Attached files
file | filename |
---|---|
8-K - VVC 8K - VECTREN CORP | vvc_8k.htm |
EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
Exhibit 99.2
VECTREN CORPORATION
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||||||||||||||||
AND SUBSIDIARY COMPANIES
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||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
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||||||||||||||||
(Millions, except per share amounts)
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||||||||||||||||
(Unaudited)
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||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2010
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2009
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2010
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2009
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|||||||||||||
OPERATING REVENUES:
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||||||||||||||||
Gas utility
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$ | 261.3 | $ | 306.1 | $ | 954.1 | $ | 1,066.0 | ||||||||
Electric utility
|
138.9 | 127.9 | 608.0 | 528.6 | ||||||||||||
Nonutility
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163.9 | 134.6 | 567.4 | 494.3 | ||||||||||||
Total operating revenues
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564.1 | 568.6 | 2,129.5 | 2,088.9 | ||||||||||||
OPERATING EXPENSES:
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||||||||||||||||
Cost of gas sold
|
133.0 | 177.5 | 504.7 | 618.1 | ||||||||||||
Cost of fuel and purchased power
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54.7 | 46.9 | 235.0 | 194.3 | ||||||||||||
Cost of nonutility revenues
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72.7 | 53.8 | 243.3 | 207.5 | ||||||||||||
Other operating
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140.0 | 136.4 | 538.4 | 514.0 | ||||||||||||
Depreciation and amortization
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58.5 | 53.6 | 229.1 | 211.9 | ||||||||||||
Taxes other than income taxes
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15.3 | 15.0 | 62.2 | 63.0 | ||||||||||||
Total operating expenses
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474.2 | 483.2 | 1,812.7 | 1,808.8 | ||||||||||||
OPERATING INCOME
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89.9 | 85.4 | 316.8 | 280.1 | ||||||||||||
OTHER INCOME (EXPENSE):
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||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates
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5.3 | 14.7 | (8.6 | ) | 3.4 | |||||||||||
Other income - net
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2.8 | 3.1 | 4.8 | 13.7 | ||||||||||||
Total other income (expense)
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8.1 | 17.8 | (3.8 | ) | 17.1 | |||||||||||
INTEREST EXPENSE
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26.6 | 26.0 | 104.6 | 100.0 | ||||||||||||
INCOME BEFORE INCOME TAXES
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71.4 | 77.2 | 208.4 | 197.2 | ||||||||||||
INCOME TAXES
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26.0 | 22.6 | 74.7 | 64.1 | ||||||||||||
NET INCOME
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$ | 45.4 | $ | 54.6 | $ | 133.7 | $ | 133.1 | ||||||||
AVERAGE COMMON SHARES OUTSTANDING
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81.5 | 80.8 | 81.2 | 80.7 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING
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81.6 | 81.0 | 81.3 | 81.0 | ||||||||||||
EARNINGS PER SHARE OF COMMON STOCK
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||||||||||||||||
BASIC
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$ | 0.56 | $ | 0.68 | $ | 1.65 | $ | 1.65 | ||||||||
DILUTED
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$ | 0.56 | $ | 0.67 | $ | 1.64 | $ | 1.64 |
VECTREN UTILITY HOLDINGS
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED STATEMENTS OF INCOME
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(Millions)
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(Unaudited)
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Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2010
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2009
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2010
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2009
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|||||||||||||
OPERATING REVENUES:
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Gas utility
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$ | 261.3 | $ | 306.1 | $ | 954.1 | $ | 1,066.0 | ||||||||
Electric utility
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138.9 | 127.9 | 608.0 | 528.6 | ||||||||||||
Other
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0.4 | 0.4 | 1.6 | 1.6 | ||||||||||||
Total operating revenues
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400.6 | 434.4 | 1,563.7 | 1,596.2 | ||||||||||||
OPERATING EXPENSES:
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Cost of gas sold
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133.0 | 177.5 | 504.7 | 618.1 | ||||||||||||
Cost of fuel and purchased power
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54.7 | 46.9 | 235.0 | 194.3 | ||||||||||||
Other operating
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75.9 | 76.7 | 299.2 | 304.6 | ||||||||||||
Depreciation and amortization
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47.7 | 46.1 | 188.2 | 180.9 | ||||||||||||
Taxes other than income taxes
