Investor Presentaiton
7. LONG-TERM DEBT DUE TO PROVINCE OF NOVA SCOTIA (continued)
(a) Notes payable to the Province of Nova Scotia are comprised of the following:
Note payable 2013-18
Note payable 2013-19
Note payable 2013-20
Note payable 2013-21
Note payable 2013-22
2014
Fiscal Year
of Maturity
Applicable
Interest rate
Principal
Outstanding
%
2022
1.99
218
2019
1.89
500
2018
2.08
251
2015
1.4
69
2019
2.97
1,001
72,397
Note payable 2002-01 in the amount of $1,334 (2013 - $1,938) has no set terms of repayments with the Province of Nova Scotia. The principal for this is
repayable to the Province when the principal is collected from the loans that are funded by this note. In addition, 80% of the interest received or capitalized
on the underlying loans is repayable to the Province.
The remaining notes are repayable in quarterly instalments of principal and interest based on maturity dates and rates set as above.
2013
Principal
Outstanding
$
71,328
(b) Principal repayments on the notes, excluding note 2002-01, are as follows:
$
2015
21,207
2016
20,801
2017
12,423
2018
7,586
2019
2,620
Thereafter
6,426
71,063
Future scheduled interest capitalization amounts $1,745 (2013 - $1,895) on certain
existing notes payable are excluded in the above repayment amounts.
9. CONTRACTUAL OBLIGATIONS
(a) The Corporation has approved financing of $3,098 (2013 - $9,560) that is
undisbursed at year-end.
(b) The Corporation administers strategic investments on behalf of the Province on
Nova Scotia that permit approved businesses to receive a percentage of payroll
taxes paid as a rebate. Expenses incurred by the Corporation are match-funded
by the Province of Nova Scotia in the form of a Strategic Investment Grant.
As at March 31, 2014, transactions were approved with maximum annual
payments over the next six years of $77.7 million (2013 - $92.2 million) as
shown below:
The total interest paid or became payable during the year and recorded in the
statement of operations was $2,184 (2013 - $3,852).
2015
18,785
2016
18,177
2017
17,456
8. SHARE CAPITAL
2018
13,395
The Corporation is authorized to issue 100 Class A common shares with a par value of
$1 each. At year-end, 100 common shares have been issued to the Province.
2019
6,754
2020
3,105
Total
77,672View entire presentation