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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 1, 2005
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I.R.S. Employer |
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001-32206 |
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GREAT PLAINS ENERGY INCORPORATED |
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43-1916803 |
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(A Missouri Corporation) |
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1201 Walnut Street |
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Kansas City, Missouri 64106 |
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(816) 556-2200 |
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NOT APPLICABLE |
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(Former name or former address, |
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1-707 |
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KANSAS CITY POWER & LIGHT COMPANY |
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44-0308720 |
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(A Missouri Corporation) |
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1201 Walnut Street |
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Kansas City, Missouri 64106 |
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(816) 556-2200 |
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NOT APPLICABLE |
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(Former name or former address, |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
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(17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Great Plains Energy Incorporated (Great Plains Energy) and Kansas City Power & Light Company (KCP&L) (the Registrants) are separately furnishing this combined Current Report on Form 8-K (Report). Information contained herein relating to an individual Registrant is furnished by such registrant on its own behalf. Each Registrant makes representations only as to information relating to itself.
Item 2.02 Results of Operations and Financial Condition
On November 1, 2005, Great Plains Energy issued a press release announcing 2005 third quarter earnings information and increasing 2005 core earnings guidance. A copy of the press release is attached to this report on Form 8-K as Exhibit 99.
The press release contains information regarding Great Plains Energy's reportable segments, including the KCP&L reportable segment. Accordingly, this report is also being furnished on behalf of KCP&L.
The information, including the exhibit attached hereto, in this report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 |
Financial Statements and Exhibits |
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(c) Exhibit No. |
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99 |
Press release issued by Great Plains Energy Incorporated on November 1, 2005. |
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 hereunto duly authorized.
GREAT PLAINS ENERGY INCORPORATED |
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/s/Lori Wright |
Lori Wright |
Controller |
KANSAS CITY POWER & LIGHT COMPANY |
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/s/Lori Wright |
Lori Wright |
Controller |
Date: November 1, 2005
Exhibit 99
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Media Contact: |
Tom Robinson | |
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816-556-2902 |
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Investor Contact: |
Todd Allen |
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816-556-2083 |
FOR IMMEDIATE RELEASE
GREAT PLAINS ENERGY ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
Increases 2005 Core Earnings Guidance
KANSAS CITY, MO, November 1, 2005 Great Plains Energy Incorporated (NYSE:GXP) today announced third quarter 2005 earnings available for common shareholders of $90.4 million or $1.21 per share, compared to third quarter 2004 earnings of $75.5 million or $1.02 per share. Core earnings, which exclude the impact of KLT Gas discontinued operations and mark-to-market gains and losses on energy contracts, were $77.9 million or $1.05 per share, compared to $65.0 million or $0.87 per share in the third quarter of 2004.
Year to date September 30, 2005, earnings were $131.7 million or $1.77 per share, compared to $143.6 million or $2.02 per share for the same period last year. Core earnings year to date were $118.4 million or $1.59 per share, compared to $135.4 million or $1.90 per share for same period last year.
Chairman Michael Chesser commented, During the quarter KCP&L overcame the failure of the relatively new main transformer at our Hawthorn 5 coal plant. The 32-day outage caused increased fuel and purchased power expenses and lower wholesale revenues. Despite this outage, 2005 remains on track to be one of the companys best years for coal fleet availability. With Hawthorn 5 now back in service, KCP&L expects to be able to sell wholesale MWhs at higher prices than previously expected during the fourth quarter.
Strategic Energys performance has also been encouraging, Chesser pointed out. Despite the challenging environment of high energy prices, Strategic Energys year to date MWhs delivered are consistent with those for 2004 and it has retained more than 80% of its customer load. Weve experienced strong demand for our new index-based products, which accounted for almost 60% of new contract volume for the year. We continue to believe Strategic Energy has re-positioned itself to succeed within the volatile energy price environment and to capitalize on growth opportunities in competitive supply once the pricing environment improves.
Mr. Chesser concluded, Based on our performance year to date and expectations for higher wholesale prices in the fourth quarter, we are increasing Great Plains Energys 2005 core earnings guidance to a range of $2.15 to $2.30 per share. (See Attachment G)
Kansas City Power & Light
KCP&L earned $69.1 million in the third quarter 2005, compared to $64.2 million in the same period last year. Third quarter 2005 revenues were $353.0 million, up from $323.3 million last year.
