Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
| 8-K - VVC 8K - VECTREN CORP | vvc_vuhi8k.htm |
Exhbit 99.2
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Six Months | |||||||||||||||
| Ended June 30 | Ended June 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 134.0 | $ | 122.9 | $ | 490.7 | $ | 591.0 | ||||||||
|
Electric utility
|
159.3 | 151.0 | 305.7 | 295.9 | ||||||||||||
|
Nonutility
|
182.5 | 128.5 | 362.0 | 255.8 | ||||||||||||
|
Total operating revenues
|
475.8 | 402.4 | 1,158.4 | 1,142.7 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
48.8 | 41.5 | 243.9 | 339.3 | ||||||||||||
|
Cost of fuel and purchased power
|
60.3 | 57.8 | 119.8 | 115.8 | ||||||||||||
|
Cost of nonutility revenues
|
68.5 | 49.4 | 173.6 | 109.9 | ||||||||||||
|
Other operating
|
163.3 | 132.3 | 304.9 | 261.2 | ||||||||||||
|
Depreciation and amortization
|
61.2 | 57.2 | 120.3 | 113.0 | ||||||||||||
|
Taxes other than income taxes
|
12.1 | 12.1 | 31.0 | 35.2 | ||||||||||||
|
Total operating expenses
|
414.2 | 350.3 | 993.5 | 974.4 | ||||||||||||
|
OPERATING INCOME
|
61.6 | 52.1 | 164.9 | 168.3 | ||||||||||||
|
OTHER INCOME (EXPENSE):
|
||||||||||||||||
|
Equity in (losses) of unconsolidated affiliates
|
(12.0 | ) | (13.9 | ) | (22.9 | ) | (5.7 | ) | ||||||||
|
Other income - net
|
2.8 | 0.9 | 5.2 | 0.4 | ||||||||||||
|
Total other income (expense)
|
(9.2 | ) | (13.0 | ) | (17.7 | ) | (5.3 | ) | ||||||||
|
INTEREST EXPENSE
|
27.0 | 26.0 | 53.6 | 52.0 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
25.4 | 13.1 | 93.6 | 111.0 | ||||||||||||
|
INCOME TAXES
|
10.3 | 4.4 | 33.9 | 39.1 | ||||||||||||
|
NET INCOME
|
$ | 15.1 | $ | 8.7 | $ | 59.7 | $ | 71.9 | ||||||||
|
AVERAGE COMMON SHARES OUTSTANDING
|
81.7 | 81.0 | 81.7 | 81.0 | ||||||||||||
|
DILUTED COMMON SHARES OUTSTANDING
|
81.8 | 81.2 | 81.8 | 81.2 | ||||||||||||
|
EARNINGS PER SHARE OF COMMON STOCK
|
||||||||||||||||
|
BASIC
|
$ | 0.19 | $ | 0.11 | $ | 0.73 | $ | 0.89 | ||||||||
|
DILUTED
|
$ | 0.18 | $ | 0.11 | $ | 0.73 | $ | 0.89 | ||||||||
|
VECTREN UTILITY HOLDINGS
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Six Months | |||||||||||||||
| Ended June 30 | Ended June 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 134.0 | $ | 122.9 | $ | 490.7 | $ | 591.0 | ||||||||
|
Electric utility
|
159.3 | 151.0 | 305.7 | 295.9 | ||||||||||||
|
Other
|
0.5 | 0.4 | 1.0 | 0.8 | ||||||||||||
|
Total operating revenues
|
293.8 | 274.3 | 797.4 | 887.7 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
48.8 | 41.5 | 243.9 | 339.3 | ||||||||||||
|
Cost of fuel and purchased power
|
60.3 | 57.8 | 119.8 | 115.8 | ||||||||||||
|
Other operating
|
78.2 | 71.2 | 165.1 | 152.8 | ||||||||||||
|
Depreciation and amortization
|
47.9 | 46.8 | 96.1 | 93.3 | ||||||||||||
|
Taxes other than income taxes
|
11.1 | 11.6 | 29.1 | 33.9 | ||||||||||||
|
Total operating expenses
|
246.3 | 228.9 | 654.0 | 735.1 | ||||||||||||
|
OPERATING INCOME
|
47.5 | 45.4 | 143.4 | 152.6 | ||||||||||||
|
OTHER INCOME - NET
|
2.2 | 0.8 | 3.9 | 3.0 | ||||||||||||
|
INTEREST EXPENSE
|
20.4 | 20.3 | 40.8 | 40.6 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
29.3 | 25.9 | 106.5 | 115.0 | ||||||||||||
|
INCOME TAXES
|
13.0 | 9.7 | 41.6 | 43.4 | ||||||||||||
|
NET INCOME
|
$ | 16.3 | $ | 16.2 | $ | 64.9 | $ | 71.6 | ||||||||
|
VECTREN CORPORATION
|
|||||
|
AND SUBSIDIARY COMPANIES
|
|||||
