-----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, QGpdBlOQFC2YzXsGlXFyNBMO/Zlt6t5xTSNb4SYzWjl27KH6aylNhDKlzscz5Pxm KjryNNTi933sOQTSFH4Q1Q== 0000950123-05-002404.txt : 20050228 0000950123-05-002404.hdr.sgml : 20050228 20050228171001 ACCESSION NUMBER: 0000950123-05-002404 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050228 DATE AS OF CHANGE: 20050228 EFFECTIVENESS DATE: 20050228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW JERSEY RESOURCES CORP CENTRAL INDEX KEY: 0000356309 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 222376465 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00265 FILM NUMBER: 05646555 BUSINESS ADDRESS: STREET 1: 1415 WYCKOFF RD STREET 2: PO BOX 1468 CITY: WALL STATE: NJ ZIP: 07719 BUSINESS PHONE: 9089381494 MAIL ADDRESS: STREET 1: 1350 CAMPUS PKWY STREET 2: P O BOX 1468 CITY: WALL STATE: NJ ZIP: 07719 U-3A-2 1 y06201uv3av2.txt NEW JERSEY RESOURCES CORPORATION FILE NO. 69-265 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM U-3A-2 Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 NEW JERSEY RESOURCES CORPORATION For the Calendar Year Ending December 31, 2004 New Jersey Resources Corporation (the "Company") hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, Section 3(a)(1), and submits the following information: 1. The Company and all of its affiliates named herein, unless otherwise noted, are New Jersey corporations, located at 1415 Wyckoff Road, Wall, New Jersey. The Company holds 100 percent of the Common Stock of New Jersey Natural Gas Company (NJNG), NJR Energy Services Company (Energy Services), NJR Retail Holdings Corporation (Retail Holdings), NJR Capital Services Corporation (Capital), and NJR Service Corporation (Service Corp.). The Company has no independent business operations but operates as a holding company of these and any other subsidiaries that may be formed in the future. Energy Services provides unregulated wholesale energy services, including natural gas supply, pipeline capacity and storage management to customers in New Jersey, in states from the Gulf Coast to New England, and Canada. Energy Services owns 99 percent and the Company owns 1 percent of NJR Storage Partners, created in October 2003 to engage in wholesale marketing and storage of natural gas. Retail Holdings, formed as an unregulated affiliate to consolidate the Company's unregulated retail operations, owns 100 percent of NJR Home Services Company (Home Services). Home Services serves the needs of approximately 299,400 customers under natural gas appliance protection plan contracts and installs, sells and services appliances to residential and commercial customers with residential-sized equipment. Home Services owns a 90 percent interest in NJR Plumbing Services Company (Plumbing Services) and 10 1 percent is owned by an employee who is a licensed plumber. Plumbing Services provides plumbing services necessary to support the heating, ventilation and air-conditioning operations of Home Services. Capital was formed to consolidate the Company's unregulated energy-related and real estate investments. Capital's 100 percent owned subsidiaries include the following: (a) Commercial Realty & Resources Corp. (CR&R), which develops and owns commercial office and mixed-use commercial/industrial real estate projects primarily in Monmouth and Atlantic counties, New Jersey. In 2004, CR&R completed the construction of a 200,000 square foot building in the Monmouth Shores Corporate Office Park II in Monmouth County. On December 23, 2004, CR&R sold the building and the approximately 33 acres of land on which the building sits to its tenant. CR&R currently owns one fully occupied building totaling 4,000 square feet and 151 acres of undeveloped land. (b) NJR Investment Company, which was formed to make energy-related equity investments. (c) NJR Energy Holdings, which has subsidiaries that include NJR Energy Corporation and NJNR Pipeline Company, both of which invest in energy-related ventures. 2 Service Corp. was formed to provide administrative services, including corporate communications, financial, internal audit, legal, human resources and computer technology, to all affiliated companies. Among the Company's direct and indirect subsidiaries, only NJNG is a public utility. NJNG is engaged in the business of purchasing, distributing and selling natural gas exclusively in the state of New Jersey, other than as described in Section 3(c) of this document, to more than 454,000 residential, commercial and industrial customers in Monmouth and Ocean counties and parts of Morris and Middlesex counties. Service Corp. and NJNG, from time to time, render to each other certain services and make available the use of certain personnel, facilities and equipment. The company receiving such services or using such facilities and equipment will reimburse the other for the cost thereof, pursuant to certain service agreements approved by the New Jersey Board of Public Utilities. 2. As of December 31, 2004, NJNG owned approximately 3,801 miles of steel, wrought and cast iron distribution main, and 2,584 miles of plastic distribution main. Additionally, NJNG owns approximately 208 miles of steel transmission main in various sizes, approximately 426,882 services and approximately 467,787 meters. NJNG owns and operates two liquefied natural gas storage plants, one in Stafford Township and one in Howell Township, New Jersey. The two plants have an estimated maximum capacity of 20,000 and 150,000 Mcf per day, respectively. These facilities are used for peaking supply and emergencies. 3 NJNG owns two service centers, one in Atlantic Highlands and the other in Wall, New Jersey, and owns combined service center/customer service offices in Lakewood and Rockaway Township, New Jersey. NJNG leases a storage facility in Long Branch, New Jersey. NJNG also leases its headquarters facilities and a customer service office in Wall, New Jersey, a customer service office in Asbury Park, New Jersey, and a service center in Manahawkin, New Jersey. Each service center houses storerooms, garages, gas distribution operations, and small administrative offices. The customer service offices support customer contact, marketing and other functions. NJNG owns and leases certain electronic data processing equipment and owns and leases a fleet of trucks, service vehicles, and automobiles. Substantially all of NJNG's properties, not expressly excepted or duly released, are subject to the lien of an Indenture of Mortgage and Deed of Trust to Bank of New York, Midwest Trust Company, dated April 1, 1952, as amended by thirty (30) Supplemental Indentures, as security for NJNG's bonded debt which totaled approximately $179,845,000 at December 31, 2004. 3. (a) Company has no independent business operations and does not sell natural gas. NJNG sold at retail 70,752,497 Mcf (basis of 1.035 Btu) of natural gas in the State of New Jersey for the calendar year ended December 31, 2004, producing revenues of $677,693,985. These sales represent all the utility's retail sales. NJNG also sold 19,457,345 Mcf (basis of 1.035 Btu) of natural gas at wholesale in the State of New Jersey with revenues of $146,284,625. (b) None. 4 (c) Company has no independent business operations and does not sell natural gas. NJNG sold at wholesale 23,118,843 Mcf (basis of 1.035 Btu) of natural gas outside the State of New Jersey during calendar 2004 under a Blanket Sale for Resale Certificate issued by the Federal Energy Regulatory Commission, as set forth below.
