EX-99.FS.9 5 w50487ex99-fs_9.txt A.C. ELECTRIC'S PRO FORMA CON. BALANCE SHEET 1 Exhibit FS-9 ATLANTIC CITY ELECTRIC COMPANY 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 $ 11,769 $1,700,000(1) $1,711,769 Accounts receivable, net of allowances of $5,789 140,291 140,291 Investment in Conectiv money pool 147,785 147,785 Inventories, at average cost Fuel (coal, oil and gas) 14,824 14,824 Materials and supplies 6,916 6,916 Deferred income taxes, net 13,955 13,955 Other prepayments 935 935 ---------- ---------- ---------- 336,475 1,700,000 2,036,475 ---------- ---------- ---------- INVESTMENTS 115,666 115,666 ---------- ---------- ---------- PROPERTY, PLANT AND EQUIPMENT Electric generation 142,243 142,243 Electric transmission and distribution 1,261,364 1,261,364 Other electric facilities 120,025 120,025 Other property, plant, and equipment 5,772 5,772 ---------- ---------- ---------- 1,529,404 1,529,404 Less: Accumulated depreciation 653,445 653,445 ---------- ---------- ---------- Net plant in service 875,959 875,959 Construction work-in-progress 53,443 53,443 Leased nuclear fuel, at amortized cost 25,129 25,129 ---------- ---------- ---------- 954,531 954,531 ---------- ---------- ---------- DEFERRED CHARGES AND OTHER ASSETS Recoverable stranded costs, net 951,968 951,968 Unrecovered purchased power costs 13,988 13,988 Deferred recoverable income taxes 12,006 12,006 Unrecovered New Jersey state excise tax 7,163 7,163 Deferred debt refinancing costs 12,167 12,167 Deferred other postretirement benefit costs 29,356 29,356 Unamortized debt expense 12,852 12,852 Other 32,272 32,272 ---------- ---------- ---------- 1,071,772 1,071,772 ---------- ---------- ---------- TOTAL ASSETS $2,478,444 $1,700,000 $4,178,444 ========== ========== ==========
See accompanying description of pro forma adjustments. -1- 2 Exhibit FS-9 ATLANTIC CITY ELECTRIC COMPANY 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 Long-term debt due within one year $ 97,200 $ 97,200 Variable rate demand bonds 22,600 22,600 Accounts payable 58,696 58,696 Taxes accrued 18,302 18,302 Interest accrued 12,579 12,579 Dividends payable 17,871 17,871 Current capital lease obligation 15,480 15,480 Deferred energy supply costs 30,480 30,480 Above-market purchased energy contracts and other electric restructuring liabilities 7,368 7,368 Other 37,758 37,758 ---------- ----------- ---------- 318,334 318,334 ---------- ----------- ---------- DEFERRED CREDITS AND OTHER LIABILITIES Deferred income taxes, net 401,594 401,594 Regulatory liability for New Jersey income tax benefit 49,262 49,262 Above-market purchased energy contracts and other electric restructuring liabilities 16,799 16,799 Deferred investment tax credits 35,223 35,223 Long-term capital lease obligation 9,649 9,649 Pension benefit obligation 27,597 27,597 Other postretirement benefits obligation 35,802 35,802 Other 29,290 29,290 ---------- ----------- ---------- 605,216 605,216 ---------- ----------- ---------- CAPITALIZATION Common stock: $3 par value; shares authorized: 25,000,000; shares outstanding: 18,320,937 actual and pro forma 54,963 54,963 Additional paid-in capital 410,194 410,194 Retained earnings 106,878 106,878 ---------- ----------- ---------- Total common stockholders' equity 572,035 572,035 Preferred stock not subject to mandatory redemption 6,231 6,231 Preferred stock subject to mandatory redemption 23,950 23,950 Preferred securities of subsidiary trusts subject to mandatory redemption 95,000 95,000 Long-term debt 857,678 1,700,000(1) 2,557,678 ---------- ----------- ---------- 1,554,894 1,700,000 3,254,894 ---------- ----------- ---------- Commitments and Contingencies -- -- ---------- ----------- ---------- TOTAL CAPITALIZATION AND LIABILITIES $2,478,444 $ 1,700,000 $4,178,444 ========== =========== ==========
See accompanying description of pro forma adjustments. -2-