Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | exhibit993.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | exhibit991.htm |
| 8-K - VVC VUHI EARNINGS - VECTREN CORP | a8k-2012q2earnings.htm |
Exhibit 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Millions, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 116.0 | $ | 134.0 | $ | 408.3 | $ | 490.7 | ||||||||
Electric utility | 149.3 | 159.3 | 288.7 | 305.7 | ||||||||||||
Nonutility | 205.3 | 182.5 | 378.2 | 362.0 | ||||||||||||
Total operating revenues | 470.6 | 475.8 | 1,075.2 | 1,158.4 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 31.8 | 48.8 | 168.9 | 243.9 | ||||||||||||
Cost of fuel and purchased power | 47.0 | 60.3 | 91.7 | 119.8 | ||||||||||||
Cost of nonutility revenues | 57.6 | 68.5 | 117.1 | 173.6 | ||||||||||||
Other operating | 188.4 | 163.3 | 361.6 | 304.9 | ||||||||||||
Depreciation and amortization | 63.4 | 61.2 | 127.0 | 120.3 | ||||||||||||
Taxes other than income taxes | 12.2 | 12.1 | 28.8 | 31.0 | ||||||||||||
Total operating expenses | 400.4 | 414.2 | 895.1 | 993.5 | ||||||||||||
OPERATING INCOME | 70.2 | 61.6 | 180.1 | 164.9 | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Equity in (losses) of unconsolidated affiliates | (6.6 | ) | (12.0 | ) | (14.2 | ) | (22.9 | ) | ||||||||
Other income - net | 1.2 | 2.8 | 4.5 | 5.2 | ||||||||||||
Total other income (expense) | (5.4 | ) | (9.2 | ) | (9.7 | ) | (17.7 | ) | ||||||||
INTEREST EXPENSE | 23.9 | 27.0 | 47.9 | 53.6 | ||||||||||||
INCOME BEFORE INCOME TAXES | 40.9 | 25.4 | 122.5 | 93.6 | ||||||||||||
INCOME TAXES | 15.3 | 10.3 | 45.6 | 33.9 | ||||||||||||
NET INCOME | $ | 25.6 | $ | 15.1 | $ | 76.9 | $ | 59.7 | ||||||||
AVERAGE COMMON SHARES OUTSTANDING | 82.0 | 81.7 | 82.0 | 81.7 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 82.1 | 81.8 | 82.0 | 81.8 | ||||||||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||||||||||
BASIC | $ | 0.31 | $ | 0.19 | $ | 0.94 | $ | 0.73 | ||||||||
DILUTED | $ | 0.31 | $ | 0.18 | $ | 0.94 | $ | 0.73 | ||||||||
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Millions - Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 116.0 | $ | 134.0 | $ | 408.3 | $ | 490.7 | ||||||||
Electric utility | 149.3 | 159.3 | 288.7 | 305.7 | ||||||||||||
Other | 0.5 | 0.5 | 0.9 | 1.0 | ||||||||||||
Total operating revenues | 265.8 | 293.8 | 697.9 | 797.4 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 31.8 | 48.8 | 168.9 | 243.9 | ||||||||||||
Cost of fuel and purchased power | 47.0 | 60.3 | 91.7 | 119.8 | ||||||||||||
Other operating | 77.8 | 78.2 | 157.7 | 165.1 | ||||||||||||
Depreciation and amortization | 47.8 | 47.9 | 96.4 | 96.1 | ||||||||||||
Taxes other than income taxes | 11.6 | 11.1 | 27.5 | 29.1 | ||||||||||||
Total operating expenses | 216.0 | 246.3 | 542.2 | 654.0 | ||||||||||||
OPERATING INCOME | 49.8 | 47.5 | 155.7 | 143.4 | ||||||||||||
OTHER INCOME - NET | 0.7 | 2.2 | 2.9 | 3.9 | ||||||||||||
INTEREST EXPENSE | 18.0 | 20.4 | 35.7 | 40.8 | ||||||||||||
INCOME BEFORE INCOME TAXES | 32.5 | 29.3 | 122.9 | 106.5 | ||||||||||||
INCOME TAXES | 12.4 | 13.0 | 46.8 | 41.6 | ||||||||||||
NET INCOME | $ | 20.1 | $ | 16.3 | $ | 76.1 | $ | 64.9 | ||||||||