VOLUMES SOLD REVENUES ------------ ---------------- STATE (Mcf) ($) - ------------------------------------- ------------ ---------------- Arkansas 2,705 17,164 Connecticut 2,511,406 20,443,617 Delaware 109,768 780,365 Kentucky 6,387 41,389 Louisiana 3,527,536 21,773,247 Maryland 40,014 283,579 Massachusetts 59,614 902,061 Mississippi 78,164 430,437 New Jersey / Pennsylvania(1) 20,242 133,339 New Jersey / New York / Pennsylvania(1) 1,021,972 8,636,586 New York 4,495,662 34,410,364 Ohio 462,277 2,912,590 Pennsylvania 9,792,105 70,583,556 Pennsylvania / West Virginia(2) 774,396 5,075,273 Rhode Island 15,436 131,662 Texas 189,275 1,062,184 West Virginia 11,884 77,298 ---------- ---------------- TOTALS 23,118,843 167,694,711 ========== ================
- ------------ (1) These sales represent operational exchanges where there were no physical transfers of natural gas but payments were made pursuant to contracts. (2) These states in whole or in part are market zones and are not geographic locations. 5 (d) Company has no independent business operations and does not purchase natural gas. For the calendar year ended December 31, 2004, purchases of natural gas by NJNG from sources outside the State of New Jersey amounted to approximately 97,895,127 Mcf (basis of 1.035 Btu), at a cost of $719,781,225, and is more particularly set forth in the table below.
VOLUMES PURCHASED COSTS --------------- ---------------- STATE (Mcf) ($) - ------------------------------------- --------------- ---------------- Arkansas 12,932,847 82,125,902 Connecticut 12,599 76,284 Indiana 963,355 6,913,729 Kentucky 251,787 1,768,560 Louisiana 6,786,111 35,882,026 Massachusetts 433,265 5,175,285 Mississippi 18,950,234 112,346,050 New Jersey / New York / Pennsylvania(3) 3,206,108 24,019,884 New Jersey / Pennsylvania(3) 2,409,729 17,407,542 New York 17,654,376 99,805,067 Ohio 11,625,590 77,377,213 Pennsylvania 1,298,842 10,796,807 Texas 17,122,933 100,158,672 Virginia 985,507 8,341,780 West Virginia 51,981 329,905 Pennsylvania / West Virginia(4) 7,797,995 50,484,793 ----------- ----------- Subtotal 102,483,259 633,009,499 Other Costs(5) -4,588,132 86,771,726 ----------- ----------- TOTALS 97,895,127 719,781,225 =========== ===========
- ------------ (3) These purchases represent operational exchanges where there were no physical transfers of natural gas but payments were made pursuant to the contracts. (4) These states in whole or in part are market zones and are not geographic locations. (5) The negative volumes represent transportation fuel retained by the pipelines for delivery, and the associated costs represent demand charges, transportation and other miscellaneous non-commodity gas costs. 6 4. (a) None (b) None (c) None (d) None (e) None 7 EXHIBIT A Attached as Exhibit A are Consolidating Income and Surplus Statement and Consolidating Balance Sheet of the Company and its subsidiary companies for the fiscal year ended September 30, 2004. 8 NEW JERSEY RESOURCES CORPORATION 25-Feb-05 CONSOLIDATING INCOME STATEMENT 04:14:39 PM TWELVE MONTHS ENDED SEPTEMBER 30, 2004
----------- NJRE NJR NJR CAPITAL Home NJR RETIAL CONSOLIDATING NJR RETAIL Cont. CR&R Invest. CORP. NJNE Services HOLDINGS DR (CR) HOLDINGS ----- ------ ------- ----------- ---- -------- ---------- ---- ---- ---------- OPERATING REVENUE 288 804 1,092 0 21,606 21,606 21,606 ----- ----- -- ------ --- ------ ------ ---- ---- ------ OPERATING EXPENSES Gas Purchases 0 0 0 0 0 0 0 Operations & Maintenance 523 1,229 1,752 20 17,701 17,721 17,721 Regulatory rider expenses Depreciation & Amortization 60 27 87 0 338 338 338 Energy & Other Taxes 0 289 289 0 922 922 922 ----- ----- -- ------ --- ------ ------ ---- ---- ------ TOTAL OPERATING EXPENSES 583 1,545 0 2,128 20 18,961 18,981 0 0 18,981 ----- ----- -- ------ --- ------ ------ ---- ---- ------ OPERATING INCOME (295) (741) 0 (1,036) (20) 2,645 2,625 2,625 Other Income (Expense) 1,999 692 26 2,717 0 11 11 11 INTEREST