WINDSOR CANADA UTILITIES LTD.Notes to the Consolidated Financial Statements(in thousands of Canadian dollars)

Year ended December 31, 2019

Page

1.

Reporting entity

7

2.

Basis of preparation

8

3.

Significant accounting policies

11

4.

Cash and cash equivalents

21

5.

Accounts receivable

21

6.

Inventory

21

7.

Property, plant and equipment

22

8.

Intangible assets

23

9.

Investment

24

10.

Accounts payable and accruals

25

11.

Customer deposits

25

12.

Deferred revenue – customer contributions

25

13.

Long-term borrowings

26

14.

Employee future benefits

27

15.

Pension plan

29

16.

Income taxes (provision for payment in lieu of corporate taxes)

29

17.

Share capital

31

18.

Distribution revenue

31

19.

Other income

31

20.

Employee benefits

32

21.

Finance expense (income)

32

22.

Related party transactions

33

23.

Joint venture

35

24.

Financial instruments and risk management

36

25.

Commitments and contingencies

40

26.

Regulatory assets and liabilities

40

27.

Comparative figures

41

28.

Subsequent event

41