Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
| 8-K - VVC VUHI 8K - VECTREN CORP | vvc_vuhi8k.htm |
Exhibit 99.2
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 102.1 | $ | 101.8 | $ | 592.8 | $ | 692.8 | ||||||||
|
Electric utility
|
186.7 | 173.2 | 492.4 | 469.1 | ||||||||||||
|
Nonutility
|
250.6 | 147.7 | 612.6 | 403.5 | ||||||||||||
|
Total operating revenues
|
539.4 | 422.7 | 1,697.8 | 1,565.4 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
30.5 | 32.4 | 274.4 | 371.7 | ||||||||||||
|
Cost of fuel and purchased power
|
67.1 | 64.5 | 186.9 | 180.3 | ||||||||||||
|
Cost of nonutility revenues
|
93.0 | 60.7 | 266.6 | 170.6 | ||||||||||||
|
Other operating
|
180.6 | 137.2 | 485.5 | 398.4 | ||||||||||||
|
Depreciation and amortization
|
61.7 | 57.6 | 182.0 | 170.6 | ||||||||||||
|
Taxes other than income taxes
|
12.4 | 11.7 | 43.4 | 46.9 | ||||||||||||
|
Total operating expenses
|
445.3 | 364.1 | 1,438.8 | 1,338.5 | ||||||||||||
|
OPERATING INCOME
|
94.1 | 58.6 | 259.0 | 226.9 | ||||||||||||
|
OTHER INCOME (EXPENSE):
|
||||||||||||||||
|
Equity in (losses) of unconsolidated affiliates
|
(11.7 | ) | (8.2 | ) | (34.6 | ) | (13.9 | ) | ||||||||
|
Other income - net
|
0.7 | 1.6 | 5.9 | 2.0 | ||||||||||||
|
Total other income (expense)
|
(11.0 | ) | (6.6 | ) | (28.7 | ) | (11.9 | ) | ||||||||
|
INTEREST EXPENSE
|
27.1 | 26.0 | 80.7 | 78.0 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
56.0 | 26.0 | 149.6 | 137.0 | ||||||||||||
|
INCOME TAXES
|
20.7 | 9.6 | 54.6 | 48.7 | ||||||||||||
|
NET INCOME
|
$ | 35.3 | $ | 16.4 | $ | 95.0 | $ | 88.3 | ||||||||
|
AVERAGE COMMON SHARES OUTSTANDING
|
81.8 | 81.2 | 81.7 | 81.1 | ||||||||||||
|
DILUTED COMMON SHARES OUTSTANDING
|
81.9 | 81.4 | 81.8 | 81.3 | ||||||||||||
|
EARNINGS PER SHARE OF COMMON STOCK
|
||||||||||||||||
|
BASIC
|
$ | 0.43 | $ | 0.20 | $ | 1.16 | $ | 1.09 | ||||||||
|
DILUTED
|
$ | 0.43 | $ | 0.20 | $ | 1.16 | $ | 1.09 | ||||||||
|
VECTREN UTILITY HOLDINGS
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions - Unaudited)
|
||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 102.1 | $ | 101.8 | $ | 592.8 | $ | 692.8 | ||||||||
|
Electric utility
|
186.7 | 173.2 | 492.4 | 469.1 | ||||||||||||
|
Other
|
0.5 | 0.4 | 1.5 | 1.2 | ||||||||||||
|
Total operating revenues
|
289.3 | 275.4 | 1,086.7 | 1,163.1 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
30.5 | 32.4 | 274.4 | 371.7 | ||||||||||||
|
Cost of fuel and purchased power
|
67.1 | 64.5 | 186.9 | 180.3 | ||||||||||||
|
Other operating
|
66.7 | 70.5 | 231.8 | 223.3 | ||||||||||||
|
Depreciation and amortization
|
47.8 | 47.2 | 143.9 | 140.5 | ||||||||||||
|
Taxes other than income taxes
|
11.6 | 11.2 | 40.7 | 45.1 | ||||||||||||
|
Total operating expenses
|
223.7 | 225.8 | 877.7 | 960.9 | ||||||||||||
|
OPERATING INCOME
|
65.6 | 49.6 | 209.0 | 202.2 | ||||||||||||
|
OTHER INCOME - NET
|
0.1 | 0.9 | 4.0 | 3.9 | ||||||||||||
|
INTEREST EXPENSE
|
20.4 | 20.4 | 61.2 | 61.0 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
45.3 | 30.1 | 151.8 | 145.1 | ||||||||||||
|
INCOME TAXES
|
17.4 | 11.4 | 59.0 | 54.8 | ||||||||||||
|
NET INCOME
|
$ | 27.9 | $ | 18.7 | $ | 92.8 | $ | 90.3 | ||||||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
|
September 30,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
Current Assets
|
||||||||
|