CHARGES 227 358 12 597 (8) 1 (7) (7) CAPITALIZED INTEREST 0 (358) 0 (358) 0 0 0 0 ----- ----- -- ------ --- ------ ------ ---- ---- ------ INTEREST CHARGES, NET 227 0 12 239 (8) 1 (7) 0 0 (7) ----- ----- -- ------ --- ------ ------ ---- ---- ------ INCOME BEFORE INCOME TAXES 1,477 (49) 14 1,442 (12) 2,655 2,643 2,643 INCOME TAX PROVISION 562 (20) (2) 540 (3) 1,085 1,082 1,082 ----- ----- -- ------ --- ------ ------ ---- ---- ------ NET INCOME 915 (29) 16 902 (9) 1,570 1,561 1,561 ===== ===== == ====== === ====== ====== ==== ==== ====== NJR NJR ENERGY NJR RETAIL NJR CAPITAL Consolidated NJR SERVICE NJNG SERVICES CO. HOLDINGS CORP. TOTAL ------ ------- ------- ------------ ---------- ----------- ------------ OPERATING REVENUE 0 0 928,902 1,582,103 21,606 1,092 2,533,703 ------ ------- ------- --------- ------ ------ --------- OPERATING EXPENSES Gas Purchases 0 0 663,436 1,549,938 0 0 2,213,374 Operations & Maintenance 5,032 16,788 77,442 6,987 17,721 1,752 125,722 Regulatory rider expenses 9,540 9,540 Depreciation & Amortization 44 0 31,776 204 338 87 32,449 Energy & Other Taxes 123 583 47,885 106 922 289 49,908 ------ ------- ------- --------- ----- ------ --------- TOTAL OPERATING EXPENSES 5,199 17,371 830,079 1,557,235 18,981 2,128 2,430,993 ------ ------- ------- --------- ----- ------ --------- OPERATING INCOME (5,199) (17,371) 98,823 24,868 2,625 (1,036) 102,710 Other Income (Expense) 6,481 17,323 4,434 (767) 11 2,717 30,199 INTEREST CHARGES 1,280 (48) 13,077 1,156 (7) 597 16,055 CAPITALIZED INTEREST 0 0 (302) 0 0 (358) (660) ------ ------- ------- --------- ----- ------ --------- INTEREST CHARGES, NET 1,280 (48) 12,775 1,156 (7) 239 15,395 ------ ------- ------- --------- ----- ------ --------- INCOME BEFORE INCOME TAXES 2 0 90,482 22,945 2,643 1,442 117,514 INCOME TAX PROVISION (8) 0 34,958 9,373 1,082 540 45,945 ------ ------- ------- --------- ----- ------ --------- NET INCOME 10 0 55,524 13,572 1,561 902 71,569 ====== ======= ======= ========= ====== ====== ========= CONSOLIDATING CONSOL DR (CR) TOTAL --------- --------- --------- OPERATING REVENUE 96 (C) 2,533,607 0 (G) ------ ------ --------- OPERATING EXPENSES 0 (G) Gas Purchases 17,371 (D) 2,213,374 Operations & Maintenance 96 (C) 101,118 6,977 (E) Regulatory rider expenses 160 (I) 9,540 Depreciation & Amortization 32,449 Energy & Other Taxes 49,908 ------ ------ --------- TOTAL OPERATING EXPENSES 2,406,389 ------ ------ --------- OPERATING INCOME 127,218 17,371 (D) Other Income (Expense) 6,977 (E) 5 (F) 5,696 160 (I) INTEREST CHARGES 16,055 CAPITALIZED INTEREST (660) ------ ------ --------- INTEREST CHARGES, NET 15,395 ------ ------ --------- INCOME BEFORE INCOME TAXES 117,519 INCOME TAX PROVISION 45,945 ------ ------ --------- NET INCOME 71,574 ========= ====== =========
NET INCOME TWELVE MONTHS WEIGHTED AVG SHARES-BASIC 27,529,871 BASIC EARNINGS PER SHARE YTD $2.60 THREE MONTHS WEIGHTED AVG SHARES-BASIC 27,710,288 BASIC EARNINGS PER SHARE QTD ($0.19) TWELVE MONTHS DENOMINATOR FOR DILUTION 28,052,512 DILUTED EARNINGS PER SHARE YTD $2.55 THREE MONTHS DENOMINATOR FOR DILUTION 28,291,575 DILUTED EARNINGS PER SHARE QTD ($0.19) ACTUAL SHARES OUTSTANDING 27,740,925
9 NEW JERSEY RESOURCES CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS FISCAL YEAR ENDING SEPTEMBER 30,2004
NJR NJR NJR NJR ENERGY HOME DEVELOP. NJRE PPI CR&R INVEST CAPITAL CORP. SERVICES NJNE SERVICES CORP. NJR ------- ----- ---- ------ ------------- ---------- ----- -------- -------- ------ BALANCE AT SEPTEMBER 30, 2003 (11,544) 1,525 (780) 15 (10,784) 28,413 3,843 1,776 5,619 15,309 NET INCOME 915 0 (29) 16 902 13,572 (9) 1,570 1,561 15 CASH DIVIDENDS DECLARED 0 0 0 0 0 0 0 0 0 0 BALANCE AT SEPTEMBER 30, 2004 (10,629) 1,525 (809) 31 (9,882) 41,985 3,834 3,346 7,180 15,324 NJR NJNG ELIMINATION'S CONSOLIDATED ------- ------------- ------------ BALANCE AT SEPTEMBER 30, 2003 148,677 (32,867) 154,367 NET INCOME 55,524 0 71,574 CASH DIVIDENDS DECLARED (35,843) 0 (35,843) BALANCE AT SEPTEMBER 30, 2004 168,358 (32,867) 190,098