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Millions - Unaudited) | ||||||||
June 30, | December 31, | |||||||
2012 | 2011 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 5.6 | $ | 8.6 | ||||
Accounts receivable - less reserves of $6.1 & | ||||||||
$6.7, respectively | 202.2 | 221.3 | ||||||
Accrued unbilled revenues | 62.0 | 121.5 | ||||||
Inventories | 157.3 | 161.9 | ||||||
Recoverable fuel & natural gas costs | 14.6 | 12.4 | ||||||
Prepayments & other current assets | 56.6 | 84.3 | ||||||
Total current assets | 498.3 | 610.0 | ||||||
Utility Plant | ||||||||
Original cost | 5,091.0 | 4,979.9 | ||||||
Less: accumulated depreciation & amortization | 2,001.1 | 1,947.3 | ||||||
Net utility plant | 3,089.9 | 3,032.6 | ||||||
Investments in unconsolidated affiliates | 84.7 | 92.9 | ||||||
Other utility & corporate investments | 34.9 | 34.4 | ||||||
Other nonutility investments | 24.7 | 29.6 | ||||||
Nonutility plant - net | 575.9 | 550.8 | ||||||
Goodwill - net | 262.3 | 262.3 | ||||||
Regulatory assets | 223.6 | 226.0 | ||||||
Other assets | 39.2 | 40.3 | ||||||
TOTAL ASSETS | $ | 4,833.5 | $ | 4,878.9 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 145.0 | $ | 185.8 | ||||
Accounts payable to affiliated companies | 13.8 | 36.8 | ||||||
Refundable fuel & natural gas costs | 5.0 | — | ||||||
Accrued liabilities | 162.6 | 181.1 | ||||||
Short-term borrowings | 261.2 | 227.1 | ||||||
Current maturities of long-term debt | 31.5 | 62.7 | ||||||
Total current liabilities | 619.1 | 693.5 | ||||||
Long-term Debt - Net of Current Maturities | 1,554.0 | 1,559.6 | ||||||
Deferred Income Taxes & Other Liabilities | ||||||||
Deferred income taxes | 594.6 | 575.7 | ||||||
Regulatory liabilities | 355.2 | 345.2 | ||||||
Deferred credits & other liabilities | 217.6 | 239.4 | ||||||
Total deferred credits & other liabilities | 1,167.4 | 1,160.3 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.1 and 81.9 shares, respectively | 696.5 | 692.6 | ||||||
Retained earnings | 805.6 | 786.2 | ||||||
Accumulated other comprehensive income (loss) | (9.1 | ) | (13.3 | ) | ||||
Total common shareholders' equity | 1,493.0 | 1,465.5 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 4,833.5 | $ | 4,878.9 | ||||
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2012 | 2011 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 76.9 | $ | 59.7 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 127.0 | 120.3 | ||||||
Deferred income taxes & investment tax credits | 32.9 | 34.1 | ||||||
Equity in losses of unconsolidated affiliates | 14.2 | 22.9 | ||||||
Provision for uncollectible accounts | 3.9 | 6.9 | ||||||
Expense portion of pension & postretirement benefit cost | 5.1 | 4.5 | ||||||
Other non-cash charges - net | 5.6 | 6.1 | ||||||
Changes in working capital accounts | ||||||||
Accounts receivable & accrued unbilled revenues | 74.7 | 111.2 | ||||||
Inventories | (17.7 | ) | 20.5 | |||||
Recoverable/refundable fuel & natural gas costs | 2.8 | (1.3 | ) | |||||
Prepayments & other current assets | 16.9 | 22.6 | ||||||
Accounts payable, including to affiliated companies | (70.3 | ) | (102.5 | ) | ||||
Accrued liabilities | (18.6 | ) | 4.6 | |||||
