Algonquin Power & Utilities Corp. – Consolidated Financial Statements (thousands of Canadian dollars) December 31,  December 31,  2012 2011 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 34,283 $ 8,382 Accrued liabilities 99,468 46,821 Due to related parties (note 19) 1,811 1,795 Dividends payable (note 16) 15,498 9,566 Regulatory liabilities (note 7) 6,065 2,469 Long term liabilities (note 9) 1,768 1,624 Other long term liabilities (note 13) 4,352 1,037 Advances in aid of construction (note 1(o)) 591  604  Derivative instruments (note 24) 2,211 2,935 Income tax liability (note 17) 539 407 Deferred credits (note 17) 5,754 6,314 Deferred income tax liability (note 17) 1,133  723  173,473 82,677 Long-term liabilities (note 9) 769,058 331,092 Convertible debentures (note 10) 960 122,297 Advances in aid of construction (note 1(o)) 71,626 74,547 Regulatory liabilities (note 7) 82,050 19,184 Deferred income tax liability (note 17) 100,798 53,231 Derivative instruments (note 24) 15,605 5,209 Deferred credits (note 17) 25,816 30,348 Pension and post employment benefits (note 11) 59,246  - Environmental obligation (note 21) 56,587  - Other long-term liabilities (note 13) 20,889 11,027 1,202,635 646,935 Equity: Preferred shares (note 14(b)) 116,546  - Common shares (note 14(a)) 1,245,326 975,263 Subscription receipts (note 14(a)(iii)) 61,160  - Additional paid-in capital (note 14) 5,224 1,525 Deficit (406,143) (366,080) Accumulated other comprehensive loss (note 15) (104,867) (96,510) 917,246 514,198 Non-controlling interests 484,883 38,497 Total Equity 1,402,129 552,695 Commitments and contingencies (note 21) Subsequent events (notes 3,10, 14, 18 and 25) $ 2,778,237 $ 1,282,307 Total Equity attributable to shareholders of Algonquin Power & Utilities Corp. See accompanying notes to consolidated financial statements 2012 Annual Report 73 Algonquin Power & Utilities Corp. Consolidated Balance Sheets