Attached files
file | filename |
---|---|
EX-99.3 - EXHBIT 99.3 - VECTREN CORP | ex99_3.htm |
EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
8-K - 2009 QFR - VECTREN CORP | vvc_8k.htm |
Exhbit
99.2
VECTREN
CORPORATION
|
AND
SUBSIDIARY COMPANIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Millions,
except per share amounts)
|
(Unaudited)
|
Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
OPERATING
REVENUES:
|
||||||||||||||||
Gas
utility
|
$ | 306.1 | $ | 430.3 | $ | 1,066.0 | $ | 1,432.7 | ||||||||
Electric
utility
|
127.9 | 121.9 | 528.6 | 524.2 | ||||||||||||
Nonutility
revenues
|
134.6 | 155.1 | 494.3 | 527.8 | ||||||||||||
Total
operating revenues
|
568.6 | 707.3 | 2,088.9 | 2,484.7 | ||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||
Cost
of gas sold
|
177.5 | 297.1 | 618.1 | 983.1 | ||||||||||||
Cost
of fuel and purchased power
|
46.9 | 39.7 | 194.3 | 182.9 | ||||||||||||
Cost
of nonutility revenues
|
53.8 | 83.8 | 207.5 | 282.2 | ||||||||||||
Other
operating
|
136.4 | 137.9 | 514.0 | 506.3 | ||||||||||||
Depreciation
and amortization
|
53.6 | 49.8 | 211.9 | 192.3 | ||||||||||||
Taxes
other than income taxes
|
15.0 | 20.6 | 63.0 | 74.5 | ||||||||||||
Total
operating expenses
|
483.2 | 628.9 | 1,808.8 | 2,221.3 | ||||||||||||
OPERATING
INCOME
|
85.4 | 78.4 | 280.1 | 263.4 | ||||||||||||
OTHER
INCOME (EXPENSE):
|
||||||||||||||||
Equity
in earnings of unconsolidated affiliates
|
14.7 | 8.4 | 3.4 | 37.4 | ||||||||||||
Other
income (loss)- net
|
3.1 | (0.3 | ) | 13.7 | 2.1 | |||||||||||
Total
other income
|
17.8 | 8.1 | 17.1 | 39.5 | ||||||||||||
INTEREST
EXPENSE
|
26.0 | 25.4 | 100.0 | 97.8 | ||||||||||||
INCOME
BEFORE INCOME TAXES
|
77.2 | 61.1 | 197.2 | 205.1 | ||||||||||||
INCOME
TAXES
|
22.6 | 24.0 | 64.1 | 76.1 | ||||||||||||
NET
INCOME
|
$ | 54.6 | $ | 37.1 | $ | 133.1 | $ | 129.0 | ||||||||
AVERAGE
COMMON SHARES OUTSTANDING
|
80.8 | 80.6 | 80.7 | 78.3 | ||||||||||||
DILUTED
COMMON SHARES OUTSTANDING
|
81.0 | 80.8 | 81.0 | 78.7 | ||||||||||||
EARNINGS
PER SHARE OF COMMON STOCK
|
||||||||||||||||
BASIC
|
$ | 0.68 | $ | 0.46 | $ | 1.65 | $ | 1.65 | ||||||||
DILUTED
|
$ | 0.67 | $ | 0.46 | $ | 1.64 | $ | 1.63 |
VECTREN
UTILITY HOLDINGS
|
||||||||||||||||
AND
SUBSIDIARY COMPANIES
|
||||||||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
(Millions)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
OPERATING
REVENUES:
|
||||||||||||||||
Gas
utility
|
$ | 306.1 | $ | 430.3 | $ | 1,066.0 | $ | 1,432.7 | ||||||||
Electric
utility
|
127.9 | 121.9 | 528.6 | 524.2 | ||||||||||||
Other
|
0.4 | - | 1.6 | 1.8 | ||||||||||||
Total
operating revenues
|
434.4 | 552.2 | 1,596.2 | 1,958.7 | ||||||||||||
OPERATING
EXPENSES:
|
||||||||||||||||
Cost
of gas sold
|
177.5 | 297.1 | 618.1 | 983.1 | ||||||||||||
Cost
of fuel and purchased power
|
