Attached files
| file | filename |
|---|---|
| 8-K - QFR - VECTREN CORP | vvc_vuhi8k.htm |
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | ex99_3.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | ex99_1.htm |
EX-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 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 226.3 | $ | 261.3 | $ | 819.1 | $ | 954.1 | ||||||||
|
Electric utility
|
143.5 | 138.9 | 635.9 | 608.0 | ||||||||||||
|
Nonutility
|
257.6 | 163.9 | 870.2 | 567.4 | ||||||||||||
|
Total operating revenues
|
627.4 | 564.1 | 2,325.2 | 2,129.5 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
101.0 | 133.0 | 375.4 | 504.7 | ||||||||||||
|
Cost of fuel and purchased power
|
53.5 | 54.7 | 240.4 | 235.0 | ||||||||||||
|
Cost of nonutility revenues
|
118.7 | 72.7 | 385.3 | 243.3 | ||||||||||||
|
Other operating
|
166.7 | 140.0 | 652.2 | 538.4 | ||||||||||||
|
Depreciation and amortization
|
62.3 | 58.5 | 244.3 | 229.1 | ||||||||||||
|
Taxes other than income taxes
|
14.2 | 15.3 | 57.6 | 62.2 | ||||||||||||
|
Total operating expenses
|
516.4 | 474.2 | 1,955.2 | 1,812.7 | ||||||||||||
|
OPERATING INCOME
|
111.0 | 89.9 | 370.0 | 316.8 | ||||||||||||
|
OTHER INCOME (EXPENSE):
|
||||||||||||||||
|
Equity in earnings (losses) of unconsolidated affiliates
|
2.6 | 5.3 | (32.0 | ) | (8.6 | ) | ||||||||||
|
Other income/(expense) - net
|
(9.4 | ) | 2.8 | (3.5 | ) | 4.8 | ||||||||||
|
Total other income (expense)
|
(6.8 | ) | 8.1 | (35.5 | ) | (3.8 | ) | |||||||||
|
INTEREST EXPENSE
|
25.8 | 26.6 | 106.5 | 104.6 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
78.4 | 71.4 | 228.0 | 208.4 | ||||||||||||
|
INCOME TAXES
|
31.8 | 26.0 | 86.4 | 74.7 | ||||||||||||
|
NET INCOME
|
46.6 | 45.4 | 141.6 | 133.7 | ||||||||||||
|
AVERAGE COMMON SHARES OUTSTANDING
|
81.9 | 81.5 | 81.8 | 81.2 | ||||||||||||
|
DILUTED COMMON SHARES OUTSTANDING
|
81.9 | 81.6 | 81.8 | 81.3 | ||||||||||||
|
EARNINGS PER SHARE OF COMMON STOCK
|
||||||||||||||||
|
BASIC
|
$ | 0.56 | $ | 0.56 | $ | 1.73 | $ | 1.65 | ||||||||
|
DILUTED
|
$ | 0.56 | $ | 0.56 | $ | 1.73 | $ | 1.64 | ||||||||
|
VECTREN UTILITY HOLDINGS
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
|
(Millions - Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
OPERATING REVENUES:
|
||||||||||||||||
|
Gas utility
|
$ | 226.3 | $ | 261.3 | $ | 819.1 | $ | 954.1 | ||||||||
|
Electric utility
|
143.5 | 138.9 | 635.9 | 608.0 | ||||||||||||
|
Other
|
0.5 | 0.4 | 2.0 | 1.6 | ||||||||||||
|
Total operating revenues
|
370.3 | 400.6 | 1,457.0 | 1,563.7 | ||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||
|
Cost of gas sold
|
101.0 | 133.0 | 375.4 | 504.7 | ||||||||||||
|
Cost of fuel and purchased power
|
53.5 | 54.7 | 240.4 | 235.0 | ||||||||||||
|
Other operating
|
81.3 | 75.9 | 313.1 | 299.2 | ||||||||||||
|
Depreciation and amortization
|
