Attached files
| file | filename |
|---|---|
| 8-K - VVC 8K - VECTREN CORP | vvc_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
Exhibit 99.2
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
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CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 261.3 | $ | 306.1 | $ | 954.1 | $ | 1,066.0 | ||||||||
|
Electric utility
|
138.9 | 127.9 | 608.0 | 528.6 | ||||||||||||
|
Nonutility
|
163.9 | 134.6 | 567.4 | 494.3 | ||||||||||||
|
Total operating revenues
|
564.1 | 568.6 | 2,129.5 | 2,088.9 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
133.0 | 177.5 | 504.7 | 618.1 | ||||||||||||
|
Cost of fuel and purchased power
|
54.7 | 46.9 | 235.0 | 194.3 | ||||||||||||
|
Cost of nonutility revenues
|
72.7 | 53.8 | 243.3 | 207.5 | ||||||||||||
|
Other operating
|
140.0 | 136.4 | 538.4 | 514.0 | ||||||||||||
|
Depreciation and amortization
|
58.5 | 53.6 | 229.1 | 211.9 | ||||||||||||
|
Taxes other than income taxes
|
15.3 | 15.0 | 62.2 | 63.0 | ||||||||||||
|
Total operating expenses
|
474.2 | 483.2 | 1,812.7 | 1,808.8 | ||||||||||||
|
OPERATING INCOME
|
89.9 | 85.4 | 316.8 | 280.1 | ||||||||||||
|
OTHER INCOME (EXPENSE):
|
||||||||||||||||
|
Equity in earnings (losses) of unconsolidated affiliates
|
5.3 | 14.7 | (8.6 | ) | 3.4 | |||||||||||
|
Other income - net
|
2.8 | 3.1 | 4.8 | 13.7 | ||||||||||||
|
Total other income (expense)
|
8.1 | 17.8 | (3.8 | ) | 17.1 | |||||||||||
|
INTEREST EXPENSE
|
26.6 | 26.0 | 104.6 | 100.0 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
71.4 | 77.2 | 208.4 | 197.2 | ||||||||||||
|
INCOME TAXES
|
26.0 | 22.6 | 74.7 | 64.1 | ||||||||||||
|
NET INCOME
|
$ | 45.4 | $ | 54.6 | $ | 133.7 | $ | 133.1 | ||||||||
|
AVERAGE COMMON SHARES OUTSTANDING
|
81.5 | 80.8 | 81.2 | 80.7 | ||||||||||||
|
DILUTED COMMON SHARES OUTSTANDING
|
81.6 | 81.0 | 81.3 | 81.0 | ||||||||||||
|
EARNINGS PER SHARE OF COMMON STOCK
|
||||||||||||||||
|
BASIC
|
$ | 0.56 | $ | 0.68 | $ | 1.65 | $ | 1.65 | ||||||||
|
DILUTED
|
$ | 0.56 | $ | 0.67 | $ | 1.64 | $ | 1.64 | ||||||||
|
VECTREN UTILITY HOLDINGS
|
||||||||||||||||
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AND SUBSIDIARY COMPANIES
|
||||||||||||||||
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CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 261.3 | $ | 306.1 | $ | 954.1 | $ | 1,066.0 | ||||||||
|
Electric utility
|
138.9 | 127.9 | 608.0 | 528.6 | ||||||||||||
|
Other
|
0.4 | 0.4 | 1.6 | 1.6 | ||||||||||||
|
Total operating revenues
|
400.6 | 434.4 | 1,563.7 | 1,596.2 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
133.0 | 177.5 | 504.7 | 618.1 | ||||||||||||
|
Cost of fuel and purchased power
|
54.7 | 46.9 | 235.0 | 194.3 | ||||||||||||
|
Other operating
|
75.9 | 76.7 | 299.2 | 304.6 | ||||||||||||
|
Depreciation and amortization
|
47.7 | 46.1 | 188.2 | 180.9 | ||||||||||||
|
Taxes other than income taxes
|
14.5 | 14.1 | 59.6 | 60.3 | ||||||||||||
|
Total operating expenses
|
325.8 | 361.3 | 1,286.7 | 1,358.2 | ||||||||||||
|
OPERATING INCOME
|
74.8 | 73.1 | 277.0 | 238.0 | ||||||||||||
|
OTHER INCOME - NET
|
1.5 | 1.7 | 5.4 | 7.8 | ||||||||||||
|
INTEREST EXPENSE
|
20.4 | 20.3 | 81.4 | 79.2 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
55.9 | 54.5 | 201.0 | 166.6 | ||||||||||||
