-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, E/FyGR5vbdL9Ivtdn5+l37Lb6yaNHD2W3uxUJ/Q7cewZQsKj9lWi/mEzo22Ek5vY dqoCNU/YEi0+orQvg+CwHw== 0000950168-97-002402.txt : 19970822 0000950168-97-002402.hdr.sgml : 19970822 ACCESSION NUMBER: 0000950168-97-002402 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970821 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: DUKE ENERGY CORP CENTRAL INDEX KEY: 0000030371 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560205520 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04928 FILM NUMBER: 97667786 BUSINESS ADDRESS: STREET 1: 422 S CHURCH ST CITY: CHARLOTTE STATE: NC ZIP: 28242-0001 BUSINESS PHONE: 7045940887 MAIL ADDRESS: STREET 1: 422 S CHURCH ST CITY: CHARLOTTE STATE: NC ZIP: 28242 FORMER COMPANY: FORMER CONFORMED NAME: DUKE POWER CO /NC/ DATE OF NAME CHANGE: 19920703 10-Q/A 1 DUKE ENERGY CORPORATION FORM 10-Q/A 61470.1 - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- Amendment No. 1 to FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR QUARTER ENDED JUNE 30, 1997 COMMISSION FILE NUMBER 1-4928 DUKE ENERGY CORPORATION (Exact name of Registrant as Specified in its Charter) NORTH CAROLINA 56-0205520 (State or Other Jurisdiction (IRS Employer of Incorporation) Identification No.) 422 SOUTH CHURCH STREET CHARLOTTE, NC 28202-1904 (Address of Principal Executive Offices) (Zip code) Registrant's telephone number, including area code: 704-594-0887 DUKE POWER COMPANY 422 SOUTH CHURCH STREET CHARLOTTE, NORTH CAROLINA 28242-0001 (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No __ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Number of shares of Common Stock, without par value, outstanding at July 31, 1997: 359,852,202 shares DUKE ENERGY CORPORATION INDEX PART I. FINANCIAL INFORMATION
Page Consolidated Statements of Income for the Three Months Ended and Year to Date June 30, 1997 and 1996 2 Consolidated Statements of Cash Flows for the Year to Date June 30, 1997 and 1996 3 Consolidated Balance Sheets as of June 30, 1997 and December 31, 1996 4 Notes to Consolidated Financial Statements 6 Management's Discussion and Analysis of Results of Operations and Financial Condition 12 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders 19 Item 5. Other Information 19 Item 6. Exhibits and Reports on Form 8-K 20 SIGNATURES 21
1 Part I. FINANCIAL INFORMATION Item 1. CONSOLIDATED FINANCIAL STATEMENTS
DUKE ENERGY CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share amounts) Three Months Ended Year To Date June 30 June 30 ---------------------------------- ---------------------------------- 1997 1996 1997 1996 -------------- ---------------- -------------- ---------------- Operating Revenues Natural gas and petroleum products Sales of natural gas and petroleum products $ 1,507.1 $ 1,047.6 $ 3,634.4 $ 2,317.8 Transportation and storage of natural gas 358.2 359.7 768.2 760.6 Electric Generation, transmission, and distribution 982.9 1,053.0 2,007.2 2,153.4 Trading and marketing of electricity 112.5 7.8 195.0 8.8 Other 152.1 91.2 293.8 177.8 -------------- ---------------- -------------- ---------------- Total operating revenues 3,112.8 2,559.3 6,898.6 5,418.4 -------------- ---------------- -------------- ---------------- Operating Expenses Natural gas and petroleum products purchased 1,416.6 976.9 3,385.5 2,132.6 Fuel used in electric generation 167.5 182.2 338.5 358.8 Net interchange and purchased power 196.6 98.8 358.0 209.0 Other operation and maintenance 685.5 543.1 1,259.1 1,100.6 Depreciation and amortization 205.4 195.8 409.4 390.6 Property and other taxes 89.2 83.3 186.1 171.9 -------------- ---------------- -------------- ---------------- Total operating expenses 2,760.8 2,080.1 5,936.6 4,363.5 -------------- ---------------- -------------- ---------------- Operating Income 352.0 479.2 962.0 1,054.9 -------------- ---------------- -------------- ---------------- Other Income and Expenses Deferred returns and allowance for funds used during construction 37.2 26.2 63.4 53.2 Other, net 17.8 7.8 25.9 14.0 -------------- ---------------- -------------- ---------------- Total other income and expenses 55.0 34.0 89.3 67.2 -------------- ---------------- -------------- ---------------- Earnings Before Interest and Taxes 407.0 513.2 1,051.3 1,122.1 Interest Expense 111.6 123.8 229.2 251.2 Minority Interests 1.8 - 12.3 - -------------- ---------------- -------------- ---------------- Earnings Before Income Taxes 293.6 389.4 809.8 870.9 Income Taxes 125.0 152.3 329.5 340.7 -------------- ---------------- -------------- ---------------- Net Income 168.6 237.1 480.3 530.2 Dividends on Preferred and Preference Stock 11.0 11.0 22.1 22.2 -------------- ---------------- -------------- ---------------- Earnings Available For Common $ 157.6 $ 226.1 $ 458.2 $ 508.0 ============== ================ ============== ================ Common Stock Data Average shares outstanding 359.8 362.4 359.7 362.2 Earnings per share $ 0.43 $ 0.62 $ 1.27 $ 1.40 Dividends per share $ 0.40 $ 0.39 $ 0.80 $ 0.77 See Notes to Consolidated Financial Statements.
