Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a630178k-exhibit993forward.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a630178k-exhibit991pressre.htm |
| 8-K - 8-K - VECTREN CORP | a8k-q22017earningsreleases.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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 144.0 | $ | 132.0 | $ | 436.8 | $ | 413.1 | ||||||||
Electric utility | 141.8 | 147.7 | 273.8 | 289.8 | ||||||||||||
Nonutility | 344.9 | 254.0 | 544.5 | 415.5 | ||||||||||||
Total operating revenues | 630.7 | 533.7 | 1,255.1 | 1,118.4 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 37.2 | 34.0 | 150.1 | 145.5 | ||||||||||||
Cost of fuel & purchased power | 43.6 | 45.2 | 84.7 | 89.4 | ||||||||||||
Cost of nonutility revenues | 120.4 | 82.9 | 182.2 | 138.2 | ||||||||||||
Other operating | 274.5 | 229.7 | 498.8 | 430.7 | ||||||||||||
Depreciation & amortization | 68.3 | 64.1 | 136.1 | 128.0 | ||||||||||||
Taxes other than income taxes | 13.9 | 13.9 | 29.1 | 31.5 | ||||||||||||
Total operating expenses | 557.9 | 469.8 | 1,081.0 | 963.3 | ||||||||||||
OPERATING INCOME | 72.8 | 63.9 | 174.1 | 155.1 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | (0.3 | ) | 0.1 | (0.8 | ) | (0.2 | ) | |||||||||
Other income - net | 8.3 | 7.8 | 16.3 | 14.5 | ||||||||||||
Total other income | 8.0 | 7.9 | 15.5 | 14.3 | ||||||||||||
INTEREST EXPENSE | 21.4 | 21.3 | 42.7 | 43.3 | ||||||||||||
INCOME BEFORE INCOME TAXES | 59.4 | 50.5 | 146.9 | 126.1 | ||||||||||||
INCOME TAXES | 21.8 | 18.2 | 54.0 | 45.5 | ||||||||||||
NET INCOME | $ | 37.6 | $ | 32.3 | $ | 92.9 | $ | 80.6 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 82.9 | 82.8 | 82.9 | 82.8 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 83.0 | 82.8 | 83.0 | 82.8 | ||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.45 | $ | 0.39 | $ | 1.12 | $ | 0.97 | ||||||||
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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 144.0 | $ | 132.0 | $ | 436.8 | $ | 413.1 | ||||||||
Electric utility | 141.8 | 147.7 | 273.8 | 289.8 | ||||||||||||
Other | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||
Total operating revenues | 285.9 | 279.8 | 710.7 | 703.1 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 37.2 | 34.0 | 150.1 | 145.5 | ||||||||||||
Cost of fuel & purchased power | 43.6 | 45.2 | 84.7 | 89.4 | ||||||||||||
Other operating | 84.4 | 81.3 | 170.0 | 171.4 | ||||||||||||
Depreciation & amortization | 57.9 | 54.0 | 115.3 | 107.6 | ||||||||||||
Taxes other than income taxes | 13.1 | 13.1 | 27.5 | 30.2 | ||||||||||||
Total operating expenses | 236.2 | 227.6 | 547.6 | 544.1 | ||||||||||||
OPERATING INCOME | 49.7 | 52.2 | 163.1 | 159.0 | ||||||||||||
OTHER INCOME - NET | 7.8 | 7.0 | 14.9 | 13.3 | ||||||||||||
INTEREST EXPENSE | 17.6 | 17.5 | 35.2 | 35.0 | ||||||||||||
INCOME BEFORE INCOME TAXES | 39.9 | 41.7 | 142.8 | 137.3 | ||||||||||||
INCOME TAXES | 14.4 | 15.4 | 51.4 | 49.9 | ||||||||||||
NET INCOME | $ | 25.5 | $ | 26.3 | $ | 91.4 | $ | 87.4 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
June 30, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 11.0 | $ | 68.6 | ||||
Accounts receivable - less reserves of $6.0 & | ||||||||
$6.0, respectively | 225.3 | 225.3 | ||||||
Accrued unbilled revenues | 115.4 | 172.4 | ||||||
Inventories | 118.6 | 129.9 | ||||||
Recoverable fuel & natural gas costs | 32.1 | 29.9 | ||||||
Prepayments & other current assets | 57.2 | 52.7 | ||||||
Total current assets | 559.6 | 678.8 | ||||||
Utility Plant | ||||||||
Original cost | 6,757.5 | 6,545.4 | ||||||
Less: accumulated depreciation & amortization | 2,654.9 | 2,562.5 | ||||||