|
INCOME TAXES
|
22.3 | 18.6 | 77.1 | 59.2 | ||||||||||||
|
NET INCOME
|
$ | 33.6 | $ | 35.9 | $ | 123.9 | $ | 107.4 | ||||||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
|
December 31,
|
December 31,
|
|||||||
|
2010
|
2009
|
|||||||
|
ASSETS
|
||||||||
|
Current Assets
|
||||||||
|
Cash & cash equivalents
|
$ | 10.4 | $ | 11.9 | ||||
|
Accounts receivable - less reserves of $5.3 &
|
||||||||
|
$5.2, respectively
|
176.6 | 162.4 | ||||||
|
Accrued unbilled revenues
|
162.0 | 144.7 | ||||||
|
Inventories
|
187.1 | 167.8 | ||||||
|
Recoverable fuel & natural gas costs
|
7.9 | - | ||||||
|
Prepayments & other current assets
|
101.2 | 95.1 | ||||||
|
Total current assets
|
645.2 | 581.9 | ||||||
|
Utility Plant
|
||||||||
|
Original cost
|
4,791.7 | 4,601.4 | ||||||
|
Less: accumulated depreciation & amortization
|
1,836.3 | 1,722.6 | ||||||
|
Net utility plant
|
2,955.4 | 2,878.8 | ||||||
|
Investments in unconsolidated affiliates
|
135.2 | 186.2 | ||||||
|
Other utility and corporate investments
|
34.1 | 33.2 | ||||||
|
Other nonutility investments
|
40.9 | 46.2 | ||||||
|
Nonutility property - net
|
488.3 | 482.6 | ||||||
|
Goodwill - net
|
242.0 | 242.0 | ||||||
|
Regulatory assets
|
189.4 | 187.9 | ||||||
|
Other assets
|
33.7 | 33.0 | ||||||
|
TOTAL ASSETS
|
$ | 4,764.2 | $ | 4,671.8 | ||||
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable
|
$ | 183.7 | $ | 183.8 | ||||
|
Accounts payable to affiliated companies
|
59.6 | 54.1 | ||||||
|
Refundable fuel & natural gas costs
|
- | 22.3 | ||||||
|
Accrued liabilities
|
178.4 | 174.7 | ||||||
|
Short-term borrowings
|
118.3 | 213.5 | ||||||
|
Current maturities of long-term debt
|
250.7 | 48.0 | ||||||
|
Long-term debt subject to tender
|
30.0 | 51.3 | ||||||
|
Total current liabilities
|
820.7 | 747.7 | ||||||
|
Long-term Debt - Net of Current Maturities &
|
||||||||
|
Debt Subject to Tender
|
1,435.2 | 1,540.5 | ||||||
|
Deferred Income Taxes & Other Liabilities
|
||||||||
|
Deferred income taxes
|
515.3 | 458.7 | ||||||
|
Regulatory liabilities
|
333.5 | 322.1 | ||||||
|
Deferred credits & other liabilities
|
220.6 | 205.6 | ||||||
|
Total deferred credits & other liabilities
|
1,069.4 | 986.4 | ||||||
|
Common Shareholders' Equity
|
||||||||
|
Common stock (no par value) – issued & outstanding
|
||||||||
|
81.7 and 81.1 shares, respectively
|
683.4 | 666.8 | ||||||
|
Retained earnings
|
759.9 | 737.2 | ||||||
|
Accumulated other comprehensive income (loss)
|
(4.4 | ) | (6.8 | ) | ||||
|
Total common shareholders' equity
|
1,438.9 | 1,397.2 | ||||||
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 4,764.2 | $ | 4,671.8 | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
| For the twelve months ended | ||||||||
| December 31, | ||||||||
|
2010
|
2009
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net income
|
$ | 133.7 | $ | 133.1 | ||||
|
Adjustments to reconcile net income to cash from operating activities:
|
||||||||
|
Depreciation & amortization
|
229.1 | 211.9 | ||||||
|
Deferred income taxes & investment tax credits
|
69.3 | 84.9 | ||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
8.6 | (3.4 | ) | |||||
|
Provision for uncollectible accounts
|
16.8 | 15.1 | ||||||
|
Expense portion of pension & postretirement benefit cost
|
10.0 | 10.4 | ||||||