Retail revenues increased $31.5 million to $309.5 million compared to the same quarter last year driven by warmer weather. Wholesale revenues during the quarter were $39.3
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million, down 3% from the year ago period. Higher retail usage, the Hawthorn 5 outage and coal conservation measures led to third quarter wholesale volumes which were 37% lower than last year. However, the decrease in wholesale volume was largely offset by wholesale prices that were almost double last years average level.
Fuel and purchased power costs during the third quarter were $36.0 million higher than last year driven by the Hawthorn 5 outage and higher natural gas prices. Third quarter income taxes were $16.2 million lower than last year primarily due to a lower composite tax rate and lower taxable income. KCP&L also benefited from the regulatory accounting treatment of pension expense.
Year to date September 30, 2005, KCP&Ls earnings were $109.0 million, compared to $118.4 million in the same period last year. The lower year to date earnings were driven by a $37.9 million increase in fuel and purchased power expenses, and the effect of scheduled and forced outages on wholesale sales, which more than offset favorable weather, higher wholesale prices and lower interest and income tax expenses.
Strategic Energy
Strategic Energy earned $18.1 million in the third quarter of 2005, compared to $13.4 million in the same period last year. Third quarter revenues increased 10% from the same period last year to $429.9 million driven by increased power prices, while retail MWhs delivered during the quarter declined by 5%. Core earnings in the third quarter of 2005, which exclude $10.7 million in after-tax, net mark-to-market gains on energy contracts, were $7.4 million or $0.10 per share in the third quarter compared to $10.9 million or $0.14 per share last year. As discussed last quarter, results were also impacted by a transitional charge, called Seams Elimination Cost Adjustment or SECA, related to the Midwest Independent Transmission System Operator, Inc. and PJM Interconnection markets.
Third quarter retail gross margins per MWh were $7.85, which includes $3.36 per MWh due to net mark-to-market gains on energy contracts. This compares to retail gross margins of $5.50 last year, which included $0.77 of net mark-to-market gains on energy contracts. Average retail gross margin per MWh on new contracts in the third quarter was $3.53, up from $2.86 in the second quarter, primarily due to increased sales to smaller, high margin customers.
Year to date September 30, 2005, Strategic Energy earned $34.6 million, compared to $32.0 million in the same period last year. Earnings for the year to date period were impacted by mark-to-market gains on energy contracts and $4.7 million after tax due to SECA. Core earnings, which exclude $15.1 million in after-tax, net mark-to-market gains on energy contracts, were $19.5 million or $0.26 per share year to date compared to $29.8 million or $0.42 per share last year. Core earnings were also impacted by SECA charges. Year to date MWhs delivered were flat compared to last year, while retail gross margins per MWh were $6.30, which included $1.71 per MWh of net mark-to-market gains on energy contracts. This compares to $6.00 in 2004, which included $0.25 per MWh of net mark-to-market gains on energy contracts.
At September 30, Strategic Energy had 4.1 million MWhs in backlog for 2005. When combined with the 15.2 million MWhs delivered year to date, Strategic Energy expects 2005 deliveries to be within the previously stated range of 17.5-21 million MWhs.
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Other Category
The other category was breakeven during the quarter compared to a loss of $10.8 million in the third quarter last year. Results in this years quarter reflect the release of tax reserves. Additionally, while not affecting Great Plains Energys consolidated earnings, results in the same quarter last year included a loss due to changes in parent company tax allocations.
Non-GAAP Financial Measure
Great Plains Energy provides in its earnings releases descriptions of core earnings in addition to earnings calculated in accordance with GAAP. Great Plains Energy also provides its earnings guidance in terms of core earnings. Core earnings is a non-GAAP financial measure that differs from GAAP earnings because it excludes the effects of discontinued operations, certain unusual items and mark-to-market gains and losses on energy contracts. Core earnings for historical periods are reconciled to GAAP earnings in Attachments B and C.
Great Plains Energy previously provided a non-GAAP financial measure entitled Ongoing earnings which excluded the effects of discontinued operations and certain non-recurring items but included mark-to-market gains and losses on energy contracts. The company believes core earnings provide to investors a more meaningful indicator of its results that is comparable among periods because it excludes the effects of discontinued operations, unusual items and mark-to-market gains and losses on energy contracts. These items are excluded from core earnings because they may not be indicative of Great Plains Energys prospective earnings potential. Investors should note that this non-GAAP measure involves judgments by management including whether an item is classified as an unusual item. Core earnings is used internally to measure performance against budget and in reports for management and the Board of Directors. Great Plains Energys definition of core earnings may differ from similar terms used by other companies.
