EX-99 4 june2012brokers.htm BROKER'S STATEMENT Converted by EDGARwiz

EXHIBIT 99.2


NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 28,483

 

$

 6,559

 

Receivables, Net

 

 661,910

 

 

 488,002

 

Unbilled Revenues

 

 202,262

 

 

 175,207

 

Fuel, Materials and Supplies

 

 262,562

 

 

 248,958

 

Regulatory Assets

 

 624,397

 

 

 255,144

 

Marketable Securities

 

 79,231

 

 

 70,970

 

Prepayments and Other Current Assets

 

 95,160

 

 

 112,632

Total Current Assets

 

 1,954,005

 

 

 1,357,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 16,054,913

 

 

 10,403,065

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 5,201,154

 

 

 3,267,710

 

Goodwill

 

 3,518,454

 

 

 287,591

 

Marketable Securities

 

 372,302

 

 

 60,311

 

Derivative Assets

 

 93,616

 

 

 98,357

 

Other Long-Term Assets

 

 311,856

 

 

 172,560

Total Deferred Debits and Other Assets

 

 9,497,382

 

 

 3,886,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 27,506,300

 

$

 15,647,066


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)

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

  Notes Payable to Banks

$

 1,248,500 

 

$

 317,000 

  Long-Term Debt - Current Portion

 

 683,208 

 

 

 331,582 

  Accounts Payable

 

 600,995 

 

 

 633,282 

  Regulatory Liabilities

 

 203,767 

 

 

 167,844 

  Derivative Liabilities

 

 113,188 

 

 

 107,558 

  Other Current Liabilities

 

 640,809 

 

 

 390,416 

Total Current Liabilities

 

 3,490,467 

 

 

 1,947,682 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 160,133 

 

 

 112,260 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

 3,249,323 

 

 

 1,868,316 

  Regulatory Liabilities

 

 551,690 

 

 

 266,145 

  Derivative Liabilities

 

 946,621 

 

 

 959,876 

  Accrued Pension, SERP and PBOP

 

 2,064,069 

 

 

 1,326,037 

  Other Long-Term Liabilities

 

 884,317 

 

 

 420,011 

Total Deferred Credits and Other Liabilities

 

 7,696,020 

 

 

 4,840,385 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

 6,936,473 

 

 

 4,614,913 

 

 

 

 

 

 

 

 

   Noncontrolling Interest - Preferred Stock of Subsidiaries

 

 155,568 

 

 

 116,200 

 

 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

 1,662,251 

 

 

 980,264 

 

  Capital Surplus, Paid In

 

 6,178,698 

 

 

 1,797,884 

 

  Retained Earnings

 

 1,635,709 

 

 

 1,651,875 

 

  Accumulated Other Comprehensive Loss

 

 (66,387)

 

 

 (70,686)

 

  Treasury Stock

 

 (342,632)

 

 

 (346,667)

   Common Shareholders' Equity

 

 9,067,639 

 

 

 4,012,670 

   Noncontrolling Interests

 

 - 

 

 

 2,956 

  Total Equity

 

 9,067,639 

 

 

 4,015,626 

Total Capitalization

 

 16,159,680 

 

 

 8,746,739 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 27,506,300 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30,

 

Six Months Ended June 30,

(Thousands of Dollars, Except Share Information)

2012 

 

2011 

 

2012 

 

2011 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,628,684

 

$

 1,047,481

 

$

 2,728,307

 

$

 2,282,732

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

 542,014

 

 

 382,542

 

 

 937,358

 

 

 879,246

 

Operations and Maintenance

 

 529,977

 

 

 269,701

 

 

 791,940

 

 

 533,323

 

Depreciation

 

 144,485

 

 

 73,637

 

 

 225,324

 

 

 147,588

 

Amortization of Regulatory Assets, Net

 

 25,590

 

 

 16,992

 

 

 31,016

 

 

 50,491

 

Amortization of Rate Reduction Bonds

 

 40,752

 

 

 17,086

 

 

 59,100

 

 

 34,367

 

Energy Efficiency Programs

 

 73,489

 

 

 29,970

 

 

 110,762

 

 

 64,403

 

Taxes Other Than Income Taxes

 

 112,862

 

 

 79,419

 

 

 198,899

 

 

 167,823

 

 

Total Operating Expenses

 

 1,469,169

 

 

 869,347

 

 

 2,354,399

 

 

 1,877,241

Operating Income

 