|
Other non-cash charges - net
|
15.9 | 13.3 | ||||||
|
Changes in working capital accounts:
|
||||||||
|
Accounts receivable & accrued unbilled revenue
|
(48.3 | ) | 96.9 | |||||
|
Inventories
|
(19.3 | ) | (36.1 | ) | ||||
|
Recoverable/refundable fuel & natural gas costs
|
(30.2 | ) | 21.3 | |||||
|
Prepayments & other current assets
|
(23.5 | ) | 43.1 | |||||
|
Accounts payable, including to affiliated companies
|
5.5 | (85.8 | ) | |||||
|
Accrued liabilities
|
10.2 | 4.0 | ||||||
|
Unconsolidated affiliate dividends
|
42.7 | 12.6 | ||||||
|
Employer contributions to pension & postretirement plans
|
(22.0 | ) | (38.5 | ) | ||||
|
Changes in noncurrent assets
|
(7.6 | ) | 0.2 | |||||
|
Changes in noncurrent liabilities
|
(6.1 | ) | (33.4 | ) | ||||
|
Net cash flows from operating activities
|
384.8 | 449.6 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Dividend reinvestment plan & other common stock issuances
|
14.0 | 5.8 | ||||||
|
Long-term debt, net of issuance costs
|
124.2 | 312.5 | ||||||
|
Requirements for:
|
||||||||
|
Dividends on common stock
|
(110.8 | ) | (108.6 | ) | ||||
|
Retirement of long-term debt
|
(49.3 | ) | (3.5 | ) | ||||
|
Other Financing Activities
|
(0.2 | ) | - | |||||
|
Net change in short-term borrowings
|
(95.2 | ) | (306.0 | ) | ||||
|
Net cash flows from financing activities
|
(117.3 | ) | (99.8 | ) | ||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Unconsolidated affiliate distributions
|
0.5 | 4.6 | ||||||
|
Other collections
|
10.8 | 1.5 | ||||||
|
Requirements for:
|
||||||||
|
Capital expenditures, excluding AFUDC equity
|
(277.2 | ) | (432.0 | ) | ||||
|
Unconsolidated affiliate investments
|
(0.2 | ) | (0.2 | ) | ||||
|
Other investments
|
(2.9 | ) | (5.0 | ) | ||||
|
Net cash flows from investing activities
|
(269.0 | ) | (431.1 | ) | ||||
|
Net change in cash & cash equivalents
|
(1.5 | ) | (81.3 | ) | ||||
|
Cash & cash equivalents at beginning of period
|
11.9 | 93.2 | ||||||
|
Cash & cash equivalents at end of period
|
$ | 10.4 | $ | 11.9 | ||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
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|
HIGHLIGHTS
|
||||||||||||||||
|
(millions, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
REPORTED EARNINGS:
|
||||||||||||||||
|
Utility Group
|
$ | 33.6 | $ | 35.9 | $ | 123.9 | $ | 107.4 | ||||||||
|
Nonutility Group
|
||||||||||||||||
|
Infrastructure Services
|
0.9 | 0.2 | 3.1 | 2.4 | ||||||||||||
|
Energy Services
|
2.2 | 3.0 | 6.4 | 8.4 | ||||||||||||
|
Coal Mining
|
3.8 | 6.0 | 11.9 | 13.4 | ||||||||||||
|
Energy Marketing
|
4.9 | 10.0 | (4.2 | ) | 4.1 | * | ||||||||||
|
Other Businesses
|
- | (0.2 | ) | (7.4 | ) | (2.5 | ) | |||||||||
|
Total Nonutility Group
|
11.8 | 19.0 | 9.8 | 25.8 | ||||||||||||
|
Corporate and Other
|
- | (0.3 | ) | - | (0.1 | ) | ||||||||||
|
Vectren Consolidated
|
$ | 45.4 | $ | 54.6 | $ | 133.7 | $ | 133.1 | ||||||||
|
REPORTED EPS
|
$ | 0.56 | $ | 0.68 | $ | 1.65 | $ | 1.65 | ||||||||
|
* Twelve months ended December 31, 2009 includes $11.9 million after tax charge related to Liberty Gas Storage Investment
|
||||||||||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED GAS DISTRIBUTION
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
