N-12025 Financial Statement
6 passages
NSP Maritime Link Inc. Consolidated Statement of Cash Flows Year Ended December 31 millions of Canadian dollars 2025 2024 Operating activities Net income $ 41.1 $ 44.7 Adjustments to reconcile net income to net cash provided by operating a...
AI summary The consolidated statement of cash flows for NSP Maritime Link Inc. shows net cash provided by operating activities of 114.7 million Canadian dollars in 2025, compared to (387.6) million in 2024. Net income decreased from 44.7 million to 41.1 million during the same period. Significant adjustments include depreciation and amortization, and changes in regulatory assets and liabilities.
Cash and Restricted Cash Pursuant to the amended Federal Loan Guarantee ("FLG"), restricted cash is held in accounts administered by the collateral agent for the purpose of funding construction and operating costs and servicing debt paymen...
AI summary Restricted cash under the amended Federal Loan Guarantee (FLG) is managed by a collateral agent for the Maritime Link Project, funding construction, operating costs, and debt servicing. NSPML draws funds periodically per the Maritime Link Credit Agreement for near-term use.
Long-term debt as at December 31 consisted of the following: Stated Interest December 31 December 31 millions of Canadian dollars Rate Maturity 2025 2024 Series A Bond 3.5% 2052 $ 1,080.0 1,120.0 Series B Bond 4.048% 2052 482.9 500.0 $ Adj...
AI summary The text provides details on long-term debt as of December 31, 2024 and 2025, including bond series, interest rates, and maturity dates. It also describes the issuance of bonds by MLFT in 2014 to fund the Maritime Link Project.
On December 16, 2024 the MLFT amended the original FLG and completed an additional offering of $500 million aggregate principal amount of 4.048 per cent at a price of $999.57 per $1,000 principal amount of bonds for aggregate proceeds of a...
AI summary On December 16, 2024, MLFT amended the FLG and issued additional bonds totaling $500 million. The proceeds were used to refund NSPI for unrecovered replacement energy costs from the delayed Muskrat Falls project. The bonds are guaranteed by the Government of Canada and rated 'AAA'. Covenant requirements were amended, and the Company is in compliance. The debt is classified as 'Current portion of long-term debt' on the balance sheets.
As at December 31, 2025, contractual commitments (excluding long-term debt) for each of the next five years consisted of the following: millions of Canadian dollars 2026 2027 2028 2029 2030 Total OM&G $ 7.7 $ 6.3 $ 6.3 $ 6.2 $ 6.2 $ 32.7 C...
AI summary The document outlines contractual commitments for the next five years, excluding long-term debt, and mentions a section on legal proceedings. The commitments include OM&G and Capital expenses, but no specific legal proceedings are discussed.
The following table provides information about NSPML's consolidated VIE, MLFT: As at December 31, 2025 December 31, 2024 Carrying Maximum Carrying Maximum millions of Canadian dollars amount exposure to loss amount exposure to loss VIE Lia...
AI summary The document provides details on NSPML's consolidated variable interest entity (VIE), MLFT, including its liabilities and the purpose of the entity. MLFT was established to obtain financing for a project, with proceeds used for construction costs under a federal loan guarantee. The entity amended its FLG to refund NSPI for prior assessment payments.
N-5NSPML (NSEB) RIR 1 to 19 - Redacted
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1 c) Please see breakdown below: 2 Description Total ($m) Maintenance & Inspection 1.1 Legal, Regulatory, Compliance 1.5 Office Administration & other 0.2 Capital accruals - submarine cable protection project 0.3 Total 3.1 NON CONFIDENTIAL
AI summary The text presents a breakdown of expenses, including maintenance, legal and regulatory compliance, office administration, and capital accruals for a submarine cable protection project, totaling $3.1 million.
1 Request IR-11: 2 - 3 Please provide a continuity schedule for Property, Plant and Equipment for the year ended - 4 December 31, 2025. Please include a high-level breakdown of the capital additions during - 5 the year, identifying the maj...
AI summary The request asks for a continuity schedule for Property, Plant and Equipment for the year ended December 31, 2025, including a breakdown of capital additions and major contributing projects. A response is provided, but the details are not included in the text.
