Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VECTREN CORP | a8k-2014q2earningsrelease.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a630148k-exhibit993forward.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a630148k-exhibit991pressre.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas Utility | $ | 132.4 | $ | 138.0 | $ | 576.0 | $ | 453.9 | ||||||||
Electric utility | 152.0 | 154.7 | 315.0 | 304.2 | ||||||||||||
Nonutility | 258.1 | 238.3 | 448.3 | 473.5 | ||||||||||||
Total operating revenues | 542.5 | 531.0 | 1,339.3 | 1,231.6 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 43.7 | 50.7 | 314.6 | 207.9 | ||||||||||||
Cost of fuel and purchased power | 48.1 | 53.9 | 105.1 | 104.1 | ||||||||||||
Cost of nonutility revenues | 79.6 | 77.3 | 147.3 | 163.7 | ||||||||||||
Other operating | 247.9 | 209.4 | 455.5 | 425.0 | ||||||||||||
Depreciation and amortization | 75.8 | 68.8 | 149.6 | 135.0 | ||||||||||||
Taxes other than income taxes | 13.5 | 13.0 | 34.3 | 31.2 | ||||||||||||
Total operating expenses | 508.6 | 473.1 | 1,206.4 | 1,066.9 | ||||||||||||
OPERATING INCOME | 33.9 | 57.9 | 132.9 | 164.7 | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 0.2 | (50.6 | ) | 0.1 | (57.3 | ) | ||||||||||
Other income - net | 4.2 | 3.6 | 8.5 | 6.5 | ||||||||||||
Total other income (expense) | 4.4 | (47.0 | ) | 8.6 | (50.8 | ) | ||||||||||
INTEREST EXPENSE | 21.9 | 21.5 | 44.0 | 45.0 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 16.4 | (10.6 | ) | 97.5 | 68.9 | |||||||||||
INCOME TAXES | 4.5 | (4.8 | ) | 34.4 | 24.9 | |||||||||||
NET INCOME (LOSS) | $ | 11.9 | $ | (5.8 | ) | $ | 63.1 | $ | 44.0 | |||||||
AVERAGE COMMON SHARES OUTSTANDING | 82.5 | 82.3 | 82.5 | 82.3 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 82.5 | 82.3 | 82.5 | 82.4 | ||||||||||||
EARNINGS (LOSS) PER SHARE OF COMMON STOCK | ||||||||||||||||
BASIC | $ | 0.14 | $ | (0.07 | ) | $ | 0.76 | $ | 0.53 | |||||||
DILUTED | $ | 0.14 | $ | (0.07 | ) | $ | 0.76 | $ | 0.53 | |||||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 132.4 | $ | 138.0 | $ | 576.0 | $ | 453.9 | ||||||||
Electric utility | 152.0 | 154.7 | 315.0 | 304.2 | ||||||||||||
Other | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||
Total operating revenues | 284.5 | 292.8 | 891.1 | 758.3 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 43.7 | 50.7 | 314.6 | 207.9 | ||||||||||||
Cost of fuel and purchased power | 48.1 | 53.9 | 105.1 | 104.1 | ||||||||||||
Other operating | 81.5 | 76.1 | 179.8 | 162.9 | ||||||||||||
Depreciation and amortization | 50.6 | 48.7 | 100.5 | 97.1 | ||||||||||||
Taxes other than income taxes | 12.5 | 12.2 | 32.6 | 29.7 | ||||||||||||
Total operating expenses | 236.4 | 241.6 | 732.6 | 601.7 | ||||||||||||
OPERATING INCOME | 48.1 | 51.2 | 158.5 | 156.6 | ||||||||||||
OTHER INCOME - NET | 3.7 | 3.0 | 7.6 | 4.8 | ||||||||||||
INTEREST EXPENSE | 16.7 | 15.7 | 33.4 | 33.6 | ||||||||||||
INCOME BEFORE INCOME TAXES | 35.1 | 38.5 | 132.7 | 127.8 | ||||||||||||
INCOME TAXES | 12.2 | 14.3 | 48.5 | 48.5 | ||||||||||||
NET INCOME | $ | 22.9 | $ | 24.2 | $ | 84.2 | $ | 79.3 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 8.4 | $ | 21.5 | ||||
Accounts receivable - less reserves of $8.1 & | ||||||||
$6.8, respectively | 172.8 | 259.2 | ||||||
Accrued unbilled revenues | 75.2 | 134.2 | ||||||
Inventories | 80.3 | 134.4 | ||||||
Recoverable fuel & natural gas costs | 25.6 | 5.5 | ||||||
Assets held for sale | 348.3 | — | ||||||
Prepayments & other current assets | 67.1 | 75.6 | ||||||
Total current assets | 777.7 | 630.4 | ||||||
Utility Plant | ||||||||
Original cost | 5,514.4 | 5,389.6 | ||||||
Less: accumulated depreciation & amortization | 2,228.2 | 2,165.3 | ||||||
Net utility plant | 3,286.2 | 3,224.3 | ||||||
Investments in unconsolidated affiliates | 24.1 | 24.0 | ||||||
Other utility & corporate investments | 38.2 | 38.1 | ||||||
Other nonutility investments | 34.2 | 33.8 | ||||||
Nonutility plant - net | 367.4 | 657.2 | ||||||
Goodwill - net | 289.3 | 262.3 | ||||||
