NSTAR ELECTRIC CO - FORM 8-K - EX-99 - BROKER'S STATEMENT

Attached files

file	filename
8-K - Q2 2012 EARNINGS - NSTAR ELECTRIC CO	f8kq22012earnings.htm
EX-99 - NEWS RELEASE - NSTAR ELECTRIC CO	f2q2012earningsnewsrelease.htm

EXHIBIT 99.2


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

		June 30,		December 31,
(Thousands of Dollars)		2012		2011

ASSETS

Current Assets:
	Cash and Cash Equivalents	$	28,483	$	6,559
	Receivables, Net		661,910		488,002
	Unbilled Revenues		202,262		175,207
	Fuel, Materials and Supplies		262,562		248,958
	Regulatory Assets		624,397		255,144
	Marketable Securities		79,231		70,970
	Prepayments and Other Current Assets		95,160		112,632
Total Current Assets			1,954,005		1,357,472


Property, Plant and Equipment, Net			16,054,913		10,403,065

Deferred Debits and Other Assets:
	Regulatory Assets		5,201,154		3,267,710
	Goodwill		3,518,454		287,591
	Marketable Securities		372,302		60,311
	Derivative Assets		93,616		98,357
	Other Long-Term Assets		311,856		172,560
Total Deferred Debits and Other Assets			9,497,382		3,886,529



Total Assets		$	27,506,300	$	15,647,066

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

		June 30,		December 31,
(Thousands of Dollars)		2012		2011

LIABILITIES AND CAPITALIZATION

Current Liabilities:
Notes Payable to Banks		$	1,248,500	$	317,000
Long-Term Debt - Current Portion			683,208		331,582
Accounts Payable			600,995		633,282
Regulatory Liabilities			203,767		167,844
Derivative Liabilities			113,188		107,558
Other Current Liabilities			640,809		390,416
Total Current Liabilities			3,490,467		1,947,682

Rate Reduction Bonds			160,133		112,260

Deferred Credits and Other Liabilities:
Accumulated Deferred Income Taxes			3,249,323		1,868,316
Regulatory Liabilities			551,690		266,145
Derivative Liabilities			946,621		959,876
Accrued Pension, SERP and PBOP			2,064,069		1,326,037
Other Long-Term Liabilities			884,317		420,011
Total Deferred Credits and Other Liabilities			7,696,020		4,840,385

Capitalization:
Long-Term Debt			6,936,473		4,614,913

Noncontrolling Interest - Preferred Stock of Subsidiaries			155,568		116,200

Equity:
	Common Shareholders' Equity:
	Common Shares		1,662,251		980,264
	Capital Surplus, Paid In		6,178,698		1,797,884
	Retained Earnings		1,635,709		1,651,875
	Accumulated Other Comprehensive Loss		(66,387)		(70,686)
	Treasury Stock		(342,632)		(346,667)
Common Shareholders' Equity			9,067,639		4,012,670
Noncontrolling Interests			-		2,956
Total Equity			9,067,639		4,015,626
Total Capitalization			16,159,680		8,746,739



Total Liabilities and Capitalization		$	27,506,300	$	15,647,066


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

			Three Months Ended June 30,				Six Months Ended June 30,
(Thousands of Dollars, Except Share Information)			2012		2011		2012		2011

Operating Revenues			$	1,628,684	$	1,047,481	$	2,728,307	$	2,282,732

Operating Expenses:
	Purchased Power, Fuel and Transmission			542,014		382,542		937,358		879,246
	Operations and Maintenance			529,977		269,701		791,940		533,323
	Depreciation			144,485		73,637		225,324		147,588
	Amortization of Regulatory Assets, Net			25,590		16,992		31,016		50,491
	Amortization of Rate Reduction Bonds			40,752		17,086		59,100		34,367
	Energy Efficiency Programs			73,489		29,970		110,762		64,403
	Taxes Other Than Income Taxes			112,862		79,419		198,899		167,823
		Total Operating Expenses		1,469,169		869,347		2,354,399		1,877,241
Operating Income				159,515		178,134		373,908		405,491