Great Plains Energy Incorporated (NYSE:GXP) headquartered in Kansas City, MO, is the holding company for Kansas City Power & Light Company, a leading regulated provider of electricity in the Midwest, and Strategic Energy LLC, a competitive electricity supplier. The Company's web site is www.greatplainsenergy.com.
CERTAIN FORWARD-LOOKING INFORMATION -- Statements made in this release that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company is providing a number of important factors that could cause actual results to differ materially from the provided forward-looking information. These important factors include: future economic conditions in the regional, national and international markets, including but not limited to regional and national wholesale electricity markets; market perception of the energy industry and the Company; changes in business strategy, operations or development plans; effects of current or proposed state and federal legislative and regulatory actions or developments, including, but not limited to, deregulation, re-regulation and restructuring of the electric utility industry and constraints placed on the Company's actions by the Public Utility Holding Company Act of 1935; adverse changes in applicable laws, regulations, rules, principles or practices governing tax, accounting and environmental matters including, but not limited to, air quality; financial market conditions and performance including, but not limited to, changes in interest rates and in availability and cost of capital and the effects on the Companys pension plan assets and costs; ability to maintain current credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of terrorist acts; increased competition including, but not limited to, retail choice in the electric utility industry and the entry of new competitors; ability to carry out marketing and sales plans; weather conditions including weather-related damage; cost, availability, quality and deliverability of fuel; ability to achieve generation planning goals and the occurrence and duration of unplanned generation outages; delays in the anticipated in-service dates of additional generating capacity; nuclear operations; ability to enter new markets successfully and capitalize on growth opportunities in non-regulated businesses; performance of projects undertaken by the Companys non-regulated businesses and the success of efforts to invest in and develop new opportunities; and other risks and uncertainties. This list of factors is not all-inclusive because it is not possible to predict all factors.
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Attachment A
GREAT PLAINS ENERGY Consolidated Statements of Income (Unaudited) | ||||||||||||||
Three Months Ended September 30 |
Year to Date September 30 | |||||||||||||
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2005 | 2004 | 2005 | 2004 | |||||||||||
Operating Revenues | (thousands) | |||||||||||||
Electric revenues - KCP&L | $ | 352,974 | $ | 323,287 | $ | 858,272 | $ | 844,447 | ||||||
Electric revenues - Strategic Energy | 429,407 | 390,747 | 1,099,895 | 1,022,887 | ||||||||||
Other revenues | 446 | 817 | 1,495 | 2,495 | ||||||||||
Total | 782,827 | 714,851 | 1,959,662 | 1,869,829 | ||||||||||
Operating Expenses | ||||||||||||||
Fuel | 73,935 | 52,257 | 160,228 | 135,113 | ||||||||||
Purchased power - KCP&L | 28,303 | 14,015 | 56,590 | 43,835 | ||||||||||
Purchased power - Strategic Energy | 386,499 | 358,879 | 1,003,201 | 930,637 | ||||||||||
Other | 76,358 | 79,108 | 240,628 | 236,748 | ||||||||||
Maintenance | 19,230 | 19,276 | 69,140 | 63,306 | ||||||||||