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DUKE ENERGY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Year To Date June 30 ----------------------------------- 1997 1996 --------------- --------------- CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 480.3 $ 530.2 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 475.2 487.8 Deferred income taxes 35.7 27.2 Purchased capacity levelization 28.9 57.1 (Increase) Decrease in Receivables 296.0 (61.3) Inventory (33.3) 29.4 Other current assets (175.9) (19.6) Increase (Decrease) in Accounts payable (412.2) (5.8) Taxes accrued 133.6 20.1 Interest accrued (9.0) (44.2) Other current liabilities 103.0 (4.8) Other, net (46.9) (41.8) --------------- --------------- Net cash provided by operating activities 875.4 974.3 --------------- --------------- CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures (557.5) (508.4) Investment expenditures (74.7) (38.4) Decommissioning, retirements and other investing 32.9 (13.7) --------------- --------------- Net cash used in investing activities (599.3) (560.5) --------------- --------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issuance of Long-term debt 155.6 9.2 Common stock 7.6 Payments for the redemption of long-term debt (205.1) (60.7) Net change in notes payable and commercial paper 75.8 (120.2) Dividends paid (308.4) (301.4) Other (46.1) 3.3 --------------- --------------- Net cash used in financing activities (328.2) (462.2) --------------- --------------- Net increase (decrease) in cash and cash equivalents (52.1) (48.4) Cash and cash equivalents at beginning of period 166.0 172.5 --------------- --------------- Cash and cash equivalents at end of period $ 113.9 $ 124.1 =============== =============== See Notes to Consolidated Financial Statements.
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DUKE ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) June 30, December 31, 1997 1996 ---------------- ---------------- ASSETS Current Assets Cash and cash equivalents $ 113.9 $ 166.0 Receivables 1,718.5 1,888.0 Inventory 466.8 433.5 Current portion of natural gas transition costs 66.4 67.9 Current portion of purchased capacity costs 63.7 51.3 Other 358.9 157.1 ---------------- ---------------- Total current assets 2,788.2 2,763.8 ---------------- ---------------- Investments and Other Assets Investments in affiliates 476.7 502.9 Nuclear decommissioning trust funds 425.2 362.6 Pre-funded pension costs 372.3 360.6 Goodwill, net 492.7 222.1 Other 160.7 142.4 ---------------- ---------------- Total investments and other assets 1,927.6 1,590.6 ---------------- ---------------- Property, Plant and Equipment Cost 24,907.4 24,468.2 Less accumulated depreciation and amortization 9,498.0 9,199.1 ---------------- ---------------- Net property, plant and equipment 15,409.4 15,269.1 ---------------- ---------------- Regulatory Assets Purchased capacity costs 799.4 840.7 Debt expense 234.3 244.0 Regulatory asset related to income taxes 507.7 493.5 Natural gas transition costs 220.7 250.0 Environmental clean-up costs 111.4 153.2 Other 315.5 350.0 ---------------- ---------------- Total regulatory assets 2,189.0 2,331.4 ---------------- ---------------- Total Assets $ 22,314.2 $ 21,954.9 ================ ================ See Notes to Consolidated Financial Statements.
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DUKE ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) June 30, December 31, 1997 1996 ---------------- ---------------- LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 1,002.9 $1,286.5 Notes payable and commercial paper 782.5 459.7 Taxes accrued 208.4 74.8 Interest accrued 115.3 124.3 Current portion of natural gas transition liabilities 102.1 84.4 Current portion of environmental clean-up liabilities 31.1 32.4 Current maturities of long-term debt and preferred stock 139.4 350.6 Other 611.3 508.3 ---------------- ---------------- Total current liabilities 2,993.0 2,921.0 ---------------- ---------------- Long-term Debt 5,643.0 5,485.1 ---------------- ---------------- Deferred Credits and Other Liabilities Deferred income taxes 3,623.1 3,568.5 Investment tax credit 244.5 250.1 Nuclear decommissioning costs externally funded 425.2 362.6 Natural gas transition liabilities 52.2 121.9 Environmental clean-up liabilities 177.4 188.9 Other 902.4 948.2 ---------------- ---------------- Total deferred credits and other liabilities 5,424.8 5,440.2 ---------------- ---------------- Minority Interests 67.4 83.4 ---------------- ---------------- Preferred and Preference Stock Preferred & preference stock with sinking fund requirements 229.8 234.0 Preferred & preference stock without sinking fund requirements 450.0 450.0 ---------------- ---------------- Total preferred and preference stock 679.8 684.0 ---------------- ---------------- Common Stockholders' Equity Common stock , no par, 500 million shares authorized; 359.9 million 4,296.9 4,289.3 and 359.4 million shares outstanding at June 30, 1997 and December 31, December 31, 1996, respectively Retained earnings 3,209.3 3,051.9 ---------------- ---------------- Total common stockholders' equity 7,506.2 7,341.2 ---------------- ---------------- Total Liabilities and Stockholders' Equity $ 22,314.2 $ 21,954.9 ================ ================ See Notes to Consolidated Financial Statements.