- Part 2 - CCA calculation - Г 1 2 3 4 5 6 7 8 Class number Description Proceeds of dispositions of the DIEP (enter amount from column 8 that relates to the DIEP reported in column 4) UCC (column 2 plus column 3 plus or minus column 5 minu...
AI summary This table outlines the calculation of Capital Cost Allowance (CCA) for different classes of assets, including descriptions, proceeds from dispositions, UCC calculations, immediate expensing, and cost of acquisitions. It provides a structured approach to determining CCA for various asset classes.
- Part 2 - CCA calculation (continued) - Note 8: Include all amounts you have repaid during the year for any legally required repayment, made after the disposition of a corresponding property, of: - assistance that would have otherwise inc...
AI summary This section outlines the requirements for including legally required repayments and adjustments to the Undepreciated Capital Cost (UCC) of properties in the Capital Cost Allowance (CCA) calculation. It also details deductions for outlays and expenses related to property dispositions and adjustments for zero-emission passenger vehicles.
82957 4318 RC0001 2020 00 11 10.21 02007 10101100001 Part 1 – Capital (continued) ———————————————————————————————————— S ubtotal A (from page 1) 2,092,784,200 A Deduct the following amounts: Deferred tax debit balance at the end of the yea...
AI summary The text presents a financial table related to capital and investment allowance, including deferred tax balances, unrealized foreign exchange losses, and various asset valuations. It outlines calculations for capital for the year and includes details on investment allowances for loans, bonds, and long-term debt.
Attached Schedule with Total Part 1 – All loans and advances to the corporation
AI summary The text begins with a heading 'Attached Schedule with Total' and lists 'Part 1 – All loans and advances to the corporation.' This section likely outlines financial details related to loans and advances made to the corporation, though the content is not fully provided.
NSPML 2025 Financial Statements and Cost Containment Reports NSEB IR-12 Attachment 1 Page 71 of 79 REDACTED NSP Maritime Link Incorporated 82957 4318 RC0001 Adjustment date nb. 1 Adjustment date Fill out this part if the corporation is the...
AI summary The document contains a partially redacted section of NSP Maritime Link Incorporated's 2025 financial statements and cost containment reports. It includes a table related to tax adjustments for a subsidiary, focusing on property costs, cash on hand, and various types of losses, including non-capital, farm, and limited partnership losses. The section is part of a larger regulatory filing.
Request IR-13: Please provide a detailed breakdown of the $13.4 million in capital commitments disclosed in Note 14. Response IR-13: As at the 2025 Financial Statement date, there was approximately $12.3 million of remaining commitment rel...
AI summary The response to Request IR-13 details that as of the 2025 Financial Statement date, approximately $12.3 million remained committed to the submarine rock protection project, along with $1.1 million for spare parts inventory and other materials.
REDACTED Request IR-14: 2 Page 7 of 11 of the 2025 Cost Containment Report: NSPML states: "At the outset of its larger procurements (typically work scopes greater than $25,000), NSPML develops a Contracting Strategy that aims to clearly id...
AI summary The document discusses a request regarding cost variances in NSPML's 2025 procurements and a request for a detailed breakdown of a $13.4 million capital commitment. The response mentions that details on procurements with scope changes are provided below.
Contract Change in Scope and Rationale Increase (decrease) to Budget HVDC LTSA Reduction primarily due to Hitachi Budget: resource constraints causing an inability to Cost: conduct a requested Valve Cooling Study Variance: ($0.31M) TL Insp...
AI summary The document outlines changes in scope and their impact on the budget for two contracts. The HVDC LTSA contract experienced a reduction due to Hitachi's resource constraints, resulting in a budget variance of ($0.31M). The TL Inspection Agreement had additional scope due to drone inspection findings, leading to a budget variance of $0.16M.
REDACTED Nearshore Scope of work cancelled due to poor 2025 Budget: Survey weather conditions, with work 2025 Cost: rescheduled for Q2 2026. See NSEB IR 2026 Budget: 15 for procurement details 2026 est. Cost: - 2 The $13.4 million in Capit...
AI summary A portion of the nearshore survey work was cancelled due to poor weather conditions and rescheduled for Q2 2026. The 2025 and 2026 budgets and estimated costs are outlined, with a mention of a capital investment of $13.4 million, including $0.5M for IGBTs in NSPML.