Attached files
| file | filename |
|---|---|
| 8-K - VVC VUHI EARNINGS - VECTREN CORP | vvc_vuhi8k.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
|
||||||||
|
AND SUBSIDIARY COMPANIES
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||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
|
(Millions, except per share amounts)
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2012
|
2011
|
|||||||
|
OPERATING REVENUES:
|
||||||||
|
Gas utility
|
$ | 292.3 | $ | 356.7 | ||||
|
Electric utility
|
139.4 | 146.4 | ||||||
|
Nonutility
|
172.9 | 179.5 | ||||||
|
Total operating revenues
|
604.6 | 682.6 | ||||||
|
OPERATING EXPENSES:
|
||||||||
|
Cost of gas sold
|
137.1 | 195.1 | ||||||
|
Cost of fuel and purchased power
|
44.7 | 59.5 | ||||||
|
Cost of nonutility revenues
|
59.5 | 105.1 | ||||||
|
Other operating
|
173.2 | 141.6 | ||||||
|
Depreciation and amortization
|
63.6 | 59.1 | ||||||
|
Taxes other than income taxes
|
16.6 | 18.9 | ||||||
|
Total operating expenses
|
494.7 | 579.3 | ||||||
|
OPERATING INCOME
|
109.9 | 103.3 | ||||||
|
OTHER INCOME (EXPENSE):
|
||||||||
|
Equity in earnings (losses) of unconsolidated affiliates
|
(7.6 | ) | (10.9 | ) | ||||
|
Other income - net
|
3.3 | 2.4 | ||||||
|
Total other income (expense)
|
(4.3 | ) | (8.5 | ) | ||||
|
INTEREST EXPENSE
|
24.0 | 26.6 | ||||||
|
INCOME BEFORE INCOME TAXES
|
81.6 | 68.2 | ||||||
|
INCOME TAXES
|
30.3 | 23.6 | ||||||
|
NET INCOME
|
$ | 51.3 | $ | 44.6 | ||||
|
AVERAGE COMMON SHARES OUTSTANDING
|
82.0 | 81.7 | ||||||
|
DILUTED COMMON SHARES OUTSTANDING
|
82.0 | 81.7 | ||||||
|
EARNINGS PER SHARE OF COMMON STOCK
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||||||||
|
BASIC
|
$ | 0.63 | $ | 0.55 | ||||
|
DILUTED
|
$ | 0.62 | $ | 0.55 | ||||
|
VECTREN UTILITY HOLDINGS
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||||||||
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AND SUBSIDIARY COMPANIES
|
||||||||
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CONSOLIDATED STATEMENTS OF INCOME
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||||||||
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(Millions - Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2012
|
2011
|
|||||||
|
OPERATING REVENUES:
|
||||||||
|
Gas utility
|
$ | 292.3 | $ | 356.7 | ||||
|
Electric utility
|
139.4 | 146.4 | ||||||
|
Other
|
0.4 | 0.5 | ||||||
|
Total operating revenues
|
432.1 | 503.6 | ||||||
|
OPERATING EXPENSES:
|
||||||||
|
Cost of gas sold
|
137.1 | 195.1 | ||||||
|
Cost of fuel and purchased power
|
44.7 | 59.5 | ||||||
|
Other operating
|
79.9 | 86.9 | ||||||
|
Depreciation and amortization
|
48.6 | 48.2 | ||||||
|
Taxes other than income taxes
|
15.9 | 18.0 | ||||||
|
Total operating expenses
|
326.2 | 407.7 | ||||||
|
OPERATING INCOME
|
105.9 | 95.9 | ||||||
|
OTHER INCOME - NET
|
2.2 | 1.7 | ||||||
|
INTEREST EXPENSE
|
17.7 | 20.4 | ||||||
|
INCOME BEFORE INCOME TAXES
|
90.4 | 77.2 | ||||||
|
INCOME TAXES
|
34.4 | 28.6 | ||||||
|
NET INCOME
|
$ | 56.0 | $ | 48.6 | ||||
|
VECTREN CORPORATION
|
||||||||
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AND SUBSIDIARY COMPANIES
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CONSOLIDATED BALANCE SHEETS
|
||||||||
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(Millions - Unaudited)
|
||||||||
|
March 31,
|
December 31,
|
|||||||
|
2012
|
2011
|
|||||||
|
ASSETS
|
||||||||
|
Current Assets
|
||||||||
