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2014 Sustainability-based Annual Report

33 Five-Year Consolidated Summary (stated in thousands of Canadian dollars) (Note 1) 2014 2013 2012 2011 2010 STATEMENT OF INCOME Net electricity revenue 88,278 101,467 107,389 99,494 91,217 Other income from operations 14,215 12,824 11,902 9,267 10,517 102,493 114,291 119,291 108,761 101,734 Operating expenses 66,605 61,534 57,140 58,355 46,762 Depreciation and amortization 21,257 20,231 18,555 16,772 26,978 87,862 81,765 75,695 75,127 73,740 Income from operating activities 14,631 32,526 43,596 33,634 27,994 (Loss) gain on disposal of property, plant and equipment (1,498) (1,707) (1,442) (1,644) 99 Net finance charges (6,996) (6,592) (8,804) (10,716) (9,639) Payments in lieu of income taxes (1,877) (6,548) (7,169) (5,305) (5,771) (Loss) income from discontinued operations – – (5) 1,088 25 Net income 4,260 17,679 26,176 17,057 12,708 STATEMENT OF FINANCIAL POSITION Assets Current assets 110,275 133,624 143,020 110,630 106,710 Non-current assets 473,596 448,577 424,049 387,401 367,056 583,871 582,201 567,069 498,031 473,766 Liabilities and shareholders’ equity Current liabilities 105,252 101,872 96,780 213,143 90,692 Long term borrowings 189,093 189,252 189,395 39,592 155,554 Other non-current liabilities 64,831 52,470 47,602 26,182 45,125 Shareholders’ equity 224,695 238,607 233,292 219,114 182,395 583,871 582,201 567,069 498,031 473,766 STATEMENT OF CASH FLOWS Net cash from operating activities 32,603 42,280 42,172 32,318 43,730 Net cash used in the acquisition of property, plant and equipment and intangible assets (43,846) (49,315) (56,975) (35,414) (39,193) Net cash from other investing activities 216 519 434 1,806 144 Net cash from long term borrowings – – 33,803 – 39,554 Net cash (used in) from other financing activities (12,127) (9,334) 11,205 1,038 (10,556) Net (decrease) increase in cash and cash equivalents (23,154) (15,850) 30,639 (252) 33,679 Note 1: Horizon transitioned from Canadian Generally Accepted Accounting Principles (Canadian GAAP) to International Financial Reporting Standards (IFRS) effective January 1, 2012. The financial results for 2011 have been restated in accordance with IFRS for comparative purposes. The financial results for 2010 are presented in accordance with Canadian GAAP applicable to that year.


2014 Sustainability-based Annual Report
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