NEW JERSEY RESOURCES CORPORATION 25-Feb-05 CONSOLIDATING BALANCE SHEET 04:15:41 PM SEPTEMBER 30, 2004
ASSETS ------------------------------------------------------------------------------------ NJRE NJR NJR CAPITAL CONSOLIDATING NJR CAPITAL ($ IN 000's) Cont. CR&R Invest. CORP. DR (CR) CORP. - ------------ ----- ---- ------- ----- -- ---- ----- PROP, PLANT & EQUIP Utility plant 0 0 0 0 Accumulated depreciation 0 0 0 0 (1) 0 Oil and gas properties 0 0 0 0 Accumulated amortization 0 0 0 0 Furniture & Fixtures 0 0 0 (2) 0 Real estate properties & other 0 20,126 0 20,126 Accumulated depreciation 0 (2,383) 0 (2) (2,383) ------- ------ ---- ------ ------ ------ ------- Prop plant & equip-net 0 17,743 0 0 0 0 17,743 ------- ------ ---- ------ ------ ------ ------- CURRENT ASSETS Cash & Temp. Invest. 0 89 0 89 Customer A/R 638 1,997 0 0 (3) 2,635 Unbilled revenue 0 0 0 0 Allow for doubtful a/c's 0 0 0 0 Regulatory asset -st (WNC) 0 0 0 0 Gas in storage 0 0 0 (4) 0 Materials & supplies 0 0 0 0 Prepaid state taxes 0 0 0 0 Reg asset-Underrecovered gas costs-st 0 0 0 0 Deferred FIT 0 0 0 0 Asset Held for Sale, net 0 20,315 0 20,315 Derivatives 9,700 0 0 9,700 Restricted broker margin accounts 0 0 0 0 Other 0 0 0 0 ------- ------ ---- ------ ------ ------ ------- Total current assets 10,338 22,401 0 0 0 0 32,739 ------- ------ ---- ------ ------ ------ ------- DEFERRED FIT 0 0 0 0 (1) 0 DEFERRED CHARGES & OTHER Equity investments 18,321 0 690 0 19,011 Regulatory Assets 0 0 0 0 Reg asset-Underrecovered gas costs-lt 0 0 0 0 Derivatives 21,006 0 0 21,006 Restricted cash - construction fund 0 0 0 0 Other 0 0 0 (2) 0 ------- ------ ---- ------ ------ ------ ------- Total Deferred Charges & Other 39,327 0 690 0 0 0 40,017 ------- ------ ---- ------ ------ ------ ------- INVESTMENT IN SUBSIDIARIES NJNG 0 0 0 0 NJR Energy Serv. 0 0 0 0 NJR Retail Holdings 0 0 0 0 NJNE 0 0 0 0 NJNR 0 0 17,885 0 (1) 17,885 (1) 0 Plumbing Services 0 0 0 0 Home Services 0 0 0 0 Power Services 0 0 0 0 NJR Capital Corp. 0 0 0 0 NJRE 0 0 0 0 CR&R 0 0 14,089 0 (1) 14,089 (1) 0 NJR Investment 0 0 126 0 (1) 126 (1) 0 NJR Service 0 0 0 ------- ------ ---- ------ ------ ------ ------- Total investment in subs 0 0 0 32,100 0 32,100 0 ------- ------ ---- ------ ------ ------ ------- INTERCOMPANY NJR (10,090) (14,427) (504) 0 (25,021) NJNG (10) (23) 0 0 (33) NJR Energy Serv. 0 0 0 0 0 NJR Retail Holdings 0 0 0 0 0 NJNE 0 0 0 0 0 NJNR 0 0 0 0 0 Plumbing Services 0 0 0 0 0 Home Services 0 0 0 0 0 Power Services 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 0 NJR Energy 0 0 0 0 0 CR&R 0 0 0 0 0 NJR Investment 0 0 0 0 0 NJR Service (10) (11) 0 0 (21) ------- ------ ---- ------ ------ ------ ------- Total intercompany (10,110) (14,461) (504) 0 0 0 (25,075) ------- ------ ---- ------ ------ ------ ------- INTERCOMPANY - FIT (191) (3,050) 7 0 (3,234) ------- ------ ---- ------ ------ ------ ------- TOTAL ASSETS 39,364 22,633 193 32,100 0 32,100 62,190 ======= ====== ==== ====== ====== ====== =======
ASSETS -------------------------------------------------------------------------------------------- HOME NJR RETAIL CONSOLIDATING NJR RETAIL NJR ($ IN 000'S) NJNE SERVICES HOLDINGS DR (CR) HOLDINGS NJR SERVICE - ------------ ---- -------- -------- -- ---- -------- --- ------- PROP, PLANT & EQUIP Utility plant 0 0 0 0 0 Accumulated depreciation 0 0 0 0 0 Oil and gas properties 0 0 0 0 0 Accumulated amortization 0 0 0 0 0 0 Furniture & Fixtures 0 0 (5) 0 Real estate properties & other 0 1,519 0 1,519 1,374 Accumulated depreciation 0 (1,076) 0 (5) (1,076) (1,127) --- ------ ----- ----- ----- ------ ------- ----- Prop plant & equip-net 0 443 0 0 0 443 247 0 --- ------ ----- ----- ----- ------ ------- ----- CURRENT ASSETS Cash & Temp. Invest. (18) (107) 0 (125) (124) (124) Customer A/R 0 7,200 0 (2) 7,200 0 263 Unbilled revenue 0 0 0 0 0 Allow for doubtful a/c's 0 0 