46.9 | 39.7 | 194.3 | 182.9 | ||||||||||||
Other
operating
|
76.7 | 82.6 | 304.6 | 300.3 | ||||||||||||
Depreciation
and amortization
|
46.1 | 42.3 | 180.9 | 165.5 | ||||||||||||
Taxes
other than income taxes
|
14.1 | 20.5 | 60.3 | 72.3 | ||||||||||||
Total
operating expenses
|
361.3 | 482.2 | 1,358.2 | 1,704.1 | ||||||||||||
OPERATING
INCOME
|
73.1 | 70.0 | 238.0 | 254.6 | ||||||||||||
OTHER
INCOME - NET
|
1.7 | (0.9 | ) | 7.8 | 4.0 | |||||||||||
INTEREST
EXPENSE
|
20.3 | 20.4 | 79.2 | 79.9 | ||||||||||||
INCOME
BEFORE INCOME TAXES
|
54.5 | 48.7 | 166.6 | 178.7 | ||||||||||||
INCOME
TAXES
|
18.6 | 18.0 | 59.2 | 67.6 | ||||||||||||
NET
INCOME
|
$ | 35.9 | $ | 30.7 | $ | 107.4 | $ | 111.1 |
VECTREN
CORPORATION
|
||||||||
AND
SUBSIDIARY COMPANIES
|
||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||
(Millions
- Unaudited)
|
||||||||
December
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
||||||||
Current
Assets
|
||||||||
Cash & cash
equivalents
|
$ | 11.9 | $ | 93.2 | ||||
Accounts receivable
- less reserves of $5.2 &
|
||||||||
$5.6,
respectively
|
162.4 | 226.7 | ||||||
Accrued unbilled
revenues
|
144.7 | 197.0 | ||||||
Inventories
|
167.8 | 131.0 | ||||||
Recoverable fuel
& natural gas costs
|
- | 3.1 | ||||||
Prepayments &
other current assets
|
95.1 | 124.6 | ||||||
Total current
assets
|
581.9 | 775.6 | ||||||
Utility
Plant
|
||||||||
Original
cost
|
4,601.4 | 4,335.3 | ||||||
Less: accumulated
depreciation & amortization
|
1,722.6 | 1,615.0 | ||||||
Net utility
plant
|
2,878.8 | 2,720.3 | ||||||
Investments
in unconsolidated affiliates
|
186.2 | 179.1 | ||||||
Other
utility and corporate investments
|
33.2 | 44.2 | ||||||
Other
nonutility investments
|
46.2 | 27.4 | ||||||
Nonutility
property - net
|
482.6 | 390.2 | ||||||
Goodwill
- net
|
242.0 | 240.2 | ||||||
Regulatory
assets
|
187.9 | 216.7 | ||||||
Other
assets
|
33.0 | 39.2 | ||||||
TOTAL
ASSETS
|
$ | 4,671.8 | $ | 4,632.9 | ||||
LIABILITIES
& SHAREHOLDERS' EQUITY
|
||||||||
Current
Liabilities
|
||||||||
Accounts
payable
|
$ | 183.8 | $ | 266.1 | ||||
Accounts payable to
affiliated companies
|
54.1 | 75.2 | ||||||
Refundable fuel
& natural gas costs
|
22.3 | 4.1 | ||||||
Accrued
liabilities
|
174.7 | 175.0 | ||||||
Short-term
borrowings
|
213.5 | 519.5 | ||||||
Current maturities
of long-term debt
|
48.0 | 0.4 | ||||||
Long-term debt
subject to tender
|
51.3 | 80.0 | ||||||
Total current
liabilities
|
747.7 | 1,120.3 | ||||||
Long-term
Debt - Net of Current Maturities &
|
||||||||
Debt Subject to
Tender
|
1,540.5 | 1,247.9 | ||||||
Deferred
Income Taxes & Other Liabilities
|
||||||||
Deferred income
taxes
|
458.7 | 353.4 | ||||||
Regulatory
liabilities
|
322.1 | 315.1 | ||||||
Deferred credits
& other liabilities
|
205.6 | 244.6 | ||||||
Total
deferred credits & other liabilities
|
986.4 | 913.1 | ||||||
