Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VECTREN CORP | a8k-q12016earningsreleases.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a331168k-exhibit991pressre.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a331168k-exhibit993forward.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited - in millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 281.2 | $ | 352.9 | ||||
Electric utility | 142.1 | 153.9 | ||||||
Nonutility | 161.5 | 199.4 | ||||||
Total operating revenues | 584.8 | 706.2 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 111.6 | 172.0 | ||||||
Cost of fuel & purchased power | 44.2 | 50.1 | ||||||
Cost of nonutility revenues | 55.3 | 64.3 | ||||||
Other operating | 200.0 | 231.1 | ||||||
Depreciation & amortization | 63.9 | 62.9 | ||||||
Taxes other than income taxes | 17.6 | 19.7 | ||||||
Total operating expenses | 492.6 | 600.1 | ||||||
OPERATING INCOME | 92.2 | 106.1 | ||||||
OTHER INCOME: | ||||||||
Equity in earnings (losses) of unconsolidated affiliates | (0.2 | ) | — | |||||
Other income - net | 5.7 | 5.6 | ||||||
Total other income | 5.5 | 5.6 | ||||||
INTEREST EXPENSE | 22.1 | 21.0 | ||||||
INCOME BEFORE INCOME TAXES | 75.6 | 90.7 | ||||||
INCOME TAXES | 27.3 | 33.7 | ||||||
NET INCOME | $ | 48.3 | $ | 57.0 | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 82.8 | 82.6 | ||||||
DILUTED COMMON SHARES OUTSTANDING | 82.8 | 82.6 | ||||||
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.58 | $ | 0.69 | ||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Unaudited - in millions) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 281.2 | $ | 352.9 | ||||
Electric utility | 142.1 | 153.9 | ||||||
Other | 0.1 | 0.1 | ||||||
Total operating revenues | 423.4 | 506.9 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 111.6 | 172.0 | ||||||
Cost of fuel & purchased power | 44.2 | 50.1 | ||||||
Other operating | 89.4 | 102.8 | ||||||
Depreciation & amortization | 53.6 | 52.1 | ||||||
Taxes other than income taxes | 17.1 | 19.1 | ||||||
Total operating expenses | 315.9 | 396.1 | ||||||
OPERATING INCOME | 107.5 | 110.8 | ||||||
OTHER INCOME - NET | 5.6 | 4.9 | ||||||
INTEREST EXPENSE | 17.5 | 16.6 | ||||||
INCOME BEFORE INCOME TAXES | 95.6 | 99.1 | ||||||
INCOME TAXES | 34.5 | 36.1 | ||||||
NET INCOME | $ | 61.1 | $ | 63.0 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
March 31, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 62.6 | $ | 74.7 | ||||
Accounts receivable - less reserves of $6.6 & | ||||||||
$5.6, respectively | 176.5 | 227.5 | ||||||
Accrued unbilled revenues | 104.0 | 142.5 | ||||||
Inventories | 122.6 | 133.7 | ||||||
Recoverable fuel & natural gas costs | 8.9 | — | ||||||
Prepayments & other current assets | 47.1 | 81.0 | ||||||
Total current assets | 521.7 | 659.4 | ||||||
Utility Plant | ||||||||
Original cost | 6,172.1 | 6,090.4 | ||||||
Less: accumulated depreciation & amortization | 2,454.0 | 2,415.5 | ||||||
Net utility plant | 3,718.1 | 3,674.9 | ||||||
Investments in unconsolidated affiliates | 20.7 | 20.9 | ||||||
Other utility & corporate investments | 30.2 | 31.2 | ||||||
Other nonutility investments | 16.2 | 16.2 | ||||||
Nonutility plant - net | 424.6 | 414.6 | ||||||
Goodwill | 293.5 | 293.5 | ||||||
Regulatory assets | 257.7 | 249.4 | ||||||
Other assets | 40.5 | 39.9 | ||||||
TOTAL ASSETS | $ | 5,323.2 | $ | 5,400.0 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 213.0 | $ | 248.8 | ||||
Refundable fuel & natural gas costs | — | 7.9 | ||||||
Accrued liabilities | 183.1 | 183.6 | ||||||
Short-term borrowings | — | 14.5 | ||||||
Current maturities of long-term debt | 13.0 | 73.0 | ||||||
Total current liabilities | 409.1 | 527.8 | ||||||
Long-term Debt - Net of Current Maturities | 1,713.2 | 1,712.9 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 827.9 | 805.4 | ||||||
Regulatory liabilities | 440.7 | 433.9 | ||||||
Deferred credits & other liabilities | 231.9 | 236.2 | ||||||
Total deferred credits & other liabilities | 1,500.5 | 1,475.5 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.8 & 82.8, respectively | 724.3 | 722.8 | ||||||
Retained earnings | 977.3 | 962.2 | ||||||
Accumulated other comprehensive (loss) | (1.2 | ) | (1.2 | ) | ||||
Total common shareholders' equity | 1,700.4 | 1,683.8 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,323.2 | $ | 5,400.0 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 48.3 | $ | 57.0 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 63.9 | 62.9 | ||||||
Deferred income taxes & investment tax credits | 24.3 | 14.6 | ||||||
Equity in losses of unconsolidated affiliates | 0.2 | — | ||||||
Provision for uncollectible accounts | 2.6 | 3.3 | ||||||
Expense portion of pension & postretirement benefit cost | 1.0 | 1.6 | ||||||
