Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - VECTREN CORP | a1231168k-exhibit993forwar.htm |
| EX-99.1 - EXHIBIT 99.1 - VECTREN CORP | a1231168k-exhibit991pressr.htm |
| 8-K - 8-K - VECTREN CORP | a8k-2016annualearningsrele.htm |
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 240.9 | $ | 202.5 | $ | 771.7 | $ | 792.6 | ||||||||
Electric utility | 142.5 | 135.5 | 605.8 | 601.6 | ||||||||||||
Nonutility | 315.6 | 266.0 | 1,070.8 | 1,040.5 | ||||||||||||
Total operating revenues | 699.0 | 604.0 | 2,448.3 | 2,434.7 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 92.1 | 69.6 | 266.7 | 305.4 | ||||||||||||
Cost of fuel and purchased power | 43.4 | 42.6 | 183.6 | 187.5 | ||||||||||||
Cost of nonutility revenues | 114.8 | 90.5 | 363.4 | 355.0 | ||||||||||||
Other operating | 245.3 | 218.7 | 932.2 | 909.2 | ||||||||||||
Depreciation and amortization | 66.6 | 64.7 | 260.0 | 256.3 | ||||||||||||
Taxes other than income taxes | 16.1 | 14.9 | 60.9 | 59.5 | ||||||||||||
Total operating expenses | 578.3 | 501.0 | 2,066.8 | 2,072.9 | ||||||||||||
OPERATING INCOME | 120.7 | 103.0 | 381.5 | 361.8 | ||||||||||||
OTHER INCOME: | ||||||||||||||||
Equity in earning (losses) of unconsolidated affiliates | — | — | (0.2 | ) | (0.6 | ) | ||||||||||
Other income - net | 6.8 | 5.6 | 28.7 | 20.3 | ||||||||||||
Total other income | 6.8 | 5.6 | 28.5 | 19.7 | ||||||||||||
INTEREST EXPENSE | 21.2 | 21.4 | 85.5 | 84.5 | ||||||||||||
INCOME BEFORE INCOME TAXES | 106.3 | 87.2 | 324.5 | 297.0 | ||||||||||||
INCOME TAXES | 36.7 | 22.0 | 112.9 | 99.7 | ||||||||||||
NET INCOME | $ | 69.6 | $ | 65.2 | $ | 211.6 | $ | 197.3 | ||||||||
WEIGHTED AVERAGE AND DILUTED COMMON SHARES | ||||||||||||||||
OUTSTANDING | 82.9 | 82.7 | 82.8 | 82.7 | ||||||||||||
BASIC AND DILUTED EARNINGS PER SHARE OF COMMON STOCK | $ | 0.84 | $ | 0.79 | $ | 2.55 | $ | 2.39 | ||||||||
EXHIBIT 99.2
VECTREN UTILITY HOLDINGS | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
(Unaudited - in millions) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
OPERATING REVENUES: | ||||||||||||||||
Gas utility | $ | 240.9 | $ | 202.5 | $ | 771.7 | $ | 792.6 | ||||||||
Electric utility | 142.5 | 135.5 | 605.8 | 601.6 | ||||||||||||
Other | 0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||
Total operating revenues | 383.5 | 338.1 | 1,377.8 | 1,394.5 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Cost of gas sold | 92.1 | 69.6 | 266.7 | 305.4 | ||||||||||||
Cost of fuel and purchased power | 43.4 | 42.6 | 183.6 | 187.5 | ||||||||||||
Other operating | 82.8 | 78.3 | 333.6 | 339.1 | ||||||||||||
Depreciation and amortization | 56.3 | 52.2 | 219.1 | 208.8 | ||||||||||||
Taxes other than income taxes | 15.4 | 14.1 | 58.3 | 57.1 | ||||||||||||
Total operating expenses | 290.0 | 256.8 | 1,061.3 | 1,097.9 | ||||||||||||
OPERATING INCOME | 93.5 | 81.3 | 316.5 | 296.6 | ||||||||||||
OTHER INCOME - NET | 6.4 | 5.5 | 26.3 | 18.7 | ||||||||||||
INTEREST EXPENSE | 17.5 | 16.8 | 69.7 | 66.3 | ||||||||||||
