EX-99.FS.7 3 w50487ex99-fs_7.txt CONECTIV'S PRO FORMA CONSOLIDATED BALANCE SHEET 1 Exhibit FS-7 CONECTIV AND SUBSIDIARIES ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2001 (DOLLARS IN THOUSANDS) (UNAUDITED)
PRO FORMA ACTUAL ADJUSTMENTS PRO FORMA ---------- ----------- ---------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 44,268 $1,700,000(1) $1,744,268 Accounts receivable, net of allowances -- of $31,697 982,974 982,974 Inventories, at average cost Fuel (coal, oil and gas) 64,653 64,653 Materials and supplies 53,572 53,572 Deferred energy supply costs 21,198 21,198 Prepayments 25,575 25,575 Deferred income taxes, net 11,369 11,369 ---------- ---------- ---------- 1,203,609 1,700,000 2,903,609 ---------- ---------- ---------- INVESTMENTS Investment in leveraged leases 53,999 53,999 Funds held by trustee 125,387 125,387 Other investments 73,643 73,643 ---------- ---------- ---------- 253,029 253,029 ---------- ---------- ---------- PROPERTY, PLANT AND EQUIPMENT Electric generation 1,581,768 1,581,768 Electric transmission and distribution 2,746,397 2,746,397 Gas transmission and distribution 281,241 281,241 Other electric and gas facilities 390,702 390,702 Telecommunications, thermal systems, and other property, plant, and equipment 263,140 263,140 ---------- ---------- ---------- 5,263,248 5,263,248 Less: Accumulated depreciation 2,222,856 2,222,856 ---------- ---------- ---------- Net plant in service 3,040,392 3,040,392 Construction work-in-progress 465,905 465,905 Leased nuclear fuel, at amortized cost 25,129 25,129 Goodwill, net 341,918 341,918 ---------- ---------- ---------- 3,873,344 3,873,344 ---------- ---------- ---------- DEFERRED CHARGES AND OTHER ASSETS Recoverable stranded costs, net 981,494 981,494 Deferred recoverable income taxes 82,450 82,450 Unrecovered purchased power costs 13,988 13,988 Unrecovered New Jersey state excise tax 7,163 7,163 Deferred debt refinancing costs 20,031 20,031 Deferred other postretirement benefit costs 29,356 29,356 Prepaid pension costs 76,377 76,377 Unamortized debt expense 25,105 25,105 License fees 21,612 21,612 Other 68,198 68,198 ---------- ---------- ---------- 1,325,774 1,325,774 ---------- ---------- ---------- TOTAL ASSETS $6,655,756 $1,700,000 $8,355,756 ========== ========== ==========
See accompanying description of pro forma adjustments. -1- 2 Exhibit FS-7 CONECTIV AND SUBSIDIARIES ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2001 (DOLLARS IN THOUSANDS) (UNAUDITED)
PRO FORMA ACTUAL ADJUSTMENTS PRO FORMA ------------ ------------ ------------ CAPITALIZATION AND LIABILITIES CURRENT LIABILITIES Short-term debt $ 738,522 $ 738,522 Long-term debt due within one year 100,751 100,751 Variable rate demand bonds 158,430 158,430 Accounts payable 631,232 631,232 Taxes accrued 68,871 68,871 Interest accrued 46,699 46,699 Dividends payable 27,161 27,161 Deferred energy supply costs 30,479 30,479 Current capital lease obligation 15,596 15,596 Above-market purchased energy contracts and other electric restructuring liabilities 23,719 23,719 Other 88,217 88,217 ------------ ------------ ------------ 1,929,677 1,929,677 ------------ ------------ ------------ DEFERRED CREDITS AND OTHER LIABILITIES Other postretirement benefits obligation 90,747 90,747 Deferred income taxes, net 807,120 807,120 Deferred investment tax credits 63,044 63,044 Regulatory liability for New Jersey income tax benefit 49,262 49,262 Above-market purchased energy contracts and other electric restructuring liabilities 95,783 95,783 Deferred gain on termination of purchased energy contract 74,968 74,968 Long-term capital lease obligation 10,491 10,491 Other 61,770 61,770 ------------ ------------ ------------ 1,253,185 1,253,185 ------------ ------------ ------------ CAPITALIZATION Common stock: $0.01 per share par value; 150,000,000 shares authorized; shares outstanding -- 82,967,179 actual and pro forma 831 831 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 1,030,941 1,030,941 Additional paid-in capital -- Class A common stock 93,738 93,738 Retained earnings / (Accumulated deficit ) 60,784 60,784 Treasury shares, at cost: 135,604 shares actual and pro forma (2,786) (2,786) Unearned compensation (2,896) (2,896) Accumulated other comprehensive income (14,183) (14,183) ------------ ------------ ------------ Total common stockholders' equity 1,166,486 1,166,486 Preferred stock of subsidiaries: Not subject to mandatory redemption 95,933 95,933 Subject to mandatory redemption 188,950 188,950 Long-term debt 2,021,525 1,700,000 (1) 3,721,525 ------------ ------------ ------------ 3,472,894 1,700,000 5,172,894 ------------ ------------ ------------ Commitments and Contingencies - - ------------ ------------ ------------ TOTAL CAPITALIZATION AND LIABILITIES $ 6,655,756 $ 1,700,000 $ 8,355,756 ============ ============ ============
See accompanying description of pro forma adjustments. -2-