Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a930178k-exhibit993forward.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a930178k-exhibit991pressre.htm |
| 8-K - 8-K - VECTREN CORP | a8k-q32017earningsreleases.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 120.4 | $ | 117.7 | $ | 557.2 | $ | 530.8 | ||||||||
Electric utility | 159.2 | 173.5 | 433.0 | 463.3 | ||||||||||||
Nonutility | 411.6 | 339.8 | 956.1 | 755.3 | ||||||||||||
Total operating revenues | 691.2 | 631.0 | 1,946.3 | 1,749.4 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 23.9 | 29.1 | 174.0 | 174.6 | ||||||||||||
Cost of fuel & purchased power | 44.1 | 50.9 | 128.8 | 140.3 | ||||||||||||
Cost of nonutility revenues | 136.2 | 110.5 | 318.4 | 248.7 | ||||||||||||
Other operating | 296.5 | 256.3 | 795.2 | 686.9 | ||||||||||||
Depreciation & amortization | 69.5 | 65.4 | 205.7 | 193.4 | ||||||||||||
Taxes other than income taxes | 13.5 | 13.3 | 42.5 | 44.8 | ||||||||||||
Total operating expenses | 583.7 | 525.5 | 1,664.6 | 1,488.7 | ||||||||||||
OPERATING INCOME | 107.5 | 105.5 | 281.7 | 260.7 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Equity in (losses) of unconsolidated affiliates | (0.2 | ) | (0.1 | ) | (1.0 | ) | (0.2 | ) | ||||||||
Other income - net | 8.9 | 7.6 | 25.1 | 22.0 | ||||||||||||
Total other income | 8.7 | 7.5 | 24.1 | 21.8 | ||||||||||||
INTEREST EXPENSE | 22.2 | 20.9 | 64.9 | 64.3 | ||||||||||||
INCOME BEFORE INCOME TAXES | 94.0 | 92.1 | 240.9 | 218.2 | ||||||||||||
INCOME TAXES | 32.1 | 30.7 | 86.1 | 76.2 | ||||||||||||
NET INCOME | $ | 61.9 | $ | 61.4 | $ | 154.8 | $ | 142.0 | ||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 83.0 | 82.8 | 83.0 | 82.8 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 83.1 | 82.8 | 83.0 | 82.8 | ||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.75 | $ | 0.74 | $ | 1.87 | $ | 1.71 | ||||||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 120.4 | $ | 117.7 | $ | 557.2 | $ | 530.8 | ||||||||
Electric utility | 159.2 | 173.5 | 433.0 | 463.3 | ||||||||||||
Other | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Total operating revenues | 279.7 | 291.3 | 990.4 | 994.3 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 23.9 | 29.1 | 174.0 | 174.6 | ||||||||||||
Cost of fuel & purchased power | 44.1 | 50.9 | 128.8 | 140.3 | ||||||||||||
Other operating | 82.1 | 79.4 | 252.1 | 250.8 | ||||||||||||
Depreciation & amortization | 59.0 | 55.2 | 174.3 | 162.8 | ||||||||||||
Taxes other than income taxes | 12.6 | 12.7 | 40.1 | 42.9 | ||||||||||||
Total operating expenses | 221.7 | 227.3 | 769.3 | 771.4 | ||||||||||||
OPERATING INCOME | 58.0 | 64.0 | 221.1 | 222.9 | ||||||||||||
OTHER INCOME - NET | 8.2 | 6.7 | 23.1 | 20.1 | ||||||||||||
INTEREST EXPENSE | 18.3 | 17.2 | 53.5 | 52.2 | ||||||||||||
INCOME BEFORE INCOME TAXES | 47.9 | 53.5 | 190.7 | 190.8 | ||||||||||||
INCOME TAXES | 17.1 | 18.6 | 68.5 | 68.5 | ||||||||||||
NET INCOME | $ | 30.8 | $ | 34.9 | $ | 122.2 | $ | 122.3 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 8.7 | $ | 68.6 | ||||
Accounts receivable - less reserves of $4.7 & | ||||||||
$6.0, respectively | 253.5 | 225.3 | ||||||
Accrued unbilled revenues | 134.2 | 172.4 | ||||||
Inventories | 131.0 | 129.9 | ||||||
Recoverable fuel & natural gas costs | 29.9 | 29.9 | ||||||
Prepayments & other current assets | 56.2 | 52.7 | ||||||
Total current assets | 613.5 | 678.8 | ||||||
Utility Plant | ||||||||
Original cost | 6,899.1 | 6,545.4 | ||||||
Less: accumulated depreciation & amortization | 2,697.5 | 2,562.5 | ||||||
Net utility plant | 4,201.6 | 3,982.9 | ||||||