Cash & cash equivalents
|
$ | 6.4 | $ | 10.4 | ||||
|
Accounts receivable - less reserves of $6.5 &
|
||||||||
|
$5.3, respectively
|
219.8 | 176.6 | ||||||
|
Accrued unbilled revenues
|
62.2 | 162.0 | ||||||
|
Inventories
|
207.3 | 187.1 | ||||||
|
Recoverable fuel & natural gas costs
|
16.0 | 7.9 | ||||||
|
Prepayments & other current assets
|
110.8 | 101.2 | ||||||
|
Total current assets
|
622.5 | 645.2 | ||||||
|
Utility Plant
|
||||||||
|
Original cost
|
4,937.6 | 4,791.7 | ||||||
|
Less: accumulated depreciation & amortization
|
1,922.2 | 1,836.3 | ||||||
|
Net utility plant
|
3,015.4 | 2,955.4 | ||||||
|
Investments in unconsolidated affiliates
|
98.0 | 135.2 | ||||||
|
Other utility & corporate investments
|
34.4 | 34.1 | ||||||
|
Other nonutility investments
|
41.3 | 40.9 | ||||||
|
Nonutility plant - net
|
537.3 | 488.3 | ||||||
|
Goodwill - net
|
262.3 | 242.0 | ||||||
|
Regulatory assets
|
181.3 | 189.4 | ||||||
|
Other assets
|
45.9 | 33.7 | ||||||
|
TOTAL ASSETS
|
$ | 4,838.4 | $ | 4,764.2 | ||||
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable
|
$ | 142.2 | $ | 183.7 | ||||
|
Accounts payable to affiliated companies
|
25.4 | 59.6 | ||||||
|
Accrued liabilities
|
176.7 | 178.4 | ||||||
|
Short-term borrowings
|
216.4 | 118.3 | ||||||
|
Current maturities of long-term debt
|
138.0 | 250.7 | ||||||
|
Long-term debt subject to tender
|
- | 30.0 | ||||||
|
Total current liabilities
|
698.7 | 820.7 | ||||||
|
Long-term Debt - Net of Current Maturities &
|
||||||||
|
Debt Subject to Tender
|
1,581.1 | 1,435.2 | ||||||
|
Deferred Income Taxes & Other Liabilities
|
||||||||
|
Deferred income taxes
|
564.8 | 515.3 | ||||||
|
Regulatory liabilities
|
341.0 | 333.5 | ||||||
|
Deferred credits & other liabilities
|
200.5 | 220.6 | ||||||
|
Total deferred credits & other liabilities
|
1,106.3 | 1,069.4 | ||||||
|
Common Shareholders' Equity
|
||||||||
|
Common stock (no par value) – issued & outstanding
|
||||||||
|
81.8 and 81.7 shares, respectively
|
689.3 | 683.4 | ||||||
|
Retained earnings
|
769.6 | 759.9 | ||||||
|
Accumulated other comprehensive income (loss)
|
(6.6 | ) | (4.4 | ) | ||||
|
Total common shareholders' equity
|
1,452.3 | 1,438.9 | ||||||
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 4,838.4 | $ | 4,764.2 | ||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
| Nine Months | ||||||||
| September 30, | ||||||||
|
2011
|
2010
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net income
|
$ | 95.0 | $ | 88.3 | ||||
|
Adjustments to reconcile net income to cash from operating activities:
|
||||||||
|
Depreciation & amortization
|
182.0 | 170.6 | ||||||
|
Deferred income taxes & investment tax credits
|
56.5 | 33.9 | ||||||
|
Equity in losses of unconsolidated affiliates
|
34.6 | 13.9 | ||||||
|
Provision for uncollectible accounts
|
9.1 | 13.2 | ||||||
|
Expense portion of pension & postretirement benefit cost
|
6.8 | 6.7 | ||||||
|
Other non-cash charges - net
|
9.5 | 19.4 | ||||||
|
Changes in working capital accounts:
|
||||||||
|
Accounts receivable & accrued unbilled revenues
|
68.6 | 106.7 | ||||||
|
Inventories
|
(20.2 | ) | (20.5 | ) | ||||
|
Recoverable/refundable fuel & natural gas costs
|
(8.1 | ) | (34.8 | ) | ||||
|
Prepayments & other current assets
|
(1.0 | ) | (16.4 | ) | ||||
|
Accounts payable, including to affiliated companies
