Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - Q2'15 PRESS RELEASE - VECTREN CORP | a630158k-exhibit991xpressr.htm |
| EX-99.3 - EXHIBIT 99.3 - Q2'15 FORWARD LOOKING - VECTREN CORP | a630158k-exhibit993xforwar.htm |
| 8-K - 8-K - 2015 Q2 - EARNINGS RELEASE (SHELL) - VECTREN CORP | a8k-2015q2xearningsrelease.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 128.6 | $ | 132.4 | $ | 481.5 | $ | 576.0 | ||||||||
Electric utility | 147.8 | 152.0 | 301.7 | 315.0 | ||||||||||||
Nonutility | 274.6 | 258.1 | 474.0 | 448.3 | ||||||||||||
Total operating revenues | 551.0 | 542.5 | 1,257.2 | 1,339.3 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 36.4 | 43.7 | 208.4 | 314.6 | ||||||||||||
Cost of fuel and purchased power | 47.0 | 48.1 | 97.0 | 105.1 | ||||||||||||
Cost of nonutility revenues | 93.4 | 79.6 | 157.7 | 147.3 | ||||||||||||
Other operating | 225.0 | 247.9 | 456.2 | 455.5 | ||||||||||||
Depreciation and amortization | 63.7 | 75.8 | 126.6 | 149.6 | ||||||||||||
Taxes other than income taxes | 12.6 | 13.5 | 32.3 | 34.3 | ||||||||||||
Total operating expenses | 478.1 | 508.6 | 1,078.2 | 1,206.4 | ||||||||||||
OPERATING INCOME | 72.9 | 33.9 | 179.0 | 132.9 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Equity in earnings of unconsolidated affiliates | — | 0.2 | — | 0.1 | ||||||||||||
Other income - net | 5.0 | 4.2 | 10.5 | 8.5 | ||||||||||||
Total other income | 5.0 | 4.4 | 10.5 | 8.6 | ||||||||||||
INTEREST EXPENSE | 20.9 | 21.9 | 41.9 | 44.0 | ||||||||||||
INCOME BEFORE INCOME TAXES | 57.0 | 16.4 | 147.6 | 97.5 | ||||||||||||
INCOME TAXES | 21.2 | 4.5 | 54.8 | 34.4 | ||||||||||||
NET INCOME | $ | 35.8 | $ | 11.9 | $ | 92.8 | $ | 63.1 | ||||||||
AVERAGE COMMON SHARES OUTSTANDING | 82.6 | 82.5 | 82.6 | 82.5 | ||||||||||||
DILUTED COMMON SHARES OUTSTANDING | 82.6 | 82.5 | 82.6 | 82.5 | ||||||||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||||||||||
BASIC | $ | 0.43 | $ | 0.14 | $ | 1.12 | $ | 0.76 | ||||||||
DILUTED | $ | 0.43 | $ | 0.14 | $ | 1.12 | $ | 0.76 | ||||||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 128.6 | $ | 132.4 | $ | 481.5 | $ | 576.0 | ||||||||
Electric utility | 147.8 | 152.0 | 301.7 | 315.0 | ||||||||||||
Other | 0.1 | 0.1 | 0.2 | 0.1 | ||||||||||||
Total operating revenues | 276.5 | 284.5 | 783.4 | 891.1 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 36.4 | 43.7 | 208.4 | 314.6 | ||||||||||||
Cost of fuel and purchased power | 47.0 | 48.1 | 97.0 | 105.1 | ||||||||||||
Other operating | 78.5 | 81.5 | 181.3 | 179.8 | ||||||||||||
Depreciation and amortization | 52.0 | 50.6 | 104.2 | 100.5 | ||||||||||||
Taxes other than income taxes | 12.1 | 12.5 | 31.2 | 32.6 | ||||||||||||
Total operating expenses | 226.0 | 236.4 | 622.1 | 732.6 | ||||||||||||
OPERATING INCOME | 50.5 | 48.1 | 161.3 | 158.5 | ||||||||||||
OTHER INCOME - NET | 4.3 | 3.7 | 9.2 | 7.6 | ||||||||||||
INTEREST EXPENSE | 16.4 | 16.7 | 33.0 | 33.4 | ||||||||||||
INCOME BEFORE INCOME TAXES | 38.4 | 35.1 | 137.5 | 132.7 | ||||||||||||
INCOME TAXES | 14.0 | 12.2 | 50.1 | 48.5 | ||||||||||||
NET INCOME | $ | 24.4 | $ | 22.9 | $ | 87.4 | $ | 84.2 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
June 30, | December 31, | |||||||
2015 | 2014 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 11.3 | $ | 86.4 | ||||
Accounts receivable - less reserves of $7.1 & | ||||||||
$6.0, respectively | 207.8 | 196.0 | ||||||
Accrued unbilled revenues | 123.9 | 164.8 | ||||||
Inventories | 112.5 | 118.5 | ||||||
Recoverable fuel & natural gas costs | — | 9.8 | ||||||
Prepayments & other current assets | 51.1 | 110.9 | ||||||
Total current assets | 506.6 | 686.4 | ||||||
Utility Plant | ||||||||
Original cost | 5,887.1 | 5,718.7 | ||||||
Less: accumulated depreciation & amortization | 2,352.3 | 2,279.7 | ||||||
Net utility plant | 3,534.8 | 3,439.0 | ||||||
