-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OLP0y6St1IzSRUgE4+2442UixN5jLdVfcK4SohyTTgyCseIxrZ2x/nqQBwSDPORR rYy55Jm1kvEkqdVX1iaigw== 0000893220-98-001099.txt : 19980616 0000893220-98-001099.hdr.sgml : 19980616 ACCESSION NUMBER: 0000893220-98-001099 CONFORMED SUBMISSION TYPE: U5B PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 19980615 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONECTIV INC CENTRAL INDEX KEY: 0001029590 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 510377417 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U5B SEC ACT: SEC FILE NUMBER: 001-13895 FILM NUMBER: 98648163 BUSINESS ADDRESS: STREET 1: 800 KING STREET P O BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19801 BUSINESS PHONE: 3024293448 MAIL ADDRESS: STREET 1: 800 KING ST STREET 2: P O BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19801 U5B 1 FORM U5B CONECTIV 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM U5B REGISTRATION STATEMENT Filed Pursuant to Section 5 of the Public Utility Holding Company Act of 1935 CONECTIV -------------------------- Name, Title and Address of Officer to Whom Notices and Correspondence Concerning this Statement Should Be Addressed Louis M. Walters Treasurer Conectiv 800 King Street Wilmington, DE 19899 2 Glossary of Defined Terms --------------------------- When used herein, the following terms shall have the meanings set forth below: ACE Atlantic City Electric Company Atlantic Cap I Atlantic Capital I Atlantic Atlantic Energy, Inc. Act Public Utility Holding Company Act of 1935, as amended AEE Atlantic Energy Enterprises, Inc. AEII Atlantic Energy International, Inc. AET Atlantic Energy Technology AGI Atlantic Generation, Inc. AJTS Atlantic Jersey Thermal Systems, Inc. AOS Atlantic Operating Services, Inc. ASP Atlantic Southern Properties, Inc. ATE ATE Investment, Inc. Bing Gen Binghamton General, Inc. Bing Ltd Binghamton Limited, Inc. CCI Conectiv Communications, Inc. CCM Christiana Capital Management, Inc. CES Conectiv Energy Supply, Inc. CI CoastalComm, Inc. Class A Stock Conectiv Class A Common Stock, $.01 par value per share Common Stock Conectiv Common Stock, $.01 par value per share CP Conectiv Plumbing LLC 2 3 CS Conectiv Solutions LLC CSI Conectiv Services, Inc. CTS Conectiv Thermal Systems, Inc. DCI Delmarva Capital Investments, Inc. DCI I DCI I, Inc. DCI II DCI II, Inc. DCTC DCTC-Burney, Inc. Delmarva or DPL Delmarva Power & Light Company DOSC Delmarva Operating Services Company DPL Fin I Delmarva Financing I DSC Delmarva Services Company ECNG East Coast Natural Gas Cooperative, L.L.C. FERC Federal Energy Regulatory Commission Merger The business combination between Atlantic and Delmarva Merger U-1 The Form U-1 Application/Declaration filed by Conectiv in File No. 70-9069, as amended PCG Power Consulting Group, Inc. Ped Gen Pedrick General, Inc. Ped Ltd Pedrick Ltd, Inc. Petron Petron Oil Corporation Resource Conectiv Resource Partners, Inc. TEE The Earth Exchange, Inc. TELP Thermal Energy Limited Partnership I 3 4 Vine Gen Vineland General, Inc. Vine Ltd Vineland Limited, Inc. REGISTRATION STATEMENT The undersigned holding company hereby submits its registration statement to the Commission pursuant to Section 5 of the Act. 1. Exact name of registrant: Conectiv 2. Address of principal executive offices: 800 King Street Wilmington, DE 19899 3. Name and address of chief accounting officer: James P. Lavin Controller Conectiv 800 King Street Wilmington, DE 19899 4. Certain information as to the registrant and each subsidiary company thereof:
COL. A COL. B COL. C COL. D COL. E DATE OF NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS - --------------- ------------ ----- ------------- ---------------- Conectiv Corporation DE 8/8/96 Holding Company Delmarva Power & Light Company Corporation DE 4/22/09 Combination gas and electric utility Delmarva Financing I Trust DE N/A Financing PJM Interconnection, L.L.C. Limited Liability DE N/A Power Pool Company East Coast Natural Gas Limited Liability DE N/A Gas procurement Cooperative, L.L.C.(1) Company DPL REIT Holding, Inc. Corporation DE 3/12/98 Not Active DPL REIT, Inc. Corporation DE 3/12/98 Not Active
- -------- (1) Not a subsidiary; held as investment 4 5
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS - --------------- ------------ ----- ------------- ---------------- Atlantic City Electric Company Corporation NJ 4/28/24 Electric Utility Atlantic Capital I Trust DE N/A Financing ACE REIT Holding, Inc. Corporation DE 3/12/98 Not Active ACE REIT, Inc. Corporation DE 3/12/98 Not Active Conectiv Resource Partners, Inc. Corporation DE 1/16/98 Service Company Delmarva Services Company(2) Corporation DE 10/31/86 Real Estate Chesapeake Utilities Corporation(3) Corporation DE Gas Utility Conectiv Energy Supply Company Corporation DE 7/3/75 Rule 58 Energy Marketing Conectiv/CNE Energy Services, L.L.C.(3) Limited Liability DE 7/23/97 Rule 58 Energy Company Marketing Petron Oil Corporation Corporation PA 8/22/80 Rule 58 Energy Marketing Conectiv Communications, Inc. Corporation DE 10/21/96 Telecommunications Conectiv Energy, Inc.(4) Corporation DE 2/18/98 Not Active Conectiv Brands, Inc.(4) Corporation DE 2/25/98 Not Active Conectiv Services, Inc. Corporation DE 6/26/96 Energy-Related Goods and Services Conectiv Plumbing, L.L.C. Limited Liability DE 1/15/98 Plumbing Services Company Altemp Energy Systems, Inc. Corporation PA 12/6/94 Energy-Related Goods and Services Conectiv Solutions LLC Limited Liability DE 10/20/97 Energy Management Company Services Power Consulting Group, Inc. Corporation DE 9/9/97 Electrical Engineering & Consulting Delmarva Capital Investments, Inc. Corporation DE 2/27/85 Real Estate & Unregulated Investments Christiana Capital Management, Inc. Corporation DE 6/26/87 Real Estate DCI I, Inc. Corporation DE 2/27/85 Leveraged Leasing DCI II, Inc. Corporation VI 11/15/85 Leveraged Leasing Delmarva Operating Services Company Corporation DE 5/8/87 Operation of QF's UAH - Hydro Kennebec, LP(3) Limited NY N/A Hydro-Electric Partnership
- -------- (2) To be renamed Conectiv Properties, Inc. (3) Not a subsidiary; held as investment (4) Not funded, no stock issued yet 5 6
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS - --------------- ------------ ----- ------------- ---------------- LUZ Solar Partners, LTD., IV(5) Limited CA N/A Solar Power Generation Partnership DCTC-Burney, Inc. Corporation DE 6/26/87 Non-Utility Holding Company Forest Products, L.P.(5) Limited DE N/A Investments Partnership Burney Forest Products, A Joint General CA N/A Alternative Fuel QF Venture(5) Partnership Atlantic Energy Enterprises, Inc. Corporation NJ 1/3/85 Non-Utility Holding Company Enerval, L.L.C.(5) Limited Liability DE 3/17/95 Natural Gas Company Procurement, Transportation and Marketing Tech Leaders II, LP(5) Limited DE N/A Venture Capital Fund Partnership Atlantic Southern Properties, Inc. Corporation NJ 6/24/70 Real Estate CoastalComm, Inc. Corporation DE 11/8/95 Telecommunications D & E Communications, Inc.(5) Corporation PA Telecommunications Holding Company Atlantic Energy Technology, Inc. Corporation DE 4/11/91 Technology Investment The Earth Exchange, Inc. Corporation DE 10/12/87 Technology Development Conectiv Thermal Systems, Inc. Corporation DE 5/5/94 Thermal Heating and Cooling ATS Operating Services, Inc. Corporation DE 3/31/95 Thermal Energy Operating Services Atlantic-Pacific Las Vegas, LLC(5) Limited Liability DE N/A Thermal Project Company Atlantic-Pacific Glendale, LLC(5) Limited Liability DE N/A Thermal Project Company Atlantic Jersey Thermal Systems, Inc. Corporation DE 5/10/94 Equity Investments ATE Investments, Inc. Corporation NJ 10/9/86 Equity Investments Enertech Capital Partners, LP(5) Limited N/A Energy-Related Partnership Technology Development
- ----------- (5) Not a subsidiary; held as investment only 6 7
NAME OF COMPANY ORGANIZATION STATE INCORPORATION TYPE OF BUSINESS - --------------- ------------ ----- ------------- ---------------- Black Light Power, Inc.(6) Corporation DE Hydrogen Conversion Based Energy Production EMAX Solution Partners, Inc.(6) Corporation DE Software Development Atlantic Generation, Inc. Corporation NJ 10/9/86 Non-Utility Holding Company Energy Investors Fund III, L.P.(6) Limited DE N/A IPP Investments Partnership Pedrick Ltd., Inc. Corporation NJ 7/28/89 Equity Investments Pedricktown Cogeneration L. P. Limited N/A Operates Cogeneration Partnership Facility Pedrick Gen., Inc. Corporation NJ 7/28/89 Equity Investments Vineland Limited, Inc. Corporation DE 8/24/90 Equity Investments Vineland Cogeneration L. P. Limited 9/27/90 Operates Cogeneration Partnership Facility Vineland General, Inc. Corporation DE 8/24/90 Equity Investments Binghamton General, Inc. Corporation DE 5/2/90 Being Held for Liquidation Binghamton Limited, Inc. Corporation DE 5/2/90 Being Held for Liquidation Cogeneration Partners of America 4/1/87 Not Active Atlantic Energy International, Inc. Corporation NJ 11/13/86 Used Utility Equipment Broker Delmarva Investment I, Inc.(7) Corporation DE 2/17/98 Not Active
- ----------- (6) Not a subsidiary; held as investment (7) Not funded, no stock issued yet 7 8 BUSINESS 5. a) The general character of the business done by the registrant and its subsidiaries, separated as between the holding companies, public utility subsidiaries (as defined in the Act) and the various nonutility subsidiaries. Information regarding the general character of the business of Conectiv and its subsidiaries is set forth in Item 1.B of the Merger U-1. Information regarding the statistics relating to sales, purchases, operating revenues, and customers for Delmarva and its subsidiaries can be found in Item 1 of the Annual Report of Delmarva on Form 10-K for the period ending December 31, 1997 (File No. 1-1405), the applicable portions of which are hereby incorporated by reference. Information regarding such statistics for ACE can be found in its 1997 FERC Form No.1 which is provided as Exhibit G-1 to this document. b) Any substantial changes which may have occurred in the general character of the business of such companies during the preceding five years. OMITTED BY PERMISSION OF THE STAFF. PROPERTY 6. Describe briefly the general character and location of the principal plants, properties, and other important physical units of the registrant and its subsidiaries, showing separately (a) public utility and (b) other properties. If any principal plant or important unit is not held in fee, so state and describe how held. Information regarding the principal plants, properties and other important physical units of Conectiv and its subsidiaries is set forth in the following documents, the applicable portions of which are hereby incorporated by reference: Item 1.B.2 of the Merger U-1; Item 2 of the combined Annual Report of Atlantic and ACE on Form 10-K for the year ended December 31, 1997 (File Nos. 1-9760 and 1-3559); and Item 2 of the Annual Report of Delmarva on Form 10-K for the year ended December 31, 1997 (File No. 1-1405). 8 9 INTERSTATE TRANSACTIONS 7. For each public utility company in the holding company system of the registrant which is engaged in the transmission of electric energy or gas in interstate commerce, furnish the following information for the last calendar year: ACE and Delmarva have on file with the Federal Energy Regulatory Commission their respective 1997 FERC Form No. 1 which include information related to the transmission of electric energy. These reports have been provided as Exhibits G-1 and G-2, respectively. Neither ACE nor Delmarva is engaged in the transmission of gas in interstate commerce. SECURITIES OUTSTANDING 8. Submit the following information concerning the registrant and each subsidiary thereof as of the latest available date: FUNDED DEBT a) For each issue or series of funded debt, including funded debt secured by liens on property owned, whether or not such debt has been assumed: (Do not include here any contingent liabilities reported under paragraph 8(c).) AS OF MARCH 31, 1998 BY PERMISSION OF THE STAFF, COLUMNS E THROUGH I HAVE BEEN OMITTED
COL. A COL. B COL. C COL. D - ----------------------------------------------------------------------------------------------------------------------- AMOUNT AMOUNT ISSUED AUTHORIZED LESS RETIRED NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000) - ----------------------------------------------------------------------------------------------------------------------- ACE Medium Term Notes Series A 150,000 60,000 7.52% to 7.98% Due May 19, 1999 to May 19, 2004 ACE Medium Term Notes Series B 240,000 184,000 6.71% to 6.78% Due March 6, 2008 to June 23, 2008 ACE Medium Term Notes Series C 125,000 105,000 6.81% to 7.68% due May 15, 2001 to August 23, 2016
9 10
AMOUNT AMOUNT ISSUED AUTHORIZED LESS RETIRED NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000) - ----------------------------------------------------------------------------------------------------------------------- ACE Medium Term Notes Series D 150,000 85,000 6% to 6.19% Series Due January 15, 2003 to April 2, 2007 ACE Medium Term Notes- Unsecured Series A 150,000 65,000 6.46% to 7.52% Due from April 1, 2002 to April 2, 2007 ACE First Mortgage Bonds 75,000 75,000 6.625% Series August 1, 2013 ACE First Mortgage Bonds 75,000 75,000 7.0% Series September 1, 2023 ACE First Mortgage Bonds 75,000 75,000 7.0% Series August 13, 2028 ACE Pollution Control, York Co. 2,500 2,425 6.375% Series December 1, 2006 ACE Pollution Control, Series A 18,200 18,200 (Salem County) Variable Rate Series April 15, 2014 ACE Pollution Control, Series A 4,400 4,400 (Salem County) Variable Rate Series July 15, 2017 ACE Pollution Control, Series A 38,865 38,865 6.8% Series March 1, 2021 ACE Pollution Control, Series A 4,000 4,000 (Salem County) 5.6% Series November 1, 2025 ACE Pollution Control, Series C 23,150 23,150 (Salem County) 6.15% Series June 1, 2029 ACE Pollution Control, Series B 6,500 6,500 (Cape May County) 7.0% Series November 1, 2029 ACE Pollution Control, Series A 25,000 25,000 (Cape May County) 7.2% Series November 1, 2029 ACE Debentures 5,000 2,500 7.25% Series May 1, 1998
10 11
AMOUNT AMOUNT ISSUED AUTHORIZED LESS RETIRED NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000) - ----------------------------------------------------------------------------------------------------------------------- ATE Note Purchase Agreement 15,000 15,000 7.44% Senior Note Due December 3, 1999 TELP Series 1997 Thermal Energy 18,500 18,500 Facilities Revenue Bonds Due December 1, 2031 Var Rates TELP Series 1995 Thermal Energy 12,500 12,500 Facilities Revenue Bonds Due December 1, 2009 Var Rates Delmarva First Mortgage Bonds 30,000 30,000 6.95% series due October 1, 2002 Delmarva First Mortgage Bonds 90,000 90,000 6.40% series due July 1, 2003 Delmarva Amortizing First Mortgage Bonds 25,800 25,103 6.95% series due October 1, 1998-2008 Delmarva First Mortgage Bonds 15,000 15,000 7.30% series due March 1, 2014 Delmarva First Mortgage Bonds 66,000 66,000 8.15% series due October 1, 2015 Delmarva First Mortgage Bonds 34,500 34,500 7.15% series due July 1, 2018 Delmarva First Mortgage Bonds 31,000 31,000 6.75% series due May 1, 2019 Delmarva First Mortgage Bonds 35,000 35,000 7.60% series due March 1, 2020 Delmarva First Mortgage Bonds 18,200 18,200 5.90% series due June 1, 2021 Delmarva First Mortgage Bonds 20,000 20,000 7.30% series due July 1, 2021 Delmarva First Mortgage Bonds 4,500 4,500 7.15% series due July 1, 2021 Delmarva First Mortgage Bonds 50,000 50,000 8.50% series due February 1, 2022 Delmarva First Mortgage Bonds 15,000 15,000 6.85% series due May 1, 2022 Delmarva First Mortgage Bonds 100,000 100,000 7.71% series due October 1, 2025 Delmarva First Mortgage Bonds 15,000 15,000 6.05% series due June 1, 2032
11 12
AMOUNT AMOUNT ISSUED AUTHORIZED LESS RETIRED NAME OF OBLIGOR TITLE OF ISSUE ($000) ($000) - ----------------------------------------------------------------------------------------------------------------------- Delmarva Medium Term Notes 100,000 100,000 Series A - 8.30% to 9.95% Due November 15, 2002 to December 1, 2020 Delmarva Medium Term Notes 80,000 80,000 Series B - 7.50% to 8.125% Due May 1, 1999 to May 1, 2007 Delmarva Medium Term Notes 224,200 224,200 Series C - 5.69% to 7.72% Due June 24, 1998 to February 1, 2027 Delmarva Electric Facilities Refunding Revenue Bonds 1,000 1,000 7.30% Series due July 1, 2011 Delmarva Exempt Facilities Revenue Bonds 33,500 33,500 7.15% Series due September 1, 2015 Delmarva Exempt Facilities Revenue Bonds 20,000 20,000 7.50% Series due October 1, 2017 Delmarva Pollution Control Notes 8,000 6,125 5.75% Series due December 1, 1998 Delmarva Pollution Control Notes 1,000 750 7.25% Series due December 1, 2001 Delmarva Pollution Control Notes 2,500 2,250 7.125% Series due December 1, 2006 Delmarva Variable Rate Demand Bonds 26,000 26,000 Due October 1, 2017 Delmarva Variable Rate Demand Bonds 15,500 15,500 Due October 1, 2028 Delmarva Variable Rate Demand Bonds 30,000 30,000 Due October 1, 2029 CCM Mortgage 3,274
12 13 CAPITAL STOCK b) For each class of capital stock including certificates of beneficial interest give information both in number of shares and in dollar amounts: (Do not include here any warrants, options, or other securities reported under paragraph 8(d).) AS OF MARCH 31, 1998 BY PERMISSION OF THE STAFF, COLUMNS G THROUGH J HAVE BEEN OMITTED.
