Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a630168k-exhibit993forward.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a630168k-exhibit991pressre.htm |
| 8-K - 8-K - VECTREN CORP | a8k-q22016earningsreleases.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, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 132.0 | $ | 128.6 | $ | 413.1 | $ | 481.5 | ||||||||
Electric utility | 147.7 | 147.8 | 289.8 | 301.7 | ||||||||||||
Nonutility | 254.0 | 274.6 | 415.5 | 474.0 | ||||||||||||
Total operating revenues | 533.7 | 551.0 | 1,118.4 | 1,257.2 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 34.0 | 36.4 | 145.5 | 208.4 | ||||||||||||
Cost of fuel & purchased power | 45.2 | 47.0 | 89.4 | 97.0 | ||||||||||||
Cost of nonutility revenues | 82.9 | 93.4 | 138.2 | 157.7 | ||||||||||||
Other operating | 229.7 | 225.0 | 430.7 | 456.2 | ||||||||||||
Depreciation & amortization | 64.1 | 63.7 | 128.0 | 126.6 | ||||||||||||
Taxes other than income taxes | 13.9 | 12.6 | 31.5 | 32.3 | ||||||||||||
Total operating expenses | 469.8 | 478.1 | 963.3 | 1,078.2 | ||||||||||||
OPERATING INCOME | 63.9 | 72.9 | 155.1 | 179.0 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 0.1 | — | (0.2 | ) | — | |||||||||||
Other income - net | 7.8 | 5.0 | 14.5 | 10.5 | ||||||||||||
Total other income | 7.9 | 5.0 | 14.3 | 10.5 | ||||||||||||
INTEREST EXPENSE | 21.3 | 20.9 | 43.3 | 41.9 | ||||||||||||
INCOME BEFORE INCOME TAXES | 50.5 | 57.0 | 126.1 | 147.6 | ||||||||||||
INCOME TAXES | 18.2 | 21.2 | 45.5 | 54.8 | ||||||||||||
NET INCOME | $ | 32.3 | $ | 35.8 | $ | 80.6 | $ | 92.8 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 82.8 | 82.6 | 82.8 | 82.6 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 82.8 | 82.6 | 82.8 | 82.6 | ||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.39 | $ | 0.43 | $ | 0.97 | $ | 1.12 | ||||||||
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, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 132.0 | $ | 128.6 | $ | 413.1 | $ | 481.5 | ||||||||
Electric utility | 147.7 | 147.8 | 289.8 | 301.7 | ||||||||||||
Other | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Total operating revenues | 279.8 | 276.5 | 703.1 | 783.4 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 34.0 | 36.4 | 145.5 | 208.4 | ||||||||||||
Cost of fuel & purchased power | 45.2 | 47.0 | 89.4 | 97.0 | ||||||||||||
Other operating | 81.3 | 78.5 | 171.4 | 181.3 | ||||||||||||
Depreciation & amortization | 54.0 | 52.0 | 107.6 | 104.2 | ||||||||||||
Taxes other than income taxes | 13.1 | 12.1 | 30.2 | 31.2 | ||||||||||||
Total operating expenses | 227.6 | 226.0 | 544.1 | 622.1 | ||||||||||||
OPERATING INCOME | 52.2 | 50.5 | 159.0 | 161.3 | ||||||||||||
OTHER INCOME - NET | 7.0 | 4.3 | 13.3 | 9.2 | ||||||||||||
INTEREST EXPENSE | 17.5 | 16.4 | 35.0 | 33.0 | ||||||||||||
INCOME BEFORE INCOME TAXES | 41.7 | 38.4 | 137.3 | 137.5 | ||||||||||||
INCOME TAXES | 15.4 | 14.0 | 49.9 | 50.1 | ||||||||||||
NET INCOME | $ | 26.3 | $ | 24.4 | $ | 87.4 | $ | 87.4 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
June 30, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 15.9 | $ | 74.7 | ||||
Accounts receivable - less reserves of $6.0 & | ||||||||
$5.6, respectively | 176.5 | 227.5 | ||||||
Accrued unbilled revenues | 96.0 | 142.5 | ||||||
Inventories | 127.8 | 133.7 | ||||||
Recoverable fuel & natural gas costs | 18.4 | — | ||||||
Prepayments & other current assets | 62.0 | 81.0 | ||||||
Total current assets | 496.6 | 659.4 | ||||||
Utility Plant | ||||||||
Original cost | 6,298.5 | 6,090.4 | ||||||
Less: accumulated depreciation & amortization | 2,493.0 | 2,415.5 | ||||||
Net utility plant | 3,805.5 | 3,674.9 | ||||||