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14.5 | 14.1 | 59.6 | 60.3 | ||||||||||||
Total operating expenses
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325.8 | 361.3 | 1,286.7 | 1,358.2 | ||||||||||||
OPERATING INCOME
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74.8 | 73.1 | 277.0 | 238.0 | ||||||||||||
OTHER INCOME - NET
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1.5 | 1.7 | 5.4 | 7.8 | ||||||||||||
INTEREST EXPENSE
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20.4 | 20.3 | 81.4 | 79.2 | ||||||||||||
INCOME BEFORE INCOME TAXES
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55.9 | 54.5 | 201.0 | 166.6 | ||||||||||||
INCOME TAXES
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22.3 | 18.6 | 77.1 | 59.2 | ||||||||||||
NET INCOME
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$ | 33.6 | $ | 35.9 | $ | 123.9 | $ | 107.4 |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED BALANCE SHEETS
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(Millions - Unaudited)
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December 31,
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December 31,
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2010
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2009
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ASSETS
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Current Assets
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Cash & cash equivalents
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$ | 10.4 | $ | 11.9 | ||||
Accounts receivable - less reserves of $5.3 &
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$5.2, respectively
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176.6 | 162.4 | ||||||
Accrued unbilled revenues
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162.0 | 144.7 | ||||||
Inventories
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187.1 | 167.8 | ||||||
Recoverable fuel & natural gas costs
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7.9 | - | ||||||
Prepayments & other current assets
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101.2 | 95.1 | ||||||
Total current assets
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645.2 | 581.9 | ||||||
Utility Plant
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Original cost
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4,791.7 | 4,601.4 | ||||||
Less: accumulated depreciation & amortization
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1,836.3 | 1,722.6 | ||||||
Net utility plant
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2,955.4 | 2,878.8 | ||||||
Investments in unconsolidated affiliates
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135.2 | 186.2 | ||||||
Other utility and corporate investments
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34.1 | 33.2 | ||||||
Other nonutility investments
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40.9 | 46.2 | ||||||
Nonutility property - net
|
488.3 | 482.6 | ||||||
Goodwill - net
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242.0 | 242.0 | ||||||
Regulatory assets
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189.4 | 187.9 | ||||||
Other assets
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33.7 | 33.0 | ||||||
TOTAL ASSETS
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$ | 4,764.2 | $ | 4,671.8 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY
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Current Liabilities
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Accounts payable
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$ | 183.7 | $ | 183.8 | ||||
Accounts payable to affiliated companies
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59.6 | 54.1 | ||||||
Refundable fuel & natural gas costs
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- | 22.3 | ||||||
Accrued liabilities
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178.4 | 174.7 | ||||||
Short-term borrowings
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118.3 | 213.5 | ||||||
Current maturities of long-term debt
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250.7 | 48.0 | ||||||
Long-term debt subject to tender
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30.0 | 51.3 | ||||||
Total current liabilities
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820.7 | 747.7 | ||||||
Long-term Debt - Net of Current Maturities &
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Debt Subject to Tender
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1,435.2 | 1,540.5 | ||||||
Deferred Income Taxes & Other Liabilities
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Deferred income taxes
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515.3 | 458.7 | ||||||
Regulatory liabilities
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333.5 | 322.1 | ||||||
Deferred credits & other liabilities
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220.6 | 205.6 | ||||||
Total deferred credits & other liabilities
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1,069.4 | 986.4 | ||||||
Common Shareholders' Equity
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||||||||
Common stock (no par value) – issued & outstanding
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81.7 and 81.1 shares, respectively
|
683.4 | 666.8 | ||||||
Retained earnings
|
759.9 | 737.2 | ||||||
Accumulated other comprehensive income (loss)
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(4.4 | ) | (6.8 | ) | ||||
Total common shareholders' equity
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1,438.9 | 1,397.2 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