COL. A COL. B. COL. C COL. D COL. E COL. F - ------------------------------------------------------------------------------------------------------------------------------------ AMOUNT RESERVED FOR OPTIONS, WARRANTS, ADDITIONAL AMOUNT CONVERSIONS AND AMOUNT AMOUNT NAME OF ISSUER TITLE OF ISSUE AUTHORIZED OTHER RIGHTS UNISSUED ISSUED - ------------------------------------------------------------------------------------------------------------------------------------ Conectiv Common stock, par 150,000,000 49,025,157 100,974,843 value $.01 per share Conectiv Class A Common stock, 10,000,000 3,439,388 6,560,612 $.01 par value per share Conectiv Preferred stock par value 20,000,000 20,000,000 0 $.01 per share Delmarva Common stock, par 90,000,000 89,900,000 1,000 value $2.25 per share Delmarva Preferred stock, par 1,800,000 817,898 982,102 value $100 per share Delmarva Preferred stock, par 3,000,000 2,683,500 316,500 value $25 per share Delmarva Cumulative preferred 10,000,000 10,000,000 0 stock, $1 par value ACE Common stock, par value 25,000,000 6,679,063 18,320,937 $3 per share ACE Preferred stock, par value 799,979 499,979 300,000 $100 per share ACE Preferred stock, no par value 2,000,000 1,660,500 339,500 ACE Preference stock, no par value 3,000,000 3,000,000 0 DPL REIT Holding, Common Stock, par value 1,000 1,000 Inc. $1 per share DPL REIT, Inc. Common Stock, par value 1,000 1,000 $1 per share ACE REIT Holding, Common Stock, par value 1,000 1,000 Inc. $1 per share ACE REIT, Inc. Common Stock, par value 1,000 1,000 $1 per share
13 14
AMOUNT RESERVED FOR OPTIONS, WARRANTS, ADDITIONAL AMOUNT CONVERSIONS AND AMOUNT AMOUNT NAME OF ISSUER TITLE OF ISSUE AUTHORIZED OTHER RIGHTS UNISSUED ISSUED - ------------------------------------------------------------------------------------------------------------------------------------ Conectiv Resource Common Stock, par value 1,000 1,000 Partners, Inc. $1 per share Delmarva Services Common Stock, par value 1,000 1,000 Company $1 per share Conectiv Energy Common Stock, par value 1,000 1,000 Supply Company $1 per share Petron Oil Corporation Common Stock no par 1,000 1,000 value Conectiv Common Stock, par value 1,000 1,000 Communications, Inc. $1 per share Conectiv Energy, Inc. Common Stock, par value 1,000 1,000 0 $1 per share Conectiv Brands, Inc. Common Stock, par value 1,000 1,000 0 $1 per share Conectiv Services, Inc. Common Stock, par value 1,000 1,000 $1 per share Altemp Energy Common Stock, par value 1,000 1,000 Systems, Inc. $1 per share Power Consulting Common Stock, par value 1,000 1,000 Group, Inc. $1 per share Delmarva Capital Common Stock, par value 1,000 1,000 Investments, Inc. $1 per share Christiana Capital Common Stock, par value 1,000 1,000 Management, Inc. $1 per share DCI I, Inc. Common Stock, par value 1,000 1,000 $1 per share DCI II, Inc. Common Stock, par value 1,000 1,000 $1 per share DCTC - Burney Inc. Common Stock, par value 1,000 1,000 $1 per share Delmarva Operating Common Stock, par value 1,000 1,000 Services Company $1 per share Atlantic Energy Common Stock no par 2,000 1,900 100 Enterprises, Inc. value Atlantic Southern Common Stock, par value 100 100 Properties, Inc. $1 per share CoastalComm, Inc. Common Stock, par value 100 100 $.01 per share
14 15
AMOUNT RESERVED FOR OPTIONS, WARRANTS, ADDITIONAL AMOUNT CONVERSIONS AND AMOUNT AMOUNT NAME OF ISSUER TITLE OF ISSUE AUTHORIZED OTHER RIGHTS UNISSUED ISSUED - ------------------------------------------------------------------------------------------------------------------------------------ Atlantic Energy Common Stock no par 2,500 2,400 100 Technology, Inc. value The Earth Exchange, Common Stock, no par 2,500 2,400 100 Inc. value Conectiv Thermal Common Stock no par 2,500 2,400 100 Systems, Inc. value ATS Operating Common Stock, no par 100 50 50 Services, Inc. value Atlantic Jersey Common Stock no par 2,500 2,400 100 Thermal Systems, Inc. value ATE Investments, Inc. Common Stock no par 2,500 2,400 100 value Atlantic Generation, Common Stock no par 2,500 2,400 100 Inc. value Pedrick Ltd., Inc. Common Stock no par 2,500 2,400 100 value Pedrick Gen., Inc. Common Stock no par 2,500 2,400 100 value Vineland Limited, Inc. Common Stock no par 2,500 2,400 100 value Vineland General, Inc. Common Stock no par 2,500 2,400 100 value Binghamton General, Common Stock no par 2,500 2,400 100 Inc. value Binghamton Limited, Common Stock no par 2,500 2,400 100 Inc. value Atlantic Energy Common Stock no par 3,000 2,900 100 International, Inc. value Delmarva Investment Common Stock, par value I, Inc. $1 per share 1,000 1,000 0
15 16 CONTINGENT LIABILITIES c) A brief outline of the nature and amount of each contingent liability on account of endorsement or other guarantees of any securities. Information regarding contingent liabilities is set forth in the following documents, the applicable portions of which are hereby incorporated by reference: Note 7 in Part 1. Financial Information in Conectiv's quarterly report on Form 10-Q for the period ended March 31, 1998 (File No. 1-13895); Note 5 in Part 1. Financial Information in ACE's quarterly report on Form 10-Q for the period ended March 31, 1998 (File No. 1-3559) and Note 4 in Part 1. Financial Information in Delmarva's quarterly report on Form 10-Q for the period ended March 31, 1998 (File No. 1-1405). Information regarding guarantees as of March 31, 1998 is detailed below:
ISSUER OF GUARANTEE ISSUED ON BEHALF OF AMOUNT TYPE OF GUARANTEE ------------------- ------------------- ------ ----------------- Conectiv AGI $6,000,000 Guarantee Conectiv CTS 31,000,000 Guarantee Conectiv AGI 5,250,000 Letter of Credit Conectiv CTS 27,918,656 Letters of Credit Conectiv Enerval 1,600,000 Letter of Credit AEE Enerval 2,250,000 Guarantee AGI Cogeneration Partners of America 2,000,000 Guarantee AGI Vineland Cogeneration 1,374,000 Take or Pays AGI Binghamton Cogeneration 271,000 Escrow AGI Vineland Cogeneration 3,500,000 Capacity deficiency charge AEE Enerval 1,200,000 Pledge of assets
16 17 OTHER SECURITIES d) A statement of the amount of warrants, rights, or options and of any class of securities of the registrant and subsidiary companies not elsewhere herein described which is outstanding and/or authorized. A brief description of the provisions thereof should be included. Information need not be set forth under this item as to notes, drafts, bills of exchange or bankers' acceptances which mature within nine months. Certain information regarding ConectivDirect(TM), Conectiv's dividend reinvestment and stock purchase plan, is set forth in the Registration Statement of Conectiv on Form S-3 (File No. 333-44219), and is hereby incorporated by reference. Certain information regarding the Conectiv Incentive Compensation Plan is set forth in the Registration Statement of Conectiv on Form S-8 (File No. 333-50063) and is hereby incorporated by reference. Certain information regarding the Conectiv Stockholders Rights Plan is set forth in the Application-Declaration on Form U-1 (File No. 70-9155) of Conectiv and the filing of Conectiv on Form 10-Q for the period ended March 31, 1998, both of which are hereby incorporated by reference. INVESTMENTS IN SYSTEM SECURITIES 9. Give a tabulation showing the principal amount, par or stated value, the cost to the system company originally acquiring such security, and the number of shares or units, of each security described under Item 8 that is held by the registrant and by each subsidiary company thereof as the record (or beneficial) owner, and the amounts at which the same are carried on the books of each such owner. This information should be given as of the same date as the information furnished in answer to Item 8. 17 18
NUMBER OF % OF ISSUER BOOK OWNER BOOK COMMON SHARES VOTING VALUE VALUE NAME OF COMPANY OWNED POWER ($000) ($000) - --------------- ----- ----- ------ ------ Delmarva Power & Light Company 1,000 100 822,680 822,680 Delmarva Financing I N/A 100 * * DPL REIT Holding, Inc. 1,000 100 (1) (1) DPL REIT, Inc. 1,000 100 (1) (1) Atlantic City Electric Company 18,320,937 100 740,605 740,605 Atlantic Capital I N/A 100 * 2,165 ACE REIT Holding, Inc. 1,000 100 (1) (1) ACE REIT, Inc. 1,000 100 (1) (1) Conectiv Resource Partners, Inc. 1,000 100 (1) (1) Delmarva Services Company(2) 1,000 100 * * Conectiv Energy Supply Company 1,000 100 * * Petron Oil Corporation 1,000 100 (3) (3) Conectiv Communications, Inc. 1,000 100 * * Conectiv Services, Inc. 1,000 100 *(4) *(4) Altemp Energy Systems, Inc. 1,000 100 (1) (1) Conectiv Solutions, L.L.C. N/A 100 * * Power Consulting Group, L.L.C. N/A 100 * * Delmarva Capital Investments, Inc. 1,000 100 * * Christiana Capital Management, Inc. 1,000 100 * * DCI I, Inc. 1,000 100 * * DCI II, Inc. 1,000 100 * * Delmarva Operating Services Company 1,000 100 * * DCTC-Burney, Inc. 1,000 100 * * Atlantic Energy Enterprises, Inc. 100 100 * * Atlantic Southern Properties, Inc. 100 100 * * CoastalComm, Inc. 100 100 * * Atlantic Energy Technology, Inc. 100 100 * * The Earth Exchange, Inc. 100 100 * *
- ---------- (1) Book value is $1,000 or less (2) To be renamed Conectiv Properties, Inc. (3) Petron's financial position reported on equity method of accounting until purchase method accounting adjustments are finalized. (4) Includes Conectiv Plumbing, L.L.C. * Confidential treatment requested 18 19
NUMBER OF % OF ISSUER BOOK OWNER BOOK COMMON SHARES VOTING VALUE VALUE NAME OF COMPANY OWNED POWER ($000) ($000) - --------------- ----- ----- ------ ------ Conectiv Thermal Systems, Inc. 100 100 * * ATS Operating Services, Inc. 50 100 (1) (1) Atlantic Jersey Thermal Systems, Inc. 100 100 * * Thermal Energy Limited Partnership I N/A 100 * * ATE Investments, Inc. 100 100 * * Atlantic Generation, Inc. 100 100 * * Pedrick Ltd., Inc. 100 100 * * Pedrick Gen., Inc. 100 100 * * Vineland Limited, Inc. 100 100 * * Vineland General, Inc. 100 100 * * Binghamton General, Inc. 100 100 * * Binghamton Limited, Inc. 100 100 * * Atlantic Energy International, Inc. 100 100 (1) (1)
- ---------- * Confidential treatment requested INVESTMENTS IN OTHER COMPANIES 10. Give a tabulation showing all investments of the registrant and of each subsidiary thereof in holding companies and in public utility companies which are not subsidiary companies of the registrant. Also show all other investments of the registrant and of each subsidiary thereof in the securities of any other enterprise, if the book value of the investment in any such enterprise exceeds 2% of the total debit accounts shown on the balance sheet of the company owning such investment or an amount in excess of $25,000 (whichever amount is the lesser). Give principal amount and number of shares or units and the cost of each issue of such securities to the system company originally acquiring such security, and amount at which carried on the books of the owner. List all such securities pledged as collateral for loans or other obligations and identify loans and obligations for which pledged. This information should be given as of the same date as the information furnished in answer to Item 8. - ------------- (1) Book value is $1,000 or less 19 20 a) Investments of the registrant and of each subsidiary thereof in holding companies and in public utility companies which are not subsidiary companies of the registrant: As of March 31, 1998, DSC held 127,750 shares (or 2.87%) of the common stock of Chesapeake Utilities Corporation, a publicly traded has utility company with gas utility operations in Delaware, Maryland and Florida. As of March 31, 1998, the book value was $1,571,000. b) Investments of the registrant and of each subsidiary thereof in the securities of other enterprises: ATE owns 160 shares of common stock of Black Light Power, Inc., a development stage company that is engaged in hydrogen based energy production. As of March 31, 1998, the book value was $*. (Confidential treatment requested) AEE owns 1,875,000 shares of Class D Preferred Stock, representing 12.5% of all outstanding issues of preferred stock, convertible under certain terms and conditions into 10.2% of the outstanding common stock of EMAX Solutions Partners, Inc., a Delaware corporation that develops environmental compliance software. As of March 31, 1998, the book value was $*. (Confidential treatment requested) AGI owns a 4.9% limited partnership interest in Energy Investors Fund III, L.P. (Project Finance Fund), a Delaware limited partnership that invests in independent power production facilities. As of March 31, 1998, the book value was $*. (Confidential treatment requested) CCI owns 58,161 unregistered shares, or approximately 1% of the outstanding shares, of D&E Communications, Inc., a Pennsylvania corporation and publicly-held telecommunications company that holds a broadband PCS license. As of March 31, 1998, the book value was $*. (Confidential treatment requested) AEE owns a 2.6% limited partnership interest in Tech Leaders II, a Delaware limited partnership that invests in energy and technology companies. As of March 31, 1998, the book value was $*. (Confidential treatment requested) ECNG, a Delaware limited liability company in which Delmarva holds a 1/7th interest, is engaged in gas-related activities. Delmarva participates in ECNG to do bulk purchasing of gas in order to improve the efficiency of its natural gas local distribution operations. As of March 31, 1998, Delmarva had no investment in ECNG. AEE holds a 50% equity interest in Enerval, LLC, a natural gas marketing venture. The book value, before fair market value evaluation reserves, was $* as of March 31, 1998. (Confidential treatment requested) ATE owns a 94% limited partnership interest in EnerTech Capital Partners L.P., a limited partnership that invests in and supports a variety of energy technology growth companies. The book value as of March 31, 1998 was $*. (Confidential treatment requested) ATS holds a 50% interest in Atlantic-Pacific Glendale, LLC, a Delaware limited 0 liability company formed to construct, own and operate integrated energy facilities. The book value as of March 31, 1998 was $*. (Confidential treatment requested) 21 ATS holds a 50% interest in Atlantic-Pacific Las Vegas, LLC, a Delaware limited liability company formed to finance, own and operate integrated energy facilities. The book value as of March 31, 1998 was $*. (Confidential treatment requested) CES holds a 50% interest in Conectiv/CNE Energy Services LLC, a Rule 58 energy marketing company. The book value as of March 31, 1998 was $*. (Confidential treatment requested) Forest Products, L.P. is a Delaware limited partnership in which DCTC, Inc. is the sole 1% general partner, and which is a general partner in Burney Forest Products, A Joint Venture. The book value as of March 31, 1998, was $*. (Confidential treatment requested) Burney Forest Products, A Joint Venture, is a California general partnership which is owned by DCTC and Forest Products, L.P. The partnership owns a wood-burning qualifying facility in Burney, CA. DCTC's total direct and indirect ownership interest is 45%. The book value as of March 31, 1998, was $*. (Confidential treatment requested) DCI holds a 4.7% limited partnership interest in LUZ Solar Partners, Ltd. IV which owns a solar powered generating station. The book value as of March 31, 1998, was $*. (Confidential treatment requested) DCI owns a 27.5% limited partnership interest in UAH-Hydro Kennebec, L.P., a New York limited partnership which owns a hydro-electric project. The book value as of March 31, 1998, was $*. (Confidential treatment requested) INDEBTEDNESS OF SYSTEM COMPANIES 10. List each indebtedness of the registrant and of each subsidiary company thereof (other than indebtedness reported under Item 8, but as of the same date) where the aggregate debt owed by any such company to any one person exceeds $25,000 or an amount exceeding 2% of the total of the debit accounts shown on the balance sheet of the debtor (which amount is the lesser) but not including any case in which such aggregate indebtedness is less than $5,000, and give the following additional information as to each such indebtedness: 21 22 a) Debts owed to associate companies at March 31, 1998. The following table provides intercompany receivables and payables as of March 31, 1998:
AMOUNT OWED NAME OF DEBTOR NAME OF CREDITOR ($000) - -------------- ---------------- ------ Conectiv AEE 2,732(1) ACE Conectiv 7,827 ACE Conectiv 20,403 Delmarva Conectiv 23,806 Conectiv Delmarva 20,819(2) CCI Conectiv 331 ACE Conectiv 31 AEE Conectiv 3 AEII Conectiv 2 AEE ACE 1,351 Delmarva CCI 1,727 DCI Delmarva 1,778 CCI Delmarva 7,410 CSI Delmarva 1,478 Delmarva PCG 55 CS Delmarva 614 CCI Delmarva 5,803 Delmarva Conectiv 1 Delmarva CCI 36 CSI Resource 20 CS CSI 3,625
- ---------- (1) Premerger obligation of AEI to AEE assumed by Conectiv as a result of the Merger to be cleared by capital contribution during the next accounting period. (2) Premerger - Merger related costs paid by Delmarva to be reinbursed by Conectiv through capital contribution during the next accounting period. 22 23 The following table provides intercompany notes receivable/payable as of March 31, 1998:
AMOUNT OWED RATE OF DATE OF NAME OF DEBTOR NAME OF CREDITOR ($000) INTEREST (%) MATURITY - ---------------------------------------------------------------------------- ------------------------------------- Resource (Money Pool) Conectiv 8,422 5.71 On demand (1) CTS Resource (Money Pool) 5,812 5.71 On demand (1) Resource Resource (Money Pool) 19 5.71 On demand (1) Resource (Money Pool) AGI 3,709 5.71 On demand (1) Resource (Money Pool) DSC 1,931 5.71 On demand (1) Resource (Money Pool) DCI 7,338 5.71 On demand (1) ATE Resource (Money Pool) 7,451 5.71 On demand (1) CES Resource (Money Pool) 5,576 5.71 On demand (1) CSI Resource (Money Pool) 3 5.71 On demand (1) ASP Resource (Money Pool) 13 5.71 On demand (1) AEE Resource (Money Pool) 349 5.71 On demand (1) CTS Resource (Money Pool) 89,445 6.00 On demand (1) ATE Resource (Money Pool) 5,025 6.00 On demand (1) Petron Resource (Money Pool) 1,856 6.00 On demand (1)
(1) But not later than 5/1/99 b) Debts owed to others at March 31, 1998: OMITTED BY PERMISSION OF THE STAFF. PRINCIPAL LEASES 12. Describe briefly the principal features of each lease (omitting oil and gas leases) to which the registrant or any subsidiary company thereof is a party, which involves rental at an annual rate of more than $50,000 or an amount exceeding 1% of the annual gross operating revenue of such party to said lease during its last fiscal year (whichever of such sums is the lesser) but not including any lease involving rental at a rate of less than $5,000 per year.