INCOME BEFORE INCOME TAXES | 82.4 | 70.0 | 273.1 | 249.0 | ||||||||||||
INCOME TAXES | 31.1 | 23.4 | 99.5 | 88.1 | ||||||||||||
NET INCOME | $ | 51.3 | $ | 46.6 | $ | 173.6 | $ | 160.9 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited - in millions) | ||||||||
December 31, | December 31, | |||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 68.6 | $ | 74.7 | ||||
Accounts receivable - less reserves of $6.0 & | ||||||||
$5.6, respectively | 225.3 | 227.5 | ||||||
Accrued unbilled revenues | 172.4 | 142.5 | ||||||
Inventories | 129.9 | 133.7 | ||||||
Recoverable fuel & natural gas costs | 29.9 | — | ||||||
Prepayments & other current assets | 52.7 | 81.0 | ||||||
Total current assets | 678.8 | 659.4 | ||||||
Utility Plant | ||||||||
Original cost | 6,545.4 | 6,090.4 | ||||||
Less: accumulated depreciation & amortization | 2,562.5 | 2,415.5 | ||||||
Net utility plant | 3,982.9 | 3,674.9 | ||||||
Investments in unconsolidated affiliates | 20.4 | 20.9 | ||||||
Other utility & corporate investments | 34.1 | 31.2 | ||||||
Other nonutility investments | 16.1 | 16.2 | ||||||
Nonutility plant - net | 423.9 | 414.6 | ||||||
Goodwill | 293.5 | 293.5 | ||||||
Regulatory assets | 308.8 | 249.4 | ||||||
Other assets | 42.2 | 39.9 | ||||||
TOTAL ASSETS | $ | 5,800.7 | $ | 5,400.0 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 302.2 | $ | 248.8 | ||||
Refundable fuel & natural gas costs | — | 7.9 | ||||||
Accrued liabilities | 207.7 | 183.6 | ||||||
Short-term borrowings | 194.4 | 14.5 | ||||||
Current maturities of long-term debt | 124.1 | 73.0 | ||||||
Total current liabilities | 828.4 | 527.8 | ||||||
Long-term Debt - Net of Current Maturities | 1,589.9 | 1,712.9 | ||||||
Deferred Credits & Other Liabilities | ||||||||
Deferred income taxes | 905.7 | 805.4 | ||||||
Regulatory liabilities | 453.7 | 433.9 | ||||||
Deferred credits & other liabilities | 254.9 | 236.2 | ||||||
Total deferred credits & other liabilities | 1,614.3 | 1,475.5 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.9 and 82.8 shares, respectively | 729.8 | 722.8 | ||||||
Retained earnings | 1,039.6 | 962.2 | ||||||
Accumulated other comprehensive (loss) | (1.3 | ) | (1.2 | ) | ||||
Total common shareholders' equity | 1,768.1 | 1,683.8 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,800.7 | $ | 5,400.0 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Twelve Months Ended | ||||||||
December 31, | ||||||||
2016 | 2015 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 211.6 | $ | 197.3 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 260.0 | 256.3 | ||||||
Deferred income taxes & investment tax credits | 100.1 | 80.4 | ||||||
Provision for uncollectible accounts | 6.9 | 8.1 | ||||||
Expense portion of pension & postretirement benefit cost | 3.6 | 6.8 | ||||||
Other non-cash items - net | 7.8 | 7.3 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | (39.6 | ) | (15.4 | ) | ||||
Inventories | 3.9 | (15.2 | ) | |||||
Recoverable/refundable fuel & natural gas costs | (37.8 | ) | 15.2 | |||||
