U5S 1 du5s.txt ANNUAL REPORT FILED ON FORM U5S Commission File No. 1-8489 SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM U5S ANNUAL REPORT For the year ended December 31, 2000 Filed pursuant to the Public Utility Holding Company Act of 1935 by Dominion Resources, Inc. 120 Tredegar Street, Richmond, VA 23219 DOMINION RESOURCES, INC. FORM U5S--ANNUAL REPORT For the Year Ended December 31, 2000 TABLE OF CONTENTS ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000................................................ 3 ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS.......................... 8 ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES....................................................... 8 ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES....... 10 ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES................. 13 ITEM 6. OFFICERS AND DIRECTORS........................................... 13 Part I. Names, principal business address and positions held as of December 31, 2000............................... 13 Part II. Banking connections................................... 21 Part III. Compensation and other related information............ 21 ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS............................... 22 ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS........................ 22 Part I. Contracts for services or goods between system companies............................................. 22 Part II. Contracts to purchase services or goods between system company and any affiliate............................. 23 Part III. Employment of any person by any system company for the performance on a continuing basis of management services.............................................. 23 ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES............... 24 Part I. Information concerning interests held by system companies in exempt wholesale generators or foreign utility companies..................................... 24 Part II. Relationship of exempt wholesale generators and foreign utility companies to system companies, and financial data........................................ 27 Part III. Investment in exempt wholesale generators and foreign utility companies..................................... 27 ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS................................ 27 Financial Statements............................................. 27 Exhibits......................................................... 194 SIGNATURE................................................................. 195
2 DOMINION RESOURCES, INC. FORM U5S--ANNUAL REPORT For the Year Ended December 31, 2000 ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF DECEMBER 31, 2000
Number of Common % of Shares Voting Issuer's Owner's Name of Company Business Owned Power Book Value Book Value --------------- -------- --------- ------ ---------- ---------- (Thousand of Dollars) Dominion Resources, Holding company Inc. (Dominion) Consolidated Natural Holding company 100 100% $1,965,552 $5,875,562 Gas Company (Consolidated Natural Gas, or CNG): (note 1) CNG Coal Company (CNG Held coal properties 2,236 100% 6,909 6,909 Coal)* (note 2) CNG Financial Finances gas powered 5 100% 34 34 Services, Inc. (CNG equipment Financial)* CNG International Energy related 23,855 100% 124,640 124,640 Corporation (CNG activities outside International) (note the United States 3) Unsecured debt 15,000 15,000 CNG Kauai, Inc. (CNG Special purpose 1 100% 2,486 2,486 Kauai) subsidiary (note 4) CNG Main Pass Gas Special purpose 1 100% 2,769 2,769 Gathering Corporation subsidiary (note 5) (CNG Main Pass) CNG Oil Gathering Special purpose 1 100% 4,995 4,995 Corporation (CNG Oil subsidiary (note 6) Gathering) CNG Power Company Nonutility energy 8,360 100% 10,230 10,230 (CNG Power) ventures CNG Market Center Special purpose 10 100% 1,572 1,572 Services, Inc. (CNG subsidiary (note 7) Market Center Services or CNGMCS)* Granite Road CoGen, Special purpose 1,000 100% 1 1 Inc. (Granite Road)* subsidiary (note 8) CNG Power Services Electric power 1,552 100% (2,325) (2,325) Corporation (CNG marketing Power Services) CNG Research Company Administers research 1,558 100% 80 80 (CNG Research)* activities Consolidated Natural Service company 100 100% (494) (494) Gas Service Company, Inc. (CNG Service Company or CNGSvc) Consolidated System Liquefied natural gas 100 100% 770 770 LNG Company (Consolidated LNG or LNG)* (note 9) Dominion Exploration Oil and gas 43,900 100% 741,262 745,809 & Production, Inc. exploration and (Dominion E&P) production (note 10) Unsecured debt 519,675 519,675 CNG Pipeline Company Oil pipeline 12,000 100% 1,205 1,205 (CNG Pipeline)