Investments in unconsolidated affiliates | 23.4 | 23.4 | ||||||
Other utility & corporate investments | 37.3 | 37.2 | ||||||
Other nonutility investments | 31.9 | 33.6 | ||||||
Nonutility plant - net | 401.5 | 378.0 | ||||||
Goodwill - net | 293.6 | 289.9 | ||||||
Regulatory assets | 243.5 | 233.6 | ||||||
Other assets | 42.6 | 41.2 | ||||||
TOTAL ASSETS | $ | 5,115.2 | $ | 5,162.3 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 180.8 | $ | 248.9 | ||||
Refundable fuel & natural gas costs | 22.7 | 2.5 | ||||||
Accrued liabilities | 173.7 | 184.9 | ||||||
Short-term borrowings | 96.4 | 156.4 | ||||||
Current maturities of long-term debt | 88.0 | 170.0 | ||||||
Total current liabilities | 561.6 | 762.7 | ||||||
Long-term Debt - Net of Current Maturities | 1,484.5 | 1,407.3 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 769.1 | 741.2 | ||||||
Regulatory liabilities | 424.3 | 410.3 | ||||||
Deferred credits & other liabilities | 235.7 | 234.2 | ||||||
Total deferred credits & other liabilities | 1,429.1 | 1,385.7 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.7 & 82.6, respectively | 719.1 | 715.7 | ||||||
Retained earnings | 922.2 | 892.2 | ||||||
Accumulated other comprehensive (loss) | (1.3 | ) | (1.3 | ) | ||||
Total common shareholders' equity | 1,640.0 | 1,606.6 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,115.2 | $ | 5,162.3 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Six Months Ended | ||||||||
June 30, | ||||||||
2015 | 2014 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 92.8 | $ | 63.1 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 126.6 | 149.6 | ||||||
Deferred income taxes & investment tax credits | 28.7 | 0.4 | ||||||
Provision for uncollectible accounts | 4.5 | 3.2 | ||||||
Expense portion of pension & postretirement benefit cost | 3.1 | 3.9 | ||||||
Other non-cash items - net | 3.1 | 3.8 | ||||||
Loss on assets held for sale (pretax) | — | 32.4 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | 26.1 | 132.5 | ||||||
Inventories | 6.0 | 0.5 | ||||||
Recoverable/refundable fuel & natural gas costs | 30.0 | (22.7 | ) | |||||
Prepayments & other current assets | 59.4 | (3.6 | ) | |||||
Accounts payable, including to affiliated companies | (71.7 | ) | (80.3 | ) | ||||
Accrued liabilities | (11.5 | ) | (5.2 | ) | ||||
Employer contributions to pension & postretirement plans | (22.3 | ) | (2.5 | ) | ||||
Changes in noncurrent assets | (5.1 | ) | 0.8 | |||||
Changes in noncurrent liabilities | (3.1 | ) | (2.0 | ) | ||||
Net cash provided by operating activities | 266.6 | 273.9 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from dividend reinvestment plan & other common stock issuances | 3.0 | 3.3 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (62.8 | ) | (59.4 | ) | ||||
Retirement of long-term debt | (5.0 | ) | (30.0 | ) | ||||
Net change in short-term borrowings | (60.0 | ) | 10.5 | |||||
Net cash used in financing activities | (124.8 | ) | (75.6 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from the sale of assets and other collections | 4.1 | 2.2 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (207.9 | ) | (195.1 | ) | ||||
Business acquisitions | (13.1 | ) | (18.5 | ) | ||||
Net cash used in investing activities | (216.9 | ) | (211.4 | ) | ||||
Net change in cash & cash equivalents | (75.1 | ) | (13.1 | ) | ||||
Cash & cash equivalents at beginning of period | 86.4 | 21.5 | ||||||
Cash & cash equivalents at end of period | $ | 11.3 | $ | 8.4 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
HIGHLIGHTS | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | 3.4 | $ | 0.7 | $ | 43.8 | $ | 39.0 | ||||||||
Electric Utility Services | 19.7 | 19.9 | 38.9 | 39.2 | ||||||||||||
Other Operations | 1.3 | 2.3 | 4.7 | 6.0 | ||||||||||||
Total Utility Group | 24.4 | 22.9 | 87.4 | 84.2 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 12.3 | 9.4 | 9.7 | 4.1 | ||||||||||||
