EX-99 2 september2010brokersreport.htm BROKER'S STATEMENT BROKERS REPORT

Exhibit 99.2




 

NORTHEAST UTILITIES AND SUBSIDIARIES

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and Cash Equivalents

$

41,179

 

$

26,952

Receivables, Net

 

526,280

 

 

512,770

Unbilled Revenues

 

151,923

 

 

229,326

Fuel, Materials and Supplies

 

247,254

 

 

277,085

Marketable Securities

 

79,969

 

 

66,236

Derivative Assets

 

10,651

 

 

31,785

Prepayments and Other Current Assets

 

178,739

 

 

123,700

Total Current Assets

 

1,235,995

 

 

1,267,854

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

9,318,017

 

 

8,839,965

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

Regulatory Assets

 

3,085,019

 

 

3,244,931

Goodwill

 

287,591

 

 

287,591

Marketable Securities

 

45,727

 

 

54,905

Derivative Assets

 

134,704

 

 

189,751

Other Long-Term Assets

 

190,535

 

 

172,682

Total Deferred Debits and Other Assets

 

3,743,576

 

 

3,949,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

14,297,588

 

$

14,057,679

 

 

 

 

 

 


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)

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Notes Payable to Banks

$

156,000

 

$

100,313

Long-Term Debt - Current Portion

 

66,286

 

 

66,286

Accounts Payable

 

379,184

 

 

457,582

Obligations to Third Party Suppliers

 

71,995

 

 

44,978

Accrued Taxes

 

69,870

 

 

50,246

Accrued Interest

 

107,828

 

 

83,763

Derivative Liabilities

 

61,317

 

 

37,617

Other Current Liabilities

 

144,668

 

 

138,627

Total Current Liabilities

 

1,057,148

 

 

979,412

 

 

 

 

 

 

Rate Reduction Bonds

 

246,711

 

 

442,436

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

Accumulated Deferred Income Taxes

 

1,546,255

 

 

1,380,143

Regulatory Liabilities

 

434,498

 

 

485,706

Derivative Liabilities

 

996,209

 

 

955,646

Accrued Pension

 

759,263

 

 

781,431

Other Long-Term Liabilities

 

781,246

 

 

845,868

Total Deferred Credits and Other Liabilities

 

4,517,471

 

 

4,448,794

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

Long-Term Debt

 

4,635,960 

 

 

4,492,935 

 

 

 

 

 

 

Noncontrolling Interest in Consolidated Subsidiary:

 

 

 

 

 

Preferred Stock Not Subject to Mandatory Redemption

 

116,200 

 

 

116,200 

 

 

 

 

 

 

Equity:

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

Common Shares

 

978,677 

 

 

977,276 

Capital Surplus, Paid In

 

1,772,959 

 

 

1,762,097 

Deferred Contribution Plan

 

 

 

(2,944)

Retained Earnings

 

1,368,956 

 

 

1,246,543 

Accumulated Other Comprehensive Loss

 

(40,979)

 

 

(43,467)

Treasury Stock

 

(356,950)

 

 

(361,603)

Common Shareholders' Equity

 

3,722,663 

 

 

3,577,902 

Noncontrolling Interest

 

1,435 

 

 

Total Equity

 

3,724,098 

 

 

3,577,902 

Total Capitalization

 

8,476,258 

 

 

8,187,037 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

14,297,588 

 

$

14,057,679 

 

 

 

 

 

 


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)

 

 

  


 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(Thousands of Dollars, Except Share Information)

2010

 

2009

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

1,243,337

 

$

1,306,173

 

$

3,694,182

 

$

4,124,087

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

494,125

 

 

611,632

 

 

1,539,703

 

 

2,034,151

Other Operating Expenses

 

233,472

 

 

250,296

 

 

688,409

 

 

732,562

Maintenance

 

49,951

 

 

61,609

 

 

162,405

 

 

166,812

Depreciation

 

70,954

 

 

77,074

 

 

228,685

 

 

231,825

Amortization of Regulatory Assets, Net

 

50,341

 

 

10,542

 

 

50,908

 

 

19,194

Amortization of Rate Reduction Bonds

 

60,434

 

 

56,669

 

 

175,000

 

 

163,871

Taxes Other Than Income Taxes

 

84,427

 

 

75,798

 

 

244,431

 

 

216,651

Total Operating Expenses

 

1,043,704

 

 

1,143,620

 

 

3,089,541

 

 

3,565,066

Operating Income

 

199,633

 

 

162,553

 

 

604,641

 

 

559,021

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

57,802

 