Other non-cash items - net | 2.8 | 1.6 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 86.9 | (30.2 | ) | |||||
Inventories | 11.1 | 25.8 | ||||||
Recoverable/refundable fuel & natural gas costs | (16.8 | ) | 30.3 | |||||
Prepayments & other current assets | 33.3 | 61.2 | ||||||
Accounts payable, including to affiliated companies | (38.1 | ) | (27.6 | ) | ||||
Accrued liabilities | (0.5 | ) | 5.6 | |||||
Employer contributions to pension & postretirement plans | (16.2 | ) | (20.9 | ) | ||||
Changes in noncurrent assets | (6.4 | ) | 11.3 | |||||
Changes in noncurrent liabilities | 6.0 | 3.6 | ||||||
Net cash provided by operating activities | 202.4 | 200.1 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from dividend reinvestment plan & other common stock issuances | 1.5 | 1.6 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (33.2 | ) | (31.5 | ) | ||||
Retirement of long-term debt | (60.0 | ) | (5.0 | ) | ||||
Net change in short-term borrowings | (14.5 | ) | (150.0 | ) | ||||
Net cash used in financing activities | (106.2 | ) | (184.9 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sale of assets and other collections | 0.4 | 0.8 | ||||||
Requirements for capital expenditures, excluding AFUDC equity | (108.7 | ) | (85.3 | ) | ||||
Net cash used in investing activities | (108.3 | ) | (84.5 | ) | ||||
Net change in cash & cash equivalents | (12.1 | ) | (69.3 | ) | ||||
Cash & cash equivalents at beginning of period | 74.7 | 86.4 | ||||||
Cash & cash equivalents at end of period | $ | 62.6 | $ | 17.1 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
HIGHLIGHTS | ||||||||
(Unaudited - in millions, except per share amounts) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
REPORTED EARNINGS: | ||||||||
Utility Group | ||||||||
Gas Utility Services | $ | 40.4 | $ | 40.4 | ||||
Electric Utility Services | 16.6 | 19.2 | ||||||
Other Operations | 4.1 | 3.4 | ||||||
Total Utility Group | 61.1 | 63.0 | ||||||
Nonutility Group | ||||||||
Infrastructure Services | (12.6 | ) | (2.6 | ) | ||||
Energy Services | 0.1 | (3.1 | ) | |||||
Other Businesses | (0.2 | ) | (0.2 | ) | ||||
Nonutility Group | (12.7 | ) | (5.9 | ) | ||||
Corporate and Other | (0.1 | ) | (0.1 | ) | ||||
Vectren Consolidated | $ | 48.3 | $ | 57.0 | ||||
EARNINGS PER SHARE: | ||||||||
Utility Group | $ | 0.74 | $ | 0.76 | ||||
Nonutility Group | (0.16 | ) | (0.07 | ) | ||||
Corporate and Other | — | — | ||||||
Reported EPS | $ | 0.58 | $ | 0.69 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED GAS DISTRIBUTION | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
GAS UTILITY (Millions): | ||||||||
Residential Margin | $ | 99.1 | $ | 95.8 | ||||
Commercial Margin | 30.9 | 30.5 | ||||||
Industrial Margin | 19.0 | 19.3 | ||||||
Other Margin | 2.9 | 3.4 | ||||||
Regulatory Expense Recovery Mechanisms | 17.7 | 31.9 | ||||||
Total Gas Utility Margin | 169.6 | 180.9 | ||||||
Cost of Gas Sold | 111.6 | 172.0 | ||||||
Total Gas Utility Revenue | $ | 281.2 | $ | 352.9 | ||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||
Residential | 32.7 | 43.2 | ||||||
Commercial | 14.3 | 19.0 | ||||||
Industrial | 35.9 | 38.0 | ||||||
82.9 | 100.2 | |||||||
AVERAGE GAS CUSTOMERS | ||||||||
Residential | 932,680 | 926,893 | ||||||
Commercial | 85,900 | 85,639 | ||||||
Industrial | 1,725 | 1,683 | ||||||
1,020,305 | 1,014,215 | |||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||
Heating Degree Days (Ohio) | 97 | % | 109 | % | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED ELECTRIC | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2016 | 2015 | |||||||
ELECTRIC UTILITY (Millions): | ||||||||
Residential Margin | $ | 35.2 | $ | 38.4 | ||||
Commercial Margin | 24.8 | 25.3 | ||||||
Industrial Margin | 26.0 | 26.8 | ||||||
Other Margin | 1.3 | 1.0 | ||||||
Regulatory Expense Recovery Mechanisms | 4.0 | 3.3 | ||||||
Wholesale and Transmission | 6.6 | 9.0 | ||||||
Total Electric Utility Margin | 97.9 | 103.8 | ||||||
Cost of Fuel & Purchased Power | 44.2 | 50.1 | ||||||
Total Electric Utility Revenue | $ | 142.1 | $ | 153.9 | ||||
ELECTRICITY SOLD (GWh): | ||||||||
Residential | 344.8 | 395.2 | ||||||
Commercial | 295.0 | 307.4 | ||||||
Industrial | 654.2 | 672.9 | ||||||
Other Sales - Street Lighting | 6.1 | 6.1 | ||||||
Total Retail | 1,300.1 | 1,381.6 | ||||||
Wholesale | 9.4 | 136.8 | ||||||
1,309.5 | 1,518.4 | |||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||
Residential | 125,565 | 124,876 | ||||||
Commercial | 18,498 | 18,465 | ||||||
Industrial | 113 | 113 | ||||||
Other | 39 | 38 | ||||||
144,215 | 143,492 | |||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||
Heating Degree Days (Indiana) | 92 | % | 104 | % | ||||