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Number of Common % of Issuer's Owner's Shares Voting Book Book Name of Company Business Owned Power Value Value --------------- -------- --------- ------ --------- --------- (Thousand of Dollars) Dominion Field Gas marketing and gas 1,722 100% $ 28,577 $ 28,393 Services, Inc. storage services (Dominion Field Services) (note 11) Dominion Products and Markets energy 399 100% 1,758 1,758 Services, Inc. related services (Dominion P&S) (note 12) CNG Technologies, Inc. Development of new 200 100% 579 579 (CNG Technologies) gas-related technologies Dominion Retail, Inc. Retail energy 600 100% (8,063) (8,063) (Dominion Retail) marketing (note 13) Dominion Transmission, Gas transmission 60,100 100% 792,159 792,235 Inc. (Dominion Transmission) (note 14) Unsecured Debt 337,426 337,426 CNG Iroquois, Inc. Special purpose 2,394 100% 44,152 44,152 (CNG Iroquois) subsidiary (note 15) Hope Gas, Inc. Gas utility 449,000 100% 63,362 62,258 (Dominion Hope) Unsecured debt 36,930 36,930 The East Ohio Gas Gas utility 4,759,353 100% 436,110 415,853 Company (Dominion East Ohio) Unsecured debt 298,259 298,259 The Peoples Natural Gas Gas utility 1,835,350 100% 284,409 274,795 Company (Dominion Peoples) Unsecured debt 131,344 131,344 Dominion Capital, Inc. Financial services 20 100% 522,607 522,607 (Dominion Capital) holding company (note 16) Catalyst Old River Electric power Hydroelectric Limited production Partnership -- 25% 22,798 28,035 Dominion Capital Middle market 100 100% 132,754 132,754 Ventures Corporation commercial lending (DCV) Dominion Land Real estate 100 100% 238 238 Management Company management (DLMC) Dominion Lands, Inc. Land development 10 100% 5,826 5,826 Dominion Mortgage Mortgage services 100 100% 343,537 343,537 Services, Inc. Dominion Venture Middle market 100 100% 49,615 49,615 Investments, Inc. commercial lending (DVII) Edgen, Inc. Real estate holding 541 100% 18,803 18,803 company Louisiana Hydroelectric Investment company 10 100% 9,430 9,430 Capital Corp. (Louisiana Hydro) OptaCor Financial Direct mail unsecured 100 100% 542 542 Services Company consumer loans (Optacor)
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Number of Common % of Issuer's Owner's Shares Voting Book Book Name of Company Business Owned Power Value Value --------------- -------- --------- ------ --------- --------- (Thousand of Dollars) Rincon Securities, Investment company 1 100% $ 78,256 $ 78,256 Inc. Stanton Associates, Real estate holding 529,411 100% 9,560 9,560 Inc. company Vidalia Audit, Inc. Audit company for 100 100% 167 167 hydroelectric project Virginia Financial Commercial finance 100 100% 286,836 286,836 Ventures, Inc. (Virginia Financial) Dominion Energy, Inc. Holding company 10 100% 550,510 550,510 (Dominion Energy or DEI) (notes 17,18, and 19) Dominion Black Warrior Exploration and 10 100% 11,095 11,095 Basin, Inc. production Dominion Cogen, Inc. Cogeneration 100 100% 67,279 67,279 Dominion Cogen NY, Cogeneration in the 100 100% (351) (351) Inc. (note 20) State of NY Dominion Cogen WV, Cogeneration in the 100 100% 20,787 20,787 Inc. (note 21) State of WV Dominion Elwood, Inc. Holding company 100 100% 96,869 96,869 (note 22) Unsecured debt (19,150) (19,150) Dominion Elwood Services company 10 100% 319 319 Services Company, Inc. Dominion Energy General contractor 100 100% 0 0 Construction Company Unsecured debt 548 548 Dominion Energy Direct Gas and electric 100 100% (775) (775) Sales, Inc. marketing Dominion Energy Special purpose 100 100% 1 1 Exchange, Inc. subsidiary (Dominion Energy Exchange) Dominion Energy Special purpose 10 100% (128) (128) Management, Inc.* subsidiary Dominion Energy Services company 10 100% 7,963 7,963 Services Company, Inc. Dominion Fairless Holding company 100 100% 0 0 Hills, Inc. Dominion Kincaid, Inc. Holding company 10 100% 94,992 94,992 (note 23) Unsecured debt 776 776 Kincaid Generation, Non-regulated power N/A 100% 119,547 119,547 LLC generation Dominion Reserves, Exploration and 10 100% 219,299 219,299 Inc. production Carthage Energy Gas marketing 500 100% $ (234) $ (234) Services, Inc.