Unconsolidated affiliate dividends | — | 0.1 | ||||||
Employer contributions to pension & postretirement plans | (10.2 | ) | (33.1 | ) | ||||
Changes in noncurrent assets | (3.5 | ) | (3.5 | ) | ||||
Changes in noncurrent liabilities | (4.5 | ) | (3.5 | ) | ||||
Net cash flows from operating activities | 235.2 | 269.6 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | 99.5 | — | ||||||
Dividend reinvestment plan & other common stock issuances | 3.6 | 3.6 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (57.4 | ) | (56.4 | ) | ||||
Retirement of long-term debt | (36.9 | ) | (1.4 | ) | ||||
Other financing activities | — | (1.4 | ) | |||||
Net change in short-term borrowings | (65.9 | ) | 26.2 | |||||
Net cash flows from financing activities | (57.1 | ) | (29.4 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Unconsolidated affiliate distributions | — | 0.5 | ||||||
Other collections | 7.6 | 0.9 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (188.5 | ) | (152.4 | ) | ||||
Business acquisition, net of cash acquired | — | (83.4 | ) | |||||
Other investments | (0.2 | ) | (1.4 | ) | ||||
Net cash flows from investing activities | (181.1 | ) | (235.8 | ) | ||||
Net change in cash & cash equivalents | (3.0 | ) | 4.4 | |||||
Cash & cash equivalents at beginning of period | 8.6 | 10.4 | ||||||
Cash & cash equivalents at end of period | $ | 5.6 | $ | 14.8 | ||||
VECTREN CORPORATION | |||||||||||||||||
AND SUBSIDIARY COMPANIES | |||||||||||||||||
HIGHLIGHTS | |||||||||||||||||
(millions, except per share amounts) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
REPORTED EARNINGS: | |||||||||||||||||
Utility Group | |||||||||||||||||
Gas Utility Services | 1.3 | 2.1 | 38.8 | 38.3 | |||||||||||||
Electric Utility Services | 17.2 | 13.6 | 32.8 | 22.3 | |||||||||||||
Other Operations | 1.6 | 0.6 | 4.5 | 4.3 | |||||||||||||
Total Utility Group | $ | 20.1 | $ | 16.3 | $ | 76.1 | $ | 64.9 | |||||||||
Nonutility Group | |||||||||||||||||
Infrastructure Services | 8.4 | 2.1 | 11.4 | (0.8 | ) | ||||||||||||
Energy Services | — | 0.7 | (1.7 | ) | (0.7 | ) | |||||||||||
Coal Mining | 2.5 | 8.5 | 2.2 | 10.1 | |||||||||||||
Energy Marketing | |||||||||||||||||
Vectren Source | — | (2.5 | ) | — | 4.6 | (1) | |||||||||||
ProLiance | (5.2 | ) | (9.2 | ) | (11.1 | ) | (16.7 | ) | |||||||||
Other Businesses | — | (0.4 | ) | 0.1 | (0.7 | ) | |||||||||||
Total Nonutility Group | 5.7 | (0.8 | ) | 0.9 | (4.2 | ) | |||||||||||
Corporate and Other | (0.2 | ) | (0.4 | ) | (0.1 | ) | (1.0 | ) | |||||||||
Vectren Consolidated | $ | 25.6 | $ | 15.1 | $ | 76.9 | $ | 59.7 | |||||||||
EARNINGS PER SHARE | |||||||||||||||||
Utility Group | $ | 0.24 | $ | 0.20 | $ | 0.93 | $ | 0.79 | |||||||||
Nonutility Group, excluding ProLiance | 0.14 | 0.10 | 0.15 | 0.15 | |||||||||||||
ProLiance | (0.07 | ) | (0.11 | ) | (0.14 | ) | (0.20 | ) | |||||||||
Corporate and Other | — | — | — | (0.01 | ) | ||||||||||||
Reported EPS | 0.31 | 0.19 | 0.94 | 0.73 | |||||||||||||
(1) Vectren Source was sold 12/31/11. Full year 2011 operating earnings were $2.8 million. | |||||||||||||||||
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
GAS OPERATING REVENUES (Millions): | ||||||||||||||||