TOTAL 1997 LESSEE LESSOR ITEMS(S) LEASED PAYMENTS ($000) EXPIRATION DATE - ------------------------------------------------------------------------------------------------------------------------------ ACE Franklin Life Insurance Gas Turbine Equipment 181 7/12/98 Company ACE Minnesota Mutual Life Gas Turbine Equipment 136 7/12/98 Insurance Co. ACE Ohio National Life Gas Turbine Equipment 100 7/12/98 Insurance Co. ACE Franklin Life Insurance Gas Turbine Equipment 277 7/2/99
23 24
TOTAL 1997 LESSEE LESSOR ITEMS(S) LEASED PAYMENTS ($000) EXPIRATION DATE - ------------------------------------------------------------------------------------------------------------------------------ Company ACE Unionbanc Leasing Corp. Gas Turbine Equipment 91 7/2/99 ACE Atlantic Southern Properties Office Space 425 5/31/99 ACE General American Terminals Railroad tank cars 316 12/31/99 Corp. ACE Citgo Asphalt Refining Fuel oil storage & throughput 297 12/31/00 Company agreement- B.L. England Generating Station ACE Citgo Asphalt Refining Jet fuel oil tank & truck 116 Under 90 day Company loading facilities- Combustion renegotiation Turbine generating Station period ACE International Business Computer-related equipment 508 Machines ACE BLC Corporation Vehicles/equipment 482 Renewable every 12 months ACE 1909 Associates Office 75 ACE E.I. DeNemours Tanks 410 12/31/99 ACE Pearl Fuel Nuclear fuel 9,800 None Delmarva Delmarva Services Company Office Building 1,776 10/15/02 Delmarva Delaware Terminal Company Pipeline facility 1,107 12/31/99 Delmarva Pencader Corporate Center Production Lease 130 6/30/02 Delmarva Various Railroads Railroad Leases 341 Various Delmarva State of Delaware River Crossing 77 8/28/26 Delmarva Bell Atlantic - DE Poles 556 Various Delmarva Bell Atlantic - MD Poles 578 Various Delmarva Commissioners of St. Poles 233 Various Michaels Delmarva United Jersey Bank, Trustee Merrill Creek Reservoir 3,785 12/20/32
24 25
TOTAL 1997 LESSEE LESSOR ITEMS(S) LEASED PAYMENTS ($000) EXPIRATION DATE - ------------------------------------------------------------------------------------------------------------------------------ Delmarva Bayshore Fuel Company Nuclear fuel 7,777 None Christiana Capital Delmarva Management Building 966 2/28/99
SECURITIES SOLD 13. If, during the last five years, the registrant or any subsidiary company thereof has issued, sold, or exchanged either publicly or privately any securities having a principal amount, par, stated or declared value exceeding $1,000,000 or exceeding an amount equal to 10% of the total liabilities as shown by the balance sheet of issuer at the time of such issue (whichever of such sums is the lesser), give the following information with respect to each such issue or sale: Securities sold in last five years:
PROCEEDS AMOUNT RECEIVED BY APPROXIMATE ISSUED ISSUER BEFORE EXPENSES OF NAME OF OR SOLD EXPENSES (PER ISSUER TITLE OF ISSUE OBLIGOR ($000) $100) (PER $100) - ---------------------------------------------------------------------------------------------------- First Mortgage Bonds ACE 75,000 $98.417 $.227 7% Series due 2023 First Mortgage Bonds ACE 75,000 $98.315 $.220 7% Series due 2028 First Mortgage Bonds ACE 75,000 $99.331 $.220 6 5/8% Series due 2013 First Mortgage Bonds Secured ACE 240,000 $99.850 - $.014 Medium Term Notes, Series B $99.250 5.60% Pollution Control ACE 4,000 $98.66 $.02 Salem County Revenue Bonds of 1993 Series A
NAME OF PRINCIPAL UNDERWRITERS UNDERWRITER OR INITIAL OFFERING TITLE OF ISSUE PURCHASERS PRICE - ------------------------------------------------------------------------ First Mortgage Bonds Goldman Sachs 98.750% 7% Series due 2023 Citicorp Securites, Pryor, Mclendon, Counts & Co Inc.. First Mortgage Bonds Bear, Stearns, & Co, 98.82% 7% Series due 2028 Inc First Mortgage Bonds Goldman, Sachs & 99.654% 6 5/8% Series due 2013 Co., Citicorp Securities Pryor, McClendon First Mortgage Bonds Secured The First Boston 100% Medium Term Notes, Series B Corp., Goldman Sachs, Smith Barney, Harris Upham & Co 5.60% Pollution Control AG Edwards & 100% Salem County Sons, Inc. Revenue Bonds of 1993 Series A
25 26
Proceeds Amount Received by Approximate Issued Issuer Before Expenses of Name of or Sold Expenses (per Issuer TITLE OF ISSUE Obligor ($000) $100) (per $100) - --------------------------------------------------------------------------------------------------- Salem County ACE 23,150 $98.325 $.012 Pollution Control Revenue Refunding Bonds of 1994 Series A Cape May County Pollution ACE 6,500 $98.03 $.006 Control Revenue Refunding Bonds of 1994 Series B Cape May County Pollution ACE 25,000 $98.03 $.02 Control Revenue Refunding Bonds of 1994 Series A First Mortgage Bonds ACE 105,000 $99.850- $.028 Designated Secured $99.250 Medium Term Notes Series C 8.25% Cumulative Quarterly Atlantic 70,000 $96.84 $.13 Income Preferred Securites Capital I (QUIPS), 1996 Unsecured Medium Term ACE 65,000 $99.850- $.021 Notes Series A, 1997 $99.250 Salem County Pollution ACE 22,600 $100 $.026 Control Revenue Refunding Bonds, 1997 Medium Term Notes Delmarva 224,200 $98.875- $.05 Series C $99.25 8.125% Cumulative Trust Delmarva 70,000 $96.85- $.03 Preferred Capital Securities Power $98.00 Financing I
Name of Underwriters Principal Initial Offering Underwriter or Price TITLE OF ISSUE Purchasers - ------------------------------------------------------------------------ Salem County Chemical Securities 99.375% Pollution Control Inc. Revenue Refunding Bonds of 1994 Series A Cape May County Pollution Goldman Sachs & 100% Control Co. Revenue Refunding Bonds of 1994 Series B Cape May County Pollution Merrill Lynch & Co. 100% Control Revenue Refunding Bonds of 1994 Series A First Mortgage Bonds Goldman Sachs, 100% Designated Secured Smith Barney Inc, Medium Term Notes Series C A. G. Edwards & Sons, Inc. 8.25% Cumulative Quarterly Goldman Sachs, 100% Income Preferred Securites Dean Witter (QUIPS), 1996 Reynolds, AG. Edwards & Sons, Lehman Brothers, Prudential Securities, Wheat First Unsecured Medium Term Goldman Sachs, 100% Notes Series A, 1997 First Chicago Capital Markets, Lehman Brothers Salem County Pollution Morgan Stanley 100% Control Revenue Refunding Dean Witter Bonds, 1997 Medium Term Notes Merrill Lynch & 100% Series C Co., Morgan Stanley & Co. 8.125% Cumulative Trust Morgan Stanley & 100% Preferred Capital Securities Co., Merrill Lynch & Co., Dean Witter Reynolds Inc., Paine Webber Incorporated, Prudential Securities Inc.
26 27
Proceeds Amount Received by Approximate Issued Issuer Before Expenses of Name of or Sold Expenses (per Issuer TITLE OF ISSUE Obligor ($000) $100) (per $100) - ---------------------------------------------------------------------------------------------------- 7.71% First Mortgage Bonds Delmarva 100,000 $99.125 $.17 6.95% Amortizing First Delmarva 25,800 $99.35 $.27 Mortgage Bonds The Delaware Economic Delmarva 30,000 $99.50(est.) $.20(est.) Development Authority Variable Rate Gas Facilities Revenue Bonds, Series 1994 6.75% Preferred Stock, $100 Delmarva 20,000 $99.125 $.46 Par Value The Delaware Economic Delmarva 15,500 $99.50(est.) $.20(est.) Authority Variable Rate Demand Gas Facilities Refunding Revenue Bonds, Series 1993C 6.40% First Mortgage Bonds Delmarva 90,000 $99.35 $.19
Name of Underwriters Principal Initial Offering Underwriter or Price TITLE OF ISSUE Purchasers - ------------------------------------------------------------------------ 7.71% First Mortgage Bonds Merrill Lynch & Co., 100% Morgan Stanley & Co. 6.95% Amortizing First Merrill Lynch & Co. 100% Mortgage Bonds Morgan Stanley & Co. The Delaware Economic Merrill Lynch & Co. 100% Development Authority Variable Rate Gas Facilities Revenue Bonds, Series 1994 6.75% Preferred Stock, $100 Morgan Stanley & Co. 100% Par Value The Delaware Economic Merrill Lynch & Co. 100% Authority Variable Rate Demand Gas Facilities Refunding Revenue Bonds, Series 1993C 6.40% First Mortgage Bonds Morgan Stanley & Co., 100% Merrill Lynch & Co., Chemical Securities Inc.
AGREEMENT FOR FUTURE DISTRIBUTION OF SECURITIES 14. a) Summarize the terms of any existing agreement to which the registrant or any associate or affiliate company thereof is a party or in which any such company has a beneficial interest with respect to future distribution of securities of the registrant or of any subsidiary. Certain information regarding agreements with respect to future distribution of securities of Conectiv and its subsidiaries is set forth in the following documents, the applicable portions of which are hereby incorporated by reference: Item 1 of the Application/Declaration of Conectiv on Form U-1, as amended in File No. 70-9095; Registration Statement of Conectiv on Form S-3 with respect to ConectivDirect(TM), Conectiv's dividend reinvestment and stock purchase plan, in File No. 33-44219; the Registration Statement of Conectiv on Form S-8 with respect to the Conectiv Incentive Compensation Plan in File No. 333-50063; and, the Application-Declaration on Form 27 28 U-1 (File No. 70-9155) of Conectiv and the filing of Conectiv on Form 10-Q for the period ended March 31, 1998 with respect to the Conectiv Stockholders Rights Plan. b) Describe briefly the nature of any financial interest (other than the ownership of securities acquired as a dealer for the purpose of resale) which any person with whom such agreement exists, has in the registrant or in any associate or affiliate company thereof. The beneficiaries of the employee benefit plans referred to above may be deemed to have a financial interest in the registrant or associate or affiliate companies thereof by virtue of their employment relationship with the registrant or such other companies and compensation, benefit and severance agreements and arrangements relating to such employment. TWENTY LARGEST HOLDERS OF CAPITAL STOCKS 15. As of a recent date (indicating such date for each class) give the following information with respect to the holders of each class of stock and/or certificates of beneficial interest of the registrant: a) The twenty largest registered holders of Common Stock and Class A Stock, as of its most recent dividend record date: Conectiv shares can be held by certificate, through dividend reinvestment plans, through employee investment plans, through investment companies, and other street name and nominee accounts. Absent an unreasonable expenditure of time and money, Conectiv has no way to determine the number of shares held by each holder of beneficial interest. Accordingly, Conectiv is only able to provide information as to shares registered with Conectiv. 28 29 The following table sets forth Conectiv's twenty largest registered shareholders on the books:
COMMON STOCK SHAREHOLDER SHARES HELD % OF OUTSTANDING - ------------------------------------------------------------------------------------------------------------ Cedefast 65,230,953 64.60 P.O. Box 20 Bowling Green Station New York, NY 10274 Reinvestment 7,201,306 7.13 c/o The Bank of New York 101 Barclay Street Dividend Reinvestment Dept., 11-E New York, NY 10007 Cede & Co. 587,697 0.58 Box #20 Bowling Green Station New York, NY 10006 Allen W. Pike TR 170,000 0.17 The Allen W Pike Revocable Trust 20 Chestnut St., Apt. N10 Exeter, NH 03833-1881 Wilmington Trust Co. 114,046 0.11 Delmarva Power & Light Defer Compensation Plan Attn: Alan Beattie P.O. Box 231 Wilmington, DE 19899-0231 Eben W. Lothrop 99,192 0.10 9784 Tilghman Island Rd. Box 6 McDaniel, MD 21647-9727 Patrick J. Morley * * 345 Barnhill Rd. West Chester, PA 19382-2336 Richard H. Treml * * 1 McCormick Drive Hockessin, DE 19707-2107 Edward P. Hutchinson * * 720 Jamie Drive Moorestown, NJ 08057 Frederick J. Hutchinson * * 1120 Greenmount Rd. Haddonfield, NJ 08033
- ---------- * Confidential treatment requested 29 30
COMMON STOCK SHAREHOLDER SHARES HELD % OF OUTSTANDING - ------------------------------------------------------------------------------------------------------------ Robert J. Hutchinson * * 401 Birdwood Ave. Haddonfield, NJ 08033 Thomas M. Hutchinson * * 128 Mountwell Ave. Haddonfield, NJ 08033 William A. Hutchinson, Jr. * * 313 Merion Ave. Haddonfield, NJ 08033 Recipients of Delmarva Power 1995 65,612 0.06 Performance Based Restricted Common Stock Plan Delmarva Power, Attn: Alan Beattie P.O. Box 231 Wilmington, DE 19899-0231 Millicent Mishkin 64,395 0.06 19 Trescott Path Ft Salonga Northport, NY 11768-2537 Wilmington Trust Co. Trustee 51,870 0.05 Delmarva Power & Light Defer Compensation Plan Rabbi Trust Eff. 1/1/96 Attn: Alan Beattie Delmarva Power Co. P.O Box 231 Wilmington, DE 19899-0231 George H. Hutchinson III * * 321 Jefferson Ave. Haddonfield, NJ 08033 Wayne R. Grace * * 78 Henry Ave. Boyertown, PA 19512-8612 Recipients of Delmarva Power 1994 Performance 38,055 0.04 Based Restricted Common Stock Plan Delmarva Power Co. Attn: Alan Beattie P.O. Box 231 Wilmington, DE 19899-0231 Benjamin H. Laury * * 428 Salem Street Elmer, NJ 08318
- ---------- * Confidential treatment requested 30 31
COMMON STOCK SHAREHOLDER SHARES HELD % OF OUTSTANDING - ------------------------------------------------------------------------------------------------------------ Theodore J. Laury * * Box 351 Alloway, NJ 08001 TOTAL: 74,301,460 73.58
- ---------- * Confidential treatment requested
CLASS A STOCK SHAREHOLDER SHARES HELD % OF OUTSTANDING - ------------------------------------------------------------------------------------------------------------ Cedefast 3,861,583 58.86 P.O. Box 20 Bowling Green Station New York, NY 10274 Cede & Co. 43,332 0.66 Box #20 Bowling Green Station New York, NY 10006 Reinvestment 15,381 0.23 c/o The Bank of New York 101 Barclay Street Dividend Reinvestment Dept., 11-E New York, NY 10007 Millicent Mishkin 10,730 0.16 19 Trescott Path Ft Salonga Northport, NY 11768-2537 Dalck Feith TR U/A 3/7/97 5,000 0.08 The Dalck Feith Revocable Trust 8134 High School Road Elkins Park, PA 19027-2453 Anthony J. Velardo Revocable Trust 4,295 0.07 U/A DTD 1/11/89 118 D. Amberly Drive Englishtown, NJ 07726-2307 H. Stanford Roberts 3,750 0.06 P.O. Box 244 Newtown, PA 18940 Ernest D. Huggard 0028/3463 3,280 0.05 8 Kingston Lane Ocean City, NJ 08226-2617
31 32
CLASS A STOCK SHAREHOLDER SHARES HELD % OF OUTSTANDING - ------------------------------------------------------------------------------------------------------------ Meredith I. Harlacher, Jr. & Patricia Ann 3,275 0.05 117 Woods Road Absecon, NJ 08201-2112 Joseph W. McCool 3,220 0.05 200 Coolidge Avenue Absecon, NJ 08201-1213 Nicholas J. DeFeo & Joan M. DeFeo 3,125 0.05 6001 Winchester Avenue Ventnor, NJ 08406-2238 Dalck Feith & Rose Feith Tr 2,865 0.04 Landsdale Finishers Inc. Empl Profit Sharing Plan DTD 7/1/74 8134 High School Road Elkins Park, PA 19027-2453 Douglas J. Feith, Jr. 2,731 0.04 Deft Trust DTD 5/17/91 6216 Clearwood Road Bethesda, MD 20817-5633 Robert S. Brown 2,667 0.04 5615 Atlantic Ave. Ventnor, NJ 08406-2816 A.A. Cohen Inc. 2,500 0.04 Attn: Morton F. Cohen 6 N. Osborne Ave. Margate, NJ 08402 George W. Gillemot Tr 2,500 0.04 George W. Gillemot Family Trust U/T/D DTD 12/14/84 P.O. Box 370 Glenbrook, NV 89413-0370 Sumner J. Walters & Paul W. Purnort, Jr. & Donald 2,500 0.04 C. Sutton Tr. Marsh Foundation U/W George H. Marsh P.O. Box 150 Van Wert, OH 45891-0150 Keith E. McNeal & Gloria H. McNeal 2,500 0.04 Co-ttees Keith E. McNeal & Gloria H. McNeal Rev Intervivos TR DTD 5/11/82 5231 South Lewis Tulsa, OK 74105-6537
32 33
CLASS A STOCK SHAREHOLDER SHARES HELD % OF OUTSTANDING - ------------------------------------------------------------------------------------------------------------ Fannie Shrope & Elizabeth Behr 2,425 0.04 8 Forrest Drive Northfield, NJ 08225-1706 Morton J. Kardon 2,404 0.04 Green Hill Apt. WA503 1001 City Avenue Wynnewood, PA 19096-3902 TOTAL: 3,980,063 60.67
33 34 a) Number of shareholders of record each holding 1,000 shares or more, and aggregate number of shares so held. At the most recent record date, there were 10,415 shareholders holding 1,000 shares or more. The aggregate number of shares held by these shareholders was 100,555,832. b) Number of shareholders of record each holding less than 1,000 shares and the aggregate number of shares so held. At the most recent record date, there were 70,659 shareholders holding less than 1,000 shares. The aggregate number of shares held by these shareholders was 18,366,542. Please note that the above figures overstate total shares outstanding because they include holders of the common stock of Atlantic who have not yet exchanged their shares for shares of Conectiv Common Stock and Class A Stock. Holders of Atlantic common stock receive .75 shares of Conectiv Common Stock and .125 shares of Class A Stock for each share of Atlantic stock exchanged. OFFICERS, DIRECTORS AND EMPLOYEES 16. a) Positions and Compensation of Officers and Directors. Give name and address of each director and officer (including any person who performs similar functions) of the registrant, of each subsidiary company thereof, and of each mutual service company which is a member of the same holding company system. Opposite the name of each such individual give the title of every such position held by him and briefly describe each other employment of such individual by each such company. State the present rate of compensation on an annual basis for each director whose aggregate compensation from all such companies exceeds $1,000 per year, and of each officer whose aggregate compensation from such companies is at the rate of $20,000 or more per year. In the event any officer devotes only part of his time to a company or companies in the system this fact should be indicated by appropriate footnote. Such compensation for such part time should be computed on an annual rate and if such annual rate exceeds $20,000 the actual compensation as well as annual rate should also be reported. b) Compensation of Certain Employees. As to regular employees of such companies who are not directors or officers of any one of them, list the name, address, and aggregate 34 35 annual rate of compensation of all those who receive $20,000 or more per year from all such companies. c) Indebtedness to System Companies. As to every such director, trustee or officer as aforesaid, who is indebted to any one of such companies, or on whose behalf any such company has now outstanding and effective any obligation to assume or guarantee payment of any indebtedness to another, and whose total direct and contingent liability to such company exceeds the sum of $1,000, give the name of such director, trustee, or officer, the name of such company, and describe briefly the nature and amount of such direct and contingent obligations. d) Contracts. If any such director, trustee, or officer as aforesaid: (1) has an existing contract with any such company (exclusive of an employment contract which provides for no compensation other than that set forth in paragraph (a) of this Item); or, (2) either individually or together with the members of his immediate family, owns, directly or indirectly, 5% or more of the voting securities of any third person with whom any such company has an existing contract; or, (3) has any other beneficial interest in an existing contract to which any such company is a party; describe briefly the nature of such contract, the names of the parties thereto, the terms thereof, and the interest of such officer, trustee, or director therein. (4) Banking Connections. If any such director, trustee, or officer is an executive officer, director, partner, appointee, or representative of any bank, trust company, investment banker, or banking association or firm, or of any corporation a majority of whose stock having the unrestricted right to vote for the election of directors, is owned by any bank, trust company, investment banker, or banking association or firm, state the name of such director or officer, describe briefly such other positions held by him and indicate which of the rules under Section 17(c) authorizes the registrant and subsidiary companies of which he is a director or officer to retain him in such capacity. By permission of the Staff, information required to be disclosed pursuant to items 16(a) through 16(e) is not set forth herein. Prior to the Merger, the officers and directors of Conectiv were officers and/or directors of Atlantic or Delmarva. Information regarding the positions and compensation of officers and directors of Atlantic prior to the Merger is set forth in the Annual Report of Atlantic on Form 10-K for the period ending December 31, 1997, which is hereby incorporated by reference. Information regarding the positions and compensation of officers and directors of Delmarva prior to the Merger is set forth in the Annual Report of Delmarva on Form 10-K for the period ending December 31, 1997, which is hereby incorporated by reference. 