SASKENERGY 2018-19 ANNUAL REPORT
The net gains on impairment of assets recognized in other gains and losses in the current year consists of impairment recoveries of $13 million and impairment losses of $1 million. The impairment recoveries are classified as net gains, as they were realized prior to the sale of the Corporation’s natural gas liquid extraction plant assets on October 1, 2018. 25. 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)
2019
2018
$
3 $
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. 25. SUBSEQUENT EVENT On March 26, 2019, the Corporation entered into an agreement with the Province to borrow an additional $50 million of long-term debt with an interest rate of 3.1 per cent maturing in 2050. The debt was authorized before year end but not received until after March 31, 2019. On May 16, 2019, the Corporation entered into an agreement with the Province to borrow an additional $50 million of long-term debt with an interest rate of 3.1 per cent, maturing in 2050.
77
Made with FlippingBook Ebook Creator