Interest Expense:
	Interest on Long-Term Debt			86,925		57,044		146,892		114,444
	Interest on Rate Reduction Bonds			2,056		2,293		3,487		4,871
	Other Interest			66		2,897		5,116		1,468
		Interest Expense		89,047		62,234		155,495		120,783
Other Income, Net				1,806		7,334		10,580		17,647
Income Before Income Tax Expense				72,274		123,234		228,993		302,355
Income Tax Expense				26,055		44,515		82,019		108,052
Net Income				46,219		78,719		146,974		194,303
Net Income Attributable to Noncontrolling Interests				1,880		1,441		3,373		2,870
Net Income Attributable to Controlling Interest			$	44,339	$	77,278	$	143,601	$	191,433

Basic and Diluted Earnings Per Common Share			$	0.15	$	0.44	$	0.60	$	1.08

Dividends Declared Per Common Share			$	0.34	$	0.28	$	0.63	$	0.55

Weighted Average Common Shares Outstanding:
	Basic			301,047,753		177,347,374		239,551,735		177,267,791
	Diluted			301,816,884		177,626,992		240,127,169		177,553,995


NORTHEAST UTILITIES AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


			Six Months Ended June 30,
(Thousands of Dollars)			2012		2011

Operating Activities:
	Net Income		$	146,974	$	194,303
	Adjustments to Reconcile Net Income to Net Cash Flows
		Provided by Operating Activities:
		Bad Debt Expense		13,384		9,374
		Depreciation		225,324		147,588
		Deferred Income Taxes		59,509		95,293
		Pension, SERP and PBOP Expense		105,974		69,654
		Pension and PBOP Contributions		(164,294)		(37,530)
		Regulatory (Under)/Over Recoveries, Net		(53,806)		40,434
		Amortization of Regulatory Assets, Net		31,016		50,491
		Amortization of Rate Reduction Bonds		59,100		34,367
		Derivative Assets and Liabilities		(5,090)		(9,272)
		Other		10,541		(6,014)
	Changes in Current Assets and Liabilities:
		Receivables and Unbilled Revenues, Net		83,395		80,696
		Fuel, Materials and Supplies		45,127		12,992
		Taxes Receivable/Accrued, Net		15,854		48,933
		Accounts Payable		(188,259)		(23,981)
		Other Current Assets and Liabilities, Net		(64,346)		(20,633)
Net Cash Flows Provided by Operating Activities				320,403		686,695

Investing Activities:
	Investments in Property, Plant and Equipment			(690,376)		(468,526)
	Proceeds from Sales of Marketable Securities			132,580		72,369
	Purchases of Marketable Securities			(143,225)		(73,564)
	Proceeds from Sale of Assets			-		46,841
	Other Investing Activities			11,274		(4,828)
Net Cash Flows Used in Investing Activities				(689,747)		(427,708)

Financing Activities:
	Cash Dividends on Common Shares			(159,708)		(97,207)
	Cash Dividends on Preferred Stock			(3,269)		(2,779)
	Increase/(Decrease) in Short-Term Debt			558,500		(130,000)
	Issuance of Long-Term Debt			300,000		122,000
	Retirements of Long-Term Debt			(267,699)		(124,086)
	Retirements of Rate Reduction Bonds			(36,439)		(34,320)
	Other Financing Activities			(117)		(883)
Net Cash Flows Provided by/(Used in) Financing Activities				391,268		(267,275)
Net Increase/(Decrease) in Cash and Cash Equivalents				21,924		(8,288)
Cash and Cash Equivalents - Beginning of Period				6,559		23,395
Cash and Cash Equivalents - End of Period			$	28,483	$	15,107

NSTAR ELECTRIC CO - FORM 8-K - EX-99 - BROKER'S STATEMENT - July 30, 2012

Attached files

NSTAR ELECTRIC CO Reports