48.4 | 47.7 | 192.3 | 188.2 | ||||||||||||
|
Taxes other than income taxes
|
13.3 | 14.5 | 54.0 | 59.6 | ||||||||||||
|
Total operating expenses
|
297.5 | 325.8 | 1,175.2 | 1,286.7 | ||||||||||||
|
OPERATING INCOME
|
72.8 | 74.8 | 281.8 | 277.0 | ||||||||||||
|
OTHER INCOME - NET
|
0.3 | 1.5 | 4.3 | 5.4 | ||||||||||||
|
INTEREST EXPENSE
|
19.1 | 20.4 | 80.3 | 81.4 | ||||||||||||
|
INCOME BEFORE INCOME TAXES
|
54.0 | 55.9 | 205.8 | 201.0 | ||||||||||||
|
INCOME TAXES
|
23.9 | 22.3 | 82.9 | 77.1 | ||||||||||||
|
NET INCOME
|
$ | 30.1 | $ | 33.6 | $ | 122.9 | $ | 123.9 | ||||||||
|
VECTREN CORPORATION
|
||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
|
December 31,
|
December 31,
|
|||||||
|
2011
|
2010
|
|||||||
|
ASSETS
|
||||||||
|
Current Assets
|
||||||||
|
Cash & cash equivalents
|
$ | 8.6 | $ | 10.4 | ||||
|
Accounts receivable - less reserves of $6.7 &
|
||||||||
|
$5.3, respectively
|
221.3 | 176.6 | ||||||
|
Accrued unbilled revenues
|
121.5 | 162.0 | ||||||
|
Inventories
|
161.9 | 187.1 | ||||||
|
Recoverable fuel & natural gas costs
|
12.4 | 7.9 | ||||||
|
Prepayments & other current assets
|
84.3 | 101.2 | ||||||
|
Total current assets
|
610.0 | 645.2 | ||||||
|
Utility Plant
|
||||||||
|
Original cost
|
4,979.9 | 4,791.7 | ||||||
|
Less: accumulated depreciation & amortization
|
1,947.3 | 1,836.3 | ||||||
|
Net utility plant
|
3,032.6 | 2,955.4 | ||||||
|
Investments in unconsolidated affiliates
|
92.9 | 135.2 | ||||||
|
Other utility & corporate investments
|
34.4 | 34.1 | ||||||
|
Other nonutility investments
|
29.6 | 40.9 | ||||||
|
Nonutility plant - net
|
550.8 | 488.3 | ||||||
|
Goodwill - net
|
262.3 | 242.0 | ||||||
|
Regulatory assets
|
226.0 | 189.4 | ||||||
|
Other assets
|
40.3 | 33.7 | ||||||
|
TOTAL ASSETS
|
$ | 4,878.9 | $ | 4,764.2 | ||||
|
LIABILITIES & SHAREHOLDERS' EQUITY
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable
|
$ | 185.8 | $ | 183.7 | ||||
|
Accounts payable to affiliated companies
|
36.8 | 59.6 | ||||||
|
Accrued liabilities
|
181.1 | 178.4 | ||||||
|
Short-term borrowings
|
227.1 | 118.3 | ||||||
|
Current maturities of long-term debt
|
62.7 | 250.7 | ||||||
|
Long-term debt subject to tender
|
- | 30.0 | ||||||
|
Total current liabilities
|
693.5 | 820.7 | ||||||
|
Long-term Debt - Net of Current Maturities &
|
||||||||
|
Debt Subject to Tender
|
1,559.6 | 1,435.2 | ||||||
|
Deferred Income Taxes & Other Liabilities
|
||||||||
|
Deferred income taxes
|
575.7 | 515.3 | ||||||
|
Regulatory liabilities
|
345.2 | 333.5 | ||||||
|
Deferred credits & other liabilities
|
239.4 | 220.6 | ||||||
|
Total deferred credits & other liabilities
|
1,160.3 | 1,069.4 | ||||||
|
Common Shareholders' Equity
|
||||||||
|
Common stock (no par value) – issued & outstanding
|
||||||||
|
81.9 and 81.7 shares, respectively
|
692.6 | 683.4 | ||||||
|
Retained earnings
|