35 36 INTERESTS OF TRUSTEES IN SYSTEM COMPANIES 17. Describe briefly the nature of any substantial interest which any trustee under indentures executed in connection with any outstanding issue of securities of the registrant or any subsidiary thereof, has in either the registrant or such subsidiary, and any claim which any such trustee may have against registrant or any subsidiary; provided, however, that it shall not be necessary to include in such description any evidences of indebtedness owned by such trustee which were issued pursuant to such an indenture. To the best knowledge of Conectiv management, there is no such interest. SERVICE, SALES, AND CONSTRUCTION CONTRACTS 18. As to each service, sales, or construction contract (as defined in paragraphs (19) to (21) of Section 2(a) of the Act) which the registrant and any subsidiary company thereof has had in effect within the last three months, describe briefly the nature of such contract, the name and address of the parties thereto, the dates of execution and expiration, and the compensation to be paid thereunder. Attach typical forms of any such contracts as an exhibit to this registration statement. If the other party to any such contract is a mutual service company or a subsidiary service company which is a member of the same holding company system as the registrant and as to which the Commission has made a favorable finding in accordance with Rule 13-22, specific reference may be made to the application or declaration filed by such company pursuant to Rule 13-22 and no further details need be given as to such contracts. The affiliate contracts listed below are attached as Exhibits H-1 through H-2 hereto:
Exhibit No. Description ----------- ----------- Service Agreement between Conectiv and subsidiaries (filed as Exhibit B-2 to the H-1 Application-Declaration of Conectiv on Form U-1, as amended, in File No. 70-9069).
36 37 LITIGATION 19. Describe briefly any existing litigation of the following descriptions, to which the registrant or any subsidiary company thereof is a party, or of which the property of the registrant or any such subsidiary company is the subject, including the names of the parties and the court in which such litigation is pending: (1) Proceedings to enforce or to restrain enforcement of any order of a State commission or other governmental agency; (2) Proceedings involving any franchise claimed by any such company; (3) Proceedings between any such company and any holder, in his capacity as such, of any funded indebtedness or capital stock issued, or guaranteed by such company, or between any such company and any officer thereof; (4) Proceedings in which any such company sues in its capacity as owner of capital stock or funded indebtedness issued or guaranteed by any other company; (5) Each other proceeding in which the matter in controversy, exclusive of interest and costs, exceeds an amount equal to 2% of the debit accounts shown on the most recent balance sheet of such company. Information regarding litigation involving Conectiv and its subsidiaries is set forth in the following documents, the applicable portions of which are hereby incorporated by reference: Item 1. Legal Proceedings in Conectiv's quarterly report on Form 10-Q for the period ended March 31, 1998 (File No. 1-13895); Item 1. Legal Proceedings in ACE's quarterly report on Form 10-Q for the period ended March 31, 1998 (File No. 1-3559); and Item 1. Legal Proceedings in Delmarva's quarterly report on Form 10-Q for the period ended March 31, 1998 (File No. 1-1405). 37 38 EXHIBITS EXHIBIT A. Furnish a corporate chart showing graphically relationships existing between the registrant and all subsidiary companies thereof as of the same date as the information furnished in the answer to Item 8. The chart should show the percentage of each class voting securities of each subsidiary owned by the registrant and by each subsidiary company. A corporate chart of Conectiv and its subsidiaries has been provided as Exhibit A-1. EXHIBIT B. With respect to the registrant and each subsidiary company thereof, furnish a copy of the charter, articles of incorporation, trust agreement, voting trust agreement, or other fundamental document of organization, and a copy of its bylaws, rules, and regulations, or other instruments corresponding thereto. If such documents do not set forth fully the rights, priorities, and preferences of the holders of each class of capital stock described in the answer to Item 8(b) and those of the holders of any warrants, options or other securities described in the answer to Item 8(d), and of any limitations on such rights, there shall also be included a copy of each certificate, resolution, or other document establishing or defining such rights and limitations. Each such document shall be in the amended form effective at the date of filing the registration statement or shall be accompanied by copies of any amendments to it then in effect. By permission of the Staff, in lieu of the exhibits required hereunder, the disclosure requirements for Exhibit B have been limited to (i) the date and state of incorporation for the registrant and each of its subsidiary companies and (ii) a brief description of every subsidiary company of the registrant including a statement as to whether each such company is active or inactive. Such information is set forth in Items 4 and 5 hereof. EXHIBIT C. (a) With respect to each class of funded debt shown in the answers to Items 8 (a) and 8(c), submit a copy of the indenture or other fundamental document defining the rights of the holders of such security, and a copy of each contract or other instrument evidencing the liability of the registrant or a subsidiary company thereof as endorser or guarantor of such security. Include a copy of each amendment of such document and of each supplemental agreement, executed in connection therewith. If there have been any changes of trustees thereunder, such changes, unless otherwise shown, should be indicated by notes on the appropriate documents. No such indenture or other document need be filed in connection with any such issue if the total amount of securities that are now, or may at any time hereafter, be issued and outstanding thereunder does not exceed either $1,000,000 or an amount equal to 10% of the total of the debit accounts shown on the most recent balance sheet of the registrant or subsidiary company which issued or guaranteed such securities or which is the owner of property subject to the lien of such securities, whichever of said sums is the lesser. 38 39 OMITTED BY PERMISSION OF THE STAFF. (b) As to each outstanding and uncompleted contract or agreement entered into by registrant or any subsidiary company thereof relating to the acquisition of any securities, utility assets (as defined in section 2(a)(18) of the Act), or any other interest in any business, submit a copy of such contract or agreement and submit details of any supplementary understandings or arrangements that will assist in securing an understanding of such transactions. OMITTED BY PERMISSION OF THE STAFF. EXHIBIT D. A consolidating statement of income and surplus of the registrant and its subsidiary companies for its last fiscal year ending prior to the date of filing this registration statement, together with a consolidating balance sheet of the registrant and its subsidiary companies as of the close of such fiscal year. See Exhibits D-1 through D-9 hereto. EXHIBIT E. For each public utility company and natural gas producing and pipe line property in the holding company system of the registrant, furnish the following maps (properties of associate companies operating in contiguous or nearby areas may be shown on the same map, provide property and service areas of each company are shown distinctively). (1) Map showing service area in which electric service is furnished, indicating the names of the companies serving contiguous areas. See Exhibit E-1 hereto. (2) Electric system map showing location of electric property (exclusive of local distribution lines) owned and/or operated, and information as follows: (a) Generating plants--kind and capacity; (b) Transmission lines--voltage, number of circuits, kind of supports, kind and size of conductors; (c) Transmission substations--capacity. (d) Distribution substations--capacity. 39 40 (e) Points of interconnection with all other electric utility companies and with all electrical enterprises operated by municipal or governmental agencies, giving names of such companies and enterprises; The information requested in item (2) can be found on the maps included as Exhibits E-1. (3) Map showing service area in which gas service is furnished, indicating the names of companies serving contiguous areas; See Exhibit E-2 hereto. (4) Gas system map showing location of gas property (exclusive of low pressure local distribution lines) owned and/or operated, and information as follows: (a) Generating plants--kind and daily capacity; (b) Holders--kind and capacity; (c) Compressor stations--capacity in horsepower; (d) Transmission pipe lines--size, approximate average transmission pressure and the estimated daily delivery capacity of the system; (e) Points of interconnection with all other private and public gas utilities, pipe lines, or producing enterprises; giving names of such companies and other enterprises; (f) General location and outline of gas producing and reserve areas and diagrammatic location of gathering lines. The information requested in item (4) can be found on the maps included as Exhibits E-3 and E-4. EXHIBIT F. Furnish an accurate copy of each annual report for the last fiscal year ending prior to the date of the filing of this registration statement, which the registrant and each subsidiary company thereof has previously submitted to its stockholders. For companies for which no reports are submitted the reason for omission should be indicated; provided that electronic filers shall submit such reports in paper format only under cover of Form SE. The combined Annual Report for Atlantic and ACE for the period ending December 31, 1997 is incorporated by reference to the filing on Form 10-K dated March 30, 1997. The Annual Report for Delmarva for the period ended December 31, 1997 is incorporated by reference to the filing on Form 10-K dated March 27, 1998. 40 41 EXHIBIT G. Furnish a copy of each annual report which the registrant and each public utility subsidiary company thereof shall have filed with any State Commission having jurisdiction to regulate public utility companies for the last fiscal year ending prior to the date of filing this registration statement. If any such company shall have filed similar reports with more than one such State commission, the registrant need file a copy of only one of such reports provided that notation is made of such fact, giving the names of the different commissions with which such report was filed, and setting forth any differences between the copy submitted and the copies filed with such other commissions. In the event any company submits an annual report to the Federal Power Commission but not to a State commission, a copy of such report should be furnished. In the case of a registrant or any public utility subsidiary company for which no report is appended the reasons for such omission should be indicated such as "No such reports required or filed;" provided that electronic filers shall submit such reports in paper format only under cover of Form SE. Exhibit G-1 1997 Annual Report of ACE to the Federal Energy Regulatory Commission (FERC Form 1) Exhibit G-2 1997 Annual Report of Delmarva to the Federal Energy Regulatory Commission (FERC Form 1) Exhibit G-3 1997 Annual Report of ACE to the New Jersey Board of Public Utilities (FERC Form 1) Exhibit G-4 1997 Annual Report of Delmarva to the Delaware Public Service Commission (FERC Form 1 and FERC Form 2) Exhibit G-5 1997 Annual Report of Delmarva to the Virginia State Corporation Commission Exhibit G-6 1997 Annual Report of Delmarva to the Maryland Public Service Commission (FERC Form 1) EXHIBIT H. Typical forms of service, sales, or construction contracts described in answer to Item 18. See Exhibit H-1. This registration statement comprises: (a) A cover page, followed by pages numbered 2 to 41 consecutively, followed by pages 42 to 44, consecutively. (b) The following Exhibits: the Exhibits shown on the attached exhibit index. 41 42 SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the registrant has caused this registration statement to be duly signed on its behalf in the City of Wilmington and State of Delaware, on the 15th day of June, 1998. Conectiv /s/ LOUIS M. WALTERS ---------------------- Louis M. Walters Treasurer Attest: /s/ Moira K. Donoghue - -------------------------- Moira K. Donoghue Secretary VERIFICATION State of Delaware ) City of Wilmington ) The undersigned, being duly sworn, deposes and says that he has duly executed the attached registration statement dated June 15, 1998, for and on behalf of Conectiv; that he is the Treasurer of such company; and that all action by stockholders, directors, and other bodies necessary to authorize deponent to execute and file such instrument has been taken. Deponent further says that he is familiar with such instrument and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief. /s/ LOUIS M. WALTERS --------------------- Subscribed and sworn to before me this 15th day of June, 1998. /s/ CLAIRE WILLIAMSON - ------------------------ My commission expires: 42 43 INDEX OF EXHIBITS
EXHIBIT NUMBER DESCRIPTION - ------------------------ ---------------------------------------------------------------------------------------------- A-1 Corporate chart of Conectiv and Subsidiaries (filed herewith on Form SE). D-1 Consolidating income statement of Conectiv and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of Conectiv and Subsidiaries as of March 31, 1998. D-2 Consolidating income statement of Delmarva and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of Delmarva and Subsidiaries as of March 31, 1998. D-3 Consolidating income statement of ACE and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of ACE and Subsidiaries as of March 31, 1998. D-4 Consolidating income statement of DCI and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of DCI and Subsidiaries as of March 31, 1998. D-5 Consolidating income statement of AEE and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of AEE and Subsidiaries as of March 31, 1998. D-6 Consolidating income statement of CTS and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of CTS and Subsidiaries as of March 31, 1998. D-7 Consolidating income statement of AGI and Subsidiaries for the three months ended March 31, 1998 and consolidating balance sheet of AGI and Subsidiaries as of March 31, 1998. D-8 Consolidating balance sheet of AET and Subsidiary as of March 31, 1998. D-9 Consolidating income statement of CS and Subsidiary for the three months ended March 31, 1998 and consolidating balance sheet of CS and Subsidiary as of March 31, 1998. E-1 Map of Conectiv service area (electric), generating plants, substations and transmission lines (filed herewith on Form SE). E-2 Map of Delmarva service area (gas) (filed herewith on Form SE). E-3 Map of Delmarva gas transmission and distribution systems (filed herewith on Form SE). E-4 Map of Delmarva interconnects with interstate pipelines (filed herewith on
43 44 Form SE). G-1 1997 Annual Report of ACE to the Federal Energy Regulatory Commission (FERC Form 1) (filed herewith on Form SE). G-2 1997 Annual Report of Delmarva to the Federal Energy Regulatory Commission (FERC Form 1) (filed herewith on Form SE). G-3 1997 Annual Report of ACE to the New Jersey Board of Public Utilities (Required annual report is FERC Form 1 which is filed herewith as Exhibit G-1). G-4 1997 Annual Report of Delmarva to the Delaware Public Service Commission (Required annual reports are FERC Form 1 and FERC Form 2. FERC Form 1 is filed herewith as Exhibit G-2. FERC Form 2 is filed herewith on Form SE). G-5 1997 Annual Report of Delmarva to the Virginia State Corporation Commission (filed herewith on Form SE). G-6 1997 Annual Report of Delmarva to the Maryland Public Service Commission. (Required annual report is FERC Form 1 which is filed herewith as Exhibit G-2) H-1 Typical Conectiv system service agreement (incorporated by reference to the filing on Form U-1 (File No. 70-9069; Exhibit B-2).