|
Cash & cash equivalents
|
$ | 14.2 | $ | 8.6 | ||||
|
Accounts receivable - less reserves of $6.1 &
|
||||||||
|
$6.7, respectively
|
214.6 | 221.3 | ||||||
|
Accrued unbilled revenues
|
67.8 | 121.5 | ||||||
|
Inventories
|
147.5 | 161.9 | ||||||
|
Recoverable fuel & natural gas costs
|
9.5 | 12.4 | ||||||
|
Prepayments & other current assets
|
41.6 | 84.3 | ||||||
|
Total current assets
|
495.2 | 610.0 | ||||||
|
Utility Plant
|
||||||||
|
Original cost
|
5,033.8 | 4,979.9 | ||||||
|
Less: accumulated depreciation & amortization
|
1,975.9 | 1,947.3 | ||||||
|
Net utility plant
|
3,057.9 | 3,032.6 | ||||||
|
Investments in unconsolidated affiliates
|
88.2 | 92.9 | ||||||
|
Other utility & corporate investments
|
35.5 | 34.4 | ||||||
|
Other nonutility investments
|
24.6 | 29.6 | ||||||
|
Nonutility plant - net
|
562.0 | 550.8 | ||||||
|
Goodwill - net
|
262.3 | 262.3 | ||||||
|
Regulatory assets
|
232.8 | 226.0 | ||||||
|
Other assets
|
39.6 | 40.3 | ||||||
|
TOTAL ASSETS
|
$ | 4,798.1 | $ | 4,878.9 | ||||
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable
|
$ | 141.6 | $ | 185.8 | ||||
|
Accounts payable to affiliated companies
|
19.3 | 36.8 | ||||||
|
Refundable fuel & natural gas costs
|
2.6 | - | ||||||
|
Accrued liabilities
|
183.6 | 181.1 | ||||||
|
Short-term borrowings
|
174.7 | 227.1 | ||||||
|
Current maturities of long-term debt
|
61.6 | 62.7 | ||||||
|
Total current liabilities
|
583.4 | 693.5 | ||||||
|
Long-term Debt - Net of Current Maturities
|
1,559.3 | 1,559.6 | ||||||
|
Deferred Income Taxes & Other Liabilities
|
||||||||
|
Deferred income taxes
|
575.4 | 575.7 | ||||||
|
Regulatory liabilities
|
350.5 | 345.2 | ||||||
|
Deferred credits & other liabilities
|
238.1 | 239.4 | ||||||
|
Total deferred credits & other liabilities
|
1,164.0 | 1,160.3 | ||||||
|
Common Shareholders' Equity
|
||||||||
|
Common stock (no par value) – issued & outstanding
|
||||||||
|
82.0 and 81.9 shares, respectively
|
694.4 | 692.6 | ||||||
|
Retained earnings
|
808.7 | 786.2 | ||||||
|
Accumulated other comprehensive income (loss)
|
(11.7 | ) | (13.3 | ) | ||||
|
Total common shareholders' equity
|
1,491.4 | 1,465.5 | ||||||
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 4,798.1 | $ | 4,878.9 | ||||
|
VECTREN CORPORATION
|
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|
AND SUBSIDIARY COMPANIES
|
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|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||
|
(Millions - Unaudited)
|
|||||||||
| Three Months | |||||||||
| Ended March 31 | |||||||||
|
2012
|
2011
|
||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|||||||||
|
Net income
|
$ | 51.3 | $ | 44.6 | |||||
|
Adjustments to reconcile net income to cash from operating activities:
|
|||||||||
|
Depreciation & amortization
|
63.6 | 59.1 | |||||||
|
Deferred income taxes & investment tax credits
|
13.7 | 18.5 | |||||||
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Equity in losses of unconsolidated affiliates
|
7.6 | 10.9 | |||||||
|
Provision for uncollectible accounts
|
2.3 | 5.9 | |||||||
|
Expense portion of pension & postretirement benefit cost
|
2.7 | 2.2 | |||||||
| Other non-cash charges - net |
|
1.9 | 3.2 | ||||||
|
Changes in working capital accounts:
|
|||||||||
|
Accounts receivable & accrued unbilled revenues
|
58.1 | 31.5 | |||||||
|
Inventories
|
4.7 | 54.7 | |||||||
|
Recoverable/refundable fuel & natural gas costs
