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Newfoundland and Labrador Hydro people. passion. pride. Q1 Financial Report 2020 CONTENTS 1 APPENDIX 1 NALCOR ENERGY CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS March 31, 2020 (Unaudited) NALCOR ENERGY CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited) March 31 December 31 As at (millions of Canadian dollars) Notes 2020 2019 ASSETS Current assets Cash and cash equivalents 248 174 Restricted cash 1,381 1,460 Trade and other receivables 5 200 240 Inventories 117 134 Other current assets 6 96 33 Total current assets before distribution to shareholder 2,042 2,041 Assets for distribution to shareholder 4 - 1 Total current assets 2,042 2,042 Non-current assets Property, plant and equipment 7 16,695 16,798 Intangible assets 35 36 Investments 340 334 Other long-term assets 8 8 Total assets 19,120 19,218 Regulatory deferrals 8 121 123 Total assets and regulatory deferrals 19,241 19,341 LIABILITIES AND EQUITY Current liabilities Short-term borrowings 9 223 233 Trade and other payables 429 435 Other current liabilities 48 50 Total current liabilities 700 718 Non-current liabilities Long-term debt 9 9,648 9,649 Class B limited partnership units 590 578 Deferred credits 1,812 1,812 Decommissioning liabilities 112 102 Employee future benefits 146 144 Other long-term liabilities 70 70 Total liabilities 13,078 13,073 equity Share capital 123 123 Shareholder contributions 4,609 4,608 Reserves (42) (101) Retained earnings 1,454 1,625 Total equity 6,144 6,255 Total liabilities and equity 19,222 19,328 Regulatory deferrals 8 19 13 Total liabilities, equity and regulatory deferrals 19,241 19,341 Commitments and contingencies (Note 14) Subsequent event (Note 18) See accompanying notes NALCOR ENERGY CONSOLIDATED STATEMENT OF (LOSS) PROFIT AND COMPREHENSIVE (LOSS) INCOME (Unaudited) Three months ended For the period ended March 31 (millions of Canadian dollars) Notes 2020 2019 Energy sales 344 324 Other revenue 4 6 Revenue 348 330 Fuels 96 87 Power purchased 33 32 Operating costs 10 57 53 Production, marketing and transportation costs 10 9 Transmission rental 7 7 Depreciation, depletion, amortization and impairment 286 46 Exploration and evaluation - 2 Net finance expense 11 26 21 Other (income) expense (6) 6 Expenses 509 263 (Loss) profit for the period before regulatory adjustments (161) 67 Regulatory adjustments 8 10 (25) (Loss) profit for the period (171) 92 Other comprehensive income Total items that may or have been reclassified to profit or loss: Net fair value gain on cash flow hedges 65 - Reclassification adjustments related to: Cash flow hedges recognized in profit or loss (6) 2 Other comprehensive income for the period 59 2 Total comprehensive (loss) income for the period (112) 94 See accompanying notes NALCOR ENERGY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) Employee Share Shareholder Fair Value Benefit Retained (millions of Canadian dollars) Notes Capital Contributions Reserve Reserve Earnings Total Balance at January 1, 2020 123 4,608 (70) (31) 1,625 6,255 Loss for the period - - - - (171) (171) Other comprehensive income - - 59 - - 59 Total comprehensive income (loss) for the period - - 59 - (171) (112) Shareholder contributions - 1 - - - 1 Balance at March 31, 2020 123 4,609 (11) (31) 1,454 6,144 Balance at January 1, 2019 123 4,224 (70) (19) 1,499 5,757 Profit for the period - - - - 92 92 Other comprehensive income - - 2 - - 2 Total comprehensive income for the period - - 2 - 92 94 Shareholder contributions 13 - 4 - - - 4 Balance at March 31, 2019 123 4,228 (68) (19) 1,591 5,855 See accompanying notes NALCOR ENERGY CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Three months ended For the period ended March 31 (millions of Canadian dollars) Notes 2020 2019 Operating activities (Loss) profit for the period (171) 92 Adjustments to reconcile (loss) profit to cash provided from operating activities: Depreciation, depletion, amortization and impairment 286 46 Regulatory adjustments 8 10 (25) Finance income 11 (12) (14) Finance expense 11 38 35 Other 4 1 155 135 Changes in non-cash working capital balances 15 (20) (48) Interest received 11 9 Interest paid (38) (36) Net cash provided from operating activities 108 60 Investing activities Additions to property, plant and equipment and intangible assets 16 (100) (210) Decrease in short-term investments - 281 Other (3) (1) Changes in non-cash working capital balances 15 3 216 Net cash (used in) provided from investing activities (100) 286 Financing activities Decrease (increase) in restricted cash 79 (301) Decrease in short-term borrowings (10) (2) Other (3) 2 Net cash provided from (used in) financing activities 66 (301) Net increase in cash and cash equivalents 74 45 Cash and cash equivalents, beginning of the period 174 153 Cash and cash equivalents, end of the period 248 198 See accompanying notes NALCOR ENERGY NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited) 1. DESCRIPTION OF BUSINESS Nalcor Energy (Nalcor or the Company) is incorporated under a special act of the Legislature of the Province of Newfoundland and Labrador (the Province) as a Crown corporation and its business includes the development, generation, transmission and sale of electricity including energy trading; and the development, production and sale of oil and gas. head office is located at 500 Columbus Drive in St. Newfoundland and Labrador A1B 0C9, Canada. