EX-99 14 fs_13.txt PRO FORMA BALANCE SHEET OF CEI
THE CLEVELAND ELECTRIC ILLUMINATING COMPANY PRO FORMA BALANCE SHEETS AFTER TRANSFER OF GENERATION Transfer PRO FORMA March 31, of Fossil BALANCE SHEET 2005 and Hydro 31-MAR-05 ------------- ------------ --------------- ASSETS (In thousands) UTILITY PLANT: In service $ 4,438,471 $ (1,284,927) $ 3,153,544 Less-Accumulated provision for depreciation 1,984,240 (828,999) 1,155,241 ------------- ------------ --------------- 2,454,231 (455,928) 1,998,303 ------------- ------------ --------------- Construction work in progress- Electric plant 86,276 (4,179) 82,097 Nuclear Fuel 39,655 39,655 ------------- ------------ --------------- 125,931 (4,179) 121,752 ------------- ------------ --------------- 2,580,162 (460,107) 2,120,055 ------------- ------------ --------------- OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 564,175 564,175 Nuclear plant decommissioning trusts 391,857 391,857 Long-term notes receivable from associated companies 7,222 363,978 371,200 Other 16,042 16,042 ------------- ------------ --------------- 979,296 363,978 1,343,274 ------------- ------------ --------------- CURRENT ASSETS: Cash and cash equivalents 207 207 Receivables- Customers 14,233 14,233 Associated companies 6,277 6,277 Other (less accumulated provisions of $0,000,000 for uncollectible accounts) 92,336 92,336 Notes receivable from associated companies - - Materials and supplies, at average cost 81,258 (23,623) 57,635 Prepayments and other 1,509 1,509 ------------- ------------ --------------- 195,820 (23,623) 172,197 ------------- ------------ --------------- DEFERRED CHARGES: Regulatory assets 925,473 925,473 Goodwill 1,693,629 1,693,629 Property taxes 77,792 77,792 Other 44,648 44,648 ------------- ------------ --------------- 2,741,542 - 2,741,542 ------------- ------------ --------------- $ 6,496,820 $ (119,752) $ 6,377,068 ============= ============ =============== CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stockholder's equity- Common stock, without par value, authorized 105,000,000 shares - 79,590,689 shares outstanding $ 1,281,962 $ - $ 1,281,962 Other paid-in capital - (48,107) (48,107 Accumulated other comprehensive income 17,142 17,142 Retained earnings 511,288 511,288 ------------- ------------ --------------- Total common stockholder's equity 1,810,392 (48,107) 1,762,285 Preferred stock not subject to mandatory redemption - - Long-term debt and other long-term obligations 1,953,089 1,953,089 ------------- ------------ --------------- 3,763,481 (48,107) 3,715,374 ------------- ------------ --------------- CURRENT LIABILITIES: Currently payable long-term debt 81,382 81,382 Accounts payable- Associated companies 191,057 191,057 Other 7,593 7,593 Notes payable to associated companies 470,732 16,631 487,363 Accrued taxes 108,256 108,256 Accrued interest 34,133 (3,383) 30,750 Lease market valuation liability 60,200 60,200 Other 32,312 32,312 ------------- ------------ --------------- 985,665 13,248 998,913 ------------- ------------ ---------------- NONCURRENT LIABILITIES: Accumulated deferred income taxes 535,908 (80,403) 455,505 Accumulated deferred investment tax credits 59,569 59,569 Asset retirement obligation 276,627 (4,490) 272,137 Retirement benefits 81,828 81,828 Lease market valuation liability 653,200 653,200 Other 140,542 140,542 ------------- ------------ --------------- 1,747,674 (84,893) 1,662,781 ------------- ------------ --------------- COMMITMENTS AND CONTINGENCIES (NOTE 3) ------------- ------------ --------------- $ 6,496,820 $ (119,752) $ 6,377,068 ============= ============ =============== (TABLE BREAK) PRO FORMA TRANSFER BALANCE SHEET OF NUCLEAR 31-MAR-05 ----------- -------------- ASSETS UTILITY PLANT: In service $(1,230,290) $ 1,923,254 Less-Accumulated provision for depreciation (397,721) 757,520 ----------- -------------- (832,569) 1,165,734 ----------- -------------- Construction work in progress- Electric plant (58,167) 23,930 Nuclear Fuel (39,655) - ----------- -------------- (97,822) 23,930 ----------- -------------- (930,391) 1,189,664 ----------- -------------- OTHER