Investments in unconsolidated affiliates | 19.9 | 20.4 | ||||||
Other utility & corporate investments | 42.6 | 34.1 | ||||||
Other nonutility investments | 15.4 | 16.1 | ||||||
Nonutility plant - net | 461.6 | 423.9 | ||||||
Goodwill | 293.5 | 293.5 | ||||||
Regulatory assets | 377.3 | 308.8 | ||||||
Other assets | 36.4 | 42.2 | ||||||
TOTAL ASSETS | $ | 6,061.8 | $ | 5,800.7 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 259.0 | $ | 302.2 | ||||
Accrued liabilities | 212.2 | 207.7 | ||||||
Short-term borrowings | 225.9 | 194.4 | ||||||
Current maturities of long-term debt | 175.0 | 124.1 | ||||||
Total current liabilities | 872.1 | 828.4 | ||||||
Long-term Debt - Net of Current Maturities | 1,639.1 | 1,589.9 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 985.5 | 905.7 | ||||||
Regulatory liabilities | 476.3 | 453.7 | ||||||
Deferred credits & other liabilities | 265.4 | 254.9 | ||||||
Total deferred credits & other liabilities | 1,727.2 | 1,614.3 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
83.0 & 82.9, respectively | 734.8 | 729.8 | ||||||
Retained earnings | 1,089.9 | 1,039.6 | ||||||
Accumulated other comprehensive (loss) | (1.3 | ) | (1.3 | ) | ||||
Total common shareholders' equity | 1,823.4 | 1,768.1 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 6,061.8 | $ | 5,800.7 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2017 | 2016 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 154.8 | $ | 142.0 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 205.7 | 193.4 | ||||||
Deferred income taxes & investment tax credits | 76.6 | 68.9 | ||||||
Provision for uncollectible accounts | 4.0 | 5.3 | ||||||
Expense portion of pension & postretirement benefit cost | 4.4 | 2.9 | ||||||
Other non-cash items - net | 4.1 | 2.2 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 3.6 | 42.3 | ||||||
Inventories | (1.1 | ) | (3.6 | ) | ||||
Recoverable/refundable fuel & natural gas costs | — | (30.8 | ) | |||||
Prepayments & other current assets | (3.1 | ) | 15.0 | |||||
Accounts payable, including to affiliated companies | (54.3 | ) | (7.9 | ) | ||||
Accrued liabilities | 4.9 | 1.2 | ||||||
Unconsolidated affiliate dividends | 0.1 | 0.2 | ||||||
Employer contributions to pension & postretirement plans | (3.5 | ) | (18.6 | ) | ||||
Changes in noncurrent assets | (28.0 | ) | (32.0 | ) | ||||
Changes in noncurrent liabilities | (7.7 | ) | (2.2 | ) | ||||
Net cash provided by operating activities | 360.5 | 378.3 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | 99.2 | — | ||||||
Dividend reinvestment plan & other common stock issuances | 4.6 | 4.6 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (104.5 | ) | (99.4 | ) | ||||
Retirement of long-term debt | — | (73.0 | ) | |||||
Net change in short-term borrowings | 31.5 | 116.7 | ||||||
Net cash used in financing activities | 30.8 | (51.1 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sale of assets and other collections | 4.8 | 16.6 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (453.5 | ) | (381.9 | ) | ||||
Other costs | (3.4 | ) | (4.7 | ) | ||||
Changes in restricted cash | 0.9 | 2.5 | ||||||
Net cash used in investing activities | (451.2 | ) | (367.5 | ) | ||||
Net change in cash & cash equivalents | (59.9 | ) | (40.3 | ) | ||||
Cash & cash equivalents at beginning of period | 68.6 | 74.7 | ||||||
Cash & cash equivalents at end of period | $ | 8.7 | $ | 34.4 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
HIGHLIGHTS | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | 1.0 | $ | 0.9 | $ | 55.8 | $ | 46.0 | ||||||||
Electric Utility Services | 27.2 | 31.3 | 56.8 | 67.0 | ||||||||||||