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Statement of Compliance and Basis of Measurement These condensed consolidated interim financial statements (interim financial statements) have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and have been prepared using accounting policies consistent with those used in the preparation of the annual audited consolidated financial statements for the year ended December 31, 2019. These interim financial statements do not include all of the disclosures normally found in annual audited consolidated financial statements and should be read in conjunction with the annual audited consolidated financial statements. Interim results will fluctuate due to the seasonal nature of electricity demand and water flows, as well as timing and recognition of regulatory items. Due to higher electricity demand during the winter months, revenue from electricity sales is higher during the first and fourth quarters. These interim financial statements have been prepared on a historical cost basis, except for financial instruments at fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVTOCI) financial assets which have been measured at fair value. The interim financial statements are presented in Canadian dollars (CAD) and all values rounded to the nearest million, except when otherwise noted. The interim financial statements were approved by Board of Directors on June 26, 2020. 2.2 Basis of Consolidation The interim financial statements include the financial statements of Nalcor and its subsidiary companies, the equity method of accounting for entities over which Nalcor has significant influence, but not control, and proportionate consolidation for those which are jointly owned with non-affiliated entities. In addition, the financial statements of all structured entities, for which Nalcor has been determined the primary beneficiary, are included in these interim financial statements. Intercompany transactions and balances have been eliminated upon consolidation. 3. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES The preparation of the interim financial statements in conformity with IFRS requires Management to make judgments and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Significant accounting judgments and estimates used in the preparation of the interim financial statements are described in the annual audited consolidated financial statements for the year ended December 31, 2019. The World Health Organization declared the Coronavirus disease (COVID-19) outbreak a Public Health Emergency of International Concern on January 30, 2020 and a pandemic on March 11, 2020. In order to mitigate the spread of COVID-19 there have been global restrictions on travel, quarantines, self-isolation, social and physical distancing and forced closure of certain types of public places and non-essential businesses. These actions have caused and continue to cause significant disruption to operations and economic uncertainty. The COVID-19 pandemic has had a material impact on the financial results of the Company, in its Oil and Gas segment, due to a significant decrease in global demand for crude oil and commodity prices leading to asset impairments. COVID-19 is an evolving situation that will continue to have widespread implications for the environment, operations and financial results. 1 NALCOR ENERGY NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited) Management cannot reasonably estimate the duration and magnitude of the COVID-19 impact on the economy and effect on the Company at this time. 4. DISCONTINUED OPERATIONS Effective January 1, 2020, the shares of Bull Arm Fabrication were distributed to the new Crown corporation, Oil and Gas Corporation of Newfoundland and Labrador for a nominal amount. As at December 31, 2019, Bull Arm Fabrication represented a discontinued operation. 5. TRADE AND OTHER RECEIVABLES March 31 December 31 As at (millions of Canadian dollars) 2020 2019 Trade receivables 187 181 Advances 4 25 Other receivables 26 48 Allowance
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