EX-99 4 a18802eli.txt
ENTERGY LOUISIANA, INC. PRO FORMA BALANCE SHEET June 30, 2002 (unaudited) (in thousands) Adjustments to reflect proposed transaction Before Pro Forma After Transaction Adjustments Transaction CURRENT ASSETS Cash and cash equivalents: Cash $14,755 $750,000 (A) $14,755 ($750,000)(B) Temporary cash investments - at cost, which approximates market - - - ---------- --------- ---------- Total cash and cash equivalents 14,755 - 14,755 Notes receivable 8 - 8 Accounts receivable: Customer 77,803 - 77,803 Allowance for doubtful accounts (1,771) - (1,771) Associated companies 12,376 - 12,376 Other 11,262 - 11,262 Accrued unbilled revenues 133,100 - 133,100 ---------- --------- ---------- Total accounts receivable 232,770 - 232,770 ---------- --------- ---------- Deferred fuel costs 10,077 - 10,077 Accumulated deferred income taxes 5,387 - 5,387 Materials and supplies - at average cost 73,289 - 73,289 Deferred nuclear refueling outage costs 14,441 - 14,441 Prepayments and other 26,763 - 26,763 ---------- --------- ---------- Total 377,490 - 377,490 ---------- --------- ---------- OTHER PROPERTY AND INVESTMENTS Investment in affiliates - at equity 14,230 - 14,230 Decommissioning trust funds 124,512 - 124,512 Non-utility property - at cost (less accumulated depreciation) 21,580 - 21,580 ---------- --------- ---------- Total 160,322 - 160,322 ---------- --------- ---------- UTILITY PLANT Electric 5,499,463 - 5,499,463 Property under capital lease 239,395 - 239,395 Construction work in progress 147,067 - 147,067 Nuclear fuel under capital lease 67,917 - 67,917 ---------- --------- ---------- Total utility plant 5,953,842 - 5,953,842 Less - accumulated depreciation and amortization 2,611,859 - 2,611,859 ---------- --------- ---------- Utility plant - net 3,341,983 - 3,341,983 ---------- --------- ---------- DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: SFAS 109 regulatory asset - net 172,847 - 172,847 Unamortized loss on reaquired debt 26,800 - 26,800 Other regulatory assets 62,308 - 62,308 Long-term receivables 1,503 - 1,503 Other 16,882 - 16,882 ---------- --------- ---------- Total 280,340 - 280,340 ---------- --------- ---------- Total Assets $4,160,135 $ - $4,160,135 ========== ========= ==========
ENTERGY LOUISIANA, INC. PRO FORMA BALANCE SHEET June 30, 2002 (unaudited) (in thousands) Adjustments to reflect proposed transaction Before Pro Forma After Transaction Adjustments Transaction CURRENT LIABILITIES Currently maturing long-term debt $254,865 $(165,000) (B) $89,865 Notes payable 15,000 (15,000) (B) - Accounts payable: Associated companies 116,337 (85,000) (B) 31,337 Other 105,530 - 105,530 Customer deposits 62,763 - 62,763 Taxes accrued 79,054 - 79,054 Interest accrued 21,538 - 21,538 Obligations under capital leases 34,171 (34,000) (B) 171 Other 20,275 - 20,275 ---------- --------- ---------- Total 709,533 (299,000) 410,533 ---------- --------- ---------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 766,318 - 766,318 Accumulated deferred income tax credits 109,241 - 109,241 Taxes accrued - 750,000 (A) 750,000 Obligations under capital leases 33,745 - 33,745 Accumulated provisions 70,367 - 70,367 Other 76,347 - 76,347 ---------- --------- ---------- Total 1,056,018 750,000 1,806,018 ---------- --------- ---------- Long-term debt 943,247 (59,000) (B) 884,247 Company-obligated mandatorily redeemable preferred securities of subsidiary trust holding solely junior subordinated deferrable debentures 70,000 - 70,000 SHAREHOLDERS' EQUITY Preferred stock without sinking fund 100,500 (42,000) (B) 58,500 Common stock, no par value, authorized - 250,000,000 shares; issued 165,173,180 shares in 2002 1,088,900 - 1,088,900 Capital stock expenses and other (1,718) - (1,718) Retained earnings 193,655 - 193,655 Less - treasury stock, at cost - 350,000 (B) 350,000 ---------- --------- ---------- Total 1,381,337 (392,000) 989,337 ---------- --------- ---------- Total Liabilities and Shareholders' Equity $4,160,135 $ - $4,160,135 ========== ========= ========== Explanation of proforma adjustments (A) To reflect receipt by Entergy Louisiana of the expected cash flow benefit of its tax accounting election. For purposes of this pro forma presentation the midpoint of the expected $700-800 million range is used. (B) To reflect the repurchase by Entergy Louisiana of $350 million of its common stock from Entergy Corporation, and reductions in Entergy Louisiana's debt and preferred stock outstanding, such that its capital structure remains approximately the same. For purposes of this pro forma presentation it is assumed that no dividend will be paid, and repurchased shares will be held as treasury stock. It is possible that the transaction will take another form (i.e., some or all by dividend or partial liquidation), but the end result will remain a reduction in common equity of approximately $350 million. A dividend would reduce retained earnings while a partial liquidation would reduce retained earnings and common stock proportionally.