Regulatory assets | 184.4 | 193.4 | ||||||
Other assets | 46.1 | 39.1 | ||||||
TOTAL ASSETS | $ | 5,047.6 | $ | 5,102.6 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 146.8 | $ | 227.2 | ||||
Refundable fuel & natural gas costs | — | 2.6 | ||||||
Accrued liabilities | 198.8 | 182.1 | ||||||
Short-term borrowings | 79.1 | 68.6 | ||||||
Current maturities of long-term debt | 5.0 | 30.0 | ||||||
Liabilities held for sale | 38.0 | — | ||||||
Total current liabilities | 467.7 | 510.5 | ||||||
Long-term Debt - Net of Current Maturities | 1,772.2 | 1,777.1 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 670.7 | 707.4 | ||||||
Regulatory liabilities | 400.2 | 387.3 | ||||||
Deferred credits & other liabilities | 175.2 | 166.0 | ||||||
Total deferred credits & other liabilities | 1,246.1 | 1,260.7 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.5 and 82.4 shares, respectively | 713.0 | 709.3 | ||||||
Retained earnings | 849.4 | 845.7 | ||||||
Accumulated other comprehensive (loss) | (0.8 | ) | (0.7 | ) | ||||
Total common shareholders' equity | 1,561.6 | 1,554.3 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,047.6 | $ | 5,102.6 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2014 | 2013 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 63.1 | $ | 44.0 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 149.6 | 135.0 | ||||||
Deferred income taxes & investment tax credits | 0.4 | 25.7 | ||||||
Equity in (earnings) losses of unconsolidated affiliates | (0.1 | ) | 57.3 | |||||
Provision for uncollectible accounts | 3.2 | 3.9 | ||||||
Expense portion of pension & postretirement benefit cost | 3.9 | 4.5 | ||||||
Other non-cash charges - net | 3.9 | 4.8 | ||||||
Loss on assets held for sale | 32.4 | — | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 132.5 | 82.1 | ||||||
Inventories | 0.5 | 24.7 | ||||||
Recoverable/refundable fuel & natural gas costs | (22.7 | ) | 6.7 | |||||
Prepayments & other current assets | (3.6 | ) | (11.5 | ) | ||||
Accounts payable, including to affiliated companies | (80.3 | ) | (99.4 | ) | ||||
Accrued liabilities | (5.2 | ) | (13.5 | ) | ||||
Unconsolidated affiliate dividends | — | 0.3 | ||||||
Employer contributions to pension & postretirement plans | (2.5 | ) | (6.8 | ) | ||||
Changes in noncurrent assets & investments | 0.8 | (4.6 | ) | |||||
Changes in noncurrent liabilities | (2.0 | ) | 1.7 | |||||
Net cash provided by operating activities | 273.9 | 254.9 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | — | 122.3 | ||||||
Dividend reinvestment plan & other common stock issuances | 3.3 | 3.8 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (59.4 | ) | (58.4 | ) | ||||
Retirement of long-term debt | (30.0 | ) | (176.5 | ) | ||||
Other financing activities | — | 0.1 | ||||||
Net change in short-term borrowings | 10.5 | 19.0 | ||||||
Net cash used in financing activities | (75.6 | ) | (89.7 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Other collections | 2.2 | 3.0 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (195.1 | ) | (171.4 | ) | ||||
Business acquistion | (18.5 | ) | — | |||||
Other investments | — | (10.4 | ) | |||||
Net cash used in investing activities | (211.4 | ) | (178.8 | ) | ||||
Net change in cash & cash equivalents | (13.1 | ) | (13.6 | ) | ||||
Cash & cash equivalents at beginning of period | 21.5 | 19.5 | ||||||
Cash & cash equivalents at end of period | $ | 8.4 | $ | 5.9 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
HIGHLIGHTS | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | 0.7 | $ | 2.9 | $ | 39.0 | $ | 41.0 | ||||||||
Electric Utility Services | 19.9 | 18.9 | 39.2 | 33.5 | ||||||||||||
Other Operations | 2.3 | 2.4 | 6.0 | 4.8 | ||||||||||||
Total Utility Group | 22.9 | 24.2 | 84.2 | 79.3 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 9.4 | 7.9 | 4.1 | 14.8 | ||||||||||||
Energy Services | (1.8 | ) | (0.8 | ) | (4.8 | ) | (2.2 | ) | ||||||||
Coal Mining * | (3.7 | ) | (9.7 | ) | ||||||||||||