Depreciation and amortization | 38,382 | 37,999 | 114,485 | 112,084 | ||||||||||
General taxes | 31,197 | 28,468 | 83,619 | 78,492 | ||||||||||
(Gain) loss on property | 3,419 | (613 | ) | 1,906 | (771 | ) | ||||||||
Total | 657,323 | 589,389 | 1,729,797 | 1,599,444 | ||||||||||
Operating income | 125,504 | 125,462 | 229,865 | 270,385 | ||||||||||
Non-operating income | 3,563 | 1,626 | 15,334 | 4,595 | ||||||||||
Non-operating expenses | (4,699 | ) | (6,914 | ) | (15,671 | ) | (13,393 | ) | ||||||
Interest charges | (17,904 | ) | (17,973 | ) | (53,777 | ) | (55,278 | ) | ||||||
Income from continuing operations before income taxes, | ||||||||||||||
minority interest in subsidiaries and loss from equity | ||||||||||||||
investments | 106,464 | 102,201 | 175,751 | 206,309 | ||||||||||
Income taxes | (17,300 | ) | (35,161 | ) | (32,396 | ) | (67,273 | ) | ||||||
Minority interest in subsidiaries | - | 1,283 | (7,805 | ) | 848 | |||||||||
Loss from equity investments, net of income taxes | (69 | ) | (461 | ) | (758 | ) | (1,074 | ) | ||||||
Income from continuing operations | 89,095 | 67,862 | 134,792 | 138,810 | ||||||||||
Discontinued operations, net of income taxes | 1,780 | 8,067 | (1,826 | ) | 6,048 | |||||||||
Net income | 90,875 | 75,929 | 132,966 | 144,858 | ||||||||||
Preferred stock dividend requirements | 412 | 412 | 1,235 | 1,235 | ||||||||||
Earnings available for common shareholders | $ | 90,463 | $ | 75,517 | $ | 131,731 | $ | 143,623 | ||||||
Average number of common shares outstanding | 74,653 | 74,270 | 74,561 | 71,251 | ||||||||||
Basic and diluted earnings (loss) per common share | ||||||||||||||
Continuing operations | $ | 1.19 | $ | 0.91 | $ | 1.79 | $ | 1.93 | ||||||
Discontinued operations | 0.02 | 0.11 | (0.02 | ) | 0.09 | |||||||||
Basic and diluted earnings per common share | $ | 1.21 | $ | 1.02 | $ | 1.77 | $ | 2.02 | ||||||
Cash dividends per common share | $ | 0.415 | $ | 0.415 | $ | 1.245 | $ | 1.245 | ||||||
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Attachment B
GREAT PLAINS ENERGY Consolidated Earnings and Earnings Per Share Three Months Ended September 30 (Unaudited) | |||||||||||||||
Earnings | Earnings per Great Plains Energy Share | ||||||||||||||
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2005 | 2004 | 2005 | 2004 | ||||||||||||
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KCP&L | $ | 69.1 | $ | 64.2 | $ | 0.92 | $ | 0.86 | |||||||
Strategic Energy | 18.1 | 13.4 | 0.24 | 0.18 | |||||||||||
KLT Investments | 1.9 | 1.1 | 0.03 | 0.01 | |||||||||||
Other | - | (10.8 | ) | - | (0.14 | ) | |||||||||
Income from continuing operations | 89.1 | 67.9 | 1.19 | 0.91 | |||||||||||
KLT Gas discontinued operations, | |||||||||||||||
net of income taxes | 1.8 | 8.0 | 0.02 | 0.11 | |||||||||||
Preferred dividends | (0.5 | ) | (0.4 | ) | - | - | |||||||||
Earnings available for common shareholders | $ | 90.4 | $ | 75.5 | $ | 1.21 | $ | 1.02 | |||||||
Reconciliation of GAAP to Non-GAAP | |||||||||||||||
Earnings available for common shareholders | $ | 90.4 | $ | 75.5 | $ | 1.21 | $ | 1.02 | |||||||
Reconciling items | |||||||||||||||
Strategic Energy -- mark-to-market impacts | |||||||||||||||
from energy contracts | (10.7 | ) | (2.5 | ) | (0.14 | ) | (0.04 | ) | |||||||
KLT Gas -- Discontinued operations | (1.8 | ) | (8.0 | ) | (0.02 | ) | (0.11 | ) | |||||||
Core earnings | $ | 77.9 | $ | 65.0 | $ | 1.05 | $ | 0.87 | |||||||
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Attachment C
GREAT PLAINS ENERGY Consolidated Earnings and Earnings Per Share Year to Date September 30 (Unaudited) | |||||||||||||||