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Number of Common % of Issuer's Owner's Shares Voting Book Book Name of Company Business Owned Power Value Value --------------- -------- ---------- ------ -------- -------- (Thousand of Dollars) Cypress Energy Inc. Exploration and 10 100% $(6,169) $(6,169) production Dominion Appalachian Exploration and 10 100% (6,804) (6,804) Development, Inc. production Dominion Appalachian Exploration and N/A 100% 13,319 13,319 Development production Properties, LLC (note 24) Dominion Gas Natural gas 10 100% 7,155 7,155 Processing MI, Inc. processing (note 25) Frederic HOF Limited Gas processing N/A 94% 14,741 14,741 Partnership (Frederic HOF LP) Dominion Midwest Exploration and 10 100% 107,457 107,457 Energy, Inc. production Dominion Reserves Exploration and 10 100% 50,374 50,374 Gulf Coast, Inc. production Dominion Reserves- Exploration and 10 100% (8,735) (8,735) Indiana, Inc. production Great Lakes Oil field services 10 100% 3,853 3,853 Compression, Inc. Dominion Reserves- Exploration and 10 100% 53,200 53,200 Utah, Inc. production Dominion San Juan, Holding company 10 100% 74,048 74,048 Inc. (note 26) San Juan Partners, Oil & gas investments 100% 74,048 74,048 LLC Dominion Storage, Inc. Special purpose 10 100% 359 359 subsidiary Dominion Energy Exploration and 73,886 100% 107,313 107,313 Canada Limited production (note 27) Domcan East Alberta Oil and gas 1 100% 20,989 20,989 Ltd. exploration and development Domcan Boundary Oil and gas 26,343,437 100% 86,324 86,324 Corp. exploration and (note 28) development Dominion Generation, Electric power 100 100% (404) (404) Inc. generation holding company Dominion Equipment, Special purpose 100 100% 100 100 Inc. subsidiary Dominion Elwood II, Special purpose 100 100% 0 0 Inc. (note 29) subsidiary Unsecured debt 42,552 42,552 Dominion Elwood III, Special purpose 100 100% (110) (110) Inc. (note 30) subsidiary Unsecured debt 70,369 70,369 Dominion Resources Service company 200 100% (24,317) (24,317) Services, Inc.
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Number of Common % of Issuer's Owner's Shares Voting Book Book Name of Company Business Owned Power Value Value --------------- -------- --------- ------ --------- --------- (Thousand of Dollars) Dominion Resources Special purpose 7,732 3% $7,732 $7,732 Capital Trust I entity 257,732 257,732 Unsecured debt Dominion Telecom, Inc. Telecommunications 158 100% 27,813 27,813 (note 31) services Dominion U.K. Holding, Holding company 100 100% (2,211) (2,211) Inc. Virginia Electric and Electric utility 171,484 100% 3,849,020 3,850,020 Power Company (Virginia Power) Virginia Power Fuel Nuclear fuel 1,000 100% 1 1 Corporation procurement 35,656 35,656 Unsecured debt Virginia Power Holding company Services, Inc. 1,590 100% 23,891 23,891 Evantage, Inc. Energy services 1 100% 17,280 17,280 Virginia Power Energy Fuel procurement 1,000 100% 9,521 9,521 Marketing, Inc. (VPEM) Virginia Power Fuel procurement 1 100% (5,701) (5,701) Services Energy Corp, Inc. (VPSE) Virginia Power Nuclear management 100 100% (2,138) (2,138) Nuclear Services and operational Company (VPNS) services VP Property, Inc. Real estate holding 490.8 100% 4,787 4,787 company VP Capital Trust I Special purpose 167,000 100% 4,175 4,175 Unsecured debt entity 139,175 139,175
------- * Indicates company is inactive. Notes: 1. Effective January 1, 2001, CNG transferred its interest in CNG Service Company to Dominion through a dividend, preliminary to the merger of CNG Service Company into Dominion Resources Services, Inc. on January 1, 2001. 2. CNG Coal formerly owned coal reserves and a related plant site. These properties were sold in 1996. 3. Effective May 31, 2000, CNG International transferred its investment in CNG Cayman One Ltd. and its subsidiary, CNGI Australia Pty Ltd., to CNG Cayman Two Ltd. for a 23.08% direct interest in CNG Cayman Two. CNG Cayman Two is held by DBNGP Finance Company LLC, which is owned 50% by CNG International. 4. CNG Kauai, an exempt wholesale