Other Businesses | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Nonutility Group, excluding Coal Mining and ProLiance * | 7.4 | 3.2 | (1.2 | ) | 2.4 | |||||||||||
Corporate and Other | (0.2 | ) | (0.3 | ) | (0.6 | ) | (0.2 | ) | ||||||||
Vectren Consolidated, excluding Coal Mining and ProLiance * | $ | 30.1 | $ | 27.1 | $ | 82.4 | $ | 81.5 | ||||||||
Coal Mining | (18.2 | ) | (19.3 | ) | ||||||||||||
ProLiance | (32.9 | ) | (37.5 | ) | ||||||||||||
Vectren Consolidated | $ | 11.9 | $ | (5.8 | ) | $ | 63.1 | $ | 44.0 | |||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.28 | $ | 0.29 | $ | 1.02 | $ | 0.96 | ||||||||
Nonutility Group, excluding Coal Mining and ProLiance * | 0.09 | 0.04 | (0.01 | ) | 0.03 | |||||||||||
Corporate and Other | — | — | (0.01 | ) | — | |||||||||||
EPS, excluding Coal Mining and ProLiance * | $ | 0.37 | $ | 0.33 | $ | 1.00 | $ | 0.99 | ||||||||
Coal Mining | (0.23 | ) | (0.24 | ) | ||||||||||||
ProLiance | (0.40 | ) | (0.46 | ) | ||||||||||||
Reported EPS | $ | 0.14 | $ | (0.07 | ) | $ | 0.76 | $ | 0.53 | |||||||
(*) Excludes Coal Mining Results in 2014 and ProLiance Results in 2013 - Years of Disposition | ||||||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 54.1 | $ | 53.2 | $ | 147.0 | $ | 144.7 | ||||||||
Commercial Margin | 13.4 | 13.3 | 43.7 | 42.3 | ||||||||||||
Industrial Margin | 12.1 | 12.5 | 30.9 | 29.8 | ||||||||||||
Other Margin | 2.8 | 2.4 | 6.4 | 5.4 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 6.3 | 5.9 | 33.4 | 23.8 | ||||||||||||
Total Gas Utility Margin | 88.7 | 87.3 | 261.4 | 246.0 | ||||||||||||
Cost of Gas Sold | 43.7 | 50.7 | 314.6 | 207.9 | ||||||||||||
Total Gas Utility Revenue | $ | 132.4 | $ | 138.0 | $ | 576.0 | $ | 453.9 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 8.2 | 8.2 | 53.9 | 46.8 | ||||||||||||
Commercial | 3.8 | 3.8 | 23.7 | 20.3 | ||||||||||||
Industrial | 23.7 | 25.1 | 59.7 | 56.1 | ||||||||||||
35.7 | 37.1 | 137.3 | 123.2 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 912,301 | 906,179 | 916,793 | 909,786 | ||||||||||||
Commercial | 84,576 | 84,285 | 85,036 | 84,628 | ||||||||||||
Industrial | 1,689 | 1,676 | 1,689 | 1,676 | ||||||||||||
998,566 | 992,140 | 1,003,518 | 996,090 | |||||||||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||||||||||
Heating Degree Days (Ohio) | 83 | % | 88 | % | 115 | % | 103 | % | ||||||||
Heating Degree Days (Indiana) | 79 | % | 101 | % | 110 | % | 101 | % | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 36.9 | $ | 33.9 | $ | 76.0 | $ | 70.2 | ||||||||
Commercial Margin | 27.5 | 26.6 | 52.7 | 51.0 | ||||||||||||
Industrial Margin | 27.9 | 27.8 | 53.9 | 53.9 | ||||||||||||
Other Margin | 1.1 | 0.9 | 2.0 | 1.7 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 1.8 | 2.0 | 6.6 | 4.5 | ||||||||||||
Wholesale and Transmission | 8.7 | 9.6 | 18.7 | 18.8 | ||||||||||||
Total Electric Utility Margin | 103.9 | 100.8 | 209.9 | 200.1 | ||||||||||||
Cost of Fuel & Purchased Power | 48.1 | 53.9 | 105.1 | 104.1 | ||||||||||||
Total Electric Utility Revenue | $ | 152.0 | $ | 154.7 | $ | 315.0 | $ | 304.2 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 328.9 | 307.2 | 740.9 | 679.4 | ||||||||||||
Commercial | 329.5 | 324.0 | 636.6 | 623.1 | ||||||||||||
Industrial | 692.4 | 698.0 | 1,352.5 | 1,357.3 | ||||||||||||
Other Sales - Street Lighting | 4.9 | 4.8 | 10.9 | 10.6 | ||||||||||||
Total Retail | 1,355.7 | 1,334.0 | 2,740.9 | 2,670.4 | ||||||||||||
Wholesale | 191.0 | 187.2 | 437.1 | 263.6 | ||||||||||||
1,546.7 | 1,521.2 | 3,178.0 | 2,934.0 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 124,169 | 123,717 | 124,308 | 123,712 | ||||||||||||
Commercial | 18,437 | 18,366 | 18,429 | 18,360 | ||||||||||||
Industrial | 116 | 114 | 116 | 115 | ||||||||||||
Other | 37 | 36 | 37 | 36 | ||||||||||||
142,759 | 142,233 | 142,890 | 142,223 | |||||||||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||||||||||
Cooling Degree Days (Indiana) | 132 | % | 107 | % | 131 | % | 106 | % | ||||||||
Heating Degree Days (Indiana) | 79 | % | 101 | % | 110 | % | 101 | % | ||||||||