Earnings | Earnings per Great Plains Energy Share | ||||||||||||||
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2005 | 2004 | 2005 | 2004 | ||||||||||||
(millions) | |||||||||||||||
KCP&L | $ | 109.0 | $ | 118.4 | $ | 1.46 | $ | 1.66 | |||||||
Strategic Energy | 34.6 | 32.0 | 0.46 | 0.45 | |||||||||||
KLT Investments | 2.4 | 7.5 | 0.03 | 0.11 | |||||||||||
Other | (11.2 | ) | (19.1 | ) | (0.14 | ) | (0.27 | ) | |||||||
Income from continuing operations | 134.8 | 138.8 | 1.81 | 1.95 | |||||||||||
KLT Gas discontinued operations, | |||||||||||||||
net of income taxes | (1.8 | ) | 6.0 | (0.02 | ) | 0.09 | |||||||||
Preferred dividends | (1.3 | ) | (1.2 | ) | (0.02 | ) | (0.02 | ) | |||||||
Earnings available for common shareholders | $ | 131.7 | $ | 143.6 | $ | 1.77 | $ | 2.02 | |||||||
Reconciliation of GAAP to Non-GAAP | |||||||||||||||
Earnings available for common shareholders | $ | 131.7 | $ | 143.6 | $ | 1.77 | $ | 2.02 | |||||||
Reconciling items | |||||||||||||||
Strategic Energy -- mark-to-market impacts | |||||||||||||||
from energy contracts | (15.1 | ) | (2.2 | ) | (0.20 | ) | (0.03 | ) | |||||||
KLT Gas -- Discontinued operations | 1.8 | (6.0 | ) | 0.02 | (0.09 | ) | |||||||||
Core earnings | $ | 118.4 | $ | 135.4 | $ | 1.59 | $ | 1.90 | |||||||
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Attachment D
GREAT PLAINS ENERGY Summary Income Statement by Segment Three Months Ended September 30, 2005 (Unaudited) | ||||||||||||||
Consolidated GPE |
KCP&L | Strategic Energy |
Other | |||||||||||
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(millions) | ||||||||||||||
Operating revenues | $ | 782.9 | $ | 353.0 | $ | 429.9 | $ | - | ||||||
Fuel | (73.9 | ) | (73.9 | ) | - | - | ||||||||
Purchased power | (414.8 | ) | (28.3 | ) | (386.5 | ) | - | |||||||
Other operating expense | (126.9 | ) | (110.2 | ) | (14.3 | ) | (2.4 | ) | ||||||
Depreciation and amortization | (38.4 | ) | (36.7 | ) | (1.6 | ) | (0.1 | ) | ||||||
Gain (loss) on property | (3.4 | ) | (3.7 | ) | - | 0.3 | ||||||||
Operating income | 125.5 | 100.2 | 27.5 | (2.2 | ) | |||||||||
Non-operating income (expenses) | (1.1 | ) | 0.3 | 0.7 | (2.1 | ) | ||||||||
Interest charges | (17.9 | ) | (15.0 | ) | (0.7 | ) | (2.2 | ) | ||||||
Income taxes | (17.3 | ) | (16.4 | ) | (9.4 | ) | 8.5 | |||||||
Loss from equity investments | (0.1 | ) | - | - | (0.1 | ) | ||||||||
Discontinued operations | 1.8 | - | - | 1.8 | ||||||||||
Net income | $ | 90.9 | $ | 69.1 | $ | 18.1 | $ | 3.7 | ||||||
Earnings per GPE common share | $ | 1.21 | $ | 0.92 | $ | 0.24 | $ | 0.05 | ||||||
GREAT PLAINS ENERGY Summary Income Statement by Segment Year to Date September 30, 2005 (Unaudited) | ||||||||||||||
Consolidated GPE |
KCP&L | Strategic Energy |
Other | |||||||||||
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(millions) | ||||||||||||||
Operating revenues | $ | 1,959.7 | $ | 858.3 | $ | 1,101.3 | $ | 0.1 | ||||||
Fuel | (160.2 | ) | (160.2 | ) | - | - | ||||||||
Purchased power | (1,059.8 | ) | (56.6 | ) | (1,003.2 | ) | - | |||||||
Other operating expense | (393.4 | ) | (343.1 | ) | (37.6 | ) | (12.7 | ) | ||||||
Depreciation and amortization | (114.5 | ) | (109.7 | ) | (4.6 | ) | (0.2 | ) | ||||||
Gain (loss) on property | (1.9 | ) | (3.7 | ) | - | 1.8 | ||||||||
Operating income | 229.9 | 185.0 | 55.9 | (11.0 | ) | |||||||||
Non-operating income (expenses) | (0.3 | ) | 9.3 | 1.8 | (11.4 | ) | ||||||||
Interest charges | (53.8 | ) | (45.1 | ) | (2.2 | ) | (6.5 | ) | ||||||
Income taxes | (32.4 | ) | (32.4 | ) | (20.9 | ) | 20.9 | |||||||
Minority interest in subsidiaries | (7.8 | ) | (7.8 | ) | - | - | ||||||||