Net utility plant | 4,102.6 | 3,982.9 | ||||||
Investments in unconsolidated affiliates | 20.1 | 20.4 | ||||||
Other utility & corporate investments | 41.5 | 34.1 | ||||||
Other nonutility investments | 15.4 | 16.1 | ||||||
Nonutility plant - net | 454.4 | 423.9 | ||||||
Goodwill | 293.5 | 293.5 | ||||||
Regulatory assets | 345.8 | 308.8 | ||||||
Other assets | 38.6 | 42.2 | ||||||
TOTAL ASSETS | $ | 5,871.5 | $ | 5,800.7 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 233.2 | $ | 302.2 | ||||
Accrued liabilities | 200.9 | 207.7 | ||||||
Short-term borrowings | 246.2 | 194.4 | ||||||
Current maturities of long-term debt | 124.1 | 124.1 | ||||||
Total current liabilities | 804.4 | 828.4 | ||||||
Long-term Debt - Net of Current Maturities | 1,590.4 | 1,589.9 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 961.5 | 905.7 | ||||||
Regulatory liabilities | 469.4 | 453.7 | ||||||
Deferred credits & other liabilities | 251.0 | 254.9 | ||||||
Total deferred credits & other liabilities | 1,681.9 | 1,614.3 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
83.0 & 82.9, respectively | 733.2 | 729.8 | ||||||
Retained earnings | 1,062.9 | 1,039.6 | ||||||
Accumulated other comprehensive (loss) | (1.3 | ) | (1.3 | ) | ||||
Total common shareholders' equity | 1,794.8 | 1,768.1 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,871.5 | $ | 5,800.7 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 92.9 | $ | 80.6 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 136.1 | 128.0 | ||||||
Deferred income taxes & investment tax credits | 53.4 | 48.9 | ||||||
Provision for uncollectible accounts | 3.1 | 4.1 | ||||||
Expense portion of pension & postretirement benefit cost | 3.4 | 1.9 | ||||||
Other non-cash items - net | 5.5 | 4.0 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 53.9 | 93.4 | ||||||
Inventories | 11.3 | 5.9 | ||||||
Recoverable/refundable fuel & natural gas costs | (2.2 | ) | (26.3 | ) | ||||
Prepayments & other current assets | (3.8 | ) | 18.8 | |||||
Accounts payable, including to affiliated companies | (69.9 | ) | (23.6 | ) | ||||
Accrued liabilities | (6.4 | ) | (13.1 | ) | ||||
Employer contributions to pension & postretirement plans | (2.2 | ) | (17.1 | ) | ||||
Changes in noncurrent assets | (13.5 | ) | (17.5 | ) | ||||
Changes in noncurrent liabilities | (9.8 | ) | 5.3 | |||||
Net cash provided by operating activities | 251.8 | 293.3 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from dividend reinvestment plan & other common stock issuances | 3.1 | 3.0 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (69.6 | ) | (66.3 | ) | ||||
Retirement of long-term debt | — | (73.0 | ) | |||||
Net change in short-term borrowings | 51.8 | 30.7 | ||||||
Net cash used in financing activities | (14.7 | ) | (105.6 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sale of assets | 1.3 | 1.4 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (293.5 | ) | (248.0 | ) | ||||
Other costs | (3.4 | ) | — | |||||
Changes in restricted cash | 0.9 | 0.1 | ||||||
Net cash used in investing activities | (294.7 | ) | (246.5 | ) | ||||
Net change in cash & cash equivalents | (57.6 | ) | (58.8 | ) | ||||
Cash & cash equivalents at beginning of period | 68.6 | 74.7 | ||||||
Cash & cash equivalents at end of period | $ | 11.0 | $ | 15.9 | ||||
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, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | 7.0 | $ | 4.7 | $ | 54.9 | $ | 45.1 | ||||||||
Electric Utility Services | 15.9 | 19.2 | 29.6 | 35.8 | ||||||||||||
Other Operations | 2.6 | 2.4 | 6.9 | 6.5 | ||||||||||||
