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Annual Report 2013 2013 ANNUAL REPORT Utility and Generation Operations *VU[LU[Z Investor Highlights 1 Report to Shareholders 3 Management Discussion and Analysis 6 Financials 74 Newfoundland Historical Financial Summary 138 Alberta British Columbia Prince Edward Island Investor Information 140 Ontario New York State 10-Year Cumulative Total Return % 225 ** 200 Arizona Fortis S&P/TSX Capped Utilities Index 175 S&P/TSX Composite Index Turks and Caicos Islands 150 125 Grand Cayman 100 Belize 75 50 25 Year 03 04 05 06 07 08 09 10 11 12 13 Regulated Non-Regulated Gas Generation Total Assets $18 Billion FortisBC British Columbia Locations Central Hudson New York State Belize (as at December 31, 2013) UNS Energy* Arizona Ontario British Columbia Regulated 90% New York State Electric FortisBC British Columbia Central Hudson New York State FortisAlberta Alberta Electric Gas Newfoundland Power Newfoundland Canada 42% Canada 31% Maritime Electric Prince Edward Island FortisOntario Ontario Caribbean Utilities Grand Cayman Fortis Turks and Caicos Turks and Caicos Islands Gas & Electric UNS Energy* Arizona United States 12% Electric Generation 5% * Pending acquisition of UNS Energy Corporation (“UNS Energy”) Caribbean 5% Non-Utility 5% FORTIS INC. 2013 ANNUAL REPORT Investor Highlights Business Segments Regulated 2014F Customers Peak Demand Volumes Sales Total Midyear Capital Gas Electric Employees Gas Electric Gas Electric Earnings Assets Rate Base Program Utility (#) (#) (#) (TJ) (MW) (PJ) (GWh) ($M) ($B) ($B) ($M) FortisBC 956,000 164,000 2,030 1,341 699 200 3,211 177 (1) 7.5 (2) 4.9 (3) 459 (4) Central Hudson (5) 77,000 300,000 884 125 1,202 9 2,629 23 (6) 2.3 (7) 1.1 (8) 122 FortisAlberta – 518,000 1,106 – 2,613 – 16,934 94 3.3 2.5 413 Newfoundland Power – 256,000 656 – 1,281 – 5,763 49 1.4 1.0 105 Maritime Electric – 77,000 175 – 252 – 1,127 16 0.4 0.3 30 FortisOntario – 65,000 200 – 271 – 1,278 10 0.3 0.2 26 Caribbean Utilities (9) – 27,000 190 – 97 – 556 12 0.6 0.4 36 Fortis Turks and Caicos – 13,000 150 – 36 – 193 11 0.3 0.2 25 Total 1,033,000 1,420,000 5,391 1,466 6,451 209 31,691 392 16.1 10.6 1,216 (1) $127 million (Gas) and $50 million (Electric) (2) $5.5 billion (Gas) and $2.0 billion (Electric) (3) $3.7 billion (Gas) and $1.2 billion (Electric) (4) $329 million (Gas) and $130 million (Electric) (5) Central Hudson Gas & Electric Corporation (“Central Hudson”) is the primary business of CH Energy Group, Inc., which Fortis acquired on June 27, 2013. Gas volumes, electric sales and earnings are from June 27, 2013, the date of acquisition. (6) $22 million (Electric) and $1 million (Gas) (7) $1.7 billion (Electric) and $0.6 billion (Gas) (8) $0.9 billion (Electric) and $0.2 billion (Gas) (9) Data represents 100% of Caribbean Utilities’ operations except for earnings, which represent Caribbean Utilities’ contribution to consolidated earnings of Fortis based on the Corporation’s approximate 60% ownership interest. Non-Regulated 2014F Generating Sales Total Capital Capacity Employees Energy Earnings Assets Program (MW) (#) (GWh) ($M) ($B) ($M) Fortis Generation (1) 103 40 386 39 0.9 (2) 131 (3) Non-Utility (4) – 2,775 – 18 0.9 83 (5) (1) Comprised of investments in Belize, Ontario, British Columbia and Upstate New York (2) Includes $0.7 billion related to construction of the 335-MW Waneta Expansion hydroelectric generating facility in British Columbia (3) Includes $126 million related to the Waneta Expansion hydroelectric generating facility in British Columbia (4) Comprised of Fortis Properties, which includes approximately 2.7 million square feet of commercial office and retail space, primarily in Atlantic Canada, and 23 hotels across Canada, and Griffith Energy Services, Inc. (“Griffith”), which is primarily a fuel delivery business. Griffith was sold in March 2014. (5) Includes $13 million for non-regulated FortisBC Alternative Energy Services Inc. All financial information is presented in Canadian dollars. Information is for the fiscal year ended December 31, 2013 unless otherwise indicated. FORTIS INC. 2013 ANNUAL REPORT 1 0U]LZ[VY/PNOSPNO[Z(1) Dividends paid per common share Fortis has increased its annualized dividend to common shareholders for 41 consecutive years, the longest record of any public corporation in Canada. $ 1.30 1.20 1.10 1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 0.20 0.10 72 75 78 81 84 87 90 93 96 99 02 05 08 11 14F Year Earnings Attributable to Common Basic Earnings per Diluted Earnings per Dividends Paid per Equity Shareholders ($M) Common Share ($) Common Share ($) Common Share ($) (2) (2) 353 1.85 (2) 1.81 1.24 320 311 315 1.71 1.66 1.74 1.70 1.65 1.73 1.12 1.16 1.20 