|
(83.8 | ) | (82.9 | ) | ||||
|
Accrued liabilities
|
(3.4 | ) | 15.7 | |||||
|
Unconsolidated affiliate dividends
|
0.1 | 42.7 | ||||||
|
Employer contributions to pension & postretirement plans
|
(37.2 | ) | (12.4 | ) | ||||
|
Changes in noncurrent assets
|
(8.4 | ) | (9.8 | ) | ||||
|
Changes in noncurrent liabilities
|
(8.6 | ) | (11.9 | ) | ||||
|
Net cash flows from operating activities
|
291.5 | 322.4 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Dividend reinvestment plan & other common stock issuances
|
5.2 | 7.2 | ||||||
|
Requirements for:
|
||||||||
|
Dividends on common stock
|
(84.6 | ) | (82.7 | ) | ||||
|
Retirement of long-term debt
|
(2.2 | ) | (2.1 | ) | ||||
|
Other financing activities
|
(1.4 | ) | - | |||||
|
Net change in short-term borrowings
|
98.1 | (56.2 | ) | |||||
|
Net cash flows from financing activities
|
15.1 | (133.8 | ) | |||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
|
Unconsolidated affiliate distributions
|
0.5 | 0.5 | ||||||
|
Other collections
|
1.0 | 10.2 | ||||||
|
Requirements for:
|
||||||||
|
Capital expenditures, excluding AFUDC equity
|
(227.8 | ) | (200.9 | ) | ||||
|
Business acquisition, net of cash acquired
|
(83.4 | ) | - | |||||
|
Other investments
|
(0.9 | ) | (3.1 | ) | ||||
|
Net cash flows from investing activities
|
(310.6 | ) | (193.3 | ) | ||||
|
Net change in cash & cash equivalents
|
(4.0 | ) | (4.7 | ) | ||||
|
Cash & cash equivalents at beginning of period
|
10.4 | 11.9 | ||||||
|
Cash & cash equivalents at end of period
|
$ | 6.4 | $ | 7.2 | ||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
HIGHLIGHTS
|
||||||||||||||||
|
(Millions, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
REPORTED EARNINGS:
|
||||||||||||||||
|
Utility Group
|
||||||||||||||||
|
Gas Utility Services
|
$ | (4.8 | ) | $ | (6.3 | ) | $ | 33.5 | $ | 32.0 | ||||||
|
Electric Utility Services
|
30.8 | 23.1 | 53.1 | 51.4 | ||||||||||||
|
Other Operations
|
1.9 | 1.9 | 6.2 | 6.9 | ||||||||||||
|
Total Utility Group
|
27.9 | 18.7 | 92.8 | 90.3 | ||||||||||||
|
Nonutility Group
|
||||||||||||||||
|
Infrastructure Services
|
11.9 | 3.2 | 11.1 | 2.2 | ||||||||||||
|
Energy Services
|
2.3 | 2.8 | 1.6 | 4.2 | ||||||||||||
|
Coal Mining
|
5.8 | 2.5 | 15.9 | 8.1 | ||||||||||||
|
Energy Marketing
|
||||||||||||||||
|
Vectren Source
|
(3.6 | ) | (3.5 | ) | 1.0 | 0.8 | ||||||||||
|
ProLiance
|
(8.6 | ) | (6.9 | ) | (25.3 | ) | (9.9 | ) | ||||||||
|
Other Businesses
|
(0.2 | ) | (0.3 | ) | (0.9 | ) | (7.3 | ) | ||||||||
|
Total Nonutility Group
|
7.6 | (2.2 | ) | 3.4 | (1.9 | ) | ||||||||||
|
Corporate and Other
|
(0.2 | ) | (0.1 | ) | (1.2 | ) | (0.1 | ) | ||||||||
|
Vectren Consolidated
|
$ | 35.3 | $ | 16.4 | $ | 95.0 | $ | 88.3 | ||||||||
|
EARNINGS PER SHARE:
|
||||||||||||||||
|
Utility Group
|
$ | 0.34 | $ | 0.22 | $ | 1.13 | $ | 1.11 | ||||||||
|
Nonutility Group, excluding ProLiance
|
0.20 | 0.06 | 0.35 | 0.10 | ||||||||||||
|
ProLiance
|
(0.11 | ) | (0.08 | ) | (0.31 | ) | (0.12 | ) | ||||||||
|
Corporate and Other
|
- | - | (0.01 | ) | - | |||||||||||
|
Reported EPS
|
$ | 0.43 | $ | 0.20 | $ | 1.16 | $ | 1.09 | ||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED GAS DISTRIBUTION
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
GAS OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 64.8 | $ | 65.1 | $ | 399.4 | $ | 470.3 | ||||||||