Prepayments & other current assets | 22.9 | 20.3 | ||||||
Accounts payable, including to affiliated companies | 40.7 | (0.5 | ) | |||||
Accrued liabilities | 22.7 | (0.9 | ) | |||||
Employer contributions to pension & postretirement plans | (19.6 | ) | (26.5 | ) | ||||
Changes in noncurrent assets | (44.0 | ) | (21.9 | ) | ||||
Changes in noncurrent liabilities | (15.1 | ) | (6.1 | ) | ||||
Net cash provided by operating activities | 524.1 | 505.2 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | — | 385.5 | ||||||
Dividend reinvestment plan & other common stock issuances | 6.3 | 6.2 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (134.2 | ) | (127.3 | ) | ||||
Retirement of long-term debt | (73.0 | ) | (170.0 | ) | ||||
Other financing activities | — | 0.2 | ||||||
Net change in short-term borrowings | 179.9 | (141.9 | ) | |||||
Net cash used in financing activities | (21.0 | ) | (47.3 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from sale of assets and other collections | 33.0 | 27.5 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (542.0 | ) | (476.9 | ) | ||||
Business acquisitions and other costs | (5.2 | ) | (14.3 | ) | ||||
Changes in restricted cash | 5.0 | (5.9 | ) | |||||
Net cash used in investing activities | (509.2 | ) | (469.6 | ) | ||||
Net change in cash & cash equivalents | (6.1 | ) | (11.7 | ) | ||||
Cash & cash equivalents at beginning of period | 74.7 | 86.4 | ||||||
Cash & cash equivalents at end of period | $ | 68.6 | $ | 74.7 | ||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
HIGHLIGHTS | ||||||||||||||||
(Unaudited - in millions, except per share amounts) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
REPORTED EARNINGS: | ||||||||||||||||
Utility Group | ||||||||||||||||
Gas Utility Services | $ | 30.1 | $ | 23.9 | $ | 76.1 | $ | 64.4 | ||||||||
Electric Utility Services | 17.7 | 15.6 | 84.7 | 82.6 | ||||||||||||
Other Operations | 3.5 | 7.1 | 12.8 | 13.9 | ||||||||||||
Total Utility Group | 51.3 | 46.6 | 173.6 | 160.9 | ||||||||||||
Nonutility Group | ||||||||||||||||
Infrastructure Services | 15.1 | 10.1 | 25.0 | 29.7 | ||||||||||||
Energy Services | 3.8 | 7.7 | 12.5 | 7.3 | ||||||||||||
Other Businesses | (0.2 | ) | 0.3 | (0.6 | ) | (0.7 | ) | |||||||||
Nonutility Group | 18.7 | 18.1 | 36.9 | 36.3 | ||||||||||||
Corporate and Other | (0.4 | ) | 0.5 | 1.1 | 0.1 | |||||||||||
Vectren Consolidated | $ | 69.6 | $ | 65.2 | $ | 211.6 | $ | 197.3 | ||||||||
EARNINGS PER SHARE: | ||||||||||||||||
Utility Group | $ | 0.62 | $ | 0.56 | $ | 2.10 | $ | 1.95 | ||||||||
Nonutility Group | 0.23 | 0.22 | 0.44 | 0.44 | ||||||||||||
Corporate and Other | (0.01 | ) | 0.01 | 0.01 | — | |||||||||||
Reported EPS | $ | 0.84 | $ | 0.79 | $ | 2.55 | $ | 2.39 | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED GAS DISTRIBUTION | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
GAS UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 88.1 | $ | 80.9 | $ | 303.4 | $ | 282.4 | ||||||||
Commercial Margin | 25.4 | 22.5 | 82.5 | 78.4 | ||||||||||||