5 DUKE ENERGY CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. OPERATIONS AND BUSINESS COMBINATIONS Duke Energy Corporation (the Company) is one of North America's leading energy and energy services companies, involved in the production, transmission and sales of energy and delivery of energy related services worldwide. On June 18, 1997, Duke Power Company (Duke Power) changed its name to Duke Energy Corporation in accordance with the terms of a merger agreement with PanEnergy Corp (PanEnergy), pursuant to which the Company issued 158.3 million shares of its common stock in exchange for all of the outstanding common stock of PanEnergy. PanEnergy is involved in the transportation, storage, gathering and processing of natural gas, the production of natural gas liquids and is a marketer of natural gas, electricity, liquefied petroleum gases and related energy services. Pursuant to the merger, each share of PanEnergy common stock outstanding was converted into the right to receive 1.0444 shares of the Company's common stock. In addition, each outstanding option to purchase PanEnergy common stock became an option to purchase common stock of the Company, adjusted accordingly. The merger was accounted for as a pooling of interests and, accordingly, the consolidated financial statements for periods prior to the combination were restated to include the results of operations of PanEnergy. Operating revenues and net income previously reported by the separate companies and the combined amounts presented in the accompanying consolidated financial statements are as follows:
Duke IN MILLIONS Power PanEnergy Adjustments Combined ----------- -------------- --------------- -------------- Three Months Ended June 30, 1996 Operating revenues $ 1,119.8 $ 1,431.5 $ 8.0 $ 2,559.3 Net income $ 157.3 $ 79.8 - $ 237.1 Year To Date June 30, 1996 Operating revenues $ 2,281.9 $ 3,123.4 $ 13.1 $ 5,418.4 Net income $ 348.6 $ 181.6 - $ 530.2
The adjustment to operating revenues reflects a reclassification of PanEnergy's equity in earnings of unconsolidated affiliates from other income to revenues to be consistent with the Company's presentation. The Company participated in marketing electric power and natural gas through its 50% ownership interest in Duke/Louis Dreyfus LLC (Duke/Louis Dreyfus). On June 17, 1997, the Company acquired the remaining 50% ownership interest in Duke/Louis Dreyfus from affiliates of Louis Dreyfus Corp. in exchange for two notes totaling $247 million due August 15, 1997. The acquisition was accounted for by the purchase method. The assets and liabilities of Duke/Louis Dreyfus have been consolidated in the Company's financial statements as of June 30, 1997. The purchase price substantially represents goodwill and intangibles, which will be amortized over 10 years. 6 2. ACCOUNTING POLICIES General - The consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries. These quarterly financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective periods. Amounts reported in the Consolidated Statements of Income are not necessarily indicative of amounts expected for the respective years due to the effects of seasonal temperature variations on energy consumption and the timing of maintenance of certain electric generating units. Derivative Instruments - The Company, primarily through its subsidiaries, holds and issues instruments that reduce the Company's exposure to market fluctuations in the price and transportation costs of natural gas, petroleum products and electric power marketed. The Company uses futures, swaps and options to manage and hedge price and location risk related to market exposures. In order to qualify as a hedge, the price movements in the commodity derivatives must be highly correlated with the underlying hedged commodity. Gains and losses related to commodity derivatives which qualify as hedges of commodity commitments are recognized in income when the underlying hedged physical transaction closes (the deferral method) and are included in natural gas and petroleum products purchased or net interchange and purchased power in the Consolidated Statements of Income. Gains and losses related to such instruments, to the extent settled in cash, are reported as other current assets or liabilities, as appropriate, in the Consolidated Balance Sheets until recognized in income. If the derivative instrument is no longer sufficiently correlated to the underlying commodity, or if the derivative transaction closes earlier than anticipated, the deferred gains or losses are recognized in income. In addition to hedging activities, the Company also engages in the trading of such instruments, and therefore experiences net open positions in terms of price, volume and specified delivery point. Gains and losses on derivatives utilized for trading are recognized in income on a current basis (the mark to market method) and are also included in natural gas and petroleum products purchased or net interchange and purchased power. At June 30, 1997, the Company had unrealized gains of $245.1 million and unrealized losses of $201.6 million recorded as other current assets and other current liabilities, respectively, related to derivatives utilized for hedging and trading purposes. Supplemental Cash Flow Information - Total income taxes paid for the year to date June 30, 1997 and 1996 were $203.4 million and $301.1 million, respectively. Interest paid, net of amounts capitalized, for the year to date June 30, 1997 and 1996 was $232.4 million and $242.6 million, respectively. Reclassification - Certain amounts for the prior periods have been reclassified in the consolidated financial statements to conform to the current presentation. 3. BUSINESS SEGMENTS The Company is an integrated energy and energy services provider with the ability to offer physical delivery and management of both electricity and natural gas throughout the United States and abroad. The Company provides these services primarily through four business segments: Electric Operations, Natural Gas Transmission, Energy Services, and Parent and Other Operations. 7 The Electric Operations segment is engaged in the generation, transmission, distribution and sale of electric energy in central and western North Carolina and the western portion of South Carolina, comprising the area known as the Piedmont Carolinas. The Electric Operations in North Carolina and South Carolina are subject to the rules and regulations of the Federal Energy Regulatory Commission (FERC), the North Carolina Utilities Commission and The Public Service Commission of South Carolina. The Natural Gas Transmission segment is involved in interstate transportation and storage of natural gas for customers in the Mid-Atlantic, New England, Midwest and Gulf Coast states. The interstate natural gas transmission and storage operations of the Company's wholly owned subsidiaries Texas Eastern Transmission Corporation (TETCO), Algonquin Gas Transmission Company (Algonquin), Panhandle Eastern Pipe Line Company (PEPL), and Trunkline Gas Company (Trunkline) are also subject to the rules and regulations of the FERC. The Energy Services segment is comprised of several separate business units. Field Services gathers and processes natural gas and produces natural gas liquids. The Trading and Marketing operations focus on marketing of natural gas, electricity and liquefied petroleum gases. Other business activities conducted in this segment include ownership and operation of electric power facilities, engineering consulting, construction and other related energy services. Parent and Other Operations include real estate operations, communications services, corporate costs and intersegment eliminations.