0 0 0 Regulatory asset -st (WNC) 0 0 0 0 0 Gas in storage 0 0 0 0 0 Materials & supplies 0 631 0 631 0 0 Prepaid state taxes 0 0 0 0 0 Reg asset-Underrecovered gas costs-st 0 0 0 0 0 Deferred FIT 0 0 0 0 0 Asset Held for Sale, net 0 0 0 0 0 Derivatives 0 0 0 0 0 Restricted broker margin accounts 0 0 0 0 0 Other 0 0 0 0 (4) 0 13,230 21 --- ------ ----- ----- ----- ------ ------- ----- Total current assets (18) 7,724 0 0 0 7,706 13,106 160 --- ------ ----- ----- ----- ------ ------- ----- 0 0 0 0 0 0 0 DEFERRED FIT DEFERRED CHARGES & OTHER Equity investments 0 0 0 0 129 Regulatory Assets 0 0 0 0 0 Reg asset-Underrecovered gas costs-lt 0 0 0 0 0 Derivatives 0 0 0 0 0 Restricted cash - construction fund 0 0 0 0 0 Other 0 71 71 1,260 122 --- ------ ----- ----- ----- ------ ------- ----- Total Deferred Charges & Other 0 71 0 0 (5) 71 1,389 122 --- ------ ----- ----- ----- ------ ------- ----- INVESTMENT IN SUBSIDIARIES NJNG 0 0 0 0 432,159 NJR Energy Serv. 0 0 0 0 30,644 NJR Retail Holdings 0 0 0 0 4,094 NJNE 0 0 635 0 (1) 635 (1) 0 0 NJNR 0 0 0 0 0 Plumbing Services 0 0 0 0 (1) 0 (1) 0 0 Home Services 0 0 3,460 0 (1) 3,460 (1) 0 0 Power Services 0 0 0 0 (1) 0 (1) 0 0 NJR Capital Corp. 0 0 0 0 32,100 NJRE 0 0 0 0 0 CR&R 0 0 0 0 0 NJR Investment 0 0 0 0 0 NJR Service 0 0 0 0 0 --- ------ ----- ----- ----- ------ ------- ----- Total investment in subs 0 0 4,095 0 4,095 0 498,997 0 --- ------ ----- ----- ----- ------ ------- ----- INTERCOMPANY NJR 516 785 0 (2) 1,301 0 3,588 NJNG 0 (137) 0 (2) (137) 388 370 NJR Energy Serv. 0 0 0 0 123,419 138 NJR Retail Holdings 0 0 0 0 0 0 NJNE 0 0 0 0 (516) 0 NJNR 0 0 0 0 0 2 Plumbing Services 0 (40) 0 (40) (42) 0 Home Services 0 40 0 40 (742) 41 Power Services 0 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 0 0 NJR Energy 0 0 0 0 10,090 8 CR&R 0 0 0 0 14,427 11 NJR Investment 0 0 0 0 504 0 NJR Service 0 (41) 0 (41) (3,584) 0 --- ------ ----- ----- ----- ------ ------- ----- Total intercompany 516 607 0 0 0 1,123 143,944 4,158 --- ------ ----- ----- ----- ------ ------- ----- INTERCOMPANY - FIT 143 (803) 0 (660) 1,464 (549) --- ------ ----- ----- ----- ------ ------- ----- TOTAL ASSETS 641 8,042 4,095 0 4,095 8,683 659,147 3,891 === ====== ===== ===== ===== ====== ======= =====
ASSETS --------------------------------------------------------------------------------------- NJR ENERGY NJR RETAIL NJR CAPITAL RECLASS ($ IN 000'S) NJNG Services Co. HOLDINGS CORP. TOTAL DR (CR) - ------------ ---- ------------ -------- ----- ----- -- ---- PROP, PLANT & EQUIP Utility plant 1,148,905 0 0 0 1,148,905 Accumulated depreciation (287,146) 0 0 0 (287,146) Oil and gas properties 0 0 0 0 0 Accumulated amortization 0 0 0 0 0 Furniture & Fixtures 0 0 0 0 Real estate properties & other 0 1,420 1,519 20,126 24,439 Accumulated depreciation 0 (1,183) (1,076) (2,383) (5,769) --------- -------- ------ ------- --------- ---- ------- Prop plant & equip-net 861,759 237 443 17,743 880,429 --------- -------- ------ ------- --------- ---- ------- CURRENT ASSETS Cash & Temp. Invest. 4,827 224 (125) 89 4,767 276 (6) Customer A/R 36,151 106,953 7,200 2,635 153,202 (1) Unbilled revenue 4,453 0 0 0 4,453 Allow for doubtful a/c's (2,151) (3,153) 0 0 (5,304) Regulatory asset -st (WNC) 0 0 0 0 0 Gas in storage 94,085 180,857 0 0 274,942 0 (8) Materials & supplies 2,813 0 631 0 3,444 Prepaid state taxes 11,849 0 0 0 11,849 Reg asset-Underrecovered gas costs-st 69,505 0 0 0 69,505 Deferred FIT 0 0 0 0 0 Asset Held for Sale, net 0 0 0 20,315 20,315 Derivatives 28,615 51,555 0 9,700 89,870 Restricted broker margin accounts 0 44,639 0 0 44,639 6,379 (5) Other 14,157 2,097 0 0 29,505 0 (4) 52 (4) --------- -------- ------ ------- --------- ---- ------- Total current assets 264,304 383,172 7,706 32,739 701,187 --------- -------- ------ ------- --------- ---- ------- 0 0 0 0 0 0 (2) 0 (2) DEFERRED FIT DEFERRED CHARGES & OTHER Equity investments 0 0 19,011 19,140 276 (6) Regulatory Assets 