|
CONSOLIDATED BALANCE SHEETS
|
|||||
|
(Millions - Unaudited)
|
|||||
|
June 30,
|
December 31,
|
||||
|
2011
|
2010
|
||||
|
ASSETS
|
|||||
|
Current Assets
|
|||||
|
Cash & cash equivalents
|
$ 14.8
|
$ 10.4
|
|||
|
Accounts receivable - less reserves of $7.6 &
|
|||||
|
$5.3, respectively
|
179.0
|
176.6
|
|||
|
Accrued unbilled revenues
|
62.6
|
162.0
|
|||
|
Inventories
|
166.6
|
187.1
|
|||
|
Recoverable fuel & natural gas costs
|
9.2
|
7.9
|
|||
|
Prepayments & other current assets
|
80.6
|
101.2
|
|||
|
Total current assets
|
512.8
|
645.2
|
|||
|
Utility Plant
|
|||||
|
Original cost
|
4,890.0
|
4,791.7
|
|||
|
Less: accumulated depreciation & amortization
|
1,897.3
|
1,836.3
|
|||
|
Net utility plant
|
2,992.7
|
2,955.4
|
|||
|
Investments in unconsolidated affiliates
|
114.8
|
135.2
|
|||
|
Other utility & corporate investments
|
36.1
|
34.1
|
|||
|
Other nonutility investments
|
41.2
|
40.9
|
|||
|
Nonutility plant - net
|
536.0
|
488.3
|
|||
|
Goodwill - net
|
262.2
|
242.0
|
|||
|
Regulatory assets
|
173.3
|
189.4
|
|||
|
Other assets
|
51.0
|
33.7
|
|||
|
TOTAL ASSETS
|
$ 4,720.1
|
$ 4,764.2
|
|||
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
|||||
|
Current Liabilities
|
|||||
|
Accounts payable
|
$ 119.1
|
$ 183.7
|
|||
|
Accounts payable to affiliated companies
|
27.7
|
59.6
|
|||
|
Accrued liabilities
|
184.5
|
178.4
|
|||
|
Short-term borrowings
|
144.5
|
118.3
|
|||
|
Current maturities of long-term debt
|
138.3
|
250.7
|
|||
|
Long-term debt subject to tender
|
30.0
|
30.0
|
|||
|
Total current liabilities
|
644.1
|
820.7
|
|||
|
Long-term Debt - Net of Current Maturities &
|
|||||
|
Debt Subject to Tender
|
1,551.4
|
1,435.2
|
|||
|
Deferred Income Taxes & Other Liabilities
|
|||||
|
Deferred income taxes
|
538.1
|
515.3
|
|||
|
Regulatory liabilities
|
337.6
|
333.5
|
|||
|
Deferred credits & other liabilities
|
202.6
|
220.6
|
|||
|
Total deferred credits & other liabilities
|
1,078.3
|
1,069.4
|
|||
|
Common Shareholders' Equity
|
|||||
|
Common stock (no par value) – issued & outstanding
|
|||||
|
81.8 and 81.7 shares, respectively
|
687.6
|
683.4
|
|||
|
Retained earnings
|
762.5
|
759.9
|
|||
|
Accumulated other comprehensive income (loss)
|
(3.8)
|
(4.4)
|
|||
|
Total common shareholders' equity
|
1,446.3
|
1,438.9
|
|||
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ 4,720.1
|
$ 4,764.2
|
|||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
|
2011
|
2010
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net income
|
$ | 59.7 | $ | 71.9 | ||||
|
Adjustments to reconcile net income to cash from operating activities:
|
||||||||
|
Depreciation & amortization
|
120.3 | 113.0 | ||||||
|
Deferred income taxes & investment tax credits
|
34.1 | 17.6 | ||||||
|
Equity in losses of unconsolidated affiliates
|
22.9 | 5.7 | ||||||
|
Provision for uncollectible accounts
|
6.9 | 10.2 | ||||||
|
Expense portion of pension & postretirement benefit cost
|
4.5 | 4.5 | ||||||
|
Other non-cash charges - net
|
6.1 | 14.5 | ||||||
|
Changes in working capital accounts:
|
||||||||
|
Accounts receivable & accrued unbilled revenues
|
111.2 | 100.0 | ||||||
|
Inventories
|
20.5 | 7.5 | ||||||
|
Recoverable/refundable fuel & natural gas costs
|
(1.3 | ) | (24.2 | ) | ||||
|
Prepayments & other current assets
|
22.6 | 17.6 | ||||||
|
Accounts payable, including to affiliated companies
|
