EX-99 4 nu8kexh992030204.txt FINANCIALS 123103 Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Balance Sheets ---------------------------
December 31, December 31, 2003 2002 ---- ---- (Thousands of Dollars) ASSETS ------ Current Assets: Cash and cash equivalents $ 37,196 $ 50,333 Unrestricted cash from counterparties 46,496 16,890 Restricted cash - LMP costs 93,630 - Special deposits 79,120 30,716 Investments in securitizable assets 166,465 178,908 Receivables, net 704,893 767,089 Unbilled revenues 125,881 126,236 Fuel, materials and supplies, at average cost 154,076 119,853 Derivative assets 301,194 130,929 63,780 110,261 ------------ ------------ Prepayments and other 1,772,731 1,531,215 ------------ ------------ Property, Plant and Equipment: Electric utility 5,465,854 5,141,951 Gas utility 743,990 679,055 Competitive energy 885,953 866,294 Other 221,986 205,115 ------------ ----------- 7,317,783 6,892,415 Less: Accumulated depreciation 2,244,263 2,163,613 ------------ ----------- 5,073,520 4,728,802 Construction work in progress 356,396 320,567 ------------ ----------- 5,429,916 5,049,369 ------------ ----------- Deferred Debits and Other Assets: Regulatory assets 2,974,022 3,076,095 Goodwill 319,986 321,004 Purchased intangible assets, net 22,956 24,863 Prepaid pension 360,706 328,890 Other 428,567 433,444 ------------ ------------ 4,106,237 4,184,296 ------------ ----------- Total Assets $11,308,884 $10,764,880 ------------ ------------ ------------ ------------
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 ------------------------------------ Consolidated Balance Sheets ---------------------------
December 31, December 31, 2003 2002 ---- ---- (Thousands of Dollars) LIABILITIES AND CAPITALIZATION ------------------------------ Current Liabilities: Notes payable to banks $ 105,000 $ 56,000 Long-term debt - current portion 64,936 56,906 Accounts payable 768,783 776,219 Accrued taxes 51,598 141,667 Accrued interest 41,653 40,597 Derivative liabilities 164,689 63,900 Other 249,576 208,680 ------------ ------------ 1,446,235 1,343,969 ------------ ------------ Rate Reduction Bonds 1,729,960 1,899,312 ------------ ------------ Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,287,354 1,436,507 Accumulated deferred investment tax credits 102,652 106,471 Deferred contractual obligations 469,218 354,469 Regulatory liabilities 1,164,288 740,195 Other 247,526 270,092 ------------ ------------ 3,271,038 2,907,734 ------------ ------------ Capitalization: Long-Term Debt 2,481,331 2,287,144 ------------ ------------ Preferred Stock of Subsidiaries - Nonredeemable 116,200 116,200 ------------ ------------ Common Shareholders' Equity: Common shares, $5 par value - authorized 225,000,000 shares; 150,398,403 shares issued and 127,695,999 shares outstanding in 2003 and 149,375,847 shares issued and 127,562,031 shares outstanding in 2002 751,992 746,879 Capital surplus, paid in 1,108,924 1,108,338 Deferred contribution plan - employee stock ownership plan (73,694) (87,746) Retained earnings 808,932 765,611 Accumulated other comprehensive income 25,991 14,927 Treasury stock (358,025) (337,488) ------------ ------------ Common Shareholders' Equity 2,264,120 2,210,521 ------------ ------------ Total Capitalization 4,861,651 4,613,865 ------------ ------------ Total Liabilities and Capitalization $11,308,884 $10,764,880 ------------ ------------ ------------ ------------
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. Exhibit 99.2 Northeast Utilities and Subsidiaries ------------------------------------ Consolidated Statements of Income ---------------------------------