Investments in unconsolidated affiliates | 20.8 | 20.9 | ||||||
Other utility & corporate investments | 32.8 | 31.2 | ||||||
Other nonutility investments | 16.1 | 16.2 | ||||||
Nonutility plant - net | 430.6 | 414.6 | ||||||
Goodwill | 293.5 | 293.5 | ||||||
Regulatory assets | 274.4 | 249.4 | ||||||
Other assets | 40.8 | 39.9 | ||||||
TOTAL ASSETS | $ | 5,411.1 | $ | 5,400.0 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 239.8 | $ | 248.8 | ||||
Refundable fuel & natural gas costs | — | 7.9 | ||||||
Accrued liabilities | 170.5 | 183.6 | ||||||
Short-term borrowings | 45.2 | 14.5 | ||||||
Current maturities of long-term debt | — | 73.0 | ||||||
Total current liabilities | 455.5 | 527.8 | ||||||
Long-term Debt - Net of Current Maturities | 1,713.5 | 1,712.9 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 854.4 | 805.4 | ||||||
Regulatory liabilities | 448.2 | 433.9 | ||||||
Deferred credits & other liabilities | 238.3 | 236.2 | ||||||
Total deferred credits & other liabilities | 1,540.9 | 1,475.5 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.8 & 82.8, respectively | 725.9 | 722.8 | ||||||
Retained earnings | 976.5 | 962.2 | ||||||
Accumulated other comprehensive (loss) | (1.2 | ) | (1.2 | ) | ||||
Total common shareholders' equity | 1,701.2 | 1,683.8 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,411.1 | $ | 5,400.0 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2016 | 2015 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 80.6 | $ | 92.8 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 128.0 | 126.6 | ||||||
Deferred income taxes & investment tax credits | 48.9 | 28.7 | ||||||
Provision for uncollectible accounts | 4.1 | 4.5 | ||||||
Expense portion of pension & postretirement benefit cost | 1.9 | 3.1 | ||||||
Other non-cash items - net | 4.0 | 3.1 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 93.4 | 26.1 | ||||||
Inventories | 5.9 | 6.0 | ||||||
Recoverable/refundable fuel & natural gas costs | (26.3 | ) | 30.0 | |||||
Prepayments & other current assets | 18.8 | 59.4 | ||||||
Accounts payable, including to affiliated companies | (23.6 | ) | (71.7 | ) | ||||
Accrued liabilities | (13.1 | ) | (11.5 | ) | ||||
Employer contributions to pension & postretirement plans | (17.1 | ) | (22.3 | ) | ||||
Changes in noncurrent assets | (17.5 | ) | (5.1 | ) | ||||
Changes in noncurrent liabilities | 5.3 | (3.1 | ) | |||||
Net cash provided by operating activities | 293.3 | 266.6 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from dividend reinvestment plan & other common stock issuances | 3.0 | 3.0 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (66.3 | ) | (62.8 | ) | ||||
Retirement of long-term debt | (73.0 | ) | (5.0 | ) | ||||
Net change in short-term borrowings | 30.7 | (60.0 | ) | |||||
Net cash used in financing activities | (105.6 | ) | (124.8 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sale of assets and other collections | 1.4 | 4.1 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (248.0 | ) | (207.9 | ) | ||||
Business acquisitions and other costs | — | (13.1 | ) | |||||
Changes in restricted cash | 0.1 | — | ||||||
Net cash used in investing activities | (246.5 | ) | (216.9 | ) | ||||
Net change in cash & cash equivalents | (58.8 | ) | (75.1 | ) | ||||
Cash & cash equivalents at beginning of period | 74.7 | 86.4 | ||||||
Cash & cash equivalents at end of period | $ | 15.9 | $ | 11.3 | ||||
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, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | 4.7 | $ | 3.4 | $ | 45.1 | $ | 43.8 | ||||||||
Electric Utility Services | 19.2 | 19.7 | 35.8 | 38.9 | ||||||||||||