(102.5 | ) | (98.8 | ) | ||||
|
Accrued liabilities
|
4.6 | 14.0 | ||||||
|
Unconsolidated affiliate dividends
|
0.1 | 12.2 | ||||||
|
Employer contributions to pension & postretirement plans
|
(33.1 | ) | (8.2 | ) | ||||
|
Changes in noncurrent assets
|
(3.5 | ) | 9.5 | |||||
|
Changes in noncurrent liabilities
|
(3.5 | ) | (8.3 | ) | ||||
|
Net cash flows from operating activities
|
269.6 | 258.7 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Dividend reinvestment plan & other common stock issuances
|
3.6 | 3.1 | ||||||
|
Requirements for:
|
||||||||
|
Dividends on common stock
|
(56.4 | ) | (55.1 | ) | ||||
|
Retirement of long-term debt
|
(1.4 | ) | (1.6 | ) | ||||
|
Other financing activities
|
(1.4 | ) | - | |||||
|
Net change in short-term borrowings
|
26.2 | (67.9 | ) | |||||
|
Net cash flows from financing activities
|
(29.4 | ) | (121.5 | ) | ||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Unconsolidated affiliate distributions
|
0.5 | 0.5 | ||||||
|
Other collections
|
0.9 | 6.8 | ||||||
|
Requirements for:
|
||||||||
|
Capital expenditures, excluding AFUDC equity
|
(152.4 | ) | (137.2 | ) | ||||
|
Business acquisition, net of cash acquired
|
(83.4 | ) | - | |||||
|
Other investments
|
(1.4 | ) | (2.4 | ) | ||||
|
Net cash flows from investing activities
|
(235.8 | ) | (132.3 | ) | ||||
|
Net change in cash & cash equivalents
|
4.4 | 4.9 | ||||||
|
Cash & cash equivalents at beginning of period
|
10.4 | 11.9 | ||||||
|
Cash & cash equivalents at end of period
|
$ | 14.8 | $ | 16.8 | ||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
HIGHLIGHTS
|
||||||||||||||||
|
(millions, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Six Months | |||||||||||||||
| Ended June 30 | Ended June 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
REPORTED EARNINGS:
|
||||||||||||||||
|
Utility Group
|
$ | 16.3 | $ | 16.2 | $ | 64.9 | $ | 71.6 | ||||||||
|
Nonutility Group
|
||||||||||||||||
|
Infrastructure Services
|
2.1 | 2.0 | (0.8 | ) | (1.0 | ) | ||||||||||
|
Energy Services
|
0.7 | 1.7 | (0.7 | ) | 1.4 | |||||||||||
|
Coal Mining
|
8.5 | 1.7 | 10.1 | 5.6 | ||||||||||||
|
Energy Marketing
|
||||||||||||||||
|
Vectren Source
|
(2.5 | ) | (1.9 | ) | 4.6 | 4.4 | ||||||||||
|
ProLiance
|
(9.2 | ) | (7.0 | ) | (16.7 | ) | (3.1 | ) | ||||||||
|
Other Businesses
|
(0.4 | ) | (4.0 | ) | (0.7 | ) | (7.0 | ) | ||||||||
|
Total Nonutility Group
|
(0.8 | ) | (7.5 | ) | (4.2 | ) | 0.3 | |||||||||
|
Corporate and Other
|
(0.4 | ) | - | (1.0 | ) | - | ||||||||||
|
Vectren Consolidated
|
$ | 15.1 | $ | 8.7 | $ | 59.7 | $ | 71.9 | ||||||||
|
Earnings Per Share
|
||||||||||||||||
|
Utility Group
|
$ | 0.20 | $ | 0.20 | $ | 0.79 | $ | 0.89 | ||||||||
|
Nonutility Group, excluding ProLiance
|
0.10 | - | 0.15 | 0.04 | ||||||||||||
|
ProLiance
|
(0.11 | ) | (0.09 | ) | (0.20 | ) | (0.04 | ) | ||||||||
|
Corporate and Other
|
- | - | (0.01 | ) | - | |||||||||||
|
REPORTED EPS
|
$ | 0.19 | $ | 0.11 | $ | 0.73 | $ | 0.89 | ||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED GAS DISTRIBUTION
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Six Months | |||||||||||||||
| Ended June 30 | Ended June 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
GAS OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 89.6 | $ | 82.4 | $ | 334.6 | $ | 405.2 | ||||||||
|
Commercial
|
28.8 | 26.5 | 117.7 | 147.6 | ||||||||||||