44 EX-99.D1 2 CONSOLIDATING INCOME STATE. CONECTIV ENDED 3-31-98 1
CONECTIV CONSOLIDATING INCOME STATEMENT EXHIBIT D-1 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands) Total Consolidating Conectiv Consolidated Entries Parent DPL (1) ACE (1) DCI (1) --------- ----------- --------- --------- --------- --------- OPERATING REVENUES Electric 354,128 $ - $ - $278,376 $ 75,708 $ - Gas 115,785 - - 115,743 - - Other services 33,678 - - 2,451 371 * --------- ----------- --------- --------- --------- --------- 503,591 - - 396,570 76,079 * --------- ----------- --------- --------- --------- --------- OPERATING EXPENSES Electric fuel and purchased power 137,254 - - 118,471 18,783 - Gas purchased 98,628 - - 98,628 - - Purchased electric capacity 20,943 - - 7,217 13,726 - Other services' cost of sales 23,688 - - 1,269 668 * Employee separation and other merger-related costs 40,623 * - 40,623 51,475 - Operation and maintenance 103,536 * 353 68,939 18,761 * Depreciation 43,891 * - 33,020 8,839 * Taxes other than income taxes 12,865 - - 9,443 3,417 * --------- ----------- --------- --------- --------- --------- 481,428 * 353 377,610 115,669 * --------- ----------- --------- --------- --------- --------- OPERATING INCOME 22,163 * (353) 18,960 (39,590) * --------- ----------- --------- --------- --------- --------- OTHER INCOME Allowance for equity funds used during construction 332 - - 307 25 - Other income 2,515 * (3,588) 774 527 * --------- ----------- --------- --------- --------- --------- 2,847 * (3,588) 1,081 552 * --------- ----------- --------- --------- --------- --------- INTEREST EXPENSE Interest charges 26,355 * 223 20,703 4,586 * Allowance for borrowed funds used during construction and capitalized interest (764) - - (722) (42) - --------- ----------- --------- --------- --------- --------- 25,591 * 223 19,981 4,544 * --------- ----------- --------- --------- --------- --------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES 3,323 - - 2,508 815 - --------- ----------- --------- --------- --------- --------- INCOME/(LOSS) BEFORE INCOME TAXES (3,904) * (4,164) (2,448) (44,397) * --------- ----------- --------- --------- --------- --------- INCOME TAXES 74 * (186) (7) (17,015) * --------- ----------- --------- --------- --------- --------- NET INCOME/(LOSS) $ (3,978) * $(3,978) $ (2,441) $(27,382) * ========= =========== ========= ========= ========= ========= EARNINGS/(LOSS) APPLICABLE TO: Common stock (4,136) * (3,978) (2,441) (27,540) * Class A common stock 158 - - - 158 - --------- ----------- --------- --------- --------- --------- $ (3,978) * $(3,978) $ (2,441) $(27,382) * ========= =========== ========= ========= ========= =========
(1) Consolidating financial statements for DPL, ACE, and DCI are presented in Exhibits D-2, D-3, and D-4. * Confidential treatment requested. 2
CONECTIV CONSOLIDATING INCOME STATEMENT EXHIBIT D-1 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands) CES AEE (1) DSC CSI CS (1) CCI ---------- ------------ -------- ----------- ----------- ------- OPERATING REVENUES Electric $ - $ - $ - $ - * $- Gas - - - - * - Other services - * - * * * ---------- ------------ -------- ----------- ----------- ------- - * - * * * ---------- ------------ -------- ----------- ----------- ------- OPERATING EXPENSES Electric fuel and purchased power - - - - - - Gas purchased - - - - - - Purchased electric capacity - - - - - - Other services' cost of sales - * - * * * Employee separation and other merger-related costs - * - - - - Operation and maintenance * * * * * * Depreciation - * * * * * Taxes other than income taxes - * * - - - ---------- ------------ -------- ----------- ----------- ------- * * * * * * ---------- ------------ -------- ----------- ----------- ------- OPERATING INCOME * * * * * * ---------- ------------ -------- ----------- ----------- ------- OTHER INCOME Allowance for equity funds used during construction - - - - - - Other income * * * * * - ---------- ------------ -------- ----------- ----------- ------- * * * * * - ---------- ------------ -------- ----------- ----------- ------- INTEREST EXPENSE Interest charges * * * * - - Allowance for borrowed funds used during construction and capitalized interest - - - - - - ---------- ------------ -------- ----------- ----------- ------- * * * * - - ---------- ------------ -------- ----------- ----------- ------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - - - ---------- ------------ -------- ----------- ----------- ------- INCOME/(LOSS) BEFORE INCOME TAXES * * * * * * ---------- ------------ -------- ----------- ----------- ------- INCOME TAXES * * * * * * ---------- ------------ -------- ----------- ----------- ------- NET INCOME/(LOSS) * * * * * * ========== ============ ======== =========== =========== ======= EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * * * Class A common stock - - - - - - ---------- ------------ -------- ----------- ----------- ------- * * * * * * ========== ============ ======== =========== =========== ======= (1) Consolidating financial statements for AEE and CS are presented in Exhibits D-5 and D-9. * Confidential treatment requested.
3
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating Conectiv Consolidated Entries Parent Resource DPL (1) ACE (1) DCI (1) ------------ -------- ------------ ------ ----------- ------------ ------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 66,995 $ - $ 8,379 $ - $ 23,841 $ 24,057 * Accounts receivable 325,618 * 123,166 * 218,141 117,823 * Inventories, at average cost Fuel (coal, oil and gas) 55,003 - - - 27,968 26,939 - Materials and supplies 63,824 - - - 39,614 22,396 - Prepayments 7,952 - - - 5,837 1,052 * Deferred energy costs 25,209 - - - 5,324 19,885 - Deferred income taxes, net 2,864 - - - 2,864 - - ------------ -------- ------------ ------ ----------- ------------ ----- 547,465 * 131,545 * 323,589 212,152 * ------------ -------- ------------ ------ ----------- ------------ ----- INVESTMENTS Investment in leveraged leases 122,910 - - - - - * Funds held by trustee 151,551 - - - 53,211 87,108 - Other investments 65,301 * 1,914,161 - 82 109 * ------------ -------- ------------ ------ ----------- ------------ ----- 339,762 * 1,914,161 - 53,293 87,217 * ------------ -------- ------------ ------ ----------- ------------ ----- PROPERTY, PLANT AND EQUIPMENT Electric utility plant 5,600,356 * 28 - 3,028,736 2,589,592 - Gas utility plant 243,243 - - - 243,243 - - Common utility plant 155,845 - - - 155,845 - - ------------ -------- ------------ ------ ----------- ------------ ----- 5,999,444 * 28 - 3,427,824 2,589,592 - Less: Accumulated depreciation 2,370,924 - 16 - 1,407,757 963,151 - ------------ -------- ------------ ------ ----------- ------------ ----- Net utility plant in service 3,628,520 * 12 - 2,020,067 1,626,441 - Construction work-in-progress 206,744 - - - 90,790 115,954 - Leased nuclear fuel, at amortized cost 65,497 - - - 29,767 35,730 - Nonutility property, net 177,029 * - - 7,074 8,390 - Goodwill, net 343,943 * - - 73,392 - - ------------ -------- ------------ ------ ----------- ------------ ----- 4,421,733 * 12 - 2,221,090 1,786,515 * ------------ -------- ------------ ------ ----------- ------------ ----- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs 61,775 - - - - 61,775 - Deferred recoverable income taxes 172,766 - - - 86,908 85,858 - Unrecovered New Jersey state excise tax 42,764 - - - - 42,764 - Deferred debt refinancing costs 47,573 - - - 18,109 29,464 - Deferred other postretirement benefit costs 36,851 - - - - 36,851 - Prepaid employee benefit costs 49,912 * - - 50,717 6,368 - Unamortized debt expense 27,892 - - - 12,680 13,653 * Other 108,534 * 603 * 47,521 31,208 * ------------ -------- ------------ ------ ----------- ------------ ----- 548,067 * 603 * 215,935 307,941 * ------------ -------- ------------ ------ ----------- ------------ ----- TOTAL ASSETS $5,857,027 * $2,046,321 * $2,813,907 $ 2,393,825 * ============ ======== ============ ====== =========== ============ ===== (1) Consolidating financial statements for DPL, ACE, and DCI are presented in Exhibits D-2, D-3 and D-4. * Confidential treatment requested.
4
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1 AS OF MARCH 31, 1998 (Dollars in Thousands) CES AEE (1) DSC CSI CS (1) CCI --------- ------------- -------------- ---------- --------- --------- ASSETS CURRENT ASSETS Cash and cash equivalents * * * * * * Accounts receivable * * * * * * Inventories, at average cost Fuel (coal, oil and gas) - * - - - - Materials and supplies - - - * - - Prepayments - * - * * * Deferred energy costs - - - - - - Deferred income taxes, net - - - - - - --------- ------------- -------------- ---------- --------- --------- * * * * * * --------- ------------- -------------- ---------- --------- --------- INVESTMENTS Investment in leveraged leases - * - - - - Funds held by trustee - * - - - - Other investments * * * - - - --------- ------------- -------------- ---------- --------- --------- * * * - - - --------- ------------- -------------- ---------- --------- --------- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - - - Gas utility plant - - - - - - Common utility plant - - - - - - --------- ------------- -------------- ---------- --------- --------- - - - - - - Less: Accumulated depreciation - - - - - - --------- ------------- -------------- ---------- --------- --------- Net utility plant in service - - - - - - Construction work-in-progress - - - - - - Leased nuclear fuel, at amortized cost - - - - - - Nonutility property, net - * * * * * Goodwill, net - - - * * - --------- ------------- -------------- ---------- --------- --------- - * * * * * --------- ------------- -------------- ---------- --------- --------- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - - Deferred recoverable income taxes - - - - - Unrecovered New Jersey state excise tax - - - - - Deferred debt refinancing costs - - - - - Deferred other postretirement benefit costs - - - - - Prepaid employee benefit costs - - - - - Unamortized debt expense - * * - - Other * * * * * --------- ------------- -------------- ---------- --------- --------- * * * * * --------- ------------- -------------- ---------- --------- --------- TOTAL ASSETS * * * * * * ========= ============= ============== ========== ========= ========= (1) Consolidating financial statements for AEE and CS are presented in Exhibits D-5 and D-9. * Confidential treatment requested.
5
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating Conectiv Consolidated Entries Parent Resource DPL (1) ACE (1) DCI (1) ----------- ----------- ------------ --------- ----------- ------------ ------- LIABILITIES CURRENT LIABILITIES Short-term debt $ 185,547 $ - $ 165,000 $ - $ 2,300 $ 18,200 $ - Long-term debt and preferred stock due within one year 51,921 - - - 32,055 18,575 * Variable rate demand bonds 102,500 - - - 71,500 - - Accounts payable 124,037 * 43 * 98,600 20,757 * Taxes accrued 27,761 - 6,616 - 13,618 2,250 * Interest accrued 39,712 - 802 * 23,848 14,410 * Dividends payable 45,898 * 44,209 - 24,492 21,406 - Current capital lease obligation 13,081 - - - 12,472 561 - Accrued employee separation and other merger-related costs 42,309 - 5,274 - 10,713 25,908 - Other 84,025 * (5,739) * 23,104 56,729 * ----------- ----------- ------------ --------- ----------- ------------ ------- 716,791 * 216,205 * 312,702 178,796 * ----------- ----------- ------------ --------- ----------- ------------ ------- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation 106,153 * - - 8,226 48,685 - Deferred income taxes, net 874,552 * - - 443,263 352,652 * Deferred investment tax credits 82,711 - - - 39,302 43,409 - Long-term capital lease obligation 54,683 - - - 18,506 35,920 - Other 53,366 - - - 26,467 20,471 - ----------- ----------- ------------ --------- ----------- ------------ ------- 1,171,465 * - - 535,764 501,137 * ----------- ----------- ------------ --------- ----------- ------------ ------- CAPITALIZATION Common stock 1,012 * 1,012 - 2 54,963 * Class A common stock 66 - 66 - - - - Additional paid-in capital--common stock 1,474,454 * 1,474,454 - 542,980 492,872 * Additional paid-in capital-- Class A common stock 107,095 - 107,095 - - - - Retained earnings 252,614 * 252,614 - 279,698 192,770 * ----------- ----------- ------------ --------- ----------- ------------ ------- 1,835,241 * 1,835,241 - 822,680 740,605 * Treasury shares, at cost (4,580) - (4,580) - - - - Unearned compensation (545) - (545) - - - - ----------- ----------- ------------ --------- ----------- ------------ ------- Total common stockholders' equity 1,830,116 * 1,830,116 - 822,680 740,605 * Preferred stock of subsidiaries: Not subject to mandatory redemption 119,702 - - - 89,702 30,000 - Subject to mandatory redemption 163,950 - - - 70,000 93,950 - Long-term debt 1,855,003 - - - 983,059 849,337 * ----------- ----------- ------------ --------- ----------- ------------ ------- 3,968,771 * 1,830,116 - 1,965,441 1,713,892 * ----------- ----------- ------------ --------- ----------- ------------ ------- TOTAL CAPITALIZATION AND LIABILITIES $5,857,027 * $2,046,321 * $2,813,907 $ 2,393,825 * =========== =========== ============ ========= =========== ============ ======= (1) Consolidating financial statements for DPL, ACE, and DCI are presented in Exhibits D-2, D-3 and D-4. * Confidential treatment requested.
6
CONECTIV CONSOLIDATING BALANCE SHEET EXHIBIT D-1 AS OF MARCH 31, 1998 (Dollars in Thousands) CES AEE (1) DSC CSI CS (1) CCI ------------ ---------- ---------- ----------- ---------- ---------- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - * $ - $ - Long-term debt and preferred stock due within one year - - * * - - Variable rate demand bonds - * - - - - Accounts payable - * * * * * Taxes accrued * * * * * * Interest accrued * * - - - - Dividends payable - - - - - - Current capital lease obligation - - - * - - Accrued employee separation and other merger-related costs - * - - - - Other * * * * * * ------------ ---------- ---------- ----------- ---------- ---------- * * * * * * ------------ ---------- ---------- ----------- ---------- ---------- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - - - Deferred income taxes, net - * * * - * Deferred investment tax credits - - - - - - Long-term capital lease obligation - - - * - - Other - * - * - - ------------ ---------- ---------- ----------- ---------- ---------- - * * * - * ------------ ---------- ---------- ----------- ---------- ---------- CAPITALIZATION Common stock * * * * - * Class A common stock - - - - - - Additional paid-in capital--common stock * * * * - * Additional paid-in capital--Class A common stock - - - - - - Retained earnings * * * * * * ------------ ---------- ---------- ----------- ---------- ---------- * * * * * * Treasury shares, at cost - - - - - - Unearned compensation - - - - - - ------------ ---------- ---------- ----------- ---------- ---------- Total common stockholders' equity * * * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - - - Subject to mandatory redemption - - - - - - Long-term debt - * * * * - ------------ ---------- ---------- ----------- ---------- ---------- * * * * * * ------------ ---------- ---------- ----------- ---------- ---------- TOTAL CAPITALIZATION AND LIABILITIES * * * * * * ============ ========== ========== =========== ========== ========== (1) Consolidating financial statements for AEE and CS are presented in Exhibits D-5 and D-9. * Confidential treatment requested.