 159,515

 

 

 178,134

 

 

 373,908

 

 

 405,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

 86,925

 

 

 57,044

 

 

 146,892

 

 

 114,444

 

Interest on Rate Reduction Bonds

 

 2,056

 

 

 2,293

 

 

 3,487

 

 

 4,871

 

Other Interest

 

 66

 

 

 2,897

 

 

 5,116

 

 

 1,468

 

 

Interest Expense

 

 89,047

 

 

 62,234

 

 

 155,495

 

 

 120,783

Other Income, Net

 

 1,806

 

 

 7,334

 

 

 10,580

 

 

 17,647

Income Before Income Tax Expense

 

 72,274

 

 

 123,234

 

 

 228,993

 

 

 302,355

Income Tax Expense

 

 26,055

 

 

 44,515

 

 

 82,019

 

 

 108,052

Net Income

 

 46,219

 

 

 78,719

 

 

 146,974

 

 

 194,303

Net Income Attributable to Noncontrolling Interests

 

 1,880

 

 

 1,441

 

 

 3,373

 

 

 2,870

Net Income Attributable to Controlling Interest

$

 44,339

 

$

 77,278

 

$

 143,601

 

$

 191,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

 0.15

 

$

 0.44

 

$

 0.60

 

$

 1.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.34

 

$

 0.28

 

$

 0.63

 

$

 0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 301,047,753

 

 

 177,347,374

 

 

 239,551,735

 

 

 177,267,791

 

Diluted

 

 301,816,884

 

 

 177,626,992

 

 

 240,127,169

 

 

 177,553,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 146,974 

 

$

 194,303 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 13,384 

 

 

 9,374 

 

 

 Depreciation

 

 225,324 

 

 

 147,588 

 

 

 Deferred Income Taxes

 

 59,509 

 

 

 95,293 

 

 

 Pension, SERP and PBOP Expense

 

 105,974 

 

 

 69,654 

 

 

 Pension and PBOP Contributions

 

 (164,294)

 

 

 (37,530)

 

 

 Regulatory (Under)/Over Recoveries, Net

 

 (53,806)

 

 

 40,434 

 

 

 Amortization of Regulatory Assets, Net

 

 31,016 

 

 

 50,491 

 

 

 Amortization of Rate Reduction Bonds

 

 59,100 

 

 

 34,367 

 

 

 Derivative Assets and Liabilities

 

 (5,090)

 

 

 (9,272)

 

 

 Other

 

10,541 

 

 

 (6,014)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 83,395 

 

 

 80,696 

 

 

 Fuel, Materials and Supplies

 

 45,127 

 

 

 12,992 

 

 

 Taxes Receivable/Accrued, Net

 

 15,854 

 

 

 48,933 

 

 

 Accounts Payable

 

 (188,259)

 

 

 (23,981)

 

 

 Other Current Assets and Liabilities, Net

 

 (64,346)

 

 

 (20,633)

Net Cash Flows Provided by Operating Activities

 

 320,403 

 

 

 686,695 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (690,376)

 

 

 (468,526)

 

Proceeds from Sales of Marketable Securities

 

 132,580 

 

 

 72,369 

 

Purchases of Marketable Securities

 

 (143,225)

 

 

 (73,564)

 

Proceeds from Sale of Assets

 

 - 

 

 

 46,841 

 

Other Investing Activities

 

 11,274 

 

 

 (4,828)

Net Cash Flows Used in Investing Activities

 

 (689,747)

 

 

 (427,708)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (159,708)

 

 

 (97,207)

 

Cash Dividends on Preferred Stock

 

 (3,269)

 

 

 (2,779)

 

Increase/(Decrease) in Short-Term Debt

 

 558,500 

 

 

 (130,000)

 

Issuance of Long-Term Debt

 

 300,000 

 

 

 122,000 

 

Retirements of Long-Term Debt

 

 (267,699)

 

 

 (124,086)

 

Retirements of Rate Reduction Bonds

 

 (36,439)

 

 

 (34,320)

 

Other Financing Activities

 

 (117)

 

 

 (883)

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

 

 391,268 

 

 

 (267,275)

Net Increase/(Decrease) in Cash and Cash Equivalents

 

 21,924 

 

 

 (8,288)

Cash and Cash Equivalents - Beginning of Period

 

 6,559 

 

 

 23,395 

Cash and Cash Equivalents - End of Period

$

 28,483 

 

$

 15,107 


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.