EX-99.1 2 b58173spexv99w1.htm EX-99.1 INFORMATION FROM DECEMBER 13-16, 2005 PRESENTATION exv99w1
 

Exhibit 99.1
The information set forth below is a reconciliation of certain non-GAAP financial information that will be included in a presentation to investors, bankers and analysts in meetings to be held in December 2005. The information furnished pursuant to this exhibit shall not be “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 following tables define Funds from Operations for the periods shown below.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands)
Sierra Pacific Resources
                                 
  Year ended December 31,     12 mos. ended  
    2002     2003     2004     Sept. 30, 2005  
Net Income (Loss)
     (303,621 )     (136,629 )     32,471       91,741  
Non-cash items included in net income (loss):
                                
Depreciation and amortization
     174,200       191,259       205,647       212,095  
Deferred taxes and deferred investment tax credit
     (169,714 )     (50,724 )     33,690       57,939  
AFUDC and capitalized interest
     (5,234 )     (11,741 )     (14,536 )     (37,820 )
Deferred energy costs disallowed
     493,053       90,964       1,586       —  
Goodwill impairment
     —       —       11,695       —  
Early retirement and severance amortization
     2,706       2,786       —       —  
Unrealized loss on derivative instrument
     —       46,065       —       —  
Impairment of assets of subsidiary
     —       32,911       —       —  
Loss on disposal of discontinued operations
     —       9,555       2,346       —  
Plant costs disallowed
     —       —       47,092       —  
Other non-cash
     10,341       (7,131 )     (27,353 )     (23,262 )
 
Funds from Operations (Before Deferred Energy Costs)
     201,731       167,315       292,638       300,693  
Amortization of deferred energy costs — electric
     176,718       250,134       265,418       196,172  
Amortization of deferred energy costs — gas
     13,231       13,095       3,242       (370 )
Deferral of energy costs — electric
     (434,279 )     (179,826 )     (147,589 )     (191,499 )
Deferral of energy costs — gas
     10,270       2,592       (7,480 )     (5,477 )
 
Total Impact of Deferred Energy Costs
     (234,060 )     85,995       113,591       (1,174 )
 
Adjusted Funds from Operations
     (32,329 )     253,310       406,229       299,519  
Debt
     3,930,491       3,823,644       4,089,772       3,773,626 (1)
Preferred
                             50,000  
Net Interest Expense
     279,057       366,282       306,427       276,266  
AFUDC
     (5,270 )     (5,976 )     (8,587 )        
 
Adjusted Interest Expense
     284,327       372,258       315,014       297,173  
Debt/Funds from Operations
     19.48x       22.85x       13.98x       12.55x  
Debt/ adjusted Funds from Operations
     (121.58x )     15.09x       10.07x       12.60x  
Funds from Operations Interest Coverage
     1.71x       1.45x       1.93x       2.01x  
Adjusted Funds from Operations Interest Coverage
     0.89x       1.68x       2.29x       2.01x  
Common shareholders’ equity
                             1,807,408  
Total Capitalization
                             5,631,034  
Debt/Capitalization
                             67.01 %

 
(1)   The temporary bridge financing of $240 mm in short term debt related to the PIES remarketing is not included.

 

 

Nevada Power Company
                                 
    Year ended December 31,     12 mos. ended  
    2002     2003     2004     Sept. 30, 2005  
Net Income
     (235,070 )     19,277       104,312       132,338  
Non-cash items included in net income:
                                
Depreciation and amortization
     98,198       109,655       118,841       122,632  
Deferred taxes and deferred investment tax credit
     (131,076 )     2,710       57,066       61,202  
AFUDC
     (3,259 )     (5,545 )     (9,969 )     (34,906 )
Deferred energy costs disallowed
     434,125       45,964       1,586       —  
Other non-cash
     (6,332 )     (8,962 )     (44,149 )     (42,620 )
 
Funds from Operations (Before Deferred Energy Costs)
     156,586       163,099       227,687       238,646  
Amortization of deferred energy costs
     146,554       204,610       228,765       158,794  
Deferral of energy costs
     (338,152 )     (131,590 )     (112,992 )     (147,877 )
 
Total Impact of Deferred Energy Costs
     (191,598 )     73,020       115,773       10,917  
 
Adjusted Funds from Operations
     (35,012 )     236,119       343,460       249,563  
Debt
                             2,119,774  
Net Interest Expense
                     137,388       131,981  
AFUDC
                     (5,738 )        
 
Adjusted Interest Expense
                     143,126       151,408  
Debt/Funds from Operations
                             8.88x  
Debt/ adjusted Funds from Operations
                             8.49x  
Funds from Operations Interest Coverage
                             2.58x  
Adjusted Funds from Operations Interest Coverage
                             2.65x  
Common shareholders’ equity
                             1,751,301  
Total Cap
                             3,871,075  
Debt/Capitalization
                             54.76 %
Sierra Pacific Power Company
                                 
    Year ended December 31,     12 mos. ended  
    2002     2003     2004     Sept. 30, 2005  
Net Income (Loss)
                     18,577       60,199  
Non-cash items included in net income (loss):
                                
Depreciation and amortization
                     86,806       89,474  
Deferred taxes and deferred investment tax credit
                     11,640       19,982  
AFUDC
                     (4,567 )     (2,914 )
Plant costs disallowed
                     47,092       —  
Other non-cash
                     474       (1,534 )
 
Funds from Operations (Before Deferred Energy Costs)
                     160,022       165,207  
Amortization of deferred energy costs — electric
                     36,653       37,376  
Amortization of deferred energy costs — gas
                     3,241       (371 )
Deferral of energy costs — electric
                     (34,598 )     (43,623 )
Deferral of energy costs — gas
                     (7,480 )     (5,477 )
 
Total Impact of Deferred Energy Costs
                     (2,184 )     (12,095 )
 
Adjusted Funds from Operations
                     157,838       153,112  
Debt
                             994,711  
Interest
                     62,831       59,958  
AFUDC
                     (2,849 )        
 
Adjusted Interest Expense
                     65,680       61,438  
Preferred
                             50,000  
Debt/Funds from Operations
                             6.02x  
Debt/ adjusted Funds from Operations
                             6.50x  
Funds from Operations Interest Coverage
                             3.69x  
Adjusted Funds from Operations Interest Coverage
                             3.49x  
Common shareholders’ equity
                             720,826  
Total Cap
                             1,765,537  
Debt/Capitalization
                             56.34 %