EX-99.D2 3 CONSOLIDATING INCOME STATE. DELMARVA ENDED 3-31-98 1
DELMARVA POWER AND LIGHT COMPANY CONSOLIDATING INCOME STATEMENT EXHIBIT D-2 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands) Total Consolidating DPL DPL Consolidated Entries Parent FIN I ---------------------- ----------------- ------------- --------------- OPERATING REVENUES Electric $ 278,376 $ - * $ - Gas 115,743 - * - Other services 2,451 - * - ---------------------- ----------------- ------------- --------------- 396,570 - * - ---------------------- ----------------- ------------- --------------- OPERATING EXPENSES Electric fuel and purchased power 118,471 - * - Gas purchased 98,628 - * - Purchased electric capacity 7,217 - * - Other services' cost of sales 1,269 - * - Employee separation and other merger-related costs 40,623 - * - Operation and maintenance 68,939 - * - Depreciation 33,020 - * - Taxes other than income taxes 9,443 - * - ---------------------- ----------------- ------------- --------------- 377,610 - * - ---------------------- ----------------- ------------- --------------- OPERATING INCOME 18,960 - * - ---------------------- ----------------- ------------- --------------- OTHER INCOME Allowance for equity funds used during construction 307 - * - Other income 774 * * * ---------------------- ----------------- ------------- --------------- 1,081 * * * ---------------------- ----------------- ------------- --------------- INTEREST EXPENSE Interest charges 20,703 * * * Allowance for borrowed funds used during construction and capitalized interest (722) - * - ---------------------- ----------------- ------------- --------------- 19,981 * * * ---------------------- ----------------- ------------- --------------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES 2,508 - * - ---------------------- ----------------- ------------- --------------- INCOME/(LOSS) BEFORE INCOME TAXES (2,448) - * - ---------------------- ----------------- ------------- --------------- INCOME TAXES (7) - * - ---------------------- ----------------- ------------- --------------- NET INCOME/(LOSS) $ (2,441) $ - * $ - ====================== ================= ============= =============== EARNINGS/(LOSS) APPLICABLE TO: Common stock (2,441) - * - Class A common stock - - - - ---------------------- ----------------- ------------- --------------- $ (2,441) $ - * $ - ====================== ================= ============= =============== * Confidential treatment requested.
2
DELMARVA POWER AND LIGHT COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-2 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating DPL DPL Consolidated Entries Parent FIN I ------------------- ----------------- ----------------- ---------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 23,841 $ - * $ - Accounts receivable 218,141 - * - Inventories, at average cost Fuel (coal, oil and gas) 27,968 - * - Materials and supplies 39,614 - * - Prepayments 5,837 - * - Deferred energy costs 5,324 - * - Deferred income taxes, net 2,864 - * - ------------------- ----------------- ----------------- ---------------- 323,589 - * - ------------------- ----------------- ----------------- ---------------- INVESTMENTS Investment in leveraged leases - - - - Funds held by trustee 53,211 - * - Other investments 82 * * * ------------------- ----------------- ----------------- ---------------- 53,293 * * * ------------------- ----------------- ----------------- ---------------- PROPERTY, PLANT AND EQUIPMENT Electric utility plant 3,028,736 - * - Gas utility plant 243,243 - * - Common utility plant 155,845 - * - ------------------- ----------------- ----------------- ---------------- 3,427,824 - * - Less: Accumulated depreciation 1,407,757 - * - ------------------- ----------------- ----------------- ---------------- Net utility plant in service 2,020,067 - * - Construction work-in-progress 90,790 - * - Leased nuclear fuel, at amortized cost 29,767 - * - Nonutility property, net 7,074 - * - Goodwill, net 73,392 - * - ------------------- ----------------- ----------------- ---------------- 2,221,090 - * - ------------------- ----------------- ----------------- ---------------- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - Deferred recoverable income taxes 86,908 - * - Unrecovered New Jersey state excise tax - - - - Deferred debt refinancing costs 18,109 - * - Deferred other postretirement benefit costs - - - - Prepaid employee benefit costs 50,717 - * - Unamortized debt expense 12,680 - * - Other 47,521 - * - ------------------- ----------------- ----------------- ---------------- 215,935 - * - ------------------- ----------------- ----------------- ---------------- TOTAL ASSETS $2,813,907 * * * =================== ================= ================= ================ * Confidential treatment requested.
3
DELMARVA POWER AND LIGHT COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-2 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating DPL DPL Consolidated Entries Parent FIN I -------------------- ------------------ ------------------ -------------- LIABILITIES CURRENT LIABILITIES Short-term debt $ 2,300 $ - * $ - Long-term debt and preferred stock due within one year 32,055 - * - Variable rate demand bonds 71,500 - * - Accounts payable 98,600 - * - Taxes accrued 13,618 - * - Interest accrued 23,848 - * - Dividends payable 24,492 - * - Current capital lease obligation 12,472 - * - Accrued employee separation and other merger-related costs 10,713 - * - Other 23,104 - * - -------------------- ------------------ ------------------ -------------- 312,702 - * - -------------------- ------------------ ------------------ -------------- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation 8,226 - * - Deferred income taxes, net 443,263 - * - Deferred investment tax credits 39,302 - * - Long-term capital lease obligation 18,506 - * - Other 26,467 - * - -------------------- ------------------ ------------------ -------------- 535,764 - * - -------------------- ------------------ ------------------ -------------- CAPITALIZATION Common stock 2 * * * Class A common stock - - - - Additional paid-in capital--common stock 542,980 - * - Additional paid-in capital--Class A common stock - - - - Retained earnings 279,698 - * - -------------------- ------------------ ------------------ -------------- 822,680 * * * Treasury shares, at cost - - - - Unearned compensation - - - - -------------------- ------------------ ------------------ -------------- Total common stockholders' equity 822,680 * * * Preferred stock of subsidiaries: Not subject to mandatory redemption 89,702 - * - Subject to mandatory redemption 70,000 - - * Advances from associated company - * * - -------------------- ------------------ ------------------ -------------- Long-term debt 983,059 - * - -------------------- ------------------ ------------------ -------------- 1,965,441 * * * -------------------- ------------------ ------------------ -------------- TOTAL CAPITALIZATION AND LIABILITIES $2,813,907 * * * ==================== ================== ================== ============== * Confidential treatment requested.
EX-99.D3 4 CONSOLIDATING INCOME STATEMENT ACE ENDED 3-31-98 1
ATLANTIC CITY ELECTRIC COMPANY CONSOLIDATING INCOME STATEMENT EXHIBIT D-3 FOR THE ONE MONTH ENDED MARCH 31, 1998 (Dollars in Thousands) Total Consolidating ACE Atlantic Consolidated Entries Parent CAP I -------------------- ---------------- ------------- --------------- OPERATING REVENUES Electric $ 75,708 $ - * $ - Gas - - - - Other services 371 - * - -------------------- ---------------- ------------- --------------- 76,079 - * - -------------------- ---------------- ------------- --------------- OPERATING EXPENSES Electric fuel and purchased power 18,783 - * - Gas purchased - - - - Purchased electric capacity 13,726 - * - Other services' cost of sales 668 - * - Employee separation and other merger-related costs 51,475 - * - Operation and maintenance 18,761 - * - Depreciation 8,839 - * - Taxes other than income taxes 3,417 - * - -------------------- ---------------- ------------- --------------- 115,669 - * - -------------------- ---------------- ------------- --------------- OPERATING INCOME (39,590) - * - -------------------- ---------------- ------------- --------------- OTHER INCOME Allowance for equity funds used during construction 25 - * - Other income 527 * * * -------------------- ---------------- ------------- --------------- 552 * * * -------------------- ---------------- ------------- --------------- INTEREST EXPENSE Interest charges 4,586 * * * Allowance for borrowed funds used during construction and capitalized interest (42) - * - -------------------- ---------------- ------------- --------------- 4,544 * * * -------------------- ---------------- ------------- --------------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES 815 - * - -------------------- ---------------- ------------- --------------- INCOME/(LOSS) BEFORE INCOME TAXES (44,397) - * - -------------------- ---------------- ------------- --------------- INCOME TAXES (17,015) - * - -------------------- ---------------- ------------- --------------- NET INCOME/(LOSS) $ (27,382) $ - * $ - ==================== ================ ============= =============== EARNINGS/(LOSS) APPLICABLE TO: Common stock (27,540) - * - Class A common stock 158 - * - -------------------- ---------------- ------------- --------------- $ (27,382) $ - * $ - ==================== ================ ============= =============== * Confidential treatment requested.
2
ATLANTIC CITY ELECTRIC COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-3 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating ACE Atlantic Consolidated Entries Parent CAP I -------------------- ----------------- ----------------- --------------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 24,057 $ - * $ - Accounts receivable 117,823 - * - Inventories, at average cost Fuel (coal, oil and gas) 26,939 - * - Materials and supplies 22,396 - * - Prepayments 1,052 - * - Deferred energy costs 19,885 - * - Deferred income taxes, net - - - - -------------------- ----------------- ----------------- --------------- 212,152 - * - -------------------- ----------------- ----------------- --------------- INVESTMENTS Investment in leveraged leases - - - - Funds held by trustee 87,108 - * - Other investments 109 * * * -------------------- ----------------- ----------------- --------------- 87,217 * * * -------------------- ----------------- ----------------- --------------- PROPERTY, PLANT AND EQUIPMENT Electric utility plant 2,589,592 - * - Gas utility plant - - - - Common utility plant - - - - -------------------- ----------------- ----------------- --------------- 2,589,592 - * - Less: Accumulated depreciation 963,151 - * - -------------------- ----------------- ----------------- --------------- Net utility plant in service 1,626,441 - * - Construction work-in-progress 115,954 - * - Leased nuclear fuel, at amortized cost 35,730 - * - Nonutility property, net 8,390 - * - Goodwill, net - - - - -------------------- ----------------- ----------------- --------------- 1,786,515 - * - -------------------- ----------------- ----------------- --------------- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs 61,775 - * - Deferred recoverable income taxes 85,858 - * - Unrecovered New Jersey state excise tax 42,764 - * - Deferred debt refinancing costs 29,464 - * - Deferred other postretirement benefit costs 36,851 - * - Prepaid employee benefit costs 6,368 - * - Unamortized debt expense 13,653 - * - Other 31,208 - * - -------------------- ----------------- ----------------- --------------- 307,941 - * - -------------------- ----------------- ----------------- --------------- TOTAL ASSETS $2,393,825 * * * ==================== ================= ================= =============== * Confidential treatment requested.
3
ATLANTIC CITY ELECTRIC COMPANY CONSOLIDATING BALANCE SHEET EXHIBIT D-3 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating ACE Atlantic Consolidated Entries Parent CAP I ------------------ --------------- --------------- ------------------ LIABILITIES CURRENT LIABILITIES Short-term debt $ 18,200 $ - * $ - Long-term debt and preferred stock due within one year 18,575 - * - Variable rate demand bonds - - - - Accounts payable 20,757 - * - Taxes accrued 2,250 - * - Interest accrued 14,410 - * - Dividends payable 21,406 - * - Current capital lease obligation 561 - * - Accrued employee separation and other merger-related costs 25,908 - * - Other 56,729 - * - ------------------ --------------- --------------- ------------------ 178,796 - * - ------------------ --------------- --------------- ------------------ DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation 48,685 - * - Deferred income taxes, net 352,652 - * - Deferred investment tax credits 43,409 - * - Long-term capital lease obligation 35,920 - * - Other 20,471 - * - ------------------ --------------- --------------- ------------------ 501,137 - * - ------------------ --------------- --------------- ------------------ CAPITALIZATION Common stock 54,963 * * * Class A common stock - - - - Additional paid-in capital--common stock 492,872 - * - Additional paid-in capital--Class A common stock - - - - Retained earnings 192,770 - * - ------------------ --------------- --------------- ------------------ 740,605 * * * Treasury shares, at cost - - - - Unearned compensation - - - - ------------------ --------------- --------------- ------------------ Total common stockholders' equity 740,605 * * * Preferred stock of subsidiaries: Not subject to mandatory redemption 30,000 - * - Subject to mandatory redemption 93,950 - * * Advances from associated company - * * - Long-term debt 849,337 - * - ------------------ --------------- --------------- ------------------ 1,713,892 * * * ------------------ --------------- --------------- ------------------ TOTAL CAPITALIZATION AND LIABILITIES $ 2,393,825 * * * ================== =============== =============== ================== * Confidential treatment requested.
EX-99.D4 5 CONSOLIDATING INCOME STATEMENT DCI ENDED 3-31-98 1
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING INCOME STATEMENT EXHIBIT D-4 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands) Total Consolidating DCI DCI DCI onsolidated Entries Parent I II ------------ ---------------- ------------- --------------- --------------- OPERATING REVENUES Electric $ - $ - $ - $ - $ - Gas - - - - - Other services * * * * * ------------ ---------------- ------------- --------------- --------------- * * * * * ------------ ---------------- ------------- --------------- --------------- OPERATING EXPENSES Electric fuel and purchased power - - - - - Gas purchased - - - - - Purchased electric capacity - - - - - Other services' cost of sales * * * * * Employee separation and other merger-related costs - - - - - Operation and maintenance * - * - - Depreciation * - - - - Taxes other than income taxes * - - - - ------------ ---------------- ------------- --------------- --------------- * * * * * ------------ ---------------- ------------- --------------- --------------- OPERATING INCOME * - * * * ------------ ---------------- ------------- --------------- --------------- OTHER INCOME Allowance for equity funds used during construction - - - - - Other income * * * * - ------------ ---------------- ------------- --------------- --------------- * * * * - ------------ ---------------- ------------- --------------- --------------- INTEREST EXPENSE Interest charges * - * * - Allowance for borrowed funds used during construction and capitalized interest - - - - - ------------ ---------------- ------------- --------------- --------------- * - * * - ------------ ---------------- ------------- --------------- --------------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - - ------------ ---------------- ------------- --------------- --------------- INCOME/(LOSS) BEFORE INCOME TAXES * * * * * ------------ ---------------- ------------- --------------- --------------- INCOME TAXES * - * * * ------------ ---------------- ------------- --------------- --------------- NET INCOME/(LOSS) * * * * * ============ ================ ============= =============== =============== EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * * Class A common stock - - - - - ------------ ---------------- ------------- --------------- --------------- * * * * * ============ ================ ============= =============== =============== * Confidential treatment requested.
2
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING INCOME STATEMENT EXHIBIT D-4 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands) CCM DOSC DCTC ----------------- ----------------- ------------------ OPERATING REVENUES Electric $ - $ - $ - Gas - - - Other services * * - ----------------- ----------------- ------------------ * * - ----------------- ----------------- ------------------ OPERATING EXPENSES Electric fuel and purchased power - - - Gas purchased - - - Purchased electric capacity - - - Other services' cost of sales * * * Employee separation and other merger-related costs - - - Operation and maintenance - * - Depreciation * * - Taxes other than income taxes - * - ----------------- ----------------- ------------------ * * * ----------------- ----------------- ------------------ OPERATING INCOME * * * ----------------- ----------------- ------------------ OTHER INCOME Allowance for equity funds used during construction - - - Other income - * * ----------------- ----------------- ------------------ - * * ----------------- ----------------- ------------------ INTEREST EXPENSE Interest charges * * * Allowance for borrowed funds used during construction and capitalized interest - - - ----------------- ----------------- ------------------ * * * ----------------- ----------------- ------------------ PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - ----------------- ----------------- ------------------ INCOME/(LOSS) BEFORE INCOME TAXES * * * ----------------- ----------------- ------------------ INCOME TAXES * * * ----------------- ----------------- ------------------ NET INCOME/(LOSS) * * * ================= ================= ================== EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * Class A common stock - - - ----------------- ----------------- ------------------ * * * ================= ================= ================== * Confidential treatment requested.
3
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET EXHIBIT D-4 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating DCI DCI DCI Consolidated Entries Parent I II ------------- ----------------- -------------- ------------- ---------------- ASSETS CURRENT ASSETS Cash and cash equivalents * $ - * * * Accounts receivable * - * * * Inventories, at average cost Fuel (coal, oil and gas) - - - - - Materials and supplies - - - - - Prepayments * - - * - Deferred energy costs - - - - - Deferred income taxes, net - - - - - ------------- ----------------- -------------- ------------- ---------------- * - * * * ------------- ----------------- -------------- ------------- ---------------- INVESTMENTS Investment in leveraged leases * - - * - Funds held by trustee - - - - - Other investments * * * - - ------------- ----------------- -------------- ------------- ---------------- * * * * - ------------- ----------------- -------------- ------------- ---------------- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - - Gas utility plant - - - - - Common utility plant - - - - - ------------- ----------------- -------------- ------------- ---------------- - - - - - Less: Accumulated depreciation - - - - - ------------- ----------------- -------------- ------------- ---------------- Net utility plant in service - - - - - Construction work-in-progress - - - - - Leased nuclear fuel, at amortized cost - - - - - Nonutility property, net * - * - - Goodwill, net - - - - - ------------- ----------------- -------------- ------------- ---------------- * - * - - ------------- ----------------- -------------- ------------- ---------------- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - - Deferred recoverable income taxes - - - - - Unrecovered New Jersey state excise tax - - - - - Deferred debt refinancing costs - - - - - Deferred other postretirement benefit costs - - - - - Prepaid employee benefit costs - - - - - Unamortized debt expense * - - - - Other * - * - - ------------- ----------------- -------------- ------------- ---------------- * - * - - ------------- ----------------- -------------- ------------- ---------------- TOTAL ASSETS * * * * * ============= ================= ============== ============= ================ * Confidential treatment requested.