Loss from equity investments | (0.8 | ) | - | - | (0.8 | ) | ||||||||
Discontinued operations | (1.8 | ) | - | - | (1.8 | ) | ||||||||
Net income (loss) | $ | 133.0 | $ | 109.0 | $ | 34.6 | $ | (10.6 | ) | |||||
Earnings (loss) per GPE common share | $ | 1.77 | $ | 1.46 | $ | 0.46 | $ | (0.15 | ) | |||||
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Attachment E
GREAT PLAINS ENERGY | ||||||||
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Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
September 30 | December 31 | |||||||
2005 | 2004 | |||||||
ASSETS | (thousands) | |||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 58,414 | $ | 127,129 | ||||
Restricted cash | 17,500 | 7,700 | ||||||
Receivables, net | 338,381 | 247,184 | ||||||
Fuel inventories, at average cost | 19,650 | 21,121 | ||||||
Materials and supplies, at average cost | 56,985 | 54,432 | ||||||
Deferred income taxes | - | 13,065 | ||||||
Assets of discontinued operations | 1,255 | 749 | ||||||
Derivative instruments | 92,797 | 6,372 | ||||||
Other | 8,890 | 14,485 | ||||||
Total | 593,872 | 492,237 | ||||||
Nonutility Property and Investments | ||||||||
Affordable housing limited partnerships | 28,424 | 41,317 | ||||||
Nuclear decommissioning trust fund | 89,888 | 84,148 | ||||||
Other | 18,865 | 32,739 | ||||||
Total | 137,177 | 158,204 | ||||||
Utility Plant, at Original Cost | ||||||||
Electric | 4,913,145 | 4,841,355 | ||||||
Less-accumulated depreciation | 2,286,249 | 2,196,835 | ||||||
Net utility plant in service | 2,626,896 | 2,644,520 | ||||||
Construction work in progress | 60,751 | 53,821 | ||||||
Nuclear fuel, net of amortization of $111,262 and $127,631 | 31,104 | 36,109 | ||||||
Total | 2,718,751 | 2,734,450 | ||||||
Deferred Charges and Other Assets | ||||||||
Regulatory assets | 160,237 | 144,345 | ||||||
Prepaid pension costs | 105,583 | 119,811 | ||||||
Goodwill | 87,624 | 86,767 | ||||||
Derivative instruments | 30,563 | 2,275 | ||||||
Other | 56,573 | 60,812 | ||||||
Total | 440,580 | 414,010 | ||||||
Total | $ | 3,890,380 | $ | 3,798,901 | ||||
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Attachment E continued
GREAT PLAINS ENERGY | ||||||||
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Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
September 30 | December 31 | |||||||
2005 | 2004 | |||||||
LIABILITIES AND CAPITALIZATION | (thousands) | |||||||
Current Liabilities | ||||||||
Notes payable | $ | - | $ | 20,000 | ||||
Commercial paper | 13,600 | - | ||||||
Current maturities of long-term debt | 251,607 | 253,230 | ||||||
EIRR bonds classified as current | - | 85,922 | ||||||
Accounts payable | 222,663 | 199,952 | ||||||
Accrued taxes | 112,501 | 46,993 | ||||||
Accrued interest | 12,936 | 11,598 | ||||||
Accrued payroll and vacations | 27,657 | 32,462 | ||||||
Accrued refueling outage costs | 5,525 | 13,180 | ||||||
Deferred income taxes | 21,030 | - | ||||||
Supplier collateral | 17,500 | 7,700 | ||||||
Liabilities of discontinued operations | 112 | 2,129 | ||||||
Derivative instruments | 11,634 | 2,434 | ||||||
Other | 24,645 | 22,497 | ||||||
Total | 721,410 | 698,097 | ||||||
Deferred Credits and Other Liabilities | ||||||||
Deferred income taxes | 616,512 | 632,160 | ||||||
Deferred investment tax credits | 30,670 | 33,587 | ||||||
Asset retirement obligations | 117,203 | 113,674 | ||||||
Pension liability | 95,496 | 95,805 | ||||||
Regulatory liabilities | 63,300 | 4,101 | ||||||
Derivative instruments | 6,134 | 112 | ||||||
Other | 75,092 | 84,311 | ||||||
Total | 1,004,407 | 963,750 | ||||||
Capitalization | ||||||||
Common shareholders' equity | ||||||||