- ------------------------------------- ----------- ----------- --------------- ---------------- Earnings Operating Before Interest Depreciation & IN MILLIONS Revenues Income & Taxes Amortization - ------------------------------------- ----------- ----------- --------------- ---------------- - ------------------------------------- THREE MONTHS ENDED JUNE 30, 1997 - ------------------------------------- Electric Operations $ 998.9 $ 244.2 $ 270.6 $ 124.3 Natural Gas Transmission 371.3 137.8 144.7 57.3 Field Services 697.9 31.8 31.9 17.4 Trading & Marketing 1,072.5 4.1 4.2 1.6 Other Energy Services 116.9 1.0 10.4 3.2 Parent & Other Operations (144.7) (66.9) (54.8) 1.6 -------- -------- ---------- -------- Total Consolidated $3,112.8 $ 352.0 $ 407.0 $ 205.4 ======== ======== ========== ======== - ------------------------------------- THREE MONTHS ENDED JUNE 30, 1996 - ------------------------------------- Electric Operations $1,071.8 $ 285.6 $ 312.6 $ 120.9 Natural Gas Transmission 368.5 139.0 142.5 57.5 Field Services 592.9 26.2 26.2 12.2 Trading & Marketing 555.2 10.1 10.4 0.9 Other Energy Services 47.3 4.8 5.3 2.5 Parent & Other Operations (76.4) 13.5 16.2 1.8 -------- -------- ---------- -------- Total Consolidated $2,559.3 $ 479.2 $ 513.2 $ 195.8 ======== ======== ========== ======== - ---------------------------------------------------------------------------------------------
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- ------------------------------------- ----------- ----------- --------------- ---------------- Earnings Operating Before Interest Depreciation & IN MILLIONS Revenues Income & Taxes Amortization - ------------------------------------- ----------- ----------- --------------- ---------------- - ------------------------------------- YEAR TO DATE JUNE 30, 1997 - ------------------------------------- Electric Operations $2,039.3 $ 560.6 $ 616.2 $ 247.3 Natural Gas Transmission 809.2 333.7 350.7 114.5 Field Services 1,470.1 82.6 82.8 34.9 Trading & Marketing 2,702.0 33.7 34.3 2.9 Other Energy Services 222.5 4.4 9.3 6.6 Parent & Other Operations (344.5) (53.0) (42.0) 3.2 ---------- ---------- ----------- --------- Total Consolidated $6,898.6 $ 962.0 $1,051.3 $ 409.4 ======== ======= ======== ========= - ------------------------------------- YEAR TO DATE JUNE 30, 1996 - ------------------------------------- Electric Operations $2,185.1 $ 624.2 $ 679.8 $ 241.2 Natural Gas Transmission 785.7 295.5 300.5 115.0 Field Services 1,095.9 60.7 62.8 24.0 Trading & Marketing 1,449.0 35.5 36.0 1.8 Other Energy Services 100.3 8.0 9.4 5.2 Parent & Other Operations (197.6) 31.0 33.6 3.4 -------- ------- --------- --------- Total Consolidated $5,418.4 $1,054.9 $1,122.1 $ 390.6 ======== ======== ======== ======== ____________________________________________________________________________________________
- - - ------------------------------------------------------------------------------ Capital and Investment IN MILLIONS Expenditures Identifiable Assets - ------------------------------------------------------------------------------ Year To Year To Date June Date June June 30, December 31, 30, 1997 30, 1996 1997 1996 -------------------------------------------------- Electric Operations $ 319.8 $ 358.4 $ 12,702.9 $ 12,625.2 Natural Gas Transmission 75.7 52.8 5,038.1 5,216.4 Field Services 74.3 50.9 1,828.4 1,769.4 Trading & Marketing 4.3 3.8 1,012.7 992.2 Other Energy Services 46.2 12.1 725.9 652.4 Parent & Other Operations 111.9 68.8 1,006.2 699.3 ------- ------ ---------- ---------- Total Consolidated $ 632.2 $ 546.8 $ 22,314.2 $ 21,954.9 ======= ======= ========== ========== - ----------------------------------------------------------------------------- 4. COMMITMENTS AND CONTINGENCIES Environmental Matters In July 1997, the Environmental Protection Agency (EPA) revised both the ozone and particulate matter national ambient air quality standards. The revised levels required by both of these standards are significantly more stringent than previous levels. The EPA is in the process of finalizing the implementation plans and schedules for both standards. The Company is currently evaluating the potential effects the changes in the standards may have on results of operations and financial position. The Company supports the objective of the Clean Air Act, and has reduced emissions through the use of low-sulfur coal and installation of low nitrogen-oxide burners at its fossil generating plants, through efficient operations and by utilizing nuclear generation. 9 Litigation On December 16, 1996, TETCO received notification that Marathon Oil Company (Marathon) intended to commence substitution of other gas reserves, deliverability and leases for those dedicated to a certain natural gas purchase contract (the Marathon Contract) with TETCO. In TETCO's view, the tendered substitute gas reserves, deliverability and leases are not subject to the Marathon Contract and TETCO filed a declaratory judgment action on December 17, 1996 in the U.S. District Court for the Eastern District of Louisiana seeking a ruling that Marathon's interpretation of the Marathon Contract is incorrect. On January 7, 1997, Marathon filed an answer and a counterclaim to TETCO's complaint seeking a declaratory judgment enforcing its interpretation of the Marathon Contract. On February 18, 1997, Amerada Hess Corporation (Amerada Hess) notified TETCO that it intended to commence substitution of other gas reserves, deliverability and leases for those dedicated to its natural gas purchase contract (the Amerada Hess Contract) with TETCO. On the same date, Amerada Hess also filed a petition in the District Court of Harris County, Texas, 157th Judicial District, seeking a declaratory judgment that its interpretation of the Amerada Hess Contract, which covers the same leases and reserves as the Marathon Contract, is correct. TETCO filed a declaratory judgment action with respect to Amerada Hess' contentions in the U.S. District Court for the Eastern District of Louisiana on February 21, 1997. The two actions have been transferred to the judge presiding over the Marathon Contract matter. The potential liability of the Company associated with both the Marathon Contract and the Amerada Hess Contract should TETCO be contractually obligated to purchase natural gas based upon the substitute gas reserves, deliverability and leases, and the effect of transition cost recoveries pursuant to TETCO's Order 636 settlement involve numerous complex legal and factual matters which will take a substantial period of time to resolve. Because these matters are in the early stages of litigation, the Company cannot estimate the effects on results of operations or financial position. On April 25, 1997, a group of affiliated plaintiffs that own and/or operate various pipeline and marketing partnerships in Kansas and Missouri filed suit against PEPL in the U.S. District