|
5.5 | 5.1 | |||||||
|
Prepayments & other current assets
|
30.4 | 39.0 | |||||||
|
Accounts payable, including to affiliated companies
|
(66.1 | ) | (86.8 | ) | |||||
|
Accrued liabilities
|
2.4 | 23.8 | |||||||
|
Employer contributions to pension & postretirement plans
|
(4.9 | ) | (29.2 | ) | |||||
|
Changes in noncurrent assets
|
0.8 | 8.0 | |||||||
|
Changes in noncurrent liabilities
|
(5.2 | ) | (2.1 | ) | |||||
|
Net cash flows from operating activities
|
168.8 | 188.4 | |||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
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|||||||||
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Proceeds from:
|
|||||||||
|
Long-term debt, net of issuance costs
|
|
99.5 | - | ||||||
|
Dividend reinvestment plan & other common stock issuances
|
1.6 | 1.7 | |||||||
|
Requirements for:
|
|||||||||
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Dividends on common stock
|
(28.7 | ) | (28.2 | ) | |||||
|
Retirement of long-term debt
|
(1.5 | ) | (0.1 | ) | |||||
|
Other financing activities
|
- | (1.4 | ) | ||||||
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Net change in short-term borrowings
|
(152.4 | ) | 4.0 | ||||||
|
Net cash flows from financing activities
|
(81.5 | ) | (24.0 | ) | |||||
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CASH FLOWS FROM INVESTING ACTIVITIES:
|
|||||||||
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Proceeds from:
|
|||||||||
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Other collections
|
5.5 | 0.3 | |||||||
|
Requirements for:
|
|||||||||
|
Capital expenditures, excluding AFUDC equity
|
(87.2 | ) | (57.7 | ) | |||||
|
Business acquisition, net of cash acquired
|
- | (82.9 | ) | ||||||
|
Net cash flows from investing activities
|
(81.7 | ) | (140.3 | ) | |||||
|
Net change in cash & cash equivalents
|
5.6 | 24.1 | |||||||
|
Cash & cash equivalents at beginning of period
|
8.6 | 10.4 | |||||||
|
Cash & cash equivalents at end of period
|
$ | 14.2 | $ | 34.5 | |||||
|
VECTREN CORPORATION
|
|||||||||
|
AND SUBSIDIARY COMPANIES
|
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|
HIGHLIGHTS
|
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|
(Millions, except per share amounts)
|
|||||||||
|
(Unaudited)
|
|||||||||
| Three Months | |||||||||
| Ended March 31 | |||||||||
|
2012
|
2011
|
||||||||
|
REPORTED EARNINGS:
|
|||||||||
|
Utility Group
|
|||||||||
|
Gas Utility Services
|
$ | 37.5 | $ | 36.1 | |||||
|
Electric Utility Services
|
15.6 | 8.6 | |||||||
|
Other Operations
|
2.9 | 3.9 | |||||||
|
Total Utility Group
|
56.0 | 48.6 | |||||||
|
Nonutility Group
|
|||||||||
|
Infrastructure Services
|
3.0 | (2.9 | ) | ||||||
|
Energy Services
|
(1.7 | ) | (1.4 | ) | |||||
|
Coal Mining
|
(0.3 | ) | 1.6 | ||||||
|
Energy Marketing
|
|||||||||
|
Vectren Source
|
- | 7.1 | (1) | ||||||
|
ProLiance
|
(5.9 | ) | (7.5 | ) | |||||
|
Other Businesses
|
0.1 | (0.3 | ) | ||||||
|
Total Nonutility Group
|
(4.8 | ) | (3.4 | ) | |||||
|
Corporate and Other
|
0.1 | (0.6 | ) | ||||||
|
Vectren Consolidated
|
$ | 51.3 | $ | 44.6 | |||||
|
EARNINGS PER SHARE:
|
|||||||||
|
Utility Group
|
$ | 0.69 | $ | 0.59 | |||||
|
Nonutility Group, excluding ProLiance
|
0.01 | 0.05 | |||||||
|
ProLiance
|
(0.07 | ) | (0.09 | ) | |||||
|
Reported EPS
|
$ | 0.63 | $ | 0.55 | |||||
|
(1)
|
Vectren Source was sold 12/31/11. Full year 2011 earnings were $2.8 million.