189,232 0 0 189,232 Reg asset-Underrecovered gas costs-lt 0 0 0 0 0 Derivatives 6,512 4,582 0 21,006 32,100 Restricted cash - construction fund 7,800 0 0 0 7,800 Other 29,996 9,750 71 0 41,199 --------- -------- ------ ------- --------- ---- ------- Total Deferred Charges & Other 233,540 14,332 71 40,017 289,471 --------- -------- ------ ------- --------- ---- ------- INVESTMENT IN SUBSIDIARIES NJNG 0 0 0 0 432,159 NJR Energy Serv. 0 0 0 0 30,644 NJR Retail Holdings 0 0 0 0 4,094 0 NJNE 0 0 0 0 0 NJNR 0 0 0 0 0 Plumbing Services 0 0 0 0 0 Home Services 0 0 0 0 0 Power Services 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 32,100 NJRE 0 0 0 0 0 CR&R 0 0 0 0 0 NJR Investment 0 0 0 0 0 NJR Service 0 0 0 0 0 --------- -------- ------ ------- --------- ---- ------- Total investment in subs 0 0 0 0 498,997 --------- -------- ------ ------- --------- ---- ------- INTERCOMPANY NJR (354) (123,420) 1,301 (25,021) (143,906) 52 (4) 0 (4) NJNG 0 (184) (137) (33) 404 NJR Energy Serv. 184 0 0 0 123,741 NJR Retail Holdings 0 0 0 0 0 NJNE 0 0 0 0 (516) NJNR (5) 0 0 0 (3) Plumbing Services 6 0 (40) 0 (76) Home Services 13 0 40 0 (648) Power Services 0 0 0 0 0 NJR Capital Corp. 0 0 0 0 0 NJR Energy 15 0 0 0 10,113 CR&R 23 0 0 0 14,461 NJR Investment 0 0 0 0 504 NJR Service (342) (138) (41) (21) (4,126) --------- -------- ------ ------- --------- ---- ------- Total intercompany (460) (123,742) 1,123 (25,075) (52) --------- -------- ------ ------- --------- ---- ------- INTERCOMPANY - FIT 6,522 (3,524) (660) (3,234) 19 19 (7) --------- -------- ------ ------- --------- ---- ------- TOTAL ASSETS 1,365,665 270,475 8,683 62,190 2,370,051 ========= ======== ====== ======= ========= ==== =======
ASSETS ------------------------------------- CONSOLIDATING CONSOL ($ IN 000's) DR (CR) TOTAL - ------------ -- ---- ------ PROP, PLANT & EQUIP Utility plant 40 (F) 1,148,865 Accumulated depreciation (287,146) Oil and gas properties 0 Accumulated amortization 0 Furniture & Fixtures 0 Real estate properties & other 24,439 Accumulated depreciation (5,769) ---- ------- --------- Prop plant & equip-net 880,389 ---- ------- --------- CURRENT ASSETS Cash & Temp. Invest. 5,043 Customer A/R 0 (H) 153,202 Unbilled revenue 4,453 Allow for doubtful a/c's (5,304) Regulatory asset -st (WNC) 0 Gas in storage 274,942 Materials & supplies 3,444 Prepaid state taxes 11,849 Reg asset-Underrecovered gas costs-st 69,505 Deferred FIT 0 Asset Held for Sale, net 20,315 Derivatives 89,870 Restricted broker margin accounts 38,260 Other 0 (H) 9,016 (B) 20,437 ---- ------- --------- Total current assets 686,016 ---- ------- --------- 0 DEFERRED FIT DEFERRED CHARGES & OTHER Equity investments 18,864 Regulatory Assets 189,232 Reg asset-Underrecovered gas costs-lt 0 Derivatives 32,100 Restricted cash - construction fund 7,800 Other 0 (A) 41,199 ---- ------- --------- Total Deferred Charges & Other 289,195 ---- ------- --------- INVESTMENT IN SUBSIDIARIES NJNG 432,159 (A) 0 NJR Energy Serv. 0 30,644 (A) 0 NJR Retail Holdings 0 4,094 (A) 0 NJNE 0 (A) 0 NJNR 0 (A) 0 Plumbing Services 0 (A) 0 Home Services 0 (A) 0 Power Services 0 (A) 0 NJR Capital Corp. 32,100 (A) 0 NJRE 0 (A) 0 CR&R 0 (A) 0 NJR Investment 0 (A) 0 NJR Service 0 (A) 0 ---- ------- --------- Total investment in subs 0 498,997 0 ---- ------- --------- INTERCOMPANY NJR 0 0 (D) (143,854) NJNG 404 NJR Energy Serv. 123,741 NJR Retail Holdings 0 NJNE (516) NJNR (3) Plumbing Services (76) Home Services (648) Power Services 0 NJR Capital Corp. 0 NJR Energy 10,113 CR&R 14,461 NJR Investment 504 NJR Service (4,126) ---- ------- --------- Total intercompany 0 ---- ------- --------- INTERCOMPANY - FIT 0 ---- ------- --------- TOTAL ASSETS 1,855,600 ==== ======= =========
NEW JERSEY RESOURCES CORPORATION 25-Feb-05 CONSOLIDATING BALANCE SHEET 04:15:41 PM SEPTEMBER 30, 2004