262 1.54 1.51 1.04 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Return on Average Book Common Dividend Payout Ratio (%) Market Capitalization ($B) Shareholders’ Equity (%) Assets ($B) 17.9 72.3 71.3 67.5 (2) 67.8 6.3 6.6 6.5 14.2 15.0 60.5 5.9 (2) 13.4 4.9 10.1 12.1 8.4 8.8 8.1 8.1 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 19992009 20002010 20112001 20122002 2013 2003 2009 2010 2011 2012 2013 Cash Flow from Debt to Total Capital Expenditures ($B) Revenue ($B) Operating Activities ($M) Capitalization (%) 1.2 1.2 4.0 992 1.1 1.1 3.6 3.6 3.7 3.7 915 899 1.0 60.2 60.4 57.1 55.3 56.2 681 742 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 (1) Financial information for the years 2010 through 2013 prepared under US generally accepted accounting principles (“GAAP”); 2009 prepared under Canadian GAAP (2) Reflects the $46 million favourable impact to earnings related to the recognition of a regulatory asset associated with other post-employment benefits upon adoption of US GAAP All financial information is presented in Canadian dollars. Information is for the fiscal years ended December 31. FORTIS INC. 2013 ANNUAL REPORT 2 Report to Shareholders Dear Shareholders, Your company achieved a considerable milestone in 2013 with the expansion into the regulated U.S. utility market. In June Fortis closed the US$1.5 billion acquisition of New York State utility CH Energy Group, Inc. (“CH Energy Group”), and in December the Corporation announced the US$4.3 billion acquisition of Arizona State utility UNS Energy Corporation (“UNS Energy”), which is expected to close later this year. These are significant regulated electricity and gas utility assets with good growth opportunities, collectively serving more than 1,000,000 customers. Increased diversification of regulated assets and earnings by geographic location and regulatory jurisdiction mitigates business risk for Fortis. Fortis is the largest investor-owned gas and electric distribution utility Stan Marshall David Norris in Canada, with total assets approaching $18 billion at year-end 2013 and President and CEO, Fortis Inc. Chair of the Board, Fortis Inc. a midyear 2013 rate base of approximately $10.2 billion. Following the acquisition of UNS Energy, based on pro forma financial information as at December 31, 2013, total assets of Fortis will increase by approximately one-third to approach $24 billion. Regulated assets in Canada and the United States will then comprise approximately 54% and 35%, respectively, of total assets. At the time of closing the acquisition of UNS Energy, the Corporation’s consolidated rate base is expected to increase by approximately US$3 billion, and Fortis utilities will serve more than 3,000,000 electricity and gas customers. Fortis achieved net earnings attributable to common equity shareholders of $353 million in 2013, $38 million higher than earnings of $315 million for 2012. Earnings per common share were $1.74 for 2013 compared to $1.66 per common share for 2012. Our capital program approached $1.2 billion in 2013, which marks the fifth consecutive year that capital investment has surpassed $1 billion. The $900 million, 335-megawatt Waneta Expansion hydroelectric generating facility (“Waneta Expansion”) in British Columbia, our largest capital project currently underway, is progressing well and remains on time and within budget. A total of $579 million has been invested in the project since construction began in late 2010. Fortis owns 51% of the Waneta Expansion and will operate and maintain the facility when it comes online, which is expected to be in the spring of 2015. Your Board of Directors increased the quarterly common share dividend to 32 cents from 31 cents, commencing with the first quarter dividend paid in 2014, which translates into an annualized dividend of $1.28. Fortis has raised its annualized dividend to common shareholders for 41 consecutive years, the record for a public corporation in Canada. The dividend payout ratio was approximately 71% in 2013. Over the past 10 years, dividends have increased at a compound annual growth rate of approximately 10%. Over the same period, Fortis has delivered an average annualized total return to common shareholders of approximately 11%, outperforming the S&P/TSX Composite and S&P/TSX Capped Utilities Indices, each of which provided average annualized performance of approximately 8%. The utility sector in general was challenged in 2013, with the S&P/TSX Capped Utilities Index and Fortis realizing total returns of approximately –4% and –7%, respectively, compared to the S&P/TSX Composite Index which delivered performance of approximately 13% for the year.
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