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$ | 4,764.2 | $ | 4,671.8 |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(Millions - Unaudited)
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For the twelve months ended | ||||||||
December 31, | ||||||||
2010
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2009
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$ | 133.7 | $ | 133.1 | ||||
Adjustments to reconcile net income to cash from operating activities:
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Depreciation & amortization
|
229.1 | 211.9 | ||||||
Deferred income taxes & investment tax credits
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69.3 | 84.9 | ||||||
Equity in (earnings) losses of unconsolidated affiliates
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8.6 | (3.4 | ) | |||||
Provision for uncollectible accounts
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16.8 | 15.1 | ||||||
Expense portion of pension & postretirement benefit cost
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10.0 | 10.4 | ||||||
Other non-cash charges - net
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15.9 | 13.3 | ||||||
Changes in working capital accounts:
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||||||||
Accounts receivable & accrued unbilled revenue
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(48.3 | ) | 96.9 | |||||
Inventories
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(19.3 | ) | (36.1 | ) | ||||
Recoverable/refundable fuel & natural gas costs
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(30.2 | ) | 21.3 | |||||
Prepayments & other current assets
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(23.5 | ) | 43.1 | |||||
Accounts payable, including to affiliated companies
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5.5 | (85.8 | ) | |||||
Accrued liabilities
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10.2 | 4.0 | ||||||
Unconsolidated affiliate dividends
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42.7 | 12.6 | ||||||
Employer contributions to pension & postretirement plans
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(22.0 | ) | (38.5 | ) | ||||
Changes in noncurrent assets
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(7.6 | ) | 0.2 | |||||
Changes in noncurrent liabilities
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(6.1 | ) | (33.4 | ) | ||||
Net cash flows from operating activities
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384.8 | 449.6 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Proceeds from:
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Dividend reinvestment plan & other common stock issuances
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14.0 | 5.8 | ||||||
Long-term debt, net of issuance costs
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124.2 | 312.5 | ||||||
Requirements for:
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Dividends on common stock
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(110.8 | ) | (108.6 | ) | ||||
Retirement of long-term debt
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(49.3 | ) | (3.5 | ) | ||||
Other Financing Activities
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(0.2 | ) | - | |||||
Net change in short-term borrowings
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(95.2 | ) | (306.0 | ) | ||||
Net cash flows from financing activities
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(117.3 | ) | (99.8 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Proceeds from:
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Unconsolidated affiliate distributions
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0.5 | 4.6 | ||||||
Other collections
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10.8 | 1.5 | ||||||
Requirements for:
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Capital expenditures, excluding AFUDC equity
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(277.2 | ) | (432.0 | ) | ||||
Unconsolidated affiliate investments
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(0.2 | ) | (0.2 | ) | ||||
Other investments
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(2.9 | ) | (5.0 | ) | ||||
Net cash flows from investing activities
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(269.0 | ) | (431.1 | ) | ||||
Net change in cash & cash equivalents
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(1.5 | ) | (81.3 | ) | ||||
Cash & cash equivalents at beginning of period
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11.9 | 93.2 | ||||||
Cash & cash equivalents at end of period
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$ | 10.4 | $ | 11.9 |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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HIGHLIGHTS
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(millions, except per share amounts)
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(Unaudited)
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Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2010
|
2009
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2010
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2009
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REPORTED EARNINGS:
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||||||||||||||||
Utility Group
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$ | 33.6 | $ | 35.9 | $ | 123.9 | $ | 107.4 | ||||||||
Nonutility Group
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||||||||||||||||
Infrastructure Services
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0.9 | 0.2 | 3.1 | 2.4 | ||||||||||||