LIABILITIES AND STOCKHOLDER EQUITY -------------------------------------------------------------------------------------- NJRE NJR NJR CAPITAL CONSOLIDATING NJR CAPITAL CONT. CR&R INVEST. CORP. DR (CR) CORP. ----- ---- ------- ----- -- ---- ----- CAPITALIZATION Common stock equity 17,885 14,089 126 32,100 32,100 (1) 1,495 (2) 32,984 611 (2) Redeemable preferred stock 0 0 0 0 Long-term debt 0 0 0 0 ------ ------ --- ------ ------ ------ ------- Total capitalization 17,885 14,089 126 32,100 32,711 1,495 32,984 ------ ------ --- ------ ------ ------ ------- CURRENT LIABILITIES Current maturities of LTD 0 0 0 0 Notes payable to banks 0 0 0 0 Commercial paper 0 0 0 0 Gas purchases payable 0 0 0 (4) 0 Accounts payable & other 1,023 3,002 0 0 (3) 4,025 Postretirement employee benefit liability 135 63 0 198 Accrued taxes 149 (420) 0 (271) Broker margin accounts Overrecovered gas costs - S.T. 0 0 0 0 Derivatives 733 0 0 733 Customer credit bal & dep 0 217 0 217 ------ ------ --- ------ ------ ------ ------- Total current liabil 2,040 2,862 0 0 0 0 4,902 ------ ------ --- ------ ------ ------ ------- DEFERRED CREDITS Deferred ITC 0 0 0 0 Deferred income taxes 16,122 (5,908) 67 0 0 (1) 611 (2) 10,892 Deferred revenue 1,495 11,590 0 1,495 (2) 11,590 Overrecovered gas costs - L.T. 0 0 Derivatives 1,822 0 1,822 Manufactured gas plant remediation 0 0 Postretirement employee benefit liability Regulatory liabilities Other 0 0 0 0 ------ ------ --- ------ ------ ------ ------- Total deferred credits 19,439 5,682 67 0 1,495 611 24,304 ------ ------ --- ------ ------ ------ ------- TOTAL CAP & LIAB. 39,364 22,633 193 32,100 34,206 2,106 62,190 ====== ====== === ====== ====== ====== ======= 0 0 0 0 34,206 34,206 0 0 0 0 0 0 0 LIABILITIES AND STOCKHOLDER EQUITY --------------------------------------------------------------------------------------------- HOME NJR RETAIL CONSOLIDATING NJR RETAIL NJR NJNE SERVICES HOLDINGS DR (CR) HOLDINGS NJR SERVICE ---- -------- -------- -- ---- -------- --- ------- CAPITALIZATION Common stock equity 635 3,460 4,095 4,095 (1) 4,095 467,101 0 0 (2) Redeemable preferred stock 0 0 0 0 0 0 Long-term debt 0 0 0 0 25,000 0 --- ------ ----- ----- ----- ----- ------- ----- Total capitalization 635 3,460 4,095 4,095 0 4,095 492,101 0 --- ------ ----- ----- ----- ----- ------- ----- CURRENT LIABILITIES Current maturities of LTD 0 0 0 0 0 Notes payable to banks 0 0 0 0 152,100 Commercial paper 0 0 0 0 0 Gas purchases payable 0 0 0 0 0 Accounts payable & other 6 5,761 0 0 (4) 5,767 10,179 1,492 Postretirement employee benefit liability (72) 0 (72) 134 1,324 Accrued taxes 0 (54) 0 (54) 2,062 156 Broker margin accounts Overrecovered gas costs - S.T. 0 0 0 0 0 Derivatives 0 0 0 0 0 Customer credit bal & dep 0 0 0 0 0 --- ------ ----- ----- ----- ----- ------- ----- Total current liabil 6 5,635 0 0 0 5,641 164,475 2,972 --- ------ ----- ----- ----- ----- ------- ----- DEFERRED CREDITS Deferred ITC 0 0 0 0 0 Deferred income taxes 0 (2,368) 0 0 (2) (2,368) (1,580) (708) Deferred revenue 0 0 0 0 0 Overrecovered gas costs - L.T. 0 0 0 0 0 Derivatives 0 0 0 0 0 Manufactured gas plant remediation 0 0 0 0 0 Postretirement employee benefit liability 1,194 0 1,194 842 1,508 Regulatory liabilities Other 0 121 0 121 3,309 119 --- ------ ----- ----- ----- ----- ------- ----- Total deferred credits 0 (1,053) 0 0 0 (1,053) 2,571 919 --- ------ ----- ----- ----- ----- ------- ----- TOTAL CAP & LIAB. 641 8,042 4,095 4,095 0 8,683 659,147 3,891 === ====== ===== ===== ===== ===== ======= ===== 0 0 0 4,095 4,095 0 0 0 0 0 0 0 0 0 0
