EX-99.F.S.1 2 w43687ex99-f_s1.txt CONSOLIDATED BALANCE SHEET DATED 9/30/2000 1 Exhibit FS-1 CONECTIV AND SUBSIDIARIES ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2000 (DOLLARS IN THOUSANDS) (UNAUDITED)
PRO FORMA ACTUAL ADJUSTMENTS PRO FORMA ------ ----------- --------- ASSETS CURRENT ASSETS Cash and cash equivalents $92,074 $351,426 (1) $443,500 Accounts receivable 961,073 961,073 Allowance for Doubtful Accounts (24,801) (24,801) Inventories, at average cost Fuel (coal, oil and gas) 62,977 62,977 Materials and supplies 56,598 56,598 Deferred energy supply costs 2,480 2,480 Prepaid New Jersey Sales and Excise Taxes 13,624 13,624 Other prepayments 22,769 22,769 Deferred income taxes, net 28,644 28,644 -------------- ---------------- ---------------- 1,215,438 351,426 1,566,864 -------------- ---------------- ---------------- INVESTMENTS Investment in leveraged leases 54,964 54,964 Funds held by trustee 188,636 188,636 Other investments 89,563 89,563 -------------- ---------------- ---------------- 333,163 - 333,163 -------------- ---------------- ---------------- PROPERTY, PLANT AND EQUIPMENT Electric generation 1,586,906 1,000,000 (1) 2,586,906 Electric transmission and distribution 2,695,890 2,695,890 Gas transmission and distribution 269,244 269,244 Other electric and gas facilities 393,641 393,641 Telecommunications, thermal systems, and other property, plant, and equipment 255,132 255,132 -------------- ---------------- ---------------- 5,200,813 1,000,000 6,200,813 Less: Accumulated depreciation 2,221,782 2,221,782 -------------- ---------------- ---------------- Net plant in service 2,979,031 1,000,000 3,979,031 Construction work-in-progress 322,182 322,182 Leased nuclear fuel, at amortized cost 56,156 56,156 Goodwill, net 347,088 347,088 -------------- ---------------- ---------------- 3,704,457 1,000,000 4,704,457 -------------- ---------------- ---------------- DEFERRED CHARGES AND OTHER ASSETS Recoverable stranded costs, net 1,000,252 1,000,252 Deferred recoverable income taxes 89,169 89,169 Unrecovered purchased power costs 18,097 18,097 Unrecovered New Jersey state excise tax 13,497 13,497 Deferred debt refinancing costs 21,217 21,217 Deferred other postretirement benefit costs 30,605 30,605 Prepaid pension costs 61,673 61,673 Unamortized debt expense 26,633 26,633 License fees 22,300 22,300 Other 51,859 51,859 -------------- ---------------- ---------------- 1,335,302 - 1,335,302 -------------- ---------------- ---------------- TOTAL ASSETS $6,588,360 $1,351,426 $7,939,786 ============== ================ ================
2 Exhibit FS-1 CONECTIV AND SUBSIDIARIES ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2000 (DOLLARS IN THOUSANDS) (UNAUDITED)
PRO FORMA ACTUAL ADJUSTMENTS PRO FORMA ------ ----------- --------- CAPITALIZATION AND LIABILITIES CURRENT LIABILITIES Short-term debt $715,394 $1,351,426 (1) $2,066,820 Long-term debt due within one year 43,043 43,043 Variable rate demand bonds 158,430 158,430 Accounts payable 524,824 524,824 Taxes accrued 76,889 76,889 Interest accrued 47,067 47,067 Dividends payable 26,753 26,753 Deferred energy supply costs 46,847 46,847 Current capital lease obligation 27,987 27,987 Above-market purchased energy contracts and other electric restructuring liabilities 33,004 33,004 Other 99,541 99,541 -------------- --------------- ------------- 1,799,779 1,351,426 3,151,205 -------------- --------------- ------------- DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation 93,867 93,867 Deferred income taxes, net 778,782 778,782 Deferred investment tax credits 69,979 69,979 Regulatory liability for New Jersey income tax benefit 49,262 49,262 Above-market purchased energy contracts and other electric restructuring liabilities 109,030 109,030 Deferred gain on termination of purchased energy contract 74,968 74,968 Long-term capital lease obligation 29,177 29,177 Other 53,315 53,315 -------------- --------------- ------------- 1,258,380 - 1,258,380 -------------- --------------- ------------- CAPITALIZATION Common stock: $0.01 per share par value; 150,000,000 shares authorized; shares outstanding - - 82,862,850 actual and pro forma 830 830 Class A common stock: $0.01 per share par value; 10,000,000 shares authorized; shares outstanding - - 5,742,315 actual and pro forma 57 57 Additional paid-in capital - - common stock 1,030,258 1,030,258 Additional paid-in capital - - Class A common stock 93,738 93,738 Retained earnings 35,240 35,240 Treasury shares, at cost: 116,233 shares actual and pro forma (2,392) (2,392) Unearned compensation (1,530) (1,530) Accumulated other comprehensive income 248 248 -------------- --------------- ------------- Total common stockholders' equity 1,156,449 - 1,156,449 Preferred stock of subsidiaries: Not subject to mandatory redemption 95,933 95,933 Subject to mandatory redemption 188,950 188,950 Long-term debt 2,088,869 2,088,869 -------------- --------------- ------------- 3,530,201 - 3,530,201 -------------- --------------- ------------- -------------- --------------- ------------- TOTAL CAPITALIZATION AND LIABILITIES $6,588,360 $1,351,426 $7,939,786 ============== =============== =============