PROPERTY AND INVESTMENTS: Investment in lessor notes 564,175 Nuclear plant decommissioning trusts (391,857) - Long-term notes receivable from associated companies 406,120 777,320 Other 16,042 ----------- -------------- 14,263 1,357,537 ----------- -------------- CURRENT ASSETS: Cash and cash equivalents 207 Receivables- Customers 14,233 Associated companies 6,277 Other (less accumulated provisions of $0,000,000 for uncollectible accounts) 92,336 Notes receivable from associated companies - Materials and supplies, at average cost (57,635) - Prepayments and other 1,509 ----------- -------------- (57,635) 114,562 ----------- -------------- DEFERRED CHARGES: Regulatory assets 925,473 Goodwill 1,693,629 Property taxes 77,792 Other 44,648 ----------- -------------- - 2,741,542 ----------- -------------- $ (973,763) $ 5,403,305 =========== ============== CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common stockholder's equity- Common stock, without par value, authorized 105,000,000 shares - 79,590,689 shares outstanding $ - $ 1,281,962 Other paid-in capital (48,107) Accumulated other comprehensive income 17,142 Retained earnings 511,288 ----------- --------------- Total common stockholder's equity - 1,762,285 Preferred stock not subject to mandatory redemption - Long-term debt and other long-term obligations 1,953,089 ----------- -------------- - 3,715,374 ----------- -------------- CURRENT LIABILITIES: Currently payable long-term debt 81,382 Accounts payable- Associated companies (48,493) 142,564 Other 7,593 Notes payable to associated companies (430,000) 57,363 Accrued taxes 108,256 Accrued interest (4,455) 26,295 Lease market valuation liability 60,200 Other (2,966) 29,346 ----------- -------------- (485,914) 512,999 ----------- -------------- NONCURRENT LIABILITIES: Accumulated deferred income taxes (214,085) 241,420 Accumulated deferred investment tax credits 59,569 Asset retirement obligation (272,137) - Retirement benefits 81,828 Lease market valuation liability 653,200 Other (1,627) 138,915 ----------- -------------- (487,849) 1,174,932 ----------- -------------- COMMITMENTS AND CONTINGENCIES (NOTE 3) ----------- -------------- $ (973,763) $ 5,403,305
Cleveland Electric Illuminating Fossil 03-31-05 -------------------------------------------------------- SALES PRICE Fossil - Master Facility Lease Values Nuclear - LOWER BOOK OR FMV AT TIME OF TRANSFER --------------------------------------------------------
Debit Credit --------------------------- Fossil - Plant in Service 1,284,927 Accumulated Depreciation 828,999 CWIP - Steam 4,179 Notes Rec. - Assoc. Co. M&S 23,623 Paid-in Capital 48,107 Notes Rec. Assoc Co. - PCN Assumption 363,978 N/P - Assoc. Co. 16,631 Accrued Interest 3,383 Other Current Liabilities Deferred Taxes - Estimated 80,403 Asset Retirement Obligation 4,490 Other Noncurrent Liabilities --------------------------- 1,329,360 1,329,360 =========================== SUBSEQUENT TO TRANSFER ---------------------- PCN Debt Fossil - LT 314,778 PCN Debt Fossil - ST 49,200 Notes Rec. Assoc Co. - PCN Assumption 363,978
Cleveland Electric Illuminating Fossil 03-31-05 -------------------------------------------------------- SALES PRICE Fossil - Master Facility Lease Values Nuclear - LOWER BOOK OR FMV AT TIME OF TRANSFER --------------------------------------------------------
Debit Credit --------------------------- Nuclear - Plant in Service 992,471 Accumulated Depreciation 238,164 Nuclear Fuel in Service 237,819 Accumulated Amortization 159,557 Nuclear - CWIP 58,167 CWIP - Nuclear Fuel 39,655 NDT Assets 391,857 Cash Notes Rec. - Assoc. Co. 38,970 M&S - Nuclear 57,635 Notes Rec. Assoc Co. - PCN Assumption 367,150 A/P - Assoc. Co. 48,493 Accrued Interest 4,455 Other Current Liabilities 2,966 Deferred Taxes - Estimated 214,085 NDT Liabilities 272,137 Notes Payable - Assoc. com. 430,000 Other Noncurrent Liabilities 1,627 -------------------------------- 1,777,604 1,777,604 ================================ SUBSEQUENT TO TRANSFER PCN Debt Fossil - LT 339,450 PCN Debt Fossil - ST 27,700 Notes Rec. Assoc Co. - PCN Assumption 367,150