786.2 | 759.9 | ||||||
|
Accumulated other comprehensive income (loss)
|
(13.3 | ) | (4.4 | ) | ||||
|
Total common shareholders' equity
|
1,465.5 | 1,438.9 | ||||||
|
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY
|
$ | 4,878.9 | $ | 4,764.2 | ||||
|
VECTREN CORPORATION
|
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|
AND SUBSIDIARY COMPANIES
|
||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
(Millions - Unaudited)
|
||||||||
| Twelve Months | ||||||||
| Ended December 31 | ||||||||
|
2011
|
2010
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net income
|
$ | 141.6 | $ | 133.7 | ||||
|
Adjustments to reconcile net income to cash from operating activities:
|
||||||||
|
Depreciation & amortization
|
244.3 | 229.1 | ||||||
|
Deferred income taxes & investment tax credits
|
71.7 | 69.3 | ||||||
|
Equity in (earnings) losses of unconsolidated affiliates
|
32.0 | 8.6 | ||||||
|
Provision for uncollectible accounts
|
11.8 | 16.8 | ||||||
|
Expense portion of pension & postretirement benefit cost
|
9.0 | 10.0 | ||||||
|
Gain on sale of business in 2011, net of other non-cash charges
|
(0.1 | ) | 15.9 | |||||
|
Changes in working capital accounts:
|
||||||||
|
Accounts receivable & accrued unbilled revenues
|
(17.5 | ) | (48.3 | ) | ||||
|
Inventories
|
(26.1 | ) | (19.3 | ) | ||||
|
Recoverable/refundable fuel & natural gas costs
|
(4.5 | ) | (30.2 | ) | ||||
|
Prepayments & other current assets
|
17.9 | (23.5 | ) | |||||
|
Accounts payable, including to affiliated companies
|
(21.2 | ) | 5.5 | |||||
|
Accrued liabilities
|
6.4 | 10.2 | ||||||
|
Unconsolidated affiliate dividends
|
0.1 | 42.7 | ||||||
|
Employer contributions to pension & postretirement plans
|
(38.8 | ) | (22.0 | ) | ||||
|
Changes in noncurrent assets
|
0.3 | (7.6 | ) | |||||
|
Changes in noncurrent liabilities
|
(10.0 | ) | (6.1 | ) | ||||
|
Net cash flows from operating activities
|
416.9 | 384.8 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
| Long-term debt, net of issuance costs | 148.9 | 124.2 | ||||||
|
Dividend reinvestment plan & other common stock issuances
|
7.9 | 14.0 | ||||||
|
Requirements for:
|
||||||||
|
Dividends on common stock
|
(113.2 | ) | (110.8 | ) | ||||
|
Retirement of long-term debt
|
(349.1 | ) | (49.3 | ) | ||||
|
Other financing activities
|
(2.3 | ) | (0.2 | ) | ||||
|
Net change in short-term borrowings
|
208.8 | (95.2 | ) | |||||
|
Net cash flows from financing activities
|
(99.0 | ) | (117.3 | ) | ||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Proceeds from:
|
||||||||
| Sale of business | 84.3 | - | ||||||
|
Unconsolidated affiliate distributions
|
0.5 | 0.5 | ||||||
|
Other collections
|
1.1 | 10.8 | ||||||
|
Requirements for:
|
||||||||
|
Capital expenditures, excluding AFUDC equity
|
(321.3 | ) | (277.2 | ) | ||||
|
Business acquisition, net of cash acquired
|
(83.4 | ) | - | |||||