Three Months Ended December 31, ---------------------------- 2003 2002 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $1,514,818 $ 1,404,200 ------------ ------------ Operating Expenses: Operation - Fuel, purchased and net interchange power 967,618 850,240 Other 255,281 171,617 Maintenance 62,171 69,455 Depreciation 53,344 48,889 Amortization 49,884 227,841 Amortization of rate reduction bonds 37,940 32,573 Taxes other than income taxes 54,069 50,475 Gain on sale of utility plant - (187,113) ------------ ------------ Total operating expenses 1,480,307 1,263,977 ------------ ------------ Operating Income 34,511 140,223 Interest Expense: Interest on long-term debt 32,763 32,971 Interest on rate reduction bonds 26,271 28,252 Other interest 905 5,680 ------------ ------------ Interest expense, net 59,939 66,903 ------------ ------------ Other (Loss)/Income, Net (6,443) 24,113 ------------ ------------ (Loss)/Income Before Income Tax (Benefit)/Expense (31,871) 97,433 Income Tax (Benefit)/Expense (23,361) 40,008 ------------ ------------ (Loss)/Income Before Preferred Dividends of Subsidiaries (8,510) 57,425 Preferred Dividends of Subsidiaries 1,390 1,390 ------------ ------------ (Loss)/Income Before Cumulative Effect of Accounting Change (9,900) 56,035 Cumulative effect of accounting change, net of tax benefit of $2,553 - - ------------ ------------ Net (Loss)/Income $ (9,900) $ 56,035 ------------ ------------ ------------ ------------ Fully Diluted (Loss)/Earnings Per Common Share: (Loss)/Income Before Cumulative Effect of Accounting Change $ (0.08) $ 0.44 Cumulative effect of accounting change, net of tax benefit - - ------------ ------------ Fully Diluted (Loss)/Earnings Per Common Share $ (0.08) $ 0.44 ------------ ------------ ------------ ------------ Fully Diluted Common Shares Outstanding (average) 127,768,667 128,179,015 ------------ ------------ ------------ ------------
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 ------------------------------------ Consolidated Statements of Income ---------------------------------
Twelve Months Ended December 31, ---------------------------- 2003 2002 ----------- ------------- (Thousands of Dollars, Except Share Information) Operating Revenues $ 6,069,156 $ 5,237,000 ------------- ------------ Operating Expenses: Operation - Fuel, purchased and net interchange power 3,730,416 3,046,781 Other 900,437 752,482 Maintenance 232,030 263,487 Depreciation 204,388 205,646 Amortization 182,675 312,955 Amortization of rate reduction bonds 153,172 148,589 Taxes other than income taxes 232,672 227,518 Gain on sale of utility plant - (187,113) ------------- ------------ Total operating expenses 5,635,790 4,770,345 ------------- ------------ Operating Income 433,366 466,655 Interest Expense: Interest on long-term debt 126,259 134,471 Interest on rate reduction bonds 108,359 115,791 Other interest 11,740 20,249 ------------- ------------ Interest expense, net 246,358 270,511 ------------- ------------ Other (Loss)/Income, Net (435) 43,828 ------------- ------------ (Loss)/Income Before Income Tax (Benefit)/Expense 186,573 239,972 Income Tax (Benefit)/Expense 59,862 82,304 ------------- ------------ (Loss)/Income Before Preferred Dividends of Subsidiaries 126,711 157,668 Preferred Dividends of Subsidiaries 5,559 5,559 ------------- ------------ (Loss)/Income Before Cumulative Effect of Accounting Change 121,152 152,109 Cumulative effect of accounting change, net of tax benefit of $2,553 (4,741) - ------------- ------------ Net (Loss)/Income $ 116,411 $ 152,109 ------------- ------------ ------------- ------------ Fully Diluted (Loss)/Earnings Per Common Share: (Loss)/Income Before Cumulative Effect of Accounting Change $ 0.95 $ 1.18 Cumulative effect of accounting change, net of tax benefit (0.04) - ------------- ------------ Fully Diluted (Loss)/Earnings Per Common Share $ 0.91 $ 1.18 ------------- ------------ ------------- ------------ Fully Diluted Common Shares Outstanding (average) 127,240,724 129,341,360 ------------- ------------ ------------- ------------
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.