Common stock-150,000,000 shares authorized without par value | ||||||||
74,728,020 and 74,394,423 shares issued, stated value | 775,561 | 765,482 | ||||||
Unearned compensation | (2,396 | ) | (1,393 | ) | ||||
Capital stock premium and expense | (30,851 | ) | (32,112 | ) | ||||
Retained earnings | 490,386 | 451,491 | ||||||
Treasury stock-34,868 and 28,488 shares, at cost | (1,049 | ) | (856 | ) | ||||
Accumulated other comprehensive income (loss) | 393 | (41,018 | ) | |||||
Total | 1,232,044 | 1,141,594 | ||||||
Cumulative preferred stock $100 par value | ||||||||
3.80% - 100,000 shares issued | 10,000 | 10,000 | ||||||
4.50% - 100,000 shares issued | 10,000 | 10,000 | ||||||
4.20% - 70,000 shares issued | 7,000 | 7,000 | ||||||
4.35% - 120,000 shares issued | 12,000 | 12,000 | ||||||
Total | 39,000 | 39,000 | ||||||
Long-term debt | 893,519 | 956,460 | ||||||
Total | 2,164,563 | 2,137,054 | ||||||
Commitments and Contingencies | ||||||||
Total | $ | 3,890,380 | $ | 3,798,901 | ||||
More
-Page 10-
Attachment F
GREAT PLAINS ENERGY | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Statistical Summary | ||||||||||||||
Three Months Ended | Year to Date | |||||||||||||
September 30 | September 30 | |||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||
KCP&L | ||||||||||||||
Retail revenues (millions) | $ | 309.5 | $ | 278.0 | $ | 730.9 | $ | 687.9 | ||||||
Wholesale revenues (millions) | $ | 39.3 | $ | 40.4 | $ | 115.7 | $ | 144.0 | ||||||
Average wholesale price per MWh | $ | 50.86 | $ | 25.54 | $ | 40.18 | $ | 30.26 | ||||||
Wholesale sales (MWh) | 918 | 1,457 | 3,166 | 4,801 | ||||||||||
Cooling degree days | 1,116 | 726 | 1,564 | 1,100 | ||||||||||
Equivalent availability - coal plants | 82 | % | 91 | % | 80 | % | 84 | % | ||||||
Capacity factor - coal plants | 76 | % | 85 | % | 76 | % | 80 | % | ||||||
Strategic Energy | ||||||||||||||
MWhs delivered | 5,424 | 5,734 | 15,185 | 15,198 | ||||||||||
MWhs delivered plus current year backlog | N/A | N/A | 19,309 | 20,065 | ||||||||||
Average contract duration - overall (months) | 15 | 5 | 13 | 8 | ||||||||||
Average contract duration - new business (months) | 13 | 12 | 14 | 15 | ||||||||||
Average retail gross margins - overall | $ | 7.85 | $ | 5.50 | $ | 6.30 | $ | 6.00 | ||||||
Retention rate | 39 | % | 82 | % | 65 | % | 83 | % | ||||||
Retention rate including month to month customers | 79 | % | 86 | % | 81 | % | 86 | % | ||||||
More
-Page 11-
Attachment G
GREAT PLAINS ENERGY | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Core Earnings Guidance | ||||||||||||||||||||
Previous 2005 | Revised 2005 | |||||||||||||||||||
Guidance Range | Guidance Range | |||||||||||||||||||
Kansas City Power & Light | $ | 1.96 | - | $ | 2.03 | $ | 2.01 | - | $ | 2.11 | ||||||||||
Strategic Energy 1 |
0.26 | - | 0.31 | 0.30 | - | 0.34 | ||||||||||||||
KLT Investments |
0.07 | - | 0.08 | 0.07 | - | 0.07 | ||||||||||||||
Other 2 |
(0.24 | ) | - | (0.22 | ) | (0.23 | ) | - | (0.22 | ) | ||||||||||
Consolidated core EPS 3 |
$ | 2.05 | - | $ | 2.20 | $ | 2.15 | - | $ | 2.30 | ||||||||||
1Represents Great Plains Energys indirect ownership interest in Strategic Energy of just under 100%.
2Other includes Home Service Solutions, Holding Company cost and other miscellaneous items.
3Great Plains Energy is unable to reconcile its 2005 core earnings guidance to GAAP earnings per share because we do not predict the future impact of unusual items and mark-to-market gains or losses on energy contracts. The impact of unusual items could be material to our operating results computed in accordance with GAAP.
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