Total Utility Group | 25.5 | 26.3 | 91.4 | 87.4 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 11.4 | 4.2 | 2.1 | (8.4 | ) | |||||||||||
Energy Services | 1.1 | 2.3 | — | 2.5 | ||||||||||||
Other Businesses | (0.3 | ) | — | (0.4 | ) | (0.3 | ) | |||||||||
Nonutility Group | 12.2 | 6.5 | 1.7 | (6.2 | ) | |||||||||||
Corporate and Other | (0.1 | ) | (0.5 | ) | (0.2 | ) | (0.6 | ) | ||||||||
Vectren Consolidated | $ | 37.6 | $ | 32.3 | $ | 92.9 | $ | 80.6 | ||||||||
EARNINGS PER SHARE: (*) | ||||||||||||||||
Utility Group | $ | 0.31 | $ | 0.32 | $ | 1.10 | $ | 1.06 | ||||||||
Nonutility Group | 0.15 | 0.08 | 0.02 | (0.08 | ) | |||||||||||
Corporate and Other | — | (0.01 | ) | — | (0.01 | ) | ||||||||||
Reported EPS | $ | 0.45 | $ | 0.39 | $ | 1.12 | $ | 0.97 | ||||||||
(*) EPS calculated at segment and Consolidated level; segments do not foot in the quarter. | ||||||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 65.9 | $ | 61.0 | $ | 171.8 | $ | 160.0 | ||||||||
Commercial Margin | 15.4 | 14.3 | 48.8 | 45.2 | ||||||||||||
Industrial Margin | 16.1 | 14.1 | 37.2 | 33.1 | ||||||||||||
Other Margin | 2.2 | 1.5 | 5.0 | 4.3 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 7.2 | 7.1 | 23.9 | 25.0 | ||||||||||||
Total Gas Utility Margin | 106.8 | 98.0 | 286.7 | 267.6 | ||||||||||||
Cost of Gas Sold | 37.2 | 34.0 | 150.1 | 145.5 | ||||||||||||
Total Gas Utility Revenue | $ | 144.0 | $ | 132.0 | $ | 436.8 | $ | 413.1 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 7.0 | 8.5 | 36.8 | 41.2 | ||||||||||||
Commercial | 3.5 | 3.9 | 16.5 | 18.1 | ||||||||||||
Industrial | 26.9 | 29.9 | 61.8 | 65.8 | ||||||||||||
37.4 | 42.3 | 115.1 | 125.1 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 934,827 | 927,508 | 938,080 | 930,094 | ||||||||||||
Commercial | 85,445 | 85,271 | 85,834 | 85,585 | ||||||||||||
Industrial | 1,744 | 1,726 | 1,741 | 1,726 | ||||||||||||
1,022,016 | 1,014,505 | 1,025,655 | 1,017,405 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Heating Degree Days (Ohio) | 89 | % | 98 | % | ||||||||||||
Heating Degree Days (Indiana) | 81 | % | 91 | % | ||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 36.2 | $ | 36.2 | $ | 69.5 | $ | 71.4 | ||||||||
Commercial Margin | 26.8 | 27.4 | 51.1 | 52.1 | ||||||||||||
Industrial Margin | 23.8 | 28.2 | 46.8 | 54.2 | ||||||||||||
Other Margin | 0.9 | 0.8 | 1.9 | 2.1 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 2.5 | 3.0 | 4.8 | 7.1 | ||||||||||||
Wholesale and Transmission | 8.0 | 6.9 | 15.0 | 13.5 | ||||||||||||
Total Electric Utility Margin | 98.2 | 102.5 | 189.1 | 200.4 | ||||||||||||
Cost of Fuel & Purchased Power | 43.6 | 45.2 | 84.7 | 89.4 | ||||||||||||
Total Electric Utility Revenue | $ | 141.8 | $ | 147.7 | $ | 273.8 | $ | 289.8 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 321.1 | 319.7 | 637.3 | 664.5 | ||||||||||||
Commercial | 324.2 | 333.2 | 609.0 | 628.1 | ||||||||||||
Industrial | 521.4 | 700.2 | 1,012.9 | 1,354.4 | ||||||||||||
Other Sales - Street Lighting | 4.9 | 5.3 | 10.9 | 11.4 | ||||||||||||
Total Retail | 1,171.6 | 1,358.4 | 2,270.1 | 2,658.4 | ||||||||||||
Wholesale | 160.4 | 26.8 | 239.2 | 36.3 | ||||||||||||
1,332.0 | 1,385.2 | 2,509.3 | 2,694.7 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 126,302 | 125,501 | 126,274 | 125,533 | ||||||||||||
Commercial | 18,637 | 18,530 | 18,618 | 18,514 | ||||||||||||
Industrial | 113 | 112 | 113 | 113 | ||||||||||||
Other | 40 | 39 | 40 | 39 | ||||||||||||
145,092 | 144,182 | 145,045 | 144,199 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Cooling Degree Days (Indiana) | 108 | % | 104 | % | 108 | % | 104 | % | ||||||||
Heating Degree Days (Indiana) | 81 | % | 91 | % | ||||||||||||