LIABILITIES AND STOCKHOLDER EQUITY --------------------------------------------------------------------------------------- NJR ENERGY NJR RETAIL NJR CAPITAL RECLASS NJNG SERVICES CO. HOLDINGS CORP. TOTAL DR (CR) ---- ------------ -------- ----- ----- -- ---- CAPITALIZATION Common stock equity 432,159 30,615 4,095 32,984 966,954 Redeemable preferred stock 0 0 0 0 0 Long-term debt 290,887 0 0 0 315,887 --------- ------- ------ ------ --------- ----- ------- Total capitalization 723,046 30,615 4,095 32,984 1,282,841 --------- ------- ------ ------ --------- ----- ------- CURRENT LIABILITIES Current maturities of LTD 27,736 0 0 0 27,736 Notes payable to banks 0 0 0 0 152,100 Commercial paper 107,600 0 0 0 107,600 Gas purchases payable 42,739 168,129 0 0 210,868 0 (1) 0 (8) Accounts payable & other 37,877 1,293 5,767 4,025 60,633 315 (3) Postretirement employee benefit liability 613 77 (72) 198 2,274 1,661 (3) Accrued taxes 23,226 265 (54) (271) 25,384 19 (7) Broker margin accounts 6,379 6,379 6,379 (5) Overrecovered gas costs - S.T. 0 0 0 0 0 Derivatives 18,478 71,450 0 733 90,661 Customer credit bal & dep 18,522 2,124 0 217 20,863 --------- ------- ------ ------ --------- ----- ------- Total current liabil 283,170 243,338 5,641 4,902 704,498 --------- ------- ------ ------ --------- ----- ------- DEFERRED CREDITS Deferred ITC 8,479 0 0 0 8,479 Deferred income taxes 139,108 (10,273) (2,368) 10,892 135,071 0 (2) 0 (2) Deferred revenue 0 227 0 11,590 11,817 Overrecovered gas costs - L.T. 0 0 0 0 0 Derivatives 28,235 3,737 0 1,822 33,794 Manufactured gas plant remediation 92,880 0 0 0 92,880 Postretirement employee benefit liability 4,825 1,194 0 8,369 315 (3) 1,661 (3) Regulatory liabilities 80,757 80,757 Other 5,165 2,831 121 0 11,545 Total deferred credits 359,449 (3,478) (1,053) 24,304 382,712 --------- ------- ------ ------ --------- ----- ------- TOTAL CAP & LIAB. 1,365,665 270,475 8,683 62,190 2,370,051 0 0 ========= ======= ====== ====== ========= ===== ======= 0 0 0 0 0 8,702 8,702 0 0 0 0 0 0 LIABILITIES AND STOCKHOLDER EQUITY ---------------------------------------- CONSOLIDATING CONSOL DR (CR) TOTAL -- ---- ----- CAPITALIZATION Common stock equity 498,997 (A) 467,917 40 (F) 0 (D) Redeemable preferred stock 0 Long-term debt 315,887 ------ ------- --------- Total capitalization 783,804 ------ ------- --------- CURRENT LIABILITIES Current maturities of LTD 27,736 Notes payable to banks 152,100 Commercial paper 107,600 Gas purchases payable 0 (H) 210,868 Accounts payable & other 9,016 (B) 51,932 Postretirement employee benefit liability 613 Accrued taxes 25,365 Broker margin accounts 0 Overrecovered gas costs - S.T. 0 Derivatives 90,661 Customer credit bal & dep 20,863 ------ ------- --------- Total current liabil 687,738 ------ ------- --------- DEFERRED CREDITS Deferred ITC 8,479 Deferred income taxes 135,071 Deferred revenue 11,817 Overrecovered gas costs - L.T. 0 Derivatives 33,794 Manufactured gas plant remediation 92,880 Postretirement employee benefit liability 9,715 Regulatory liabilities 80,757 Other 11,545 ------ ------- --------- Total deferred credits 384,058 ------ ------- --------- TOTAL CAP & LIAB. 1,855,600 ======= ======= ========= 508,053 508,053 0 0 0
EXHIBIT B Attached as Exhibit B is Consolidating Financial Data Schedule for the fiscal year ended September 30, 2004. 12 New Jersey Resources Corporation Financial Data Schedule UT For the Fiscal Year Ended September 30, 2004 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NEW JERSEY RESOURCES CORPORATION'S 2004 ANNUAL REPORT TO STOCKHOLDERS INCLUDING THE CONSOLIDATED STATEMENTS OF INCOME, CONSOLIDATED STATEMENTS OF CASH FLOWS, CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
Twelve Item Item Months Number Description 000's - -------------------------- ----------- --------- 1. total assets 1,855,600 2. gross operating revenue 2,533,607 3. net income 71,574
13 EXHIBIT C None 14 The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 28th day of February 2005. New Jersey Resources Corporation By: __________________________________ OLETA J. HARDEN Senior Vice President & Secretary (Corporate Seal) Attest: _______________________________ GLENN C. LOCKWOOD Senior Vice President & CFO Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed: Oleta J. Harden, Senior Vice President & Secretary New Jersey Resources Corporation 1415 Wyckoff Road Wall, NJ 07719 15 -----END PRIVACY-ENHANCED MESSAGE-----