EX-99 11 ex99_3.htm EXHIBIT 99.3 Exhibit 99.3

Exhibit 99.3
 
The information provided in this Exhibit is presented only in connection with the reporting changes described in the accompanying Form 8-K. This information does not reflect events occurring after February 28, 2012, the date we filed our 2011 Form 10-K, and does not modify or update the disclosures therein in any way, other than as required to reflect the change in segments, the change in accounting principle, and the adoption of a new accounting standard as described in the Form 8-K and set forth in Exhibits 99.1 through 99.6 attached thereto. You should therefore read this information in conjunction with the 2011 Form 10-K and subsequent amendments on Form 10-K/A and with our reports filed with the Securities and Exchange Commission after February 28, 2012.
 
 
PART II
 

 
ITEM 6. SELECTED FINANCIAL DATA
 


The following table presents selected financial data of Sempra Energy for the five years ended December 31, 2011. The data is derived from our audited consolidated financial statements. You should read this information in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 (Exhibit 99.4 of this report) and the Consolidated Financial Statements and Notes to Consolidated Financial Statements contained in Part II, Item 8 (Exhibit 99.5 of this report).
 

FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA FOR SEMPRA ENERGY
(In millions, except for per share amounts)
 
At December 31 or for the years then ended
 
2011(1)
2010(1)
2009(1)
2008(1)
2007 
Sempra Energy Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Utilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Natural gas
$
 4,489 
 
$
 4,491 
 
$
 4,002 
 
$
 5,573 
 
$
 4,968 
 
    Electric
 
 3,833 
 
 
 2,528 
 
 
 2,419 
 
 
 2,553 
 
 
 2,184 
 
Energy-related businesses
 
 1,714 
 
 
 1,984 
 
 
 1,685 
 
 
 2,632 
 
 
 4,286 
 
    Total revenues
$
 10,036 
 
$
 9,003 
 
$
 8,106 
 
$
 10,758 
 
$
 11,438 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$
 1,381 
 
$
 703 
 
$
 1,122 
 
$
 1,061 
 
$
 1,118 
 
(Earnings) losses from continuing operations attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    to noncontrolling interests
 
 (42)
 
 
 16 
 
 
 7 
 
 
 55 
 
 
 17 
 
Preferred dividends of subsidiaries
 
 (8)
 
 
 (10)
 
 
 (10)
 
 
 (10)
 
 
 (10)
 
Income from continuing operations attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    to common shares
$
 1,331 
 
$
 709 
 
$
 1,119 
 
$
 1,106 
 
$
 1,125 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
 1,381 
 
$
 703 
 
$
 1,122 
 
$
 1,061 
 
$
 1,092 
 
Earnings attributable to common shares
$
 1,331 
 
$
 709 
 
$
 1,119 
 
$
 1,106 
 
$
 1,099 
 
Attributable to common shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Income from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        Basic
$
 5.55 
 
$
 2.90 
 
$
 4.60 
 
$
 4.47 
 
$
 4.34 
 
        Diluted
$
 5.51 
 
$
 2.86 
 
$
 4.52 
 
$
 4.40 
 
$
 4.26 
 
    Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
        Basic
$
 5.55 
 
$
 2.90 
 
$
 4.60 
 
$
 4.47 
 
$
 4.24 
 
        Diluted
$
 5.51 
 
$
 2.86 
 
$
 4.52 
 
$
 4.40 
 
$
 4.16 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
$
 1.92 
 
$
 1.56 
 
$
 1.56 
 
$
 1.37 
 
$
 1.24 
 
Return on common equity
 
 14.2 
%
 
 7.9 
%
 
 13.2 
%
 
 13.6 
%
 
 13.9 
%
Effective income tax rate
 
 23 
%
 
 17 
%
 
 29 
%
 
 31 
%
 
 34 
%
Price range of common shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    High
$
 55.97 
 
$
 56.61 
 
$
 57.18 
 
$
 63.00 
 
$
 66.38 
 
    Low
$
 44.78 
 
$
 43.91 
 
$
 36.43 
 
$
 34.29 
 
$
 50.95 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average rate base:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    SoCalGas
$
 2,948 
 
$
 2,860 
 
$
 2,758 
 
$
 2,702 
 
$
 2,642 
 
    SDG&E
$
 5,071 
 
$
 4,697 
 
$
 4,362 
 
$
 4,050 
 
$
 3,846 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AT DECEMBER 31
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
$
 2,332 
 
$
 3,363 
 
$
 2,296 
 
$
 2,476 
 
$
 9,964 
 
Total assets
$
 33,249 
 
$
 30,231 
 
$
 28,501 
 
$
 26,389 
 
$
 28,717 
 
Current liabilities
$
 4,152 
 
$
 3,786 
 
$
 3,887 
 
$
 3,612 
 
$
 9,020 
 
Long-term debt (excludes current portion)
$
 10,078 
 
$
 8,980 
 
$
 7,460 
 
$
 6,544 
 
$
 4,553 
 
Short-term debt(2)
$
 785 
 
$
 507 
 
$
 1,191 
 
$
 913 
 
$
 1,071 
 
Contingently redeemable preferred stock of subsidiary
$
 79 
 
$
 79 
 
$
 79 
 
$
 79 
 
$
 79 
 
Sempra Energy shareholders’ equity
$
 9,775 
 
$
 8,990 
 
$
 9,000 
 
$
 7,962 
 
$
 8,339 
 
Common shares outstanding
 
 239.9 
 
 
 240.4 
 
 
 246.5 
 
 
 243.3 
 
 
 261.2 
 
Book value per share
$
 40.74 
 
$
 37.39 
 
$
 36.51 
 
$
 32.72 
 
$
 31.93 
 
(1) As adjusted for the retrospective effect of a change in accounting principle as we discuss in Note 1 of the Notes to Consolidated Financial Statements.  This change had no impact at December 31, 2007 or for the year then ended.
(2) Includes long-term debt due within one year.



We discuss the impact of natural gas prices on revenues in 2011, 2010 and 2009 and the changes in our effective income tax rate in 2011 and 2010 in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Changes in Revenues, Costs and Earnings.”
 
On April 6, 2011, we increased our interests in two South American utilities, which are now consolidated. Prior to the acquisition, we accounted for our investments in these entities as equity method investments. On April 30, 2010, we completed an acquisition resulting in the purchase of Mexican pipeline and natural gas infrastructure.  We discuss these acquisitions in Note 3 of the Notes to Consolidated Financial Statements.
 
On April 1, 2008, we sold our commodities-marketing businesses into a joint venture, and began accounting for these businesses under the equity method. In 2010 and early 2011, we and RBS sold substantially all of the businesses and assets of the joint venture. We discuss these transactions further in Notes 3 and 4 of the Notes to Consolidated Financial Statements.
 
We discuss litigation and other contingencies in Note 15 of the Notes to Consolidated Financial Statements.
 
Net Income and Earnings Attributable to Common Shares in 2007 included $26 million in after-tax loss from discontinued operations, primarily due to asset sales.