Energy Services
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2.2 | 3.0 | 6.4 | 8.4 | ||||||||||||
Coal Mining
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3.8 | 6.0 | 11.9 | 13.4 | ||||||||||||
Energy Marketing
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4.9 | 10.0 | (4.2 | ) | 4.1 | * | ||||||||||
Other Businesses
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- | (0.2 | ) | (7.4 | ) | (2.5 | ) | |||||||||
Total Nonutility Group
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11.8 | 19.0 | 9.8 | 25.8 | ||||||||||||
Corporate and Other
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- | (0.3 | ) | - | (0.1 | ) | ||||||||||
Vectren Consolidated
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$ | 45.4 | $ | 54.6 | $ | 133.7 | $ | 133.1 | ||||||||
REPORTED EPS
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$ | 0.56 | $ | 0.68 | $ | 1.65 | $ | 1.65 | ||||||||
* Twelve months ended December 31, 2009 includes $11.9 million after tax charge related to Liberty Gas Storage Investment
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VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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SELECTED GAS DISTRIBUTION
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OPERATING STATISTICS
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(Unaudited)
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||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2010
|
2009
|
2010
|
2009
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GAS OPERATING REVENUES (Millions):
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Residential
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$ | 179.5 | $ | 209.5 | $ | 651.2 | $ | 726.6 | ||||||||
Commercial
|
61.9 | 77.9 | 234.5 | 272.3 | ||||||||||||
Industrial
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17.0 | 16.8 | 57.6 | 55.9 | ||||||||||||
Other Revenue
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2.9 | 1.9 | 10.8 | 11.2 | ||||||||||||
$ | 261.3 | $ | 306.1 | $ | 954.1 | $ | 1,066.0 | |||||||||
GAS MARGIN (Millions):
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||||||||||||||||
Residential
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$ | 84.7 | $ | 87.2 | $ | 297.9 | $ | 298.9 | ||||||||
Commercial
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24.8 | 25.7 | 87.2 | 89.9 | ||||||||||||
Industrial
|
15.6 | 13.4 | 52.4 | 46.8 | ||||||||||||
Other
|
3.2 | 2.3 | 11.9 | 12.3 | ||||||||||||
$ | 128.3 | $ | 128.6 | $ | 449.4 | $ | 447.9 | |||||||||
GAS SOLD & TRANSPORTED (MMDth):
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||||||||||||||||
Residential
|
26.1 | 24.1 | 74.0 | 73.3 | ||||||||||||
Commercial
|
10.7 | 10.9 | 32.2 | 33.2 | ||||||||||||
Industrial
|
25.7 | 22.9 | 90.8 | 78.0 | ||||||||||||
62.5 | 57.9 | 197.0 | 184.5 | |||||||||||||
AVERAGE GAS CUSTOMERS
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||||||||||||||||
Residential
|
901,735 | 900,977 | 897,715 | 896,516 | ||||||||||||
Commercial
|
82,993 | 83,265 | 82,780 | 83,148 | ||||||||||||
Industrial
|
1,652 | 1,618 | 1,638 | 1,621 | ||||||||||||
986,380 | 985,860 | 982,133 | 981,285 | |||||||||||||
YTD WEATHER AS A PERCENT OF NORMAL:
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||||||||||||||||
Heating Degree Days (Ohio)
|
108 | % | 102 | % | 105 | % | 103 | % |
VECTREN CORPORATION
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AND SUBSIDIARY COMPANIES
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SELECTED ELECTRIC
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OPERATING STATISTICS
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||||||||||||||||
(Unaudited)
|
||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
Ended December 31 | Ended December 31 | |||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||||||||||
Residential
|
$ | 42.4 | $ | 40.9 | $ | 206.4 | $ | 183.3 | ||||||||
Commercial
|
36.1 | 34.3 | 149.7 | 139.9 | ||||||||||||
Industrial
|
47.6 | 41.1 | 199.1 | 162.3 | ||||||||||||
Other Revenue
|
3.6 | 3.1 | 9.1 | 7.7 | ||||||||||||
Total Retail
|
129.7 | 119.4 | 564.3 | 493.2 | ||||||||||||
Net Wholesale Revenues
|
9.2 | 8.5 | 43.7 | 35.4 | ||||||||||||
$ | 138.9 | $ | 127.9 | $ | 608.0 | $ | 528.6 | |||||||||
ELECTRIC MARGIN (Millions):
|
||||||||||||||||
Residential
|
$ | 29.4 | $ | 29.4 | $ | 144.3 | $ | 131.6 | ||||||||
Commercial
|
23.0 | 22.8 | 96.9 | 93.1 | ||||||||||||
Industrial
|
23.0 | 20.5 | 97.1 | 81.7 | ||||||||||||
Other
|
3.4 | 2.9 | 8.5 | 7.2 | ||||||||||||
Total Retail
|
78.8 | 75.6 | 346.8 | 313.6 | ||||||||||||
Net Wholesale Margin
|
5.4 | 5.4 | 26.2 | 20.7 | ||||||||||||
$ | 84.2 | $ | 81.0 | $ | 373.0 | $ | 334.3 | |||||||||
ELECTRICITY SOLD (GWh):
|
||||||||||||||||
Residential
|
324.7 | 317.7 | 1,603.5 | 1,451.7 | ||||||||||||
Commercial
|
324.0 | 321.0 | 1,360.5 | 1,309.1 | ||||||||||||
Industrial
|
610.6 | 572.0 | 2,630.3 | 2,258.9 | ||||||||||||
Other Sales - Street Lighting
|
6.6 | 5.9 | 22.6 | 20.0 | ||||||||||||
Total Retail
|
1,265.9 | 1,216.6 | 5,616.9 | 5,039.7 | ||||||||||||
Wholesale
|
121.4 | 109.3 | 587.6 | 603.6 | ||||||||||||
1,387.3 | 1,325.9 | 6,204.5 | 5,643.3 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS
|
||||||||||||||||
Residential
|
122,907 | 122,600 | 122,857 | 122,380 | ||||||||||||
Commercial
|
18,261 | 18,347 | 18,321 | 18,357 | ||||||||||||
Industrial
|
111 | 106 | 108 | 105 | ||||||||||||
Other
|
33 | 33 | 33 | 33 | ||||||||||||
141,312 | 141,086 | 141,319 | 140,875 | |||||||||||||
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
Cooling Degree Days (Indiana)
|
134 | % | 90 | % | ||||||||||||
Heating Degree Days (Indiana)
|
101 | % | 96 | % |