Court for the Western District of Missouri. The plaintiffs allege that PEPL has engaged in unlawful and anti-competitive conduct with regard to requests for interconnects with the PEPL system for service to the Kansas City area. Asserting that PEPL has violated the antitrust laws and tortiously interfered with the plaintiffs' contracts with third parties, the plaintiffs seek compensatory and punitive damages in unspecified amounts. Because these matters are in the early stages of litigation, the Company cannot estimate the effects on results of operations or financial position. The Company is also involved in various other legal, tax and regulatory proceedings before various courts, regulatory commissions and government agencies arising in the ordinary course of business, some of which involve substantial amounts. Where appropriate, the Company has made accruals in accordance with Statement of Financial Accounting Standards No. 5, "Accounting for Contingencies," in order to provide for such matters. Management is of the opinion that the final disposition of these proceedings will not have a material adverse effect on the results of operations or financial position of the Company. 10 Other Commitments and Contingencies The Company has a 10% ownership interest in TEPPCO Partners, L.P., a master limited partnership (MLP) that owns and operates a petroleum products pipeline. A subsidiary partnership of the MLP had $309.5 million in First Mortgage Notes outstanding at June 30, 1997 with recourse to the general partner, a subsidiary of the Company. In the normal course of business, certain of the Company's affiliates enter into contractual agreements to exchange natural gas, electric power, futures, swaps and options; and construction contracts which contain certain schedule and performance requirements. Such affiliates use risk management procedures to control their exposure associated with the contracts. Certain subsidiaries of the Company have guaranteed performance by such affiliates under some of these contracts. Management is of the opinion that these commitments and contingencies will not have a material adverse effect on the results of operations or the financial position of the Company. 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION On June 18, 1997, Duke Power and PanEnergy consummated a stock-for-stock merger. At the same time, the name of Duke Power Company was changed to Duke Energy Corporation (the Company). This business combination was accounted for as a pooling of interests and, accordingly, the consolidated financial statements for periods prior to the combination were restated to include the results of operations and financial position of PanEnergy. See Note 1 to the Consolidated Financial Statements for further information. All information presented herein relates to the combined entity. OPERATIONS AND BUSINESS UNITS Duke Energy Corporation is an integrated energy and energy services provider with the ability to offer physical delivery and management of both electricity and natural gas throughout the United States and abroad. The Company provides these services primarily through four business segments: Electric Operations, Natural Gas Transmission, Energy Services, and Parent and Other Operations. The Electric Operations segment is engaged in the generation, transmission, distribution and sale of electric energy in central and western North Carolina and the western portion of South Carolina, comprising the area known as the Piedmont Carolinas. The Natural Gas Transmission segment is involved in interstate transportation and storage of natural gas for customers in the Mid-Atlantic, New England, Midwest and Gulf Coast states. The Energy Services segment is comprised of several separate business units whose pursuits include gathering and processing of natural gas; the production of natural gas liquids; marketing of natural gas, electricity and liquefied petroleum gases; ownership and operation of electric power facilities and other related energy services. Parent and Other Operations include the real estate operations of Crescent Resources, Inc., communications services, corporate costs and intersegment eliminations. RESULTS OF OPERATIONS Overview: Earnings available for common stockholders was $157.6 million for the three months ended June 30, 1997, or $.43 per share, compared with $226.1 million, or $.62 per share, for the same period in 1996. The decrease was primarily due to a decrease in sales of electricity by electric operations associated with milder weather and non-recurring costs associated with the merger. Earnings available for common stockholders was $458.2 million for the year to date June 30, 1997, or $1.27 per share, compared with $508.0 million, or $1.40 per share, for the same period in 1996. The decrease was primarily due to lower electric operations revenues and non-recurring costs associated with the merger, partially offset by reduced electric operations operating and maintenance costs. Operating income for the three months ended June 30, 1997 decreased to $352 million compared to $479.2 million for the same period in 1996 and decreased to $962 million for the year to date June 30, 1997 compared to $1,054.9 million for the same period in 1996. 12 These decreases were primarily the result of lower electric operations revenues due to milder than normal weather, and merger related costs recorded during the period. Operating income and earnings before interest and taxes are not materially different, and are affected by the same fluctuations for the Company and each of its business segments. Earnings before interest and taxes by business segment are summarized below, and the explanation of these results by business segment are discussed thereafter. Net income for the quarter and year to date reflect minority interests associated primarily with Mobil Corporation's investment in the trading and marketing operations portion of the Energy Services segment. Earnings Before Interest and Taxes (EBIT) by Business Segment:
- ----------------------------------------------------------------------------------------------------------- Three Months Ended Year To Date June 30, June 30, June 30, June 30, IN MILLIONS 1997 1996 1997 1996 -------------- --------------- --------------- -------------- Electric Operations $ 270.6 $ 312.6 $ 616.2 $ 679.8 Natural Gas Transmission 144.7 142.5 350.7 300.5 Energy Services Field Services 31.9 26.2 82.8 62.8 Trading and Marketing 4.2 10.4 34.3 36.0 Global Asset Development 4.5 .1 4.6 5.8 Other Energy Services 5.9 5.2 4.7 3.6 --------- ---------- --------- --------- Total Energy Services 46.5 41.9 126.4 108.2 Parent and Other Operations Crescent Resources 15.7 17.4 37.9 35.2 Parent and Other Operations (70.5) (1.2) (79.9) (1.6) ---------- --------- -------- -------- Consolidated EBIT $ 407.0 $ 513.2 $1,051.3 $1,122.1 ========== ========= ======== ======== - ----------------------------------------------------------------------------------------------------------- Electric Operations - ------------------------------------------ ------------------------------ -- ------------------------------- Three Months Ended Year To Date June 30, June 30, June 30, June 30, 1996 IN MILLIONS 1997 1996 1997 -------------- --------------- -------------- ---------------- Operating Revenues $ 998.9 $1,071.8 $2,039.3 $2,185.1 Operating Expenses 754.7 786.2 1,478.8 1,560.9 --------- -------- -------- -------- Operating Income 244.2 285.6 560.5 624.2 Other Income, Net 26.4 27.0 55.7 55.6 --------- -------- -------- -------- EBIT $ 270.6 $ 312.6 $ 616.2 $ 679.8 ========= ========= ========= ========= Volumes, GWh Electric Sales 18,156 18,814 36,290 38,064 - ------------------------------------------------------------------------------------------------------------
13 Earnings before interest and taxes for Electric Operations decreased to $270.6 million for the three months ended June 30, 1997 compared to $312.6 million for the same period in 1996, primarily due to lower electric sales volumes. Total kilowatt-hour sales for the quarter decreased 3.5% resulting from mild weather. Sales to weather-sensitive customers, however, were down substantially more than the total decrease, with sales to residential and general service customers down 12.4% and 2.6%, respectively. Industrial kilowatt-hour sales increased 2.3%, with textile sales up 2.2%. Earnings before interest and taxes for Electric Operations was $616.2 million for the year to date June 30, 1997 compared to $679.8 million for the same period in 1996, due primarily to milder winter and spring weather. Lower kilowatt-hour sales were driven by decreased sales to residential and general service customers of 12.4% and 2.9%, respectively. The decrease in electric revenues was partially offset by reduced operating and maintenance costs. Natural Gas Transmission
- ------------------------------------------ ------------------------------ -- ------------------------------- Three Months Ended Year To Date June 30, June 30, June 30, June 30, IN MILLIONS 1997 1996 1997 1996 -------------- --------------- -------------- ---------------- Operating Revenues $ 371.3 $ 368.5 $ 809.2 $ 785.7 Operating Expenses 233.5 229.5 475.5 490.2 --------- --------- --------- --------- Operating Income 137.8 139.0 333.7 295.5 Other Income, Net 6.9 3.5 17.0 5.0 --------- --------- --------- --------- EBIT $ 144.7 $ 142.5 $ 350.7 $ 300.5 ========= ========= ========= ========= Volumes, TBtu Throughput 644 631 1,486 1,556 - ------------------------------------------------------------------------------------------------------------
Earnings before interest and taxes for Natural Gas Transmission and revenues increased slightly for the three months ended June 30, 1997 compared to the same period in 1996 due primarily to market-expansion projects. Earnings before interest and taxes for Natural Gas Transmission increased $50.2 million for the year to date June 30, 1997 compared to the same period in 1996 primarily due to reversals of provisions of $32.7 million in 1997 resulting from rate case resolutions and due to market expansion projects. The provision reversals are reflected as additional revenue and other income. Energy Services The Energy Services segment is comprised of several separate business units. Field Services gathers and processes natural gas and produces natural gas liquids. The Trading and Marketing operations focus on marketing of natural gas, electricity and liquefied petroleum gases. Other Energy Services operations include ownership and operation of electric power facilities, engineering consulting, construction and other energy related services. 14 Earnings before interest and taxes for Energy Services increased $4.6 million for the three months ended June 30, 1997 compared to the same period in 1996 primarily due to increased amounts of natural gas gathered and processed. Earnings before interest and taxes increased $18.2 million for the year to date June 30, 1997 compared to the same period in 1996, also due primarily to Field Services operations. Field Services
- ------------------------------------------ ------------------------------ -- ------------------------------- Three Months Ended Year To Date June 30, June 30, June 30, June 30, 1996 IN MILLIONS 1997 1996 1997 -------------- --------------- -------------- ---------------- Operating Revenues $ 697.9 $ 592.9 $1,470.1 $1,095.9 Operating Expenses 666.1 566.7 1,387.5 1,035.2 --------- --------- -------- -------- Operating Income 31.8 26.2 82.6 60.7 Other Income, Net .1 - .2 2.1 --------- --------- -------- -------- EBIT $ 31.9 $ 26.2 $ 82.8 $ 62.8 ========== ========== ========== ========== Volumes TBtu/day Natural Gas Gathered/Processed 3.4 2.5 3.4 2.5 - ------------------------------------------------------------------------------------------------------------
Earnings before interest and taxes for Field Services increased $5.7 million for the three months ended June 30, 1997 compared to the same period in 1996 due to higher volumes resulting primarily from acquisitions, offset partially by lower natural gas liquids prices. Year to date earnings before interest and taxes increased $20 million compared to the same period in 1996. Both operating revenues and operating expenses increased as a result of increased gathering and processing volumes related to acquisitions and expansion projects. Trading and Marketing
- ------------------------------------------------------------------------------------------------------------ Three Months Ended Year To Date June 30, June 30, June 30, June 30, 1996 IN MILLIONS 1997 1996 1997 -------------- --------------- -------------- ---------------- Operating Revenues $1,072.5 $ 555.2 $2,702.0 $1,449.0 Operating Expenses 1,068.4 545.1 2,668.3 1,413.5 -------- --------- -------- -------- Operating Income 4.1 10.1 33.7 35.5 Other Income, Net .1 .3 .6 .5 ----------- ----------- ----------- ------------- EBIT $ 4.2 $ 10.4 $ 34.3 $ 36.0 =========== ========== ========== ========== Volumes: Natural Gas Marketed, TBtu/day 5.5 3.7 6.1 3.9 Electricity Marketed, GWh 5,560 526 9,353 697 - ------------------------------------------------------------------------------------------------------------