Common
Shareholders' Equity
|
||||||||
Common stock (no
par value) – issued & outstanding
|
||||||||
81.1 and 81.0
shares, respectively
|
666.8 | 659.1 | ||||||
Retained
earnings
|
737.2 | 712.8 | ||||||
Accumulated other
comprehensive income (loss)
|
(6.8 | ) | (20.3 | ) | ||||
Total common shareholders'
equity
|
1,397.2 | 1,351.6 | ||||||
TOTAL
LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 4,671.8 | $ | 4,632.9 |
VECTREN
CORPORATION
|
||||||||
AND
SUBSIDIARY COMPANIES
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
(Millions
- Unaudited)
|
||||||||
For
the Twelve months ended
|
||||||||
December
31,
|
||||||||
2009
|
2008
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
income
|
$ | 133.1 | $ | 129.0 | ||||
Adjustments to
reconcile net income to cash from operating activities:
|
||||||||
Depreciation
& amortization
|
211.9 | 192.3 | ||||||
Deferred income
taxes & investment tax credits
|
84.9 | 79.6 | ||||||
Equity
in earnings of unconsolidated affiliates
|
(3.4 | ) | (37.4 | ) | ||||
Provision for
uncollectible accounts
|
15.1 | 16.9 | ||||||
Expense
portion of pension & postretirement periodic benefit
cost
|
10.4 | 7.8 | ||||||
Other
non-cash charges - net
|
13.3 | 25.4 | ||||||
Changes
in working capital accounts:
|
||||||||
Accounts
receivable & accrued unbilled revenue
|
96.9 | (83.0 | ) | |||||
Inventories
|
(36.1 | ) | 26.4 | |||||
Recoverable/refundable
fuel & natural gas costs
|
21.3 | (26.2 | ) | |||||
Prepayments
& other current assets
|
43.1 | 9.8 | ||||||
Accounts
payable, including to affiliated companies
|
(85.8 | ) | 65.7 | |||||
Accrued
liabilities
|
4.0 | 16.5 | ||||||
Unconsolidated
affiliate dividends
|
12.6 | 15.5 | ||||||
Employer
contributions to pension & postretirement plans
|
(38.5 | ) | (15.1 | ) | ||||
Changes
in noncurrent assets
|
0.2 | 19.6 | ||||||
Changes
in noncurrent liabilities
|
(33.4 | ) | (19.6 | ) | ||||
Net
cash flows from operating activities
|
449.6 | 423.2 | ||||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds
from:
|
||||||||
Long-term
debt
|
312.5 | 171.4 | ||||||
Issuance of
common stock
|
- | 124.9 | ||||||
Dividend
reinvestment plan & other
|
5.8 | 0.9 | ||||||
Requirements
for:
|
||||||||
Dividends on
common stock
|
(108.6 | ) | (102.6 | ) | ||||
Retirement of
long-term debt
|
(3.5 | ) | (104.9 | ) | ||||
Other
financing activities
|
- | (0.1 | ) | |||||
Net
change in short-term borrowings
|
(306.0 | ) | (37.8 | ) | ||||
Net
cash flows from financing activities
|
(99.8 | ) | 51.8 | |||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds
from:
|
||||||||
Unconsolidated
affiliate distributions
|
4.6 | 0.2 | ||||||
Other
collections
|
1.5 | 6.4 | ||||||
Requirements
for:
|
||||||||
Capital
expenditures, excluding AFUDC equity
|
(432.0 | ) | (391.0 | ) | ||||
Unconsolidated
affiliate investments