Other Operations | 2.4 | 1.3 | 6.5 | 4.7 | ||||||||||||
Total Utility Group | 26.3 | 24.4 | 87.4 | 87.4 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 4.2 | 12.3 | (8.4 | ) | 9.7 | |||||||||||
Energy Services | 2.3 | (0.4 | ) | 2.5 | (3.5 | ) | ||||||||||
Other Businesses | — | (0.3 | ) | (0.3 | ) | (0.5 | ) | |||||||||
Nonutility Group | 6.5 | 11.6 | (6.2 | ) | 5.7 | |||||||||||
Corporate and Other | (0.5 | ) | (0.2 | ) | (0.6 | ) | (0.3 | ) | ||||||||
Vectren Consolidated | $ | 32.3 | $ | 35.8 | $ | 80.6 | $ | 92.8 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.32 | $ | 0.29 | $ | 1.06 | $ | 1.06 | ||||||||
Nonutility Group | 0.08 | 0.14 | (0.08 | ) | 0.07 | |||||||||||
Corporate and Other | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | |||||||||
Reported EPS | $ | 0.39 | $ | 0.43 | $ | 0.97 | $ | 1.12 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 61.0 | $ | 55.9 | $ | 160.0 | $ | 151.7 | ||||||||
Commercial Margin | 14.3 | 13.8 | 45.2 | 44.3 | ||||||||||||
Industrial Margin | 14.1 | 13.0 | 33.1 | 32.3 | ||||||||||||
Other Margin | 1.5 | 2.5 | 4.3 | 5.9 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 7.1 | 7.0 | 25.0 | 38.9 | ||||||||||||
Total Gas Utility Margin | 98.0 | 92.2 | 267.6 | 273.1 | ||||||||||||
Cost of Gas Sold | 34.0 | 36.4 | 145.5 | 208.4 | ||||||||||||
Total Gas Utility Revenue | $ | 132.0 | $ | 128.6 | $ | 413.1 | $ | 481.5 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 8.5 | 7.1 | 41.2 | 50.3 | ||||||||||||
Commercial | 3.9 | 3.6 | 18.1 | 22.6 | ||||||||||||
Industrial | 29.9 | 28.3 | 65.8 | 66.3 | ||||||||||||
42.3 | 39.0 | 125.1 | 139.2 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 927,508 | 918,467 | 930,094 | 922,681 | ||||||||||||
Commercial | 85,271 | 84,752 | 85,585 | 85,196 | ||||||||||||
Industrial | 1,726 | 1,698 | 1,726 | 1,690 | ||||||||||||
1,014,505 | 1,004,917 | 1,017,405 | 1,009,567 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Heating Degree Days (Ohio) | 98 | % | 106 | % | ||||||||||||
Heating Degree Days (Indiana) | 91 | % | 102 | % | ||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 36.2 | $ | 35.3 | $ | 71.4 | $ | 73.7 | ||||||||
Commercial Margin | 27.4 | 27.5 | 52.1 | 52.8 | ||||||||||||
Industrial Margin | 28.2 | 28.4 | 54.2 | 55.2 | ||||||||||||
Other Margin | 0.8 | 0.5 | 2.1 | 1.5 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 3.0 | 1.9 | 7.1 | 5.3 | ||||||||||||
Wholesale and Transmission | 6.9 | 7.2 | 13.5 | 16.2 | ||||||||||||
Total Electric Utility Margin | 102.5 | 100.8 | 200.4 | 204.7 | ||||||||||||
Cost of Fuel & Purchased Power | 45.2 | 47.0 | 89.4 | 97.0 | ||||||||||||
Total Electric Utility Revenue | $ | 147.7 | $ | 147.8 | $ | 289.8 | $ | 301.7 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 319.7 | 307.8 | 664.5 | 703.0 | ||||||||||||
Commercial | 333.2 | 335.3 | 628.1 | 642.7 | ||||||||||||
Industrial | 700.2 | 719.4 | 1,354.4 | 1,392.3 | ||||||||||||
Other Sales - Street Lighting | 5.3 | 4.8 | 11.4 | 10.9 | ||||||||||||
Total Retail | 1,358.4 | 1,367.3 | 2,658.4 | 2,748.9 | ||||||||||||
Wholesale | 26.8 | 84.0 | 36.3 | 220.8 | ||||||||||||
1,385.2 | 1,451.3 | 2,694.7 | 2,969.7 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 125,501 | 124,935 | 125,533 | 124,906 | ||||||||||||
Commercial | 18,530 | 18,453 | 18,514 | 18,459 | ||||||||||||
Industrial | 112 | 113 | 113 | 113 | ||||||||||||
Other | 39 | 38 | 39 | 38 | ||||||||||||
144,182 | 143,539 | 144,199 | 143,516 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Cooling Degree Days (Indiana) | 104 | % | 107 | % | 104 | % | 107 | % | ||||||||
Heating Degree Days (Indiana) | 91 | % | 102 | % | ||||||||||||