15 Earnings before interest and taxes for Trading and Marketing decreased $6.2 million for the three months ended June 30, 1997 compared with the same period in 1996. Lower margins were partially offset by higher natural gas and electricity volumes. Natural gas and electricity volumes marketed increased primarily as a result of the formation of the joint venture with Mobil Corporation in the third quarter of 1996. Earnings before interest and taxes for Trading and Marketing decreased $1.7 million for the year to date ended June 30, 1997 compared with the same period in 1996. Lower margins were partially offset by higher volumes. Natural gas and electricity volumes marketed increased primarily as a result of the formation of the joint venture with Mobil Corporation in the third quarter of 1996. Other Operations Results for the three months ended and year to date June 30, 1997 reflect merger costs of $70.4 million and $71.2 million, respectively. Merger costs consist primarily of advisory fees and workforce reduction costs. LIQUIDITY AND CAPITAL RESOURCES Operating Cash Flow Operating cash flows decreased $98.9 million comparing the year to date June 30, 1997 with the year to date June 30, 1996. This decrease primarily reflects the cash impact of lower electric revenues. Investing Cash Flow Capital and investment expenditures totaled $632.2 million for year to date June 30, 1997, compared with $546.8 million for the same period in 1996. Increased capital and investment expenditures during the period were primarily due to business expansion for the Natural Gas Transmission and Energy Services segments and real estate construction costs, offset by a decrease in ElectricOperations construction expenditures. During 1997, the Company sold its ownership in trading and marketing operations in the United Kingdom and its equity interests in certain affiliates. Proceeds from these sales were $85 million. The Company participated in marketing electric power and natural gas through its 50% ownership interest in Duke/Louis Dreyfus. On June 17, 1997, the Company acquired the remaining 50% ownership interest in Duke/Louis Dreyfus from affiliates of Louis Dreyfus Corp. in exchange for two notes totaling $247 million due August 15, 1997. The purchase price substantially represents goodwill and intangibles, which will be amortized over 10 years. 16 Financing Cash Flow The Company's consolidated capital structure at June 30, 1997, including short-term debt, was 44.5% debt, 4.6% preferred stock and 50.9% common equity. Fixed charges coverage for the year to date June 30, 1997, using the SEC method, was 4.1 times compared to 4.2 times year to date June 30, 1996. Subsequent to the merger, several rating agencies revised their ratings for the Company and its subsidiaries, PanEnergy Corp, Panhandle Eastern Pipe Line Company (PEPL) and Texas Eastern Transmission Company (TETCO). A summary of the corporate debt ratings for each entity follows. Management is of the opinion that these changes will not impact the ability of the Company to obtain capital in the marketplace upon favorable terms.
STANDARD & POOR'S FITCH DUFF & PHELPS MOODY'S CURRENT PRIOR CURRENT PRIOR CURRENT PRIOR CURRENT PRIOR DUKE ENERGY CORPORATION A+ AA- AA- AA AA AA Aa3 Aa2 PANENERGY CORP A- BBB A BBB BBB+ BBB A3 Baa2 PEPL A BBB+ A+ BBB+ BBB+ BBB+ A2 Baa1 TETCO A BBB+ A+ BBB+ BBB+ BBB+ A2 Baa1
The Company increased its available commercial paper facilities to $1,180 million at June 30, 1997 from $780 million at December 31, 1996. The commercial paper facilities are supported by various bank credit agreements. Total bank credit facilities at June 30, 1997 were $1,536 million. At June 30, 1997, $702 million of commercial paper and $135.8 million under the bank credit facilities were outstanding. The Company is currently evaluating the expansion of its commercial paper and bank credit facilities. Dividends and debt repayments, along with operating and investing requirements, are expected to be funded by cash from operations, debt and commercial paper issuances and/or available credit facilities. The Company is seeking to significantly grow its Energy Services businesses, which will likely require additional financing to be issued by subsidiaries of the Company. OTHER Electric Operations Retail Competition Competition for retail electric customers is not generally allowed in the Company's service territory. However, there are discussions and events at the national level and within certain states regarding retail competition which could result in changes in the industry. Such changes, 17 should they occur, could impact all entities owning electric generating assets . During 1997, both North and South Carolina have taken steps to address retail competition among electric utilities. In May 1997, North Carolina passed a bill which creates a study commission to assess deregulation of electric utilities in the state. The commission's report to the state General Assembly is expected to be completed by early 1999. Members of the study commission include legislators, utility representatives, customers and a member of an environmental group. South Carolina has considered several proposals during 1997 to restructure the electric industry, the most significant of which would have provided retail customers with a choice of suppliers by January 1, 1998. None of these proposals have been approved. However, in May 1997, The South Carolina Public Service Commission (SCPSC ), requested interested parties to file restructuring proposals for the electric industry. On June 30, 1997 the Company filed its proposal for introducing electric competition in South Carolina with the SCPSC. The Company's plan proposes that electric generation be deregulated while transmission and distribution continue to be regulated by the FERC and the SCPSC. The Company's plan also provides for recovery of stranded investment. The SCPSC will hold hearings on August 19, 1997 on the various restructuring proposals it has received. Currently, the electric utility industry is predominantly regulated on a basis designed to recover the cost of providing electric power to its customers. If cost-based regulation were to be discontinued in the industry, for any reason, including competitive pressure on the cost-based prices of electricity, profits could be reduced and electric utilities might be required to reduce their asset balances to reflect a market basis less than cost. Discontinuance of cost-based regulation would also require affected utilities to write off their associated regulatory assets. The regulatory assets of the Company are indicated on the Consolidated Balance Sheets. Management cannot predict the potential impact, if any, of these competitive forces on the Company's future financial position and results of operations. However, the Company continues to position itself to effectively meet these challenges by maintaining electric prices that are locally, regionally and nationally competitive. Computer Software Changes For The Year 2000 The Company expects to incur development costs to modify existing computer programs to accommodate the year 2000 and beyond. The Company is currently evaluating its alternatives for the most cost-effective means for these modifications. Management is of the opinion that the costs associated with these modifications will not have a material adverse effect on the result of operations or financial position of the Company. Environmental Matters, Litigation and Contingencies For information concerning environmental matters, litigation and other contingencies, see Note 4 to the Consolidated Financial Statements. 