|
Industrial
|
12.5 | 10.9 | 31.2 | 29.7 | ||||||||||||
|
Other Revenue
|
3.1 | 3.1 | 7.2 | 8.5 | ||||||||||||
| $ | 134.0 | $ | 122.9 | $ | 490.7 | $ | 591.0 | |||||||||
|
GAS MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 55.5 | $ | 54.1 | $ | 160.6 | $ | 166.2 | ||||||||
|
Commercial
|
14.4 | 13.8 | 48.8 | 50.2 | ||||||||||||
|
Industrial
|
12.0 | 10.1 | 29.7 | 26.3 | ||||||||||||
|
Other
|
3.3 | 3.4 | 7.7 | 9.0 | ||||||||||||
| $ | 85.2 | $ | 81.4 | $ | 246.8 | $ | 251.7 | |||||||||
|
GAS SOLD & TRANSPORTED (MMDth):
|
||||||||||||||||
|
Residential
|
8.1 | 6.1 | 45.2 | 44.4 | ||||||||||||
|
Commercial
|
3.6 | 2.8 | 19.3 | 19.1 | ||||||||||||
|
Industrial
|
21.1 | 19.2 | 49.9 | 45.8 | ||||||||||||
| 32.8 | 28.1 | 114.4 | 109.3 | |||||||||||||
|
AVERAGE GAS CUSTOMERS
|
||||||||||||||||
|
Residential
|
896,376 | 894,200 | 902,833 | 901,462 | ||||||||||||
|
Commercial
|
82,616 | 82,470 | 83,234 | 83,201 | ||||||||||||
|
Industrial
|
1,644 | 1,636 | 1,648 | 1,627 | ||||||||||||
| 980,636 | 978,306 | 987,715 | 986,290 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Heating Degree Days (Ohio)
|
91 | % | 65 | % | 105 | % | 103 | % | ||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED ELECTRIC
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Six Months | |||||||||||||||
| Ended June 30 | Ended June 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 50.6 | $ | 48.2 | $ | 98.0 | $ | 97.6 | ||||||||
|
Commercial
|
40.8 | 39.4 | 74.9 | 72.6 | ||||||||||||
|
Industrial
|
53.8 | 51.5 | 104.1 | 97.3 | ||||||||||||
|
Other Revenue
|
1.9 | 2.4 | 3.9 | 4.3 | ||||||||||||
|
Total Retail
|
147.1 | 141.5 | 280.9 | 271.8 | ||||||||||||
|
Net Wholesale Revenues
|
12.2 | 9.5 | 24.8 | 24.1 | ||||||||||||
| $ | 159.3 | $ | 151.0 | $ | 305.7 | $ | 295.9 | |||||||||
|
ELECTRIC MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 36.2 | $ | 34.5 | $ | 68.3 | $ | 68.1 | ||||||||
|
Commercial
|
26.8 | 25.4 | 48.7 | 47.1 | ||||||||||||
|
Industrial
|
25.5 | 24.4 | 48.9 | 46.9 | ||||||||||||
|
Other
|
1.6 | 2.3 | 3.5 | 4.0 | ||||||||||||
|
Total Retail
|
90.1 | 86.6 | 169.4 | 166.1 | ||||||||||||
|
Net Wholesale Margin
|
8.9 | 6.6 | 16.5 | 14.0 | ||||||||||||
| $ | 99.0 | $ | 93.2 | $ | 185.9 | $ | 180.1 | |||||||||
|
ELECTRICITY SOLD (GWh):
|
||||||||||||||||
|
Residential
|
342.2 | 356.2 | 723.4 | 767.4 | ||||||||||||
|
Commercial
|
335.7 | 360.3 | 636.1 | 661.0 | ||||||||||||
|
Industrial
|
680.9 | 697.1 | 1,342.8 | 1,307.5 | ||||||||||||
|
Other Sales - Street Lighting
|
4.8 | 5.1 | 10.7 | 11.1 | ||||||||||||
|
Total Retail
|
1,363.6 | 1,418.7 | 2,713.0 | 2,747.0 | ||||||||||||
|
Wholesale
|
143.0 | 108.8 | 326.9 | 344.2 | ||||||||||||
| 1,506.6 | 1,527.5 | 3,039.9 | 3,091.2 | |||||||||||||
|
AVERAGE ELECTRIC CUSTOMERS
|
||||||||||||||||
|
Residential
|
122,884 | 122,754 | 123,005 | 122,891 | ||||||||||||
|
Commercial
|
18,271 | 18,373 | 18,260 | 18,344 | ||||||||||||
|
Industrial
|
111 | 107 | 111 | 107 | ||||||||||||
|
Other
|
33 | 33 | 33 | 33 | ||||||||||||
| 141,299 | 141,267 | 141,409 | 141,375 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
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Cooling Degree Days (Indiana)
|
124 | % | 146 | % | 123 | % | 144 | % | ||||||||
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Heating Degree Days (Indiana)
|
80 | % | 53 | % | 95 | % | 101 | % | ||||||||