Other Operations | 2.6 | 2.7 | 9.6 | 9.3 | ||||||||||||
Total Utility Group | 30.8 | 34.9 | 122.2 | 122.3 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 26.6 | 18.2 | 28.6 | 9.8 | ||||||||||||
Energy Services | 4.9 | 6.2 | 4.9 | 8.7 | ||||||||||||
Other Businesses | (0.2 | ) | (0.1 | ) | (0.5 | ) | (0.3 | ) | ||||||||
Nonutility Group | 31.3 | 24.3 | 33.0 | 18.2 | ||||||||||||
Corporate and Other | (0.2 | ) | 2.2 | (0.4 | ) | 1.5 | ||||||||||
Vectren Consolidated | $ | 61.9 | $ | 61.4 | $ | 154.8 | $ | 142.0 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.37 | $ | 0.42 | $ | 1.47 | $ | 1.48 | ||||||||
Nonutility Group | 0.38 | 0.29 | 0.40 | 0.22 | ||||||||||||
Corporate and Other | — | 0.03 | — | 0.01 | ||||||||||||
Reported EPS | $ | 0.75 | $ | 0.74 | $ | 1.87 | $ | 1.71 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 59.6 | $ | 55.2 | $ | 231.4 | $ | 215.2 | ||||||||
Commercial Margin | 12.8 | 11.9 | 61.7 | 57.1 | ||||||||||||
Industrial Margin | 15.9 | 14.2 | 53.1 | 47.3 | ||||||||||||
Other Margin | 1.5 | 1.4 | 6.4 | 5.7 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 6.7 | 5.9 | 30.6 | 30.9 | ||||||||||||
Total Gas Utility Margin | 96.5 | 88.6 | 383.2 | 356.2 | ||||||||||||
Cost of Gas Sold | 23.9 | 29.1 | 174.0 | 174.6 | ||||||||||||
Total Gas Utility Revenue | $ | 120.4 | $ | 117.7 | $ | 557.2 | $ | 530.8 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 3.6 | 3.3 | 40.4 | 44.5 | ||||||||||||
Commercial | 2.4 | 2.6 | 18.9 | 20.7 | ||||||||||||
Industrial | 25.4 | 28.0 | 87.2 | 93.8 | ||||||||||||
31.4 | 33.9 | 146.5 | 159.0 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 925,396 | 918,883 | 933,852 | 926,357 | ||||||||||||
Commercial | 84,686 | 84,487 | 85,451 | 85,219 | ||||||||||||
Industrial | 1,743 | 1,731 | 1,742 | 1,728 | ||||||||||||
1,011,825 | 1,005,101 | 1,021,045 | 1,013,304 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Heating Degree Days (Ohio) | 89 | % | 97 | % | ||||||||||||
Heating Degree Days (Indiana) | 80 | % | 90 | % | ||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 46.7 | $ | 50.1 | $ | 116.2 | $ | 121.4 | ||||||||
Commercial Margin | 29.7 | 29.3 | 80.8 | 81.4 | ||||||||||||
Industrial Margin | 26.4 | 30.5 | 73.2 | 84.8 | ||||||||||||
Other Margin | 0.9 | 0.4 | 2.8 | 2.6 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 3.3 | 4.6 | 8.1 | 11.6 | ||||||||||||
Wholesale and Transmission | 8.1 | 7.7 | 23.1 | 21.2 | ||||||||||||
Total Electric Utility Margin | 115.1 | 122.6 | 304.2 | 323.0 | ||||||||||||
Cost of Fuel & Purchased Power | 44.1 | 50.9 | 128.8 | 140.3 | ||||||||||||
Total Electric Utility Revenue | $ | 159.2 | $ | 173.5 | $ | 433.0 | $ | 463.3 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 429.0 | 466.0 | 1,066.3 | 1,130.5 | ||||||||||||
Commercial | 367.5 | 364.0 | 976.5 | 992.1 | ||||||||||||
Industrial | 587.8 | 755.6 | 1,600.7 | 2,110.0 | ||||||||||||
Other Sales - Street Lighting | 5.1 | 5.2 | 16.0 | 16.6 | ||||||||||||
Total Retail | 1,389.4 | 1,590.8 | 3,659.5 | 4,249.2 | ||||||||||||
Wholesale | 56.7 | 0.9 | 295.9 | 37.2 | ||||||||||||
1,446.1 | 1,591.7 | 3,955.4 | 4,286.4 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 126,467 | 125,671 | 126,338 | 125,579 | ||||||||||||
Commercial | 18,679 | 18,570 | 18,639 | 18,533 | ||||||||||||
Industrial | 111 | 112 | 112 | 112 | ||||||||||||
Other | 40 | 38 | 40 | 39 | ||||||||||||
145,297 | 144,391 | 145,129 | 144,263 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Cooling Degree Days (Indiana) | 100 | % | 115 | % | 108 | % | 119 | % | ||||||||
Heating Degree Days (Indiana) | 80 | % | 90 | % | ||||||||||||