|
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|
VECTREN CORPORATION
|
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|
AND SUBSIDIARY COMPANIES
|
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|
SELECTED GAS DISTRIBUTION
|
||||||||
|
OPERATING STATISTICS
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2012
|
2011
|
|||||||
|
GAS OPERATING REVENUES (Millions):
|
||||||||
|
Residential
|
$ | 201.5 | $ | 245.5 | ||||
|
Commercial
|
70.0 | 88.5 | ||||||
|
Industrial
|
17.3 | 18.6 | ||||||
|
Other Revenue
|
3.5 | 4.1 | ||||||
| $ | 292.3 | $ | 356.7 | |||||
|
GAS MARGIN (Millions):
|
||||||||
|
Residential
|
$ | 103.0 | $ | 105.7 | ||||
|
Commercial
|
32.1 | 34.0 | ||||||
|
Industrial
|
16.5 | 17.6 | ||||||
|
Other
|
3.6 | 4.3 | ||||||
| $ | 155.2 | $ | 161.6 | |||||
|
GAS SOLD & TRANSPORTED (MMDth):
|
||||||||
|
Residential
|
28.8 | 37.1 | ||||||
|
Commercial
|
12.0 | 15.7 | ||||||
|
Industrial
|
27.8 | 28.8 | ||||||
| 68.6 | 81.6 | |||||||
|
AVERAGE GAS CUSTOMERS
|
||||||||
|
Residential
|
908,740 | 909,290 | ||||||
|
Commercial
|
83,654 | 83,852 | ||||||
|
Industrial
|
1,655 | 1,654 | ||||||
| 994,049 | 994,796 | |||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||
|
Heating Degree Days (Ohio)
|
82 | % | 107 | % | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
SELECTED ELECTRIC
|
||||||||
|
OPERATING STATISTICS
|
||||||||
|
(Unaudited)
|
||||||||
| Three Months | ||||||||
| Ended March 31 | ||||||||
|
2012
|
2011
|
|||||||
|
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||
|
Residential
|
$ | 45.7 | $ | 47.4 | ||||
|
Commercial
|
34.2 | 34.1 | ||||||
|
Industrial
|
47.6 | 50.3 | ||||||
|
Other Revenue
|
1.9 | 2.0 | ||||||
|
Total Retail
|
129.4 | 133.8 | ||||||
|
Net Wholesale Revenues
|
10.0 | 12.6 | ||||||
| $ | 139.4 | $ | 146.4 | |||||
|
ELECTRIC MARGIN (Millions):
|
||||||||
|
Residential
|
$ | 34.3 | $ | 32.1 | ||||
|
Commercial
|
24.4 | 21.9 | ||||||
|
Industrial
|
25.3 | 23.4 | ||||||
|
Other
|
1.8 | 1.9 | ||||||
|
Total Retail
|
85.8 | 79.3 | ||||||
|
Net Wholesale Margin
|
8.9 | 7.6 | ||||||
| $ | 94.7 | $ | 86.9 | |||||
|
ELECTRICITY SOLD (GWh):
|
||||||||
|
Residential
|
338.4 | 381.2 | ||||||
|
Commercial
|
292.7 | 300.4 | ||||||
|
Industrial
|
681.7 | 661.9 | ||||||
|
Other Sales - Street Lighting
|
5.9 | 5.9 | ||||||
|
Total Retail
|
1,318.7 | 1,349.4 | ||||||
|
Wholesale
|
48.7 | 183.9 | ||||||
| 1,367.4 | 1,533.3 | |||||||
|
AVERAGE ELECTRIC CUSTOMERS
|
||||||||
|
Residential
|
123,290 | 123,126 | ||||||
|
Commercial
|
18,251 | 18,248 | ||||||
|
Industrial
|
115 | 111 | ||||||
|
Other
|
33 | 33 | ||||||
| 141,689 | 141,518 | |||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||
|
Cooling Degree Days (Indiana)
|
N/A | N/A | ||||||
|
Heating Degree Days (Indiana)
|
71 | % | 97 | % | ||||