SASKENERGY 2017-18 ANNUAL REPORT
23. OTHER GAINS AND LOSSES
(millions)
2018
2017
$
(14) (2)
Net loss on impairment of assets Fair value adjustment to assets held for sale Gain on insurance proceeds Net gains (and losses) on disposal of assets
$
(29) - 3 (7)
2 1
$ (13) $ (33) The insurance proceeds recognized in other gains and losses are related to a cavern wellhead fire that occurred in 2014. The insurance proceeds received during the period are a reimbursement for assets lost and costs incurred in previous reporting periods. The Corporation received $2 million during the first quarter of 2017-18 to settle the remainder of the outstanding claim. 24. RELATED PARTY TRANSACTIONS Balances and transactions between SaskEnergy and its wholly owned subsidiaries, which are related parties of SaskEnergy, have been eliminated upon consolidation and are not disclosed in this note. Details of transactions between the Corporation and other related parties are disclosed below. a. Transactions with key management personnel Key management personnel include directors and executive officers. The compensation paid to key management for employee services was as follows:
(millions)
2018
2017
$
4 $
Short-term benefits
4
b. Other related party transactions As a Crown corporation, the Corporation is ultimately controlled by the Government of Saskatchewan. Included in the consolidated financial statements are transactions with various Saskatchewan Crown corporations, ministries, agencies, boards and commissions related to the Corporation by virtue of common control by the Government of Saskatchewan and non-Crown corporations and enterprises subject to joint control and significant influence by the Government of Saskatchewan (collectively referred to as related parties). Government-related entities are exempt from providing disclosure about individual related party transactions, other than the transactions with key management personnel disclosed above. Instead, government-related entities are required to disclose the types and extent of individually or collectively significant transactions with related parties. In determining individually significant transactions, the Corporation considers the size, type and terms of the transaction. There were no other individually or collectively significant transactions with related parties for the period. All other transactions with related parties were routine operating transactions that were settled at prevailing market prices under normal trade terms.
72
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