Residential | $ | 77.1 | $ | 90.2 | $ | 278.6 | $ | 335.7 | ||||||||
Commercial | 24.4 | 28.7 | 94.4 | 117.2 | ||||||||||||
Industrial | 12.6 | 12.5 | 29.9 | 31.1 | ||||||||||||
Other Revenue | 1.9 | 2.6 | 5.4 | 6.7 | ||||||||||||
$ | 116.0 | $ | 134.0 | $ | 408.3 | $ | 490.7 | |||||||||
GAS MARGIN (Millions): | ||||||||||||||||
Residential | $ | 55.6 | $ | 56.0 | $ | 158.6 | $ | 161.7 | ||||||||
Commercial | 13.9 | 14.3 | 46.0 | 48.3 | ||||||||||||
Industrial | 12.4 | 11.9 | 28.9 | 29.5 | ||||||||||||
Other | 2.3 | 3.0 | 5.9 | 7.3 | ||||||||||||
$ | 84.2 | $ | 85.2 | $ | 239.4 | $ | 246.8 | |||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 6.8 | 8.1 | 35.6 | 45.2 | ||||||||||||
Commercial | 3.4 | 3.6 | 15.4 | 19.3 | ||||||||||||
Industrial | 24.3 | 21.1 | 52.1 | 49.9 | ||||||||||||
34.5 | 32.8 | 103.1 | 114.4 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 897,821 | 896,376 | 903,281 | 902,833 | ||||||||||||
Commercial | 82,579 | 82,616 | 83,117 | 83,234 | ||||||||||||
Industrial | 1,665 | 1,644 | 1,660 | 1,648 | ||||||||||||
982,065 | 980,636 | 988,058 | 987,715 | |||||||||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||||||||||
Heating Degree Days (Ohio) | 84 | % | 94 | % | 82 | % | 105 | % | ||||||||
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
ELECTRIC OPERATING REVENUES (Millions): | ||||||||||||||||
Residential | $ | 49.6 | $ | 50.6 | $ | 95.3 | $ | 98.0 | ||||||||
Commercial | 38.4 | 40.8 | 72.6 | 74.9 | ||||||||||||
Industrial | 49.4 | 53.8 | 97.0 | 104.1 | ||||||||||||
Other Revenue | 2.1 | 1.9 | 4.0 | 3.9 | ||||||||||||
Total Retail | 139.5 | 147.1 | 268.9 | 280.9 | ||||||||||||
Net Wholesale Revenues | 9.8 | 12.2 | 19.8 | 24.8 | ||||||||||||
$ | 149.3 | $ | 159.3 | $ | 288.7 | $ | 305.7 | |||||||||
ELECTRIC MARGIN (Millions): | ||||||||||||||||
Residential | $ | 38.6 | $ | 36.2 | $ | 72.9 | $ | 68.3 | ||||||||
Commercial | 27.1 | 26.8 | 51.5 | 48.7 | ||||||||||||
Industrial | 26.8 | 25.5 | 52.1 | 48.9 | ||||||||||||
Other | 1.9 | 1.6 | 3.7 | 3.5 | ||||||||||||
Total Retail | 94.4 | 90.1 | 180.2 | 169.4 | ||||||||||||
Net Wholesale Margin | 7.9 | 8.9 | 16.8 | 16.5 | ||||||||||||
$ | 102.3 | $ | 99.0 | $ | 197.0 | $ | 185.9 | |||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 346.2 | 342.2 | 684.6 | 723.4 | ||||||||||||
Commercial | 347.1 | 335.7 | 639.8 | 636.1 | ||||||||||||
Industrial | 713.4 | 680.9 | 1,395.1 | 1,342.8 | ||||||||||||
Other Sales - Street Lighting | 4.8 | 4.8 | 10.7 | 10.7 | ||||||||||||
Total Retail | 1,411.5 | 1,363.6 | 2,730.2 | 2,713.0 | ||||||||||||
Wholesale | 76.0 | 143.0 | 124.7 | 326.9 | ||||||||||||
1,487.5 | 1,506.6 | 2,854.9 | 3,039.9 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 123,225 | 122,884 | 123,258 | 123,005 | ||||||||||||
Commercial | 18,285 | 18,271 | 18,268 | 18,260 | ||||||||||||
Industrial | 115 | 111 | 115 | 111 | ||||||||||||
Other | 33 | 33 | 33 | 33 | ||||||||||||
141,658 | 141,299 | 141,674 | 141,409 | |||||||||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||||||||||
Cooling Degree Days (Indiana) | 146 | % | 124 | % | 156 | % | 123 | % | ||||||||
Heating Degree Days (Indiana) | 64 | % | 83 | % | 70 | % | 95 | % | ||||||||