 

55,733

 

 

173,594

 

 

168,191

Interest on Rate Reduction Bonds

 

4,661

 

 

8,657

 

 

16,985

 

 

28,889

Other Interest

 

3,435

 

 

5,245

 

 

9,778

 

 

8,490

Interest Expense

 

65,898

 

 

69,635

 

 

200,357

 

 

205,570

Other Income, Net

 

10,118

 

 

9,490

 

 

19,726

 

 

26,081

Income Before Income Tax Expense

 

143,853

 

 

102,408

 

 

424,010

 

 

379,532

Income Tax Expense

 

41,918

 

 

36,230

 

 

161,126

 

 

130,047

Net Income

 

101,935

 

 

66,178

 

 

262,884

 

 

249,485

Net Income Attributable to Noncontrolling Interests

 

1,411

 

 

1,390

 

 

4,204

 

 

4,169

Net Income Attributable to Controlling Interests

$

100,524

 

$

64,788

 

$

258,680

 

$

245,316

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Common Share

$

0.57

 

$

0.37

 

$

1.47

 

$

1.43

 

 

 

 

 

 

 

 

 

 

 

 

Fully Diluted Earnings Per Common Share

$

0.57

 

$

0.37

 

$

1.46

 

$

1.43

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

0.26

 

$

0.24

 

$

0.77

 

$

0.71

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

176,752,714

 

 

175,358,776

 

 

176,557,889

 

 

170,958,396

Fully Diluted

 

177,012,278

 

 

175,995,506

 

 

176,762,088

 

 

171,532,913


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)

 

 

 

 

 

 

 

Nine Months Ended September 30,

(Thousands of Dollars)

 

2010

 

 

2009

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

   Net Income

$

262,884 

 

$

249,485 

   Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

     Provided by Operating Activities:

 

 

 

 

 

      Bad Debt Expense

 

24,632 

 

 

31,519 

      Depreciation

 

228,685 

 

 

231,825 

      Deferred Income Taxes

 

105,070 

 

 

77,617 

      Pension and PBOP Expense, Net of PBOP Contributions

 

41,709 

 

 

10,197 

      Pension Contribution

 

(45,000)

 

 

      Regulatory Overrecoveries, Net

 

44,479 

 

 

44,519 

      Amortization of Regulatory Assets, Net

 

50,908 

 

 

19,194 

      Amortization of Rate Reduction Bonds

 

175,000 

 

 

163,871 

      Derivative Assets and Liabilities

 

(9,228)

 

 

(18,519)

      Other

 

(46,190)

 

 

(13,485)

   Changes in Current Assets and Liabilities:

 

 

 

 

 

      Receivables and Unbilled Revenues, Net

 

20,905 

 

 

122,700 

      Fuel, Materials and Supplies

 

33,337 

 

 

18,900 

      Taxes Receivable/(Accrued)

 

(12,904)

 

 

59,641 

      Other Current Assets

 

(6,379)

 

 

(7,490)

      Accounts Payable

 

(59,601)

 

 

(242,179)

      Other Current Liabilities

 

35,340 

 

 

13,335 

Net Cash Flows Provided by Operating Activities

 

843,647 

 

 

761,130 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

   Investments in Property and Plant

 

(677,579)

 

 

(634,446)

   Proceeds from Sales of Marketable Securities

 

146,305 

 

 

182,131 

   Purchases of Marketable Securities

 

(148,075)

 

 

(183,814)

   Other Investing Activities

 

(10,412)

 

 

4,298 

Net Cash Flows Used in Investing Activities

 

(689,761)

 

 

(631,831)

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

   Issuance of Common Shares

 

 

 

388,529 

   Cash Dividends on Common Shares

 

(135,349)

 

 

(120,647)

   Cash Dividends on Preferred Stock

 

(4,169)

 

 

(4,169)

   Increase/(Decrease) in Short-Term Debt

 

55,687 

 

 

(293,663)

   Issuance of Long-Term Debt

 

145,000 

 

 

312,000 

   Retirements of Long-Term Debt

 

(4,286)

 

 

(54,286)

   Retirements of Rate Reduction Bonds

 

(195,724)

 

 

(183,208)

   Other Financing Activities

 

(818)

 

 

(14,694)

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

 

(139,659)

 

 

29,862 

Net Increase in Cash and Cash Equivalents

 

14,227 

 

 

159,161 

Cash and Cash Equivalents - Beginning of Period

 

26,952 

 

 

89,816 

Cash and Cash Equivalents - End of Period

$

41,179 

 

$

248,977 


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.