicable in the relevant sections of the Application. 30 Filed: 2010-05-26 EB-2010-0008 Exhibit A2 Tab 1 Schedule 1 Page 3 of 5 1 The historical and bridge year information provided in the evidence reflects the application of 2 regulatory constructs (e.g., rate base) to the segmented information for OPG’s prescribed 3 facilities. OPG’s forecast information for the test period was prepared using financial 4 information prepared on a GAAP basis. 5 6 The application of regulatory constructs is highlighted in the various sections of the 7 Application. Historical accounting income per the financial statements for the prescribed 8 facilities (see section 3.0) for 2008 and 2009 is reconciled with historical regulatory earnings 9 before tax and return on equity for the prescribed facilities in Ex. C1-T1-S1, Table 7. As 10 required by the OEB’s Decision with Reasons in EB-2007-0905, financial information related 11 to Bruce assets is presented in this Application on a GAAP basis without the application of 12 regulatory constructs. 13 14 3.0 FINANCIAL STATEMENTS FOR THE PRESCRIBED FACILITIES 15 In accordance with the OEB’s Decision with Reasons in EB-2007-0905, page 171, OPG has 16 prepared a set of stand-alone audited annual financial statements for the prescribed facilities. 17 These financial statements, presented in Attachment 3, are for the years ended December 18 31, 2009 and December 31, 2008, and have been prepared in accordance with GAAP. 19 These statements exclude applicable assets, liabilities, revenues and costs related to Bruce 20 assets, consistent with the OEB’s Decision with Reasons in EB-2007-0905. 21 22 The accounting policies applied in these statements are substantially the same as those 23 used in OPG’s audited consolidated financial statements, with the exception of those related 24 to the determination of debt and interest expense. The debt balances and interest expense 25 have been computed in a manner consistent with the deemed debt and interest methodology 26 approved by the OEB in EB-2007-0905 (see Ex. C1-T1-S2 and Ex. C1-T1-S3). However, 27 while the interest expense in these financial statements is equal to that presented in Ex. C1- 28 T1-S1, Tables 4 and 5 for 2008 and 2009, the debt balances at each year-end are not equal 29 to the deemed debt balances in those tables. The reason for the difference is that the 30 computation of deemed debt in the Application is based on rate base, which uses average 31 fixed asset and other balances, and weighted average actual outstanding debt during the Filed: 2010-05-26 EB-2010-0008 Exhibit A2 Tab 1 Schedule 1 Page 4 of 5 1 year. The debt balances in the financial statements are computed using the year-end 2 equivalent of rate base and year-end actual outstanding debt. This approach ensures that 3 the balance sheet, which must present the financial position at year-end, is in compliance 4 with GAAP. 5 6 OPG’s approach to the preparation of its stand-alone financial statements for the prescribed 7 facilities is informed by research of similar audited statements prepared by other OEB- 8 regulated entities. This research focused on utilities that have significant regulated and 9 unregulated operations within the same legal entity. The closest parallel to OPG’s situation 10 was the Great Lakes Power Limited Distribution Division Financial Statements December 31, 11 2008 filed with the OEB under the Electricity Reporting and Record Keeping Requirements 12 (“RRR”) section 2.1.6. 13 14 Where possible, OPG has directly assigned balance sheet items to the prescribed facilities 15 (e.g., fixed assets). However, the preparation of these statements required OPG to make 16 reasonable allocation assumptions with respect to balance sheet items that are not tracked 17 by business unit in its accounting systems. For example, OPG maintains a pooled cash 18 balance for the entire company. As well, OPG’s systems do not track a number of working 19 capital balances, such as certain accounts receivable and accounts payable balances, by 20 business unit. While the allocation of these balances is necessary for the preparation of 21 these statements in accordance with GAAP, the tracking of these balances is not required for 22 the purposes of determining rate base because a separate lead/lag approach is used to 23 determine cash working capital (see Ex. B1-T1-S2). Income tax expense and related balance 24 sheet items presented in these statements have been determined using the information in 25 these statements on a stand-alone basis in accordance with applicable income tax rules and 26 principles without the application of regulatory constructs. The income tax expense in these 27 statements is an accounting tax expense for the prescribed facilities and is not the same as 28 the regulatory tax expense presented in Ex. F4-T2-S1. Corporate and centrally-held costs 29 and asset service fees have been attributed to the prescribed facilities in the same manner 30 as described in Ex. F3-T1-S1, Ex. F4-T4-S1, and Ex. F3-T2-S1, respectively. 31 Filed: 2010-05-26 EB-2010-0008 Exhibit A2 Tab 1 Schedule 1 Page 5 of 5 1 LIST OF ATTACHMENTS 2 3 Attachment 1: OPG’s 2008 Annual Report 4 5 Attachment 2: OPG’s 2009 Financial Results 6 7 Attachment
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