Energy Services | (0.4 | ) | (1.8 | ) | (3.5 | ) | (4.8 | ) | ||||||||
Other Businesses | (0.3 | ) | (0.2 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Nonutility Group * | 11.6 | 7.4 | 5.7 | (1.2 | ) | |||||||||||
Corporate and Other | (0.2 | ) | (0.2 | ) | (0.3 | ) | (0.6 | ) | ||||||||
Vectren Consolidated * | $ | 35.8 | $ | 30.1 | $ | 92.8 | $ | 82.4 | ||||||||
Coal Mining | — | (18.2 | ) | — | (19.3 | ) | ||||||||||
Vectren Consolidated | $ | 35.8 | $ | 11.9 | $ | 92.8 | $ | 63.1 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.29 | $ | 0.28 | $ | 1.06 | $ | 1.02 | ||||||||
Nonutility * | 0.14 | 0.09 | 0.07 | (0.01 | ) | |||||||||||
Corporate and Other | — | — | (0.01 | ) | (0.01 | ) | ||||||||||
EPS * | $ | 0.43 | $ | 0.37 | $ | 1.12 | $ | 1.00 | ||||||||
Coal Mining | — | (0.23 | ) | — | (0.24 | ) | ||||||||||
Reported EPS | $ | 0.43 | $ | 0.14 | $ | 1.12 | $ | 0.76 | ||||||||
(*) Excludes Coal Mining Results in 2014 - Year of Disposition | ||||||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 55.9 | $ | 54.1 | $ | 151.7 | $ | 147.0 | ||||||||
Commercial Margin | 13.8 | 13.4 | 44.3 | 43.7 | ||||||||||||
Industrial Margin | 13.0 | 12.1 | 32.3 | 30.9 | ||||||||||||
Other Margin | 2.5 | 2.8 | 5.9 | 6.4 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 7.0 | 6.3 | 38.9 | 33.4 | ||||||||||||
Total Gas Utility Margin | 92.2 | 88.7 | 273.1 | 261.4 | ||||||||||||
Cost of Gas Sold | 36.4 | 43.7 | 208.4 | 314.6 | ||||||||||||
Total Gas Utility Revenue | $ | 128.6 | $ | 132.4 | $ | 481.5 | $ | 576.0 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 7.1 | 8.2 | 50.3 | 53.9 | ||||||||||||
Commercial | 3.6 | 3.8 | 22.6 | 23.7 | ||||||||||||
Industrial | 28.3 | 23.7 | 66.3 | 59.7 | ||||||||||||
39.0 | 35.7 | 139.2 | 137.3 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 918,467 | 912,301 | 922,681 | 916,793 | ||||||||||||
Commercial | 84,752 | 84,576 | 85,196 | 85,036 | ||||||||||||
Industrial | 1,698 | 1,663 | 1,690 | 1,660 | ||||||||||||
1,004,917 | 998,540 | 1,009,567 | 1,003,489 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Heating Degree Days (Ohio) | 106 | % | 109 | % | ||||||||||||
Heating Degree Days (Indiana) | 102 | % | 106 | % | ||||||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 35.3 | $ | 36.9 | $ | 73.7 | $ | 76.0 | ||||||||
Commercial Margin | 27.5 | 27.5 | 52.8 | 52.7 | ||||||||||||
Industrial Margin | 28.4 | 27.9 | 55.2 | 53.9 | ||||||||||||
Other Margin | 0.5 | 1.1 | 1.5 | 2.0 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 1.9 | 1.8 | 5.3 | 6.6 | ||||||||||||
Wholesale and Transmission | 7.2 | 8.7 | 16.2 | 18.7 | ||||||||||||
Total Electric Utility Margin | 100.8 | 103.9 | 204.7 | 209.9 | ||||||||||||
Cost of Fuel & Purchased Power | 47.0 | 48.1 | 97.0 | 105.1 | ||||||||||||
Total Electric Utility Revenue | $ | 147.8 | $ | 152.0 | $ | 301.7 | $ | 315.0 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 307.8 | 328.9 | 703.0 | 740.9 | ||||||||||||
Commercial | 335.3 | 329.5 | 642.7 | 636.6 | ||||||||||||
Industrial | 719.4 | 692.4 | 1,392.3 | 1,352.5 | ||||||||||||
Other Sales - Street Lighting | 4.8 | 4.9 | 10.9 | 10.9 | ||||||||||||
Total Retail | 1,367.3 | 1,355.7 | 2,748.9 | 2,740.9 | ||||||||||||
Wholesale | 84.0 | 191.0 | 220.8 | 437.1 | ||||||||||||
1,451.3 | 1,546.7 | 2,969.7 | 3,178.0 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 124,935 | 124,169 | 124,906 | 124,308 | ||||||||||||
Commercial | 18,453 | 18,437 | 18,459 | 18,429 | ||||||||||||
Industrial | 113 | 113 | 113 | 113 | ||||||||||||
Other | 38 | 37 | 38 | 37 | ||||||||||||
143,539 | 142,756 | 143,516 | 142,887 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Cooling Degree Days (Indiana) | 107 | % | 109 | % | 107 | % | 109 | % | ||||||||
Heating Degree Days (Indiana) | 102 | % | 106 | % | ||||||||||||