Industrial Margin | 19.9 | 16.1 | 67.1 | 61.4 | ||||||||||||
Other Margin | 1.7 | 1.9 | 7.4 | 9.3 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 13.7 | 11.5 | 44.6 | 55.7 | ||||||||||||
Total Gas Utility Margin | 148.8 | 132.9 | 505.0 | 487.2 | ||||||||||||
Cost of Gas Sold | 92.1 | 69.6 | 266.7 | 305.4 | ||||||||||||
Total Gas Utility Revenue | $ | 240.9 | $ | 202.5 | $ | 771.7 | $ | 792.6 | ||||||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||||||||||||
Residential | 22.1 | 18.2 | 66.6 | 72.0 | ||||||||||||
Commercial | 9.9 | 7.5 | 30.6 | 32.9 | ||||||||||||
Industrial | 33.2 | 32.7 | 127.0 | 125.3 | ||||||||||||
65.2 | 58.4 | 224.2 | 230.2 | |||||||||||||
AVERAGE GAS CUSTOMERS | ||||||||||||||||
Residential | 929,128 | 920,175 | 927,050 | 918,407 | ||||||||||||
Commercial | 85,103 | 84,617 | 85,190 | 84,704 | ||||||||||||
Industrial | 1,734 | 1,721 | 1,729 | 1,703 | ||||||||||||
1,015,965 | 1,006,513 | 1,013,969 | 1,004,814 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Heating Degree Days (Ohio) | 96 | % | 89 | % | 93 | % | 95 | % | ||||||||
EXHIBIT 99.2
VECTREN CORPORATION | ||||||||||||||||
AND SUBSIDIARY COMPANIES | ||||||||||||||||
SELECTED ELECTRIC | ||||||||||||||||
OPERATING STATISTICS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
ELECTRIC UTILITY (Millions): | ||||||||||||||||
Residential Margin | $ | 32.1 | $ | 30.0 | $ | 153.6 | $ | 151.3 | ||||||||
Commercial Margin | 26.2 | 25.2 | 107.6 | 107.3 | ||||||||||||
Industrial Margin | 27.3 | 26.8 | 112.1 | 109.7 | ||||||||||||
Other Margin | 3.2 | 2.2 | 5.8 | 4.5 | ||||||||||||
Regulatory Expense Recovery Mechanisms | 2.1 | 1.4 | 13.7 | 9.6 | ||||||||||||
Wholesale and Transmission | 8.2 | 7.3 | 29.4 | 31.7 | ||||||||||||
Total Electric Utility Margin | 99.1 | 92.9 | 422.2 | 414.1 | ||||||||||||
Cost of Fuel & Purchased Power | 43.4 | 42.6 | 183.6 | 187.5 | ||||||||||||
Total Electric Utility Revenue | $ | 142.5 | $ | 135.5 | $ | 605.8 | $ | 601.6 | ||||||||
ELECTRICITY SOLD (GWh): | ||||||||||||||||
Residential | 294.0 | 266.5 | 1,424.5 | 1,407.5 | ||||||||||||
Commercial | 312.4 | 300.4 | 1,304.5 | 1,306.9 | ||||||||||||
Industrial | 612.3 | 676.1 | 2,722.3 | 2,721.5 | ||||||||||||
Other Sales - Street Lighting | 6.3 | 6.3 | 22.9 | 22.2 | ||||||||||||
Total Retail | 1,225.0 | 1,249.3 | 5,474.2 | 5,458.1 | ||||||||||||
Wholesale | 98.8 | 14.5 | 136.1 | 337.8 | ||||||||||||
1,323.8 | 1,263.8 | 5,610.3 | 5,795.9 | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Residential | 125,911 | 125,141 | 125,662 | 124,986 | ||||||||||||
Commercial | 18,607 | 18,488 | 18,551 | 18,471 | ||||||||||||
Industrial | 113 | 113 | 113 | 113 | ||||||||||||
Other | 39 | 39 | 39 | 38 | ||||||||||||
144,670 | 143,781 | 144,365 | 143,608 | |||||||||||||
WEATHER AS A PERCENT OF NORMAL (ANNUALIZED): | ||||||||||||||||
Cooling Degree Days (Indiana) | 106 | % | 101 | % | 125 | % | 111 | % | ||||||||
Heating Degree Days (Indiana) | 94 | % | 87 | % | 84 | % | 88 | % | ||||||||