|
(0.2 | ) | (0.6 | ) | ||||
Other
investments
|
(5.0 | ) | (17.4 | ) | ||||
Net
cash flows from investing activities
|
(431.1 | ) | (402.4 | ) | ||||
Net
change in cash & cash equivalents
|
(81.3 | ) | 72.6 | |||||
Cash
& cash equivalents at beginning of period
|
93.2 | 20.6 | ||||||
Cash
& cash equivalents at end of period
|
$ | 11.9 | $ | 93.2 |
VECTREN
CORPORATION
|
||||||||||||||||
AND
SUBSIDIARY COMPANIES
|
||||||||||||||||
HIGHLIGHTS
|
||||||||||||||||
(millions,
except per share amounts)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
REPORTED
EARNINGS:
|
||||||||||||||||
Utility
Group
|
$ | 35.9 | $ | 30.7 | $ | 107.4 | $ | 111.1 | ||||||||
Non-utility
Group
|
||||||||||||||||
Energy
Marketing and Services
|
10.0 | 5.6 | 16.0 | 18.0 | ||||||||||||
Coal
Mining
|
6.0 | (3.0 | ) | 13.4 | (4.6 | ) | ||||||||||
Energy
Infrastructure Services
|
3.2 | 5.9 | 10.8 | 11.4 | ||||||||||||
Other
Businesses
|
(0.2 | ) | (1.7 | ) | (2.5 | ) | - | |||||||||
Commercial
Real Estate Impairment Charge
|
- | - | - | (5.9 | ) | |||||||||||
Total
Non-utility Operations
|
19.0 | 6.8 | 37.7 | 18.9 | ||||||||||||
Corporate
and Other
|
(0.3 | ) | (0.4 | ) | (0.1 | ) | (1.0 | ) | ||||||||
Sub-Total
Operations
|
54.6 | 37.1 | 145.0 | 129.0 | ||||||||||||
Charge
related to Liberty Gas Storage Investment
|
- | - | (11.9 | ) | - | |||||||||||
Vectren
Consolidated
|
$ | 54.6 | $ | 37.1 | $ | 133.1 | $ | 129.0 | ||||||||
EARNINGS
PER SHARE:
|
||||||||||||||||
EPS
FROM OPERATIONS
|
$ | 0.68 | $ | 0.46 | $ | 1.80 | $ | 1.65 | ||||||||
Charge
related to Liberty Gas Storage Investment
|
- | - | (0.15 | ) | - | |||||||||||
REPORTED
EPS
|
$ | 0.68 | $ | 0.46 | $ | 1.65 | $ | 1.65 |
VECTREN
CORPORATION
|
||||||||||||||||
AND
SUBSIDIARY COMPANIES
|
||||||||||||||||
SELECTED
GAS DISTRIBUTION
|
||||||||||||||||
OPERATING
STATISTICS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended Dec 31 | Ended Dec 31 | |||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
GAS
OPERATING REVENUES (Millions):
|
||||||||||||||||
Residential
|
$ | 209.5 | $ | 295.5 | $ | 726.6 | $ | 959.2 | ||||||||
Commercial
|
77.9 | 114.0 | 272.3 | 392.8 | ||||||||||||
Industrial
|
16.8 | 18.9 | 55.9 | 68.8 | ||||||||||||
Other
Revenue
|
1.9 | 1.9 | 11.2 | 11.9 | ||||||||||||
$ | 306.1 | $ | 430.3 | $ | 1,066.0 | $ | 1,432.7 | |||||||||
GAS
MARGIN (Millions):
|
||||||||||||||||
Residential
|
$ | 87.2 | $ | 89.5 | $ | 298.9 | $ | 292.5 | ||||||||
Commercial
|
25.7 | 27.7 | 89.9 | 93.0 | ||||||||||||
Industrial
|
13.4 | 14.0 | 46.8 | 51.2 | ||||||||||||
Other
|
2.3 | 2.0 | 12.3 | 12.9 | ||||||||||||
$ | 128.6 | $ | 133.2 | $ | 447.9 | $ | 449.6 | |||||||||
GAS
SOLD & TRANSPORTED (MMDth):
|
||||||||||||||||
Residential
|
24.1 | 26.5 | 73.3 | 79.2 | ||||||||||||
Commercial
|
10.9 | 11.7 | 33.2 | 35.6 | ||||||||||||
Industrial
|