|
Other investments
|
(0.9 | ) | (3.1 | ) | ||||
|
Net cash flows from investing activities
|
(319.7 | ) | (269.0 | ) | ||||
|
Net change in cash & cash equivalents
|
(1.8 | ) | (1.5 | ) | ||||
|
Cash & cash equivalents at beginning of period
|
10.4 | 11.9 | ||||||
|
Cash & cash equivalents at end of period
|
$ | 8.6 | $ | 10.4 | ||||
|
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 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
REPORTED EARNINGS:
|
||||||||||||||||
|
Utility Group
|
||||||||||||||||
|
Gas Utility Services
|
$ | 19.0 | $ | 21.7 | $ | 52.5 | $ | 53.7 | ||||||||
|
Electric Utility Services
|
11.9 | 9.5 | 65.0 | 60.9 | ||||||||||||
|
Other Operations
|
(0.8 | ) | 2.4 | 5.4 | 9.3 | |||||||||||
|
Total Utility Group
|
30.1 | 33.6 | 122.9 | 123.9 | ||||||||||||
|
Nonutility Group
|
||||||||||||||||
|
Infrastructure Services
|
3.8 | 0.9 | 14.9 | 3.1 | ||||||||||||
|
Energy Services
|
5.1 | 2.2 | 6.7 | 6.4 | ||||||||||||
|
Coal Mining
|
0.7 | 3.8 | 16.6 | 11.9 | ||||||||||||
|
Energy Marketing
|
||||||||||||||||
|
Vectren Source
|
17.7 | 2.9 | 18.7 | 3.7 | ||||||||||||
|
ProLiance
|
2.4 | 2.0 | (22.9 | ) | (7.9 | ) | ||||||||||
|
Other Businesses
|
(9.3 | ) | - | (10.2 | ) | (7.4 | ) | |||||||||
|
Total Nonutility Group
|
20.4 | 11.8 | 23.8 | 9.8 | ||||||||||||
|
Corporate and Other
|
(3.9 | ) | - | (5.1 | ) | - | ||||||||||
|
Vectren Consolidated
|
$ | 46.6 | $ | 45.4 | $ | 141.6 | $ | 133.7 | ||||||||
|
EARNINGS PER SHARE:
|
||||||||||||||||
|
Utility Group
|
$ | 0.37 | $ | 0.42 | $ | 1.50 | $ | 1.53 | ||||||||
|
Nonutility Group, excluding ProLiance
|
0.21 | 0.12 | 0.57 | 0.22 | ||||||||||||
|
ProLiance
|
0.03 | 0.02 | (0.28 | ) | (0.10 | ) | ||||||||||
|
Corporate and Other
|
(0.05 | ) | - | (0.06 | ) | - | ||||||||||
|
Reported EPS
|
$ | 0.56 | $ | 0.56 | $ | 1.73 | $ | 1.65 | ||||||||
|
VECTREN CORPORATION
|
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|
AND SUBSIDIARY COMPANIES
|
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|
SELECTED GAS DISTRIBUTION
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
GAS OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 155.0 | $ | 181.7 | $ | 554.4 | $ | 652.0 | ||||||||
|
Commercial
|
51.9 | 61.4 | 193.7 | 233.5 | ||||||||||||
|
Industrial
|
16.8 | 16.7 | 59.8 | 57.3 | ||||||||||||
|
Other Revenue
|
2.6 | 1.5 | 11.2 | 11.3 | ||||||||||||
| $ | 226.3 | $ | 261.3 | $ | 819.1 | $ | 954.1 | |||||||||
|
GAS MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 83.9 | $ | 86.7 | $ | 291.1 | $ | 298.6 | ||||||||
|
Commercial
|
23.4 | 24.4 | 84.1 | 86.1 | ||||||||||||
|
Industrial
|
15.2 | 15.5 | 56.4 | 52.2 | ||||||||||||
|
Other
|
2.8 | 1.7 | 12.1 | 12.5 | ||||||||||||
| $ | 125.3 | $ | 128.3 | $ | 443.7 | $ | 449.4 | |||||||||
|
GAS SOLD & TRANSPORTED (MMDth):
|
||||||||||||||||
|
Residential
|