4
TDELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET EXHIBIT D-4 AS OF MARCH 31, 1998 (Dollars in Thousands) CCM DOSC DCTC -------------- -------------- ---------------- ASSETS CURRENT ASSETS Cash and cash equivalents * * * Accounts receivable - * * Inventories, at average cost Fuel (coal, oil and gas) - - - Materials and supplies - - - Prepayments * - - Deferred energy costs - - - Deferred income taxes, net - - - -------------- -------------- ---------------- * * * -------------- -------------- ---------------- INVESTMENTS Investment in leveraged leases - - - Funds held by trustee - - - Other investments - - - -------------- -------------- ---------------- - - - -------------- -------------- ---------------- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - Gas utility plant - - - Common utility plant - - - -------------- -------------- ---------------- - - - Less: Accumulated depreciation - - - -------------- -------------- ---------------- Net utility plant in service - - - Construction work-in-progress - - - Leased nuclear fuel, at amortized cost - - - Nonutility property, net * * - Goodwill, net - - - -------------- -------------- ---------------- * * - -------------- -------------- ---------------- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - Deferred recoverable income taxes - - - Unrecovered New Jersey state excise tax - - - Deferred debt refinancing costs - - - Deferred other postretirement benefit costs - - - Prepaid employee benefit costs - - - Unamortized debt expense * - - Other - * - -------------- -------------- ---------------- * * - -------------- -------------- ---------------- TOTAL ASSETS * * * ============== ============== ================ * Confidential treatment requested.
5
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET EXHIBIT D-4 AS OF MARCH 31, 1998 (Dollars in Thousands) Total Consolidating DCI DCI DCI Consolidated Entries Parent I II ----------------- ----------------- ------------ ----------- ------------ LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - $ - Long-term debt and preferred stock due within one year * - - - - Variable rate demand bonds - - - - - Accounts payable * - - - - Taxes accrued * - * * - Interest accrued * - - - - Dividends payable - - - - - Current capital lease obligation - - - - - Accrued employee separation and other merger-related costs - - - - - Other * - * * - ----------------- ----------------- ------------ ----------- ------------ * - * * - ----------------- ----------------- ------------ ----------- ------------ DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - - Deferred income taxes, net * - * * - Deferred investment tax credits - - - - - Long-term capital lease obligation - - - - - Other - - - - - ----------------- ----------------- ------------ ----------- ------------ * - * * - ----------------- ----------------- ------------ ----------- ------------ CAPITALIZATION Common stock * * * * * Class A common stock - - - - - Additional paid-in capital--common stock * * * * * Additional paid-in capital--Class A common stock - - - - - Retained earnings * * * * * ----------------- ----------------- ------------ ----------- ------------ * * * * * Treasury shares, at cost - - - - - Unearned compensation - - - - - ----------------- ----------------- ------------ ----------- ------------ Total common stockholders' equity * * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - - Subject to mandatory redemption - - - - - Long-term debt * - - - - ----------------- ----------------- ------------ ----------- ------------ * * * * * ----------------- ----------------- ------------ ----------- ------------ TOTAL CAPITALIZATION AND LIABILITIES * * * * * ================= ================= ============ =========== ============ * Confidential treatment requested.
6
DELMARVA CAPITAL INVESTMENTS CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 1998 EXHIBIT D-4 (Dollars in Thousands) CCM DOSC DCTC --------------- --------------- ---------------- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - Long-term debt and preferred stock due within one year * - - Variable rate demand bonds - - - Accounts payable * - - Taxes accrued * * * Interest accrued * - - Dividends payable - - - Current capital lease obligation - - - Accrued employee separation and other merger-related costs - - - Other * * * --------------- --------------- ---------------- * * * --------------- --------------- ---------------- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - Deferred income taxes, net * * * Deferred investment tax credits - - - Long-term capital lease obligation - - - Other - - - --------------- --------------- ---------------- * * * --------------- --------------- ---------------- CAPITALIZATION Common stock * * * Class A common stock - - - Additional paid-in capital--common stock * * * Additional paid-in capital--Class A common stock - - - Retained earnings * * * --------------- --------------- ---------------- * * * Treasury shares, at cost - - - Unearned compensation - - - --------------- --------------- ---------------- Total common stockholders' equity * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - Subject to mandatory redemption - - - Long-term debt * - - --------------- --------------- ---------------- * * * --------------- --------------- ---------------- Total Capitalization and Liabilities * * * =============== =============== ================ * Confidential treatment requested.
EX-99.D5 6 CONSOLIDATING INCOME STATEMENT AEE ENDED 3-31-98 1
ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-5 FOR THE ONE MONTH ENDED MARCH 31, 1998 (Dollars in Thousands) Total Consolidating AEE Consolidated Entries Parent ASP ATE ---------------- ----------------- ------------- --------------- ------------ OPERATING REVENUES Electric $ - $ - $ - $ - $ - Gas - - - - - Other services * * - * * ---------------- ----------------- ------------- --------------- ------------ * * - * * ---------------- ----------------- ------------- --------------- ------------ OPERATING EXPENSES Electric fuel and purchased power - - - - - Gas purchased - - - - - Purchased electric capacity - - - - - Other services' cost of sales * - - - - Employee separation and other merger-related costs * - * - - Operation and maintenance * * * * * Depreciation * - * * * Taxes other than income taxes * - * * * ---------------- ----------------- ------------- --------------- ------------ * * * * * ---------------- ----------------- ------------- --------------- ------------ OPERATING INCOME * - * * * ---------------- ----------------- ------------- --------------- ------------ OTHER INCOME Allowance for equity funds used during construction - - - - - Other income * * * - * ---------------- ----------------- ------------- --------------- ------------ * * * - * ---------------- ----------------- ------------- --------------- ------------ INTEREST EXPENSE Interest charges * - * * * Allowance for borrowed funds used during construction and capitalized interest - - - - - ---------------- ----------------- ------------- --------------- ------------ * - * * * ---------------- ----------------- ------------- --------------- ------------ PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - - ---------------- ----------------- ------------- --------------- ------------ INCOME/(LOSS) BEFORE INCOME TAXES * * * * * ---------------- ----------------- ------------- --------------- ------------ INCOME TAXES * - * * * ---------------- ----------------- ------------- --------------- ------------ NET INCOME/(LOSS) * * * * * ================ ================= ============= =============== ============ EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * * Class A common stock - - - - - ---------------- ----------------- ------------- --------------- ------------ * * * * * ================ ================= ============= =============== ============ * Confidential treatment requested.
2 ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-5 FOR THE ONE MONTH ENDED MARCH 31, 1998 (Dollars in Thousands)
CTS (1) CI AGI (1) ------- -- ------- OPERATING REVENUES Electric $ - $ - $ - Gas - - - Other services * * - -------- -------- --------- * * - -------- -------- --------- OPERATING EXPENSES Electric fuel and purchased power - - - Gas purchased - - - Purchased electric capacity - - - Other services' cost of sales * * * Employee separation and other merger-related costs - - - Operation and maintenance * * * Depreciation * * * Taxes other than income taxes - - - -------- -------- --------- * * * -------- -------- --------- OPERATING INCOME * * * -------- -------- --------- OTHER INCOME Allowance for equity funds used during construction - - - Other income * * * -------- -------- --------- * * * -------- -------- --------- INTEREST EXPENSE Interest charges * * * Allowance for borrowed funds used during construction and capitalized interest - - - -------- -------- --------- * * * -------- -------- --------- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - -------- -------- --------- INCOME/(LOSS) BEFORE INCOME TAXES * * * -------- -------- --------- INCOME TAXES * * * -------- -------- --------- NET INCOME/(LOSS) * * * ======== ======== ========= EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * Class A common stock - - - -------- -------- --------- * * * ======== ======== =========
(1) Consolidating financial statements for CTS and AGI are presented in Exhibits D-6 and D-7. 3 ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AEE Consolidated Entries Parent ASP ATE ------------ ------- ------ --- --- ASSETS CURRENT ASSETS Cash and cash equivalents * $ - * * * Accounts receivable * * * * * Inventories, at average cost Fuel (coal, oil and gas) * - - - - Materials and supplies - - - - - Prepayments * - * * * Deferred energy costs - - - - - Deferred income taxes, net - - - - - ------ ------ ----- ------ ------ * * * * * ------ ------ ----- ------ ------ INVESTMENTS Investment in leveraged leases * - - - * Funds held by trustee * - - * - Other investments * * * - * ------ ------ ----- ------ ------ * * * * * ------ ------ ----- ------ ------ PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - - Gas utility plant - - - - - Common utility plant - - - - - ------ ------ ----- ------ ------ - - - - - Less: Accumulated depreciation - - - - - ------ ------ ----- ------ ------ Net utility plant in service - - - - - Construction work-in-progress - - - - - Leased nuclear fuel, at amortized cost - - - - - Nonutility property, net * - * * - Goodwill, net - - - - - ------ ------ ----- ------ ------ * - * * - ------ ------ ----- ------ ------ DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - - Deferred recoverable income taxes - - - - - Unrecovered New Jersey state excise tax - - - - - Deferred debt refinancing costs - - - - - Deferred other postretirement benefit costs - - - - - Prepaid employee benefit costs - - - - - Unamortized debt expense * - - * Other * - * * - ------ ------ ----- ------ ------ * - * * * ------ ------ ----- ------ ------ TOTAL ASSETS * * * * * ====== ====== ===== ====== ======
* Confidential treatment requested. 4 ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5 AS OF MARCH 31, 1998 (Dollars in Thousands)
CTS (1) CI AGI (1) AET (1) ------- -- ------- ------- ASSETS CURRENT ASSETS Cash and cash equivalents * * * $ - Accounts receivable * * * * Inventories, at average cost Fuel (coal, oil and gas) * - - - Materials and supplies - - - - Prepayments * - * * Deferred energy costs - - - - Deferred income taxes, net - - - - ------- ------- ------ ------- * * * * ------- ------- ------ ------- INVESTMENTS Investment in leveraged leases - - - - Funds held by trustee * - - - Other investments * * * - ------- ------- ------ ------- * * * - ------- ------- ------ ------- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - Gas utility plant - - - - Common utility plant - - - - ------- ------- ------ ------- - - - - Less: Accumulated depreciation - - - - ------- ------- ------ ------- Net utility plant in service - - - - Construction work-in-progress - - - - Leased nuclear fuel, at amortized cost - - - - Nonutility property, net * * * - Goodwill, net - - - - ------- ------- ------ ------- * * * - ------- ------- ------ ------- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - Deferred recoverable income taxes - - - - Unrecovered New Jersey state excise tax - - - - Deferred debt refinancing costs - - - - Deferred other postretirement benefit costs - - - - Prepaid employee benefit costs - - - - Unamortized debt expense * - - - Other * - - - ------- ------- ------ ------- * - - - ------- ------- ------ ------- TOTAL ASSETS * * * * ======= ======= ====== =======
(1) Consolidating financial statements for CTS, AGI, and AET are presented in Exhibits D-6, D-7, and D-8. * Confidential treatment requested. 5 ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AEE Consolidated Entries Parent ASP ATE ------------ ------- ------ --- --- LIABILITIES CURRENT LIABILITIES Short-term debt $ $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - - Variable rate demand bonds * - - - - Accounts payable * * * * * Taxes accrued * - * - - Interest accrued * * * * * Dividends payable - - - - - Current capital lease obligation - - - - - Accrued employee separation and other merger-related costs * - * - - Other * - * * * -------- ------ ------ ------- ------- * * * * * -------- ------ ------ ------- ------- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - - Deferred income taxes, net * - * * * Deferred investment tax credits - - - - - Long-term capital lease obligation - - - - - Other * - - - - -------- ------ ------ ------- ------- * - * * * -------- ------ ------ ------- ------- CAPITALIZATION Common stock * - * - - Class A common stock - - - - - Additional paid-in capital--common stock * * * * * Additional paid-in capital--Class A common stock - - - - - Retained earnings * * * * * -------- ------ ------ ------- ------- * * * * * Treasury shares, at cost - - - - - Unearned compensation - - - - - -------- ------ ------ ------- ------- Total common stockholders' equity * * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - - Subject to mandatory redemption - - - - - Long-term debt * - - - * -------- ------ ------ ------- ------- * * * * * -------- ------ ------ ------- ------- TOTAL CAPITALIZATION AND LIABILITIES * * * * * ======== ====== ====== ======= =======
* Confidential treatment requested. 6 ATLANTIC ENERGY ENTERPRISES, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-5 AS OF MARCH 31, 1998 (Dollars in Thousands)
CTS (1) CI AGI (1) AET (1) ------- -- ------- ------- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - Variable rate demand bonds * - - - Accounts payable * * * * Taxes accrued * * * - Interest accrued * - - - Dividends payable - - - - Current capital lease obligation - - - - Accrued employee separation and other merger-related costs - - - - Other * - * - ----- ----- ----- ----- * * * * ----- ----- ----- ----- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - Deferred income taxes, net * * * * Deferred investment tax credits - - - - Long-term capital lease obligation - - - - Other * * * * ----- ----- ----- ----- * * * * ----- ----- ----- ----- CAPITALIZATION Common stock - - - - Class A common stock - * - - Additional paid-in capital--common stock * - * * Additional paid-in capital--Class A common stock - - - - Retained earnings * * * * ----- ----- ----- ----- * * * * Treasury shares, at cost - - - - Unearned compensation - - - - ----- ----- ----- ----- Total common stockholders' equity * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - Subject to mandatory redemption - - - - Long-term debt - - - - ----- ----- ----- ----- * * * * ----- ----- ----- ----- TOTAL CAPITALIZATION AND LIABILITIES * * * * ===== ===== ===== =====
(1) Consolidating financial statements for CTS, AGI, and AET are presented in Exhibits D-6, D-7, and D-8. * Confidential treatment requested. EX-99.D6 7 CONSOLIDATING INCOME STATEMENT CTS ENDED 3-31-98 1 CONECTIV THERMAL SYSTEMS, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-6 FOR THE ONE MONTH ENDED MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating CTS Consolidated Entries Parent AJTS AOS TELP ------------ ------- ------ ---- --- ---- OPERATING REVENUES Electric $ - $ - $ - $ - $ - $ - Gas - - - - - - Other services * * * - * * ------ ------ ---- ----- ----- ----- * * * - * * ------ ------ ---- ----- ----- ----- OPERATING EXPENSES Electric fuel and purchased power - - - - - - Gas purchased - - - - - - Purchased electric capacity - - - - - - Other services' cost of sales * - - - - * Employee separation and other merger-related costs - - - - - - Operation and maintenance * * * - * * Depreciation * - * - - * Taxes other than income taxes - - - - - - ------ ------ ---- ----- ----- ----- * * * - * * ------ ------ ---- ----- ----- ----- OPERATING INCOME * - * - - * ------ ------ ---- ----- ----- ----- OTHER INCOME Allowance for equity funds used during construction - - - - - - Other income * * * * - * ------ ------ ---- ----- ----- ----- * * * * - * ------ ------ ---- ----- ----- ----- INTEREST EXPENSE Interest charges * - * - - * Allowance for borrowed funds used during construction and capitalized interest - - - - - - ------ ------ ---- ----- ----- ----- * - * - - * ------ ------ ---- ----- ----- ----- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - - - ------ ------ ---- ----- ----- ----- INCOME/(LOSS) BEFORE INCOME TAXES * * * * - * ------ ------ ---- ----- ----- ----- INCOME TAXES * - * - - - ------ ------ ---- ----- ----- ----- NET INCOME/(LOSS) * * * * $ - * ====== ====== ==== ===== ===== ===== EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * - * Class A common stock - - - - - - ------ ------ ---- ----- ----- ----- * * * * $ - * ====== ====== ==== ===== ===== =====