GAS OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 179.5 | $ | 209.5 | $ | 651.2 | $ | 726.6 | ||||||||
|
Commercial
|
61.9 | 77.9 | 234.5 | 272.3 | ||||||||||||
|
Industrial
|
17.0 | 16.8 | 57.6 | 55.9 | ||||||||||||
|
Other Revenue
|
2.9 | 1.9 | 10.8 | 11.2 | ||||||||||||
| $ | 261.3 | $ | 306.1 | $ | 954.1 | $ | 1,066.0 | |||||||||
|
GAS MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 84.7 | $ | 87.2 | $ | 297.9 | $ | 298.9 | ||||||||
|
Commercial
|
24.8 | 25.7 | 87.2 | 89.9 | ||||||||||||
|
Industrial
|
15.6 | 13.4 | 52.4 | 46.8 | ||||||||||||
|
Other
|
3.2 | 2.3 | 11.9 | 12.3 | ||||||||||||
| $ | 128.3 | $ | 128.6 | $ | 449.4 | $ | 447.9 | |||||||||
|
GAS SOLD & TRANSPORTED (MMDth):
|
||||||||||||||||
|
Residential
|
26.1 | 24.1 | 74.0 | 73.3 | ||||||||||||
|
Commercial
|
10.7 | 10.9 | 32.2 | 33.2 | ||||||||||||
|
Industrial
|
25.7 | 22.9 | 90.8 | 78.0 | ||||||||||||
| 62.5 | 57.9 | 197.0 | 184.5 | |||||||||||||
|
AVERAGE GAS CUSTOMERS
|
||||||||||||||||
|
Residential
|
901,735 | 900,977 | 897,715 | 896,516 | ||||||||||||
|
Commercial
|
82,993 | 83,265 | 82,780 | 83,148 | ||||||||||||
|
Industrial
|
1,652 | 1,618 | 1,638 | 1,621 | ||||||||||||
| 986,380 | 985,860 | 982,133 | 981,285 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Heating Degree Days (Ohio)
|
108 | % | 102 | % | 105 | % | 103 | % | ||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED ELECTRIC
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 42.4 | $ | 40.9 | $ | 206.4 | $ | 183.3 | ||||||||
|
Commercial
|
36.1 | 34.3 | 149.7 | 139.9 | ||||||||||||
|
Industrial
|
47.6 | 41.1 | 199.1 | 162.3 | ||||||||||||
|
Other Revenue
|
3.6 | 3.1 | 9.1 | 7.7 | ||||||||||||
|
Total Retail
|
129.7 | 119.4 | 564.3 | 493.2 | ||||||||||||
|
Net Wholesale Revenues
|
9.2 | 8.5 | 43.7 | 35.4 | ||||||||||||
| $ | 138.9 | $ | 127.9 | $ | 608.0 | $ | 528.6 | |||||||||
|
ELECTRIC MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 29.4 | $ | 29.4 | $ | 144.3 | $ | 131.6 | ||||||||
|
Commercial
|
23.0 | 22.8 | 96.9 | 93.1 | ||||||||||||
|
Industrial
|
23.0 | 20.5 | 97.1 | 81.7 | ||||||||||||
|
Other
|
3.4 | 2.9 | 8.5 | 7.2 | ||||||||||||
|
Total Retail
|
78.8 | 75.6 | 346.8 | 313.6 | ||||||||||||
|
Net Wholesale Margin
|
5.4 | 5.4 | 26.2 | 20.7 | ||||||||||||
| $ | 84.2 | $ | 81.0 | $ | 373.0 | $ | 334.3 | |||||||||
|
ELECTRICITY SOLD (GWh):
|
||||||||||||||||
|
Residential
|
324.7 | 317.7 | 1,603.5 | 1,451.7 | ||||||||||||
|
Commercial
|
324.0 | 321.0 | 1,360.5 | 1,309.1 | ||||||||||||
|
Industrial
|
610.6 | 572.0 | 2,630.3 | 2,258.9 | ||||||||||||
|
Other Sales - Street Lighting
|
6.6 | 5.9 | 22.6 | 20.0 | ||||||||||||
|
Total Retail
|
1,265.9 | 1,216.6 | 5,616.9 | 5,039.7 | ||||||||||||
|
Wholesale
|
121.4 | 109.3 | 587.6 | 603.6 | ||||||||||||
| 1,387.3 | 1,325.9 | 6,204.5 | 5,643.3 | |||||||||||||
|
AVERAGE ELECTRIC CUSTOMERS
|
||||||||||||||||
|
Residential
|
122,907 | 122,600 | 122,857 | 122,380 | ||||||||||||
|
Commercial
|
18,261 | 18,347 | 18,321 | 18,357 | ||||||||||||
|
Industrial
|
111 | 106 | 108 | 105 | ||||||||||||
|
Other
|
33 | 33 | 33 | 33 | ||||||||||||
| 141,312 | 141,086 | 141,319 | 140,875 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Cooling Degree Days (Indiana)
|
134 | % | 90 | % | ||||||||||||
|
Heating Degree Days (Indiana)
|
101 | % | 96 | % | ||||||||||||