EX-99 4 march2013nubrokers.htm FINANCIAL REPORT FOR THE THREE MONTHS ENDED MARCH 31, 2013. Converted by EDGARwiz

EXHIBIT 99.2



NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2013

 

2012

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

60,817

 

$

45,748

 

Receivables, Net

 

832,989

 

 

792,822

 

Unbilled Revenues

 

195,870

 

 

216,040

 

Fuel, Materials and Supplies

 

239,226

 

 

267,713

 

Regulatory Assets

 

625,542

 

 

705,025

 

Marketable Securities

 

99,115

 

 

91,975

 

Prepayments and Other Current Assets

 

104,452

 

 

107,972

Total Current Assets

 

2,158,011

 

 

2,227,295

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

16,737,549

 

 

16,605,010

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

5,015,108

 

 

5,132,411

 

Goodwill

 

3,519,401

 

 

3,519,401

 

Marketable Securities

 

492,003

 

 

400,329

 

Derivative Assets

 

94,970

 

 

90,612

 

Other Long-Term Assets

 

311,619

 

 

327,766

Total Deferred Debits and Other Assets

 

9,433,101

 

 

9,470,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

28,328,661

 

$

28,302,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.








NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2013

 

2012

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 


  Notes Payable

$

1,287,000 

 

$

1,120,196 

  Long-Term Debt - Current Portion

 

947,328 

 

 

763,338 

  Accounts Payable

 

633,458 

 

 

764,350 

  Regulatory Liabilities

 

191,707 

 

 

134,115 

  Derivative Liabilities

 

108,964 

 

 

117,194 

  Other Current Liabilities

 

671,180 

 

 

744,497 

Total Current Liabilities

 

3,839,637 

 

 

3,643,690 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

19,610 

 

 

82,139 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

3,614,278 

 

 

3,463,347 

  Regulatory Liabilities

 

531,546 

 

 

540,162 

  Derivative Liabilities

 

840,043 

 

 

882,654 

  Accrued Pension, SERP and PBOP

 

2,097,550 

 

 

2,130,497 

  Other Long-Term Liabilities

 

873,637 

 

 

967,561 

Total Deferred Credits and Other Liabilities

 

7,957,054 

 

 

7,984,221 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

7,011,561 

 

 

7,200,156 

 

 

 

 

 

 

 

 

   Noncontrolling Interest - Preferred Stock of Subsidiaries

 

155,568 

 

 

155,568 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

1,664,760 

 

 

1,662,547 

 

  Capital Surplus, Paid In

 

6,173,801 

 

 

6,183,267 

 

  Retained Earnings

 

1,914,371 

 

 

1,802,714 

 

  Accumulated Other Comprehensive Loss

 

(70,898)

 

 

(72,854)

 

  Treasury Stock

 

(336,803)

 

 

(338,624)

   Common Shareholders' Equity

 

9,345,231 

 

 

9,237,050 

Total Capitalization

 

16,512,360 

 

 

16,592,774 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

28,328,661 

 

$

28,302,824 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.








NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

(Thousands of Dollars, Except Share Information)

2013

 

2012

 

 

 

 

 

 

 

 

 

Operating Revenues

$

1,995,023 

 

$

1,099,623

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

747,809 

 

 

395,344

 

Operations and Maintenance

 

346,092 

 

 

261,963

 

Depreciation

 

154,977 

 

 

80,839

 

Amortization of Regulatory Assets, Net

 

54,049 

 

 

5,426

 

Amortization of Rate Reduction Bonds

 

34,499 

 

 

18,347

 

Energy Efficiency Programs

 

105,771 

 

 

37,273

 

Taxes Other Than Income Taxes

 

132,881 

 

 

86,038

 

 

 

Total Operating Expenses

 

1,576,078 

 

 

885,230

Operating Income

 

418,945 

 

 

214,393

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest on Long-Term Debt

 

85,295 

 

 

59,968

 

Interest on Rate Reduction Bonds

 

611 

 

 

1,431

 

Other Interest

 

(9,651)

 

 

5,048

 

 

 

Interest Expense

 

76,255 

 

 

66,447

Other Income, Net

 

7,765 

 

 

8,773

Income Before Income Tax Expense

 

350,455 

 

 

156,719

Income Tax Expense

 

120,487 

 

 

55,964

Net Income

 

229,968 

 

 

100,755

Net Income Attributable to Noncontrolling Interests

 

1,879 

 

 

1,493

Net Income Attributable to Controlling Interest

$

228,089 

 

$

99,262

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

0.72 

 

$

0.56

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

0.37 

 

$

0.29

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

Basic

 

315,129,782 

 

 

178,055,716

 

Diluted

 

316,002,538 

 

 

178,437,453



The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.








NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

(Thousands of Dollars)

2013

 

2012

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

229,968 

 

$

100,755 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Depreciation

 

154,977 

 

 

80,839 

 

 

 Deferred Income Taxes

 

168,938 

 

 

52,474 

 

 

 Pension, SERP and PBOP Expense

 

53,102 

 

 

42,268 

 

 

 Pension and PBOP Contributions

 

(47,048)

 

 

(98,910)

 

 

 Regulatory Over/(Under) Recoveries, Net

 

39,218 

 

 

(27,569)

 

 

 Amortization of Regulatory Assets, Net

 

54,049 

 

 

5,426 

 

 

 Amortization of Rate Reduction Bonds

 

34,499 

 

 

18,347 

 

 

 Proceeds from DOE Damages Claim

 

77,936 

 

 

 

 

 Other

 

(51,106)

 

 

(5,484)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

(129,431)

 

 

29,276 

 

 

 Fuel, Materials and Supplies

 

28,487 

 

 

30,108 

 

 

 Taxes Receivable/Accrued, Net

 

(21,295)

 

 

11,758 

 

 

 Accounts Payable

 

(86,916)

 

 

(190,232)

 

 

 Other Current Assets and Liabilities, Net

 

(32,235)

 

 

(40,240)

Net Cash Flows Provided by Operating Activities

 

473,143 

 

 

8,816 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

(388,950)

 

 

(304,294)

 

Proceeds from Sales of Marketable Securities

 

141,500 

 

 

40,947 

 

Purchases of Marketable Securities

 

(233,429)

 

 

(41,570)

 

Other Investing Activities

 

33,966 

 

 

2,448 

Net Cash Flows Used in Investing Activities

 

(446,913)

 

 

(302,469)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

(116,431)

 

 

(52,104)

 

Cash Dividends on Preferred Stock

 

(1,879)

 

 

(1,390)

 

Increase/(Decrease) in Short-Term Debt

 

(228,000)

 

 

343,000 

 

Issuance of Long-Term Debt

 

400,000 

 

 

300,000 

 

Retirements of Rate Reduction Bonds

 

(62,529)

 

 

(17,903)

 

Other Financing Activities

 

(2,322)

 

 

(1,130)

Net Cash Flows (Used in)/Provided by Financing Activities

 

(11,161)

 

 

570,473 

Net Increase in Cash and Cash Equivalents

 

15,069 

 

 

276,820 

Cash and Cash Equivalents - Beginning of Period

 

45,748 

 

 

6,559 

Cash and Cash Equivalents - End of Period

$

60,817 

 

$

283,379 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.