20.1 | 26.1 | 69.2 | 74.0 | ||||||||||||
|
Commercial
|
8.8 | 10.7 | 30.7 | 32.2 | ||||||||||||
|
Industrial
|
26.4 | 25.7 | 97.0 | 90.8 | ||||||||||||
| 55.3 | 62.5 | 196.9 | 197.0 | |||||||||||||
|
AVERAGE GAS CUSTOMERS
|
||||||||||||||||
|
Residential
|
902,667 | 901,735 | 899,210 | 897,715 | ||||||||||||
|
Commercial
|
83,048 | 82,993 | 82,838 | 82,780 | ||||||||||||
|
Industrial
|
1,647 | 1,652 | 1,644 | 1,638 | ||||||||||||
| 987,362 | 986,380 | 983,692 | 982,133 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Heating Degree Days (Ohio)
|
88 | % | 108 | % | 100 | % | 105 | % | ||||||||
|
VECTREN CORPORATION
|
||||||||||||||||
|
AND SUBSIDIARY COMPANIES
|
||||||||||||||||
|
SELECTED ELECTRIC
|
||||||||||||||||
|
OPERATING STATISTICS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Ended December 31 | Ended December 31 | |||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
ELECTRIC OPERATING REVENUES (Millions):
|
||||||||||||||||
|
Residential
|
$ | 42.5 | $ | 42.6 | $ | 212.2 | $ | 206.4 | ||||||||
|
Commercial
|
38.8 | 36.2 | 159.7 | 149.7 | ||||||||||||
|
Industrial
|
51.5 | 47.7 | 212.3 | 199.1 | ||||||||||||
|
Other Revenue
|
3.1 | 3.2 | 9.2 | 9.1 | ||||||||||||
|
Total Retail
|
135.9 | 129.7 | 593.4 | 564.3 | ||||||||||||
|
Net Wholesale Revenues
|
7.6 | 9.2 | 42.5 | 43.7 | ||||||||||||
| $ | 143.5 | $ | 138.9 | $ | 635.9 | $ | 608.0 | |||||||||
|
ELECTRIC MARGIN (Millions):
|
||||||||||||||||
|
Residential
|
$ | 30.7 | $ | 29.5 | $ | 150.7 | $ | 144.3 | ||||||||
|
Commercial
|
26.0 | 23.2 | 105.1 | 96.9 | ||||||||||||
|
Industrial
|
25.0 | 23.2 | 101.6 | 97.1 | ||||||||||||
|
Other
|
2.8 | 2.9 | 8.5 | 8.5 | ||||||||||||
|
Total Retail
|
84.5 | 78.8 | 365.9 | 346.8 | ||||||||||||
|
Net Wholesale Margin
|
5.5 | 5.4 | 29.6 | 26.2 | ||||||||||||
| $ | 90.0 | $ | 84.2 | $ | 395.5 | $ | 373.0 | |||||||||
|
ELECTRICITY SOLD (GWh):
|
||||||||||||||||
|
Residential
|
289.4 | 324.7 | 1,498.6 | 1,603.5 | ||||||||||||
|
Commercial
|
314.8 | 324.0 | 1,328.6 | 1,360.5 | ||||||||||||
|
Industrial
|
670.2 | 610.6 | 2,744.8 | 2,630.3 | ||||||||||||
|
Other Sales - Street Lighting
|
6.5 | 6.6 | 22.8 | 22.6 | ||||||||||||
|
Total Retail
|
1,280.9 | 1,265.9 | 5,594.8 | 5,616.9 | ||||||||||||
|
Wholesale
|
117.3 | 121.4 | 586.7 | 587.6 | ||||||||||||
| 1,398.2 | 1,387.3 | 6,181.5 | 6,204.5 | |||||||||||||
|
AVERAGE ELECTRIC CUSTOMERS
|
||||||||||||||||
|
Residential
|
123,003 | 122,907 | 122,961 | 122,857 | ||||||||||||
|
Commercial
|
18,264 | 18,261 | 18,274 | 18,321 | ||||||||||||
|
Industrial
|
112 | 111 | 111 | 108 | ||||||||||||
|
Other
|
33 | 33 | 33 | 33 | ||||||||||||
| 141,412 | 141,312 | 141,379 | 141,319 | |||||||||||||
|
YTD WEATHER AS A PERCENT OF NORMAL:
|
||||||||||||||||
|
Cooling Degree Days (Indiana)
|
116 | % | 134 | % | ||||||||||||
|
Heating Degree Days (Indiana)
|
91 | % | 101 | % | ||||||||||||