18 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the Duke Power Annual Meeting of Shareholders on April 24, 1997, the shareholders voted to approve the issuance by Duke Power of its Common Stock pursuant to the terms of the merger agreement with PanEnergy, to increase the number of authorized shares of common stock from 300 million to 500 million and to change the name of Duke Power to Duke Energy Corporation. 146,795,932 shares were voted for the proposal and 1,784,873 shares were voted against it. There were 1,431,101 abstentions and 19,874,505 broker non-votes. In addition, the shareholders elected Robert J. Brown, George Dean Johnson, Jr., James G. Martin, and Richard B. Priory as Class III directors to serve until the Annual Meeting of Shareholders to be held in 2000, or until their successors are elected and qualified. The shareholders also voted to ratify the selection of Deloitte & Touche LLP to act as independent auditors to make an examination of the Company's accounts for the year 1997. ITEM 5. OTHER INFORMATIONForward-looking Statements-------------------------- From time to time, the Company may make statements regarding its expectations, intent or beliefs about future events. These statements are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. The Company cautions that assumptions, projections and expectations about future events may and often do vary from actual results, the differences between assumptions, projections and expectations and actual results can be material, and there can be no assurance that the forward-looking statements will be realized. The following are some of the factors that could cause actual achievements and events to differ materially from those expressed or implied in such forward-looking statements: state and federal legislative and regulatory initiatives that increase competition, affect cost and investment recovery and have an impact on rate structures; the speed and degree to which competition enters the electric and natural gas industries; industrial, commercial and residential growth in the service territory of the Company and its subsidiaries; the weather and other natural phenomena; the timing and extent of changes in commodity prices and interest rates; changes in environmental and other laws and regulations to which the Company and its subsidiaries are subject or other external factors over which the Company has no control; the results of financing efforts; the effect of the Company's accounting policies; and growth in opportunities for the Company's subsidiaries and diversified operations, in each case during the periods covered by the forward-looking statements. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits (27) Financial Data Schedule (included in electronic filing only) (b) Reports on Form 8-K The Company filed four reports on Form 8-K during the second quarter of 1997. The Form 8-K report filed April 25, 1997 contained disclosures under Item 5, Other Events, and Item 7, Financial Statements and Exhibits. The Form 8-K report filed May 30, 1997 contained disclosures under Item 5, Other Events, and Item 7, Financial Statements and Exhibits. The Form 8-K report filed June 18, 1997 contained disclosures under Item 5, Other Events, and Item 7, Financial Statements and Exhibits. The Form 8-K report filed June 27, 1997 contained disclosures under Item 2, Acquisition or Disposition of Assets, and Item 7, Financial Statements and Exhibits. The following unaudited pro forma combined financial information of Duke Energy Corporation was filed as part of Exhibit 99.1 to such report: 19 Combined Statement of Income for the Three Months Ended March 31, 1997 Combined Statement of Income for the Three Months Ended March 31, 1996 Combined Statement of Income for the Year Ended December 31, 1996 Combined Statement of Income for the Year Ended December 31, 1995 Combined Statement of Income for the Year Ended December 31, 1994 Combined Balance Sheet as of March 31, 1997 Combined Balance Sheet as of December 31, 1996 Combined Balance Sheet as of December 31, 1995 Notes to Combined Financial Statements The following unaudited financial information of PanEnergy Corp was also filed as part of Exhibit 99.1 to such report: Reclassifying Statement of Income for the Three Months Ended March 31, 1997 Reclassifying Statement of Income for the Three Months Ended March 31, 1996 Reclassifying Statement of Income for the Year Ended December 31, 1996 Reclassifying Statement of Income for the Year Ended December 31, 1995 Reclassifying Statement of Income for the Year Ended December 31, 1994 Reclassifying Balance Sheet as of March 31, 1997 Reclassifying Balance Sheet as of December 31, 1996 Reclassifying Balance Sheet as of December 31, 1995 20 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DUKE ENERGY CORPORATION ----------------------------- Richard J. Osborne Executive Vice President and Chief Financial Officer ----------------------------- Jeffrey L. Boyer Vice President and Controller August 21, 1997 21 EX-27 2 FINANCIAL DATA SCHEDULE EXHIBIT 27.1
UT This schedule contains summary financial information extracted from the Consolidated Statements of Income, Consolidated Statements of Cash Flows and Consolidated Balance Sheets for the six months ended 06/30/97 and isqualified in its entirety by reference to such financial statements. 6-MOS DEC-31-1996 JUN-30-1997 PER-BOOK 9,461,100 7,875,900 2,788,200 2,189,000 0 22,314,200 4,296,900 0 3,209,300 7,506,200 229,800 450,000 5,643,000 420,600 0 361,900 135,200 4,200 9,000 1,600 7,563,300 22,314,200 6,898,600 329,500 5,936,600 6,266,100 962,000 89,300 709,500 229,200 480,300 22,100 458,200 286,254 120,760 875,400 1.27 0
EX-27 3 FINANCIAL DATA SCHEDULE EXHIBIT 27.2
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED STATEMENTS OF INCOME FOR YEAR TO DATE 06/30/96 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENT 0000030371 DUKE ENERGY CORPORATION 1,000 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 PER-BOOK 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,418,400 340,700 4,363,500 4,704,200 1,054,900 67,200 781,400 251,200 530,200 22,200 508,040 278,894 121,882 0 1.40 0
EX-27 4 FINANCIAL DATA SCHEDULE EXHIBIT 27.3
UT THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AS OF 12/31/96 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENT 0000030371 DUKE ENERGY CORPORATION 1,000 YEAR DEC-31-1996 JAN-01-1996 DEC-31-1996 PER-BOOK 9,368,378 7,491,322 2,763,800 2,331,400 0 21,954,900 4,289,300 0 3,051,900 7,341,200 234,000 450,000 5,485,100 265,400 0 194,300 350,600 0 9,758 1,507 7,634,300 21,954,900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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