22.9 | 24.0 | 78.0 | 91.5 | ||||||||||||
57.9 | 62.2 | 184.5 | 206.3 | |||||||||||||
AVERAGE
GAS CUSTOMERS
|
||||||||||||||||
Residential
|
900,977 | 904,163 | 896,516 | 901,131 | ||||||||||||
Commercial
|
83,265 | 84,107 | 83,148 | 83,940 | ||||||||||||
Industrial
|
1,618 | 1,622 | 1,621 | 1,614 | ||||||||||||
985,860 | 989,892 | 981,285 | 986,685 | |||||||||||||
YTD
WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
Heating
Degree Days (Ohio)
|
102 | % | 105 | % | 103 | % | 102 | % |
VECTREN
CORPORATION
|
||||||||||||||||
AND
SUBSIDIARY COMPANIES
|
||||||||||||||||
SELECTED
ELECTRIC
|
||||||||||||||||
OPERATING
STATISTICS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended Dec 31 | Ended Dec 31 | |||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
ELECTRIC
OPERATING REVENUES (Millions):
|
||||||||||||||||
Residential
|
$ | 40.5 | $ | 37.2 | $ | 181.4 | $ | 171.0 | ||||||||
Commercial
|
34.3 | 30.7 | 139.0 | 127.1 | ||||||||||||
Industrial
|
41.5 | 33.1 | 165.1 | 150.5 | ||||||||||||
Municipals
|
- | - | - | 1.0 | ||||||||||||
Other
Revenue
|
3.1 | 2.8 | 7.7 | 7.7 | ||||||||||||
Total
Retail
|
119.4 | 103.8 | 493.2 | 457.3 | ||||||||||||
Net
Wholesale Revenues
|
8.5 | 18.1 | 35.4 | 66.9 | ||||||||||||
$ | 127.9 | $ | 121.9 | $ | 528.6 | $ | 524.2 | |||||||||
ELECTRIC
MARGIN (Millions):
|
||||||||||||||||
Residential
|
$ | 29.0 | $ | 28.8 | $ | 129.7 | $ | 129.0 | ||||||||
Commercial
|
22.8 | 22.0 | 92.2 | 89.6 | ||||||||||||
Industrial
|
20.9 | 18.4 | 84.5 | 82.9 | ||||||||||||
Municipals
|
- | - | - | - | ||||||||||||
Other
|
2.9 | 2.7 | 7.2 | 7.3 | ||||||||||||
Total
Retail
|
75.6 | 71.9 | 313.6 | 308.8 | ||||||||||||
Net
Wholesale Margin
|
5.4 | 10.3 | 20.7 | 32.5 | ||||||||||||
$ | 81.0 | $ | 82.2 | $ | 334.3 | $ | 341.3 | |||||||||
ELECTRICITY
SOLD (GWh):
|
||||||||||||||||
Residential
|
317.7 | 331.4 | 1,451.7 | 1,513.8 | ||||||||||||
Commercial
|
321.0 | 323.5 | 1,309.1 | 1,336.7 | ||||||||||||
Industrial
|
572.0 | 549.6 | 2,258.9 | 2,409.1 | ||||||||||||
Municipals
|
- | - | - | 44.3 | ||||||||||||
Other
Sales - Street Lighting
|
5.9 | 5.5 | 20.0 | 19.5 | ||||||||||||
Total
Retail
|
1,216.6 | 1,210.0 | 5,039.7 | 5,323.4 | ||||||||||||
Wholesale
|
109.3 | 401.5 | 603.6 | 1,512.9 | ||||||||||||
1,325.9 | 1,611.5 | 5,643.3 | 6,836.3 | |||||||||||||
AVERAGE
ELECTRIC CUSTOMERS
|
||||||||||||||||
Residential
|
122,600 | 122,576 | 122,380 | 122,522 | ||||||||||||
Commercial
|
18,347 | 18,385 | 18,357 | 18,422 | ||||||||||||
Industrial
|
106 | 103 | 105 | 103 | ||||||||||||
Other
|
33 | 34 | 33 | 34 | ||||||||||||
141,086 | 141,098 | 140,875 | 141,081 | |||||||||||||
YTD
WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
Cooling
Degree Days (Indiana)
|
90 | % | 100 | % | ||||||||||||
Heating
Degree Days (Indiana)
|
100 | % | 104 | % | 96 | % | 102 | % |