* Confidential treatment requested. 2 CONECTIV THERMAL SYSTEMS, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-6 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating CTS Consolidated Entries Parent AJTS AOS TELP ------------ ------- ------ ---- --- ---- ASSETS CURRENT ASSETS Cash and cash equivalents * $ - * $ - $ - $ - Accounts receivable * * * * * * Inventories, at average cost Fuel (coal, oil and gas) * - - - - * Materials and supplies - - - - - - Prepayments * - * * - * Deferred energy costs - - - - - - Deferred income taxes, net - - - - - - ----- ------- ---- ---- ----- ---- * * * * * * ----- ------- ---- ---- ----- ---- INVESTMENTS Investment in leveraged leases - - - - - - Funds held by trustee * - * - - * Other investments * * * * - * ----- ------- ---- ---- ----- ---- * * * * - * ----- ------- ---- ---- ----- ---- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - - - Gas utility plant - - - - - - Common utility plant - - - - - - ----- ------- ---- ---- ----- ---- - - - - - - Less: Accumulated depreciation - - - - - - ----- ------- ---- ---- ----- ---- Net utility plant in service - - - - - - Construction work-in-progress - - - - - - Leased nuclear fuel, at amortized cost - - - - - - Nonutility property, net * - * - - * Goodwill, net - - - - - - ----- ------- ---- ---- ----- ---- * - * - - * ----- ------- ---- ---- ----- ---- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - - - Deferred recoverable income taxes - - - - - - Unrecovered New Jersey state excise tax - - - - - - Deferred debt refinancing costs - - - - - - Deferred other postretirement benefit costs - - - - - - Prepaid employee benefit costs - - - - - - Unamortized debt expense * * * - - * Other * * * - * * ----- ------- ---- ---- ----- ---- * * * - * * ----- ------- ---- ---- ----- ---- TOTAL ASSETS * * * * * * ===== ======= ==== ==== ===== ====
* Confidential treatment requested. 3 CONECTIV THERMAL SYSTEMS, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-6 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating CTS Consolidated Entries Parent AJTS AOS TELP ------------ ------- ------ ---- --- ---- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - - - Variable rate demand bonds * - - - - * Accounts payable * * * * * * Taxes accrued * - * - - - Interest accrued * - - - - * Dividends payable - - - - - - Current capital lease obligation - - - - - - Accrued employee separation and other merger-related costs - - - - - - Other * - * - - * ----- ------ --- --- --- --- * * * * * * ----- ------ --- --- --- --- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - - - Deferred income taxes, net * - * - * - Deferred investment tax credits - - - - - - Long-term capital lease obligation - - - - - - Other * - - - - * ----- ------ --- --- --- --- * - * - * * ----- ------ --- --- --- --- CAPITALIZATION Common stock - - - - - - Class A common stock - - - - - - Additional paid-in capital--common stock * * * - - * Additional paid-in capital--Class A common stock - - - - - - Retained earnings * * * * - * ----- ------ --- --- --- --- * * * * - * Treasury shares, at cost - - - - - - Unearned compensation - - - - - - ----- ------ --- --- --- --- Total common stockholders' equity * * * * - * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - - - Subject to mandatory redemption - - - - - - Long-term debt - - - - - - ----- ------ --- --- --- --- * * * * - * ----- ------ --- --- --- --- TOTAL CAPITALIZATION AND LIABILITIES * * * * * * ===== ====== === === === ===
* Confidential treatment requested. EX-99.D7 8 CONSOLIDATING INCOME STATEMENT AGI ENDED 3-31-98 1 ATLANTIC GENERATION, INC. CONSOLIDATING INCOME STATEMENT EXHIBIT D-7 FOR THE ONE MONTH ENDED MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AGI PED PED VINE VINE Consolidated Entries Parent GEN LTD GEN LTD ------------ ------- ------ --- --- --- --- OPERATING REVENUES Electric $ - $ - $ - $ - $ - $ - $ - Gas - - - - - - - Other services - - - - - - - ------- ------ --- ---- ---- --- --- - - - - - - - ------- ------ --- ---- ---- --- --- OPERATING EXPENSES Electric fuel and purchased power - - - - - - - Gas purchased - - - - - - - Purchased electric capacity - - - - - - - Other services' cost of sales * - * - - - - Employee separation and other merger-related costs - - - - - - - Operation and maintenance * - * - - - - Depreciation * - * - - - - Taxes other than income taxes - - - - - - - ------- ------ --- ---- ---- --- --- * - * - - - - ------- ------ --- ---- ---- --- --- OPERATING INCOME * - * - - - - ------- ------ --- ---- ---- --- --- OTHER INCOME Allowance for equity funds used during construction - - - - - - - Other income * * * * * * * ------- ------ --- ---- ---- --- --- * * * * * * * ------- ------ --- ---- ---- --- --- INTEREST EXPENSE Interest charges * - * - - - - Allowance for borrowed funds used during construction and capitalized interest - - - - - - - ------- ------ --- ---- ---- --- --- * - * - - - - ------- ------ --- ---- ---- --- --- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - - - - ------- ------ --- ---- ---- --- --- INCOME/(LOSS) BEFORE INCOME TAXES * * * * * * * ------- ------ --- ---- ---- --- --- INCOME TAXES * - * * * * * ------- ------ --- ---- ---- --- --- NET INCOME/(LOSS) * * * * * * * ======= ====== === ==== ==== === === EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * * * * Class A common stock - - - - - - - ------- ------ --- ---- ---- --- --- * * * * * * * ======= ====== === ==== ==== === ===
* Confidential treatment requested. 2 ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AGI PED PED Consolidated Entries Parent GEN LTD ------------ ------- ------ --- --- ASSETS CURRENT ASSETS Cash and cash equivalents * $ - * $ - $ - Accounts receivable * * * - - Inventories, at average cost Fuel (coal, oil and gas) - - - - - Materials and supplies - - - - - Prepayments * - * - - Deferred energy costs - - - - - Deferred income taxes, net - - - - - ----- ----- --- ---- --- * * * - - ----- ----- --- ---- --- INVESTMENTS Investment in leveraged leases - - - - - Funds held by trustee - - - - - Other investments * * * * * ----- ----- --- ---- --- * * * * * ----- ----- --- ---- --- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - - Gas utility plant - - - - - Common utility plant - - - - - ----- ----- --- ---- --- - - - - - Less: Accumulated depreciation - - - - - ----- ----- --- ---- --- Net utility plant in service - - - - - Construction work-in-progress - - - - - Leased nuclear fuel, at amortized cost - - - - - Nonutility property, net * - * - - Goodwill, net - - - - - ----- ----- --- ---- --- * - * - - ----- ----- --- ---- --- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - - Deferred recoverable income taxes - - - - - Unrecovered New Jersey state excise tax - - - - - Deferred debt refinancing costs - - - - - Deferred other postretirement benefit costs - - - - - Prepaid employee benefit costs - - - - - Unamortized debt expense - - - - - Other - - - - - ----- ----- --- ---- --- - - - - - ----- ----- --- ---- --- TOTAL ASSETS * * * * * ===== ===== === ==== ===
* Confidential treatment requested. 3 ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7 AS OF MARCH 31, 1998 (Dollars in Thousands)
VINE VINE BING BING GEN LTD GEN LTD --- --- --- --- ASSETS CURRENT ASSETS Cash and cash equivalents $ - $ - $ - $ - Accounts receivable * * * * Inventories, at average cost Fuel (coal, oil and gas) - - - - Materials and supplies - - - - Prepayments - - - - Deferred energy costs - - - - Deferred income taxes, net - - - - --- --- --- ---- * * * * --- --- --- ---- INVESTMENTS Investment in leveraged leases - - - - Funds held by trustee - - - - Other investments * * * * --- --- --- ---- * * * * --- --- --- ---- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - Gas utility plant - - - - Common utility plant - - - - --- --- --- ---- - - - - Less: Accumulated depreciation - - - - --- --- --- ---- Net utility plant in service - - - - Construction work-in-progress - - - Leased nuclear fuel, at amortized cost - - - - Nonutility property, net - - - - Goodwill, net - - - - --- --- --- ---- - - - - --- --- --- ---- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - Deferred recoverable income taxes - - - - Unrecovered New Jersey state excise tax - - - - Deferred debt refinancing costs - - - - Deferred other postretirement benefit costs - - - - Prepaid employee benefit costs - - - - Unamortized debt expense - - - - Other - - - - --- --- --- ---- - - - - --- --- --- ---- TOTAL ASSETS * * * * === === === ====
* Confidential treatment requested. 4 ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AGI PED PED Consolidated Entries Parent GEN LTD ------------ ------- ------ --- --- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - - Variable rate demand bonds - - - - - Accounts payable * * * * * Taxes accrued * - - * * Interest accrued - - - - - Dividends payable - - - - - Current capital lease obligation - - - - - Accrued employee separation and other merger-related costs - - - - - Other * - * - - ----- ------- --- --- --- * * * * * ----- ------- --- --- --- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - - Deferred income taxes, net * - * * * Deferred investment tax credits - - - - - Long-term capital lease obligation - - - - - Other * - * - - ----- ------- --- --- --- * - * * * ----- ------- --- --- --- CAPITALIZATION Common stock - - - - - Class A common stock - - - - - Additional paid-in capital--common stock * * * * * Additional paid-in capital--Class A common stock - - - - - Retained earnings * * * * * ----- ------- --- --- --- * * * * * Treasury shares, at cost - - - - - Unearned compensation - - - - - ----- ------- --- --- --- Total common stockholders' equity * * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - - Subject to mandatory redemption - - - - - Long-term debt - - - - - ----- ------- --- --- --- * * * * * ----- ------- --- --- --- TOTAL CAPITALIZATION AND LIABILITIES * * * * * ===== ======= === === ===
* Confidential treatment requested. 5 ATLANTIC GENERATION, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-7 AS OF MARCH 31, 1998 (Dollars in Thousands)
VINE VINE BING BING GEN LTD GEN LTD --- --- --- --- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - Variable rate demand bonds - - - - Accounts payable * - * * Taxes accrued - - * * Interest accrued - - - - Dividends payable - - - - Current capital lease obligation - - - - Accrued employee separation and other merger-related costs - - - * Other - - - * ---- ---- ---- ---- * - * - ---- ---- ---- ---- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - Deferred income taxes, net * * * * Deferred investment tax credits - - - - Long-term capital lease obligation - - - - Other - - - - ---- ---- ---- ---- * * * * ---- ---- ---- ---- CAPITALIZATION Common stock - - - - Class A common stock - - - - Additional paid-in capital--common stock * * * * Additional paid-in capital--Class A common stock - - - - Retained earnings * * * * ---- ---- ---- ---- * * * * Treasury shares, at cost - - - - Unearned compensation - - - - ---- ---- ---- ---- Total common stockholders' equity * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - Subject to mandatory redemption - - - - Long-term debt - - - - ---- ---- ---- ---- * * * * ---- ---- ---- ---- TOTAL CAPITALIZATION AND LIABILITIES * * * * ==== ==== ==== ====
* Confidential treatment requested. EX-99.D8 9 CONSOLIDATING BALANCE SHEET AET 3-31-98 1 ATLANTIC ENERGY TECHNOLOGY, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-8 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AET Consolidated Entries Parent TEE ------------ ------- ------ --- ASSETS CURRENT ASSETS Cash and cash equivalents $ - $ - $ - $ - Accounts receivable * * * * Inventories, at average cost Fuel (coal, oil and gas) - - - - Materials and supplies - - - - Prepayments * - * - Deferred energy costs - - - - Deferred income taxes, net - - - - ------ ----- ---- ---- * * * * ------ ----- ---- ---- INVESTMENTS Investment in leveraged leases - - - - Funds held by trustee - - - - Other investments - * * - ------ ----- ---- ---- - * * - ------ ----- ---- ---- PROPERTY, PLANT AND EQUIPMENT Electric utility plant - - - - Gas utility plant - - - - Common utility plant - - - - ------ ----- ---- ---- - - - - Less: Accumulated depreciation - - - - ------ ----- ---- ---- Net utility plant in service - - - - Construction work-in-progress - - - - Leased nuclear fuel, at amortized cost - - - - Nonutility property, net - - - - Goodwill, net - - - - ------ ----- ---- ---- - - - - ------ ----- ---- ---- DEFERRED CHARGES AND OTHER ASSETS Unrecovered purchased power costs - - - - Deferred recoverable income taxes - - - - Unrecovered New Jersey state excise tax - - - - Deferred debt refinancing costs - - - - Deferred other postretirement benefit costs - - - - Prepaid employee benefit costs - - - - Unamortized debt expense - - - - Other - - - - ------ ----- ---- ---- - - - - ------ ----- ---- ---- TOTAL ASSETS * * * * ====== ===== ==== ====
* Confidential treatment requested. 2 ATLANTIC ENERGY TECHNOLOGY, INC. CONSOLIDATING BALANCE SHEET EXHIBIT D-8 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating AET Consolidated Entries Parent TEE ------------ ------- ------ --- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - Variable rate demand bonds - - - - Accounts payable * * * - Taxes accrued - - - - Interest accrued - - - - Dividends payable - - - - Current capital lease obligation - - - - Accrued employee separation and other merger-related costs - - - - Other - - - - ------ ------ ---- ---- * * * - ------ ------ ---- ---- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - Deferred income taxes, net * - * - Deferred investment tax credits - - - - Long-term capital lease obligation - - - - Other * - * - ------ ------ ---- ---- * - * - ------ ------ ---- ---- CAPITALIZATION Common stock - * - * Class A common stock - - - - Additional paid-in capital--common stock * * * * Additional paid-in capital--Class A common stock - - - - Retained earnings * * * * ------ ------ ---- ---- * * * * Treasury shares, at cost - - - - Unearned compensation - - - - ------ ------ ---- ---- Total common stockholders' equity * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - Subject to mandatory redemption - - - - Long-term debt - - - - ------ ------ ---- ---- * * * * ------ ------ ---- ---- TOTAL CAPITALIZATION AND LIABILITIES * * * * ====== ====== ==== ====
* Confidential treatment requested. EX-99.D9 10 CONSOLIDATING INCOME STATEMENT CS ENDED 3-31-98 1 CONECTIV SOLUTIONS LLC CONSOLIDATING INCOME STATEMENT EXHIBIT D-9 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating CS Consolidated Entries Parent PCG ------------ ------- ------ --- OPERATING REVENUES Electric * $ - * $ - Gas * - * - Other services * - - * ---- ------ ---- ---- * - * * ---- ------ ---- ---- OPERATING EXPENSES Electric fuel and purchased power - - - - Gas purchased - - - - Purchased electric capacity - - - - Other services' cost of sales * - - * Employee separation and other merger-related costs - - - - Operation and maintenance * - * * Depreciation * - * * Taxes other than income taxes - - - - ---- ------ ---- ---- * - * * ---- ------ ---- ---- OPERATING INCOME * - * * ---- ------ ---- ---- OTHER INCOME Allowance for equity funds used during construction - - - - Other income * * * - ---- ------ ---- ---- * * * - ---- ------ ---- ---- INTEREST EXPENSE Interest charges - - - - Allowance for borrowed funds used during construction and capitalized interest - - - - ---- ------ ---- ---- - - - - ---- ------ ---- ---- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - ---- ------ ---- ---- INCOME/(LOSS) BEFORE INCOME TAXES * * * * ---- ------ ---- ---- INCOME TAXES * - * * ---- ------ ---- ---- NET INCOME/(LOSS) * * * * ==== ====== ==== ==== EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * Class A common stock * - * - ---- ------ ---- ---- * * * * ==== ====== ==== ====
* Confidential treatment requested. 2 CONECTIV SOLUTIONS LLC CONSOLIDATING INCOME STATEMENT EXHIBIT D-9 FOR THE THREE MONTHS ENDED MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating CS Consolidated Entries Parent PCG ------------ ------- ------ --- OPERATING REVENUES Electric * $ - * $ - Gas * - * - Other services * - - * ---- ------ ---- ---- * - * * ---- ------ ---- ---- OPERATING EXPENSES Electric fuel and purchased power - - - - Gas purchased - - - - Purchased electric capacity - - - - Other services' cost of sales * - - * Employee separation and other merger-related costs - - - - Operation and maintenance * - * * Depreciation * - * * Taxes other than income taxes - - - - ---- ------ ---- ---- * - * * ---- ------ ---- ---- OPERATING INCOME * - * * ---- ------ ---- ---- OTHER INCOME Allowance for equity funds used during construction - - - - Other income * * * - ---- ------ ---- ---- * * * - ---- ------ ---- ---- INTEREST EXPENSE Interest charges - - - - Allowance for borrowed funds used during construction and capitalized interest - - - - ---- ------ ---- ---- - - - - ---- ------ ---- ---- PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES - - - - ---- ------ ---- ---- INCOME/(LOSS) BEFORE INCOME TAXES * * * * ---- ------ ---- ---- INCOME TAXES * - * * ---- ------ ---- ---- NET INCOME/(LOSS) * * * * ==== ====== ==== ==== EARNINGS/(LOSS) APPLICABLE TO: Common stock * * * * Class A common stock * - * - ---- ------ ---- ---- * * * * ==== ====== ==== ====
* Confidential treatment requested. 3 CONECTIV SOLUTIONS LLC CONSOLIDATING BALANCE SHEET EXHIBIT D-9 AS OF MARCH 31, 1998 (Dollars in Thousands)
Total Consolidating CS Consolidated Entries Parent PCG ------------ ------- ------ --- LIABILITIES CURRENT LIABILITIES Short-term debt $ - $ - $ - $ - Long-term debt and preferred stock due within one year - - - - Variable rate demand bonds - - - - Accounts payable * - - * Taxes accrued * - * * Interest accrued - - - - Dividends payable - - - - Current capital lease obligation - - - - Accrued employee separation and other merger-related costs - - - - Other * - * * ------ ------ ----- ----- * - * * ------ ------ ----- ----- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation - - - - Deferred income taxes, net - - - - Deferred investment tax credits - - - - Long-term capital lease obligation - - - - Other - - - - ------ ------ ----- ----- - - - - ------ ------ ----- ----- CAPITALIZATION Common stock - - - - Class A common stock - - - - Additional paid-in capital--common stock - * - * Additional paid-in capital--Class A common stock - - - - Retained earnings * * * * ------ ------ ----- ----- * * * * Treasury shares, at cost - - - - Unearned compensation - - - - ------ ------ ----- ----- Total common stockholders' equity * * * * Preferred stock of subsidiaries: Not subject to mandatory redemption - - - - Subject to mandatory redemption - - - - Long-term debt * - - * ------ ------ ----- ----- * * * * ------ ------ ----- ----- TOTAL CAPITALIZATION AND LIABILITIES * * * * ====== ====== ===== =====
* Confidential treatment requested. -----END PRIVACY-ENHANCED MESSAGE-----