|
Commercial
|
24.1 | 24.5 | 141.8 | 172.1 | ||||||||||||
|
Industrial
|
11.8 | 10.9 | 43.0 | 40.6 | ||||||||||||
|
Other Revenue
|
1.4 | 1.3 | 8.6 | 9.8 | ||||||||||||
| $ | 102.1 | $ | 101.8 | $ | 592.8 | $ | 692.8 | |||||||||
|
GAS MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 46.6 | $ | 45.7 | $ | 207.2 | $ | 211.9 | ||||||||
|
Commercial
|
11.9 | 11.5 | 60.7 | 61.7 | ||||||||||||
|
Industrial
|
11.5 | 10.4 | 41.2 | 36.7 | ||||||||||||
|
Other
|
1.6 | 1.8 | 9.3 | 10.8 | ||||||||||||
| $ | 71.6 | $ | 69.4 | $ | 318.4 | $ | 321.1 | |||||||||
|
GAS SOLD & TRANSPORTED (MMDth):
|
||||||||||||||||
|
Residential
|
3.9 | 3.5 | 49.1 | 47.9 | ||||||||||||
|
Commercial
|
2.6 | 2.4 | 21.9 | 21.5 | ||||||||||||
|
Industrial
|
20.7 | 19.3 | 70.6 | 65.1 | ||||||||||||
| 27.2 | 25.2 | 141.6 | 134.5 | |||||||||||||
|
AVERAGE GAS CUSTOMERS
|
||||||||||||||||
|
Residential
|
888,508 | 886,200 | 898,058 | 896,375 | ||||||||||||
|
Commercial
|
81,834 | 81,725 | 82,768 | 82,709 | ||||||||||||
|
Industrial
|
1,635 | 1,642 | 1,643 | 1,632 | ||||||||||||
| 971,977 | 969,567 | 982,469 | 980,716 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Heating Degree Days (Ohio)
|
106 | % | 102 | % | ||||||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED ELECTRIC
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
| Ended September 30 | Ended September 30 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 71.7 | $ | 66.2 | $ | 169.7 | $ | 163.8 | ||||||||
|
Commercial
|
46.0 | 40.9 | 120.9 | 113.5 | ||||||||||||
|
Industrial
|
56.7 | 54.1 | 160.8 | 151.4 | ||||||||||||
|
Other Revenue
|
2.2 | 1.6 | 6.1 | 5.9 | ||||||||||||
|
Total Retail
|
176.6 | 162.8 | 457.5 | 434.6 | ||||||||||||
|
Net Wholesale Revenues
|
10.1 | 10.4 | 34.9 | 34.5 | ||||||||||||
| $ | 186.7 | $ | 173.2 | $ | 492.4 | $ | 469.1 | |||||||||
|
ELECTRIC MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 51.7 | $ | 46.7 | $ | 120.0 | $ | 114.8 | ||||||||
|
Commercial
|
30.4 | 26.6 | 79.1 | 73.7 | ||||||||||||
|
Industrial
|
27.7 | 27.0 | 76.6 | 73.9 | ||||||||||||
|
Other
|
2.2 | 1.6 | 5.7 | 5.6 | ||||||||||||
|
Total Retail
|
112.0 | 101.9 | 281.4 | 268.0 | ||||||||||||
|
Net Wholesale Margin
|
7.6 | 6.8 | 24.1 | 20.8 | ||||||||||||
| $ | 119.6 | $ | 108.7 | $ | 305.5 | $ | 288.8 | |||||||||
|
ELECTRICITY SOLD (GWh):
|
||||||||||||||||
|
Residential
|
485.8 | 511.4 | 1,209.2 | 1,278.8 | ||||||||||||
|
Commercial
|
377.7 | 375.5 | 1,013.8 | 1,036.5 | ||||||||||||
|
Industrial
|
731.8 | 712.2 | 2,074.6 | 2,019.7 | ||||||||||||
|
Other Sales - Street Lighting
|
5.6 | 4.9 | 16.3 | 16.0 | ||||||||||||
|
Total Retail
|
1,600.9 | 1,604.0 | 4,313.9 | 4,351.0 | ||||||||||||
|
Wholesale
|
142.5 | 122.0 | 469.4 | 466.2 | ||||||||||||
| 1,743.4 | 1,726.0 | 4,783.3 | 4,817.2 | |||||||||||||
|
AVERAGE ELECTRIC CUSTOMERS
|
||||||||||||||||
|
Residential
|
122,831 | 122,738 | 122,947 | 122,840 | ||||||||||||
|
Commercial
|
18,314 | 18,335 | 18,278 | 18,341 | ||||||||||||
|
Industrial
|
111 | 109 | 111 | 108 | ||||||||||||
|
Other
|
33 | 33 | 33 | 33 | ||||||||||||
| 141,289 | 141,215 | 141,369 | 141,322 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Cooling Degree Days (Indiana)
|
114 | % | 129 | % | 117 | % | 134 | % | ||||||||
|
Heating Degree Days (Indiana)
|
95 | % | 99 | % | ||||||||||||