Financial dashboard 2021-2022

Hydro-Québec is an important generator, transmission provider and distributor of electricity in Canada, focusing mainly on hydroelectricity. To develop, improve and maintain its facilities, and reimburse maturing debts, the company issues securities which are guaranteed by the Québec Government, its sole shareholder.

Key Assets1

Over 99% of power generated from renewables

Large reservoirs with a storage capacity of 178.9 TWh

Installed capacity of 37 248 MW

Average cost per kWh generated of
1.93¢ in 2021 2

Consolidated Financial Information3

Revenue, in millions Canadian dollars.
Years 2021 2020 2019 2018 2017
Total 14,526 in 2020 13,594 in 2020 14,021 14,370 13,468
Expenditure, in millions Canadian dollars.
Years 2021 2020 2019 2018 2017
Operations 3,288 in 2021 3,146 in 2020 2,818 2,843 2,664
Other components of employee future benefit cost (743) in 2021 (494) in 2020 (557) (340) (322)
Electricity and fuel purchase 2,169 in 2021 2,204 in 2020 2,227 2,167 2,005
Depreciation and amortization 2,689 in 2021 2,694 in 2020 2,782 2,685 2,686
Taxes 1,191 in 2021 1,138 in 2020 1,133 1,111 1,076
TOTAL 8,594 in 2021 8,688 in 2020 8,403 8,466 8,109
Income, in millions Canadian dollars.
Years 2021 2020 2019 2018 2017
Income before financial expenses 5,932 in 2021 4,906 in 2020 5,618 5,904 5,359
Financial expenses 2,368 in 2021 2,603 in 2020 2,695 2,712 2,513
Net income 3,564 in 2021 2,303 in 2020 2,923 3,192 2,846

Dividend, in millions Canadian dollars.
Years 2021 2020 2019 2018 2017
Total 2,673 in 2020 1,727 in 2020 2,192 2,394 2,135
Balance sheet summary, in millions Canadian dollars.
Years 2021 2020 2019 2018 2017
Total assets 82,698 in 2021 80,895 in 2020 78,563 76,989 75,769
Long-term debt, including current portion and perpetual debt
49,698 in 2021

48,413 in 2020

45,767

46,335

45,259
Equity 23,260 in 2021 21,322 in 2020 21,448 21,209 19,755
Investments affecting cash, in millions Canadian dollars.
Years 2021 2020 2019 2018 2017
Property, plant and equipment and intangible assets 4,223 in 2021 3,366 in 2020 3,614 3,402 3,754
Financial ratios
Years 2021 2020 2019 2018 2017
Return on equity (%)a 14.3 in 2021 9.5 in 2020 12.4 14.0 12.9
Capitalization (%)b 32.0 in 2021 31.0 in 2020 32.3 31.8 30.7
Profit margin (%)c 24.5 in 2021 16.9 in 2020 20.8 22.2 21.1
Interest coveraged 2.52 in 2021 1.89 in 2020 2.07 2.18 2.13
Self-financing (%)e 52.2 in 2021 12.8 in 2020 48.6 63.9 66.6

Results and Outlook4

  • Investments totaled $4.2 billion in 2021.
  • Eight fixed-rate bond issues were made in 2021 on the Canadian capital market, at an average cost of 2.72%. The bonds will mature in 2060. These issues raised a total of $3.4 billion.

Net income

($B)

Le bénéfice net pour l'année 2020 est de 2,3 milliards de dollars Canadiens, et la prévision pour l'année 2021 est de 2,7 milliards de dollars Canadiens

Investments in property, plant and equipment and intangible assets

($B)

l'investissements en immobilisations corporelles et en actifs incorporels s'élèvent à 3,3 milliards de dollars Canadiens en 2020, et la prévision pour 2021 est de 3,5 milliards de dollars canadien.

Financing activities4

($B)

Les activités de financement pour l'année 2020 est de 4,6 milliards de dollarsCanadiens, et la prévision pour l'année 2021 est de 3,5 milliards de dollars Canadiens

Hydro-Québec securities: a bright and sustainable asset

Unconditional guarantee by the Québec government on most of Hydro-Québec’s debt (debentures, medium-term notes, commercial paper).

Debt Characteristics1

  • Average term 22 years
  • Breakdown – Fixed rate 93.1%
  • Breakdown – Floating rate 6.9%
  • Breakdown – Currency at time of issue – C$5 86.8%
  • Breakdown – Currency at time of issue – US$5 13.2%
  • Breakdown – Repayment currency – C$5 100%

Credit Ratings1

Rating agencies Long-term debt Commercial paper Outlook/Trend
Moody’s Aa2 P-1 Stable
S&P Global Ratings AA- A-1+ N/A*
Fitch Ratings AA- F1+ Stable
DBRS Morningstar AA (low) R-1 (middle) Stable

* S&P Global Ratings does not provide an outlook for Hydro-Québec’s credit rating.

  1. As at December 31, 2021
  2. Sum of generating, procurement and sales costs, divided by net sales volume
    • a) Net income divided by average equity for the year less average accumulated other comprehensive income for the year
    • b) Equity divided by the sum of equity, long-term debt, current portion of long-term debt, perpetual debt, borrowings and derivative instrument liabilities, less derivative instrument assets and sinking fund.
    • c) Net income divided by revenue.
    • d) Sum of income before financial expenses and net investment income divided by interest on debt securities.
    • e) Cash flows from operating activities less dividend paid, divided by the sum of cash flows from investing activities, excluding net change in short-term investments and sinking fund, and repayment of long-term debt.
  3. Forecast data is supplied for 2022.
  4. Including derivatives, which consist of swaps and forward contracts traded for purposes of managing long-term risk related to debt.

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It has not been approved by any regulatory body and is not sufficient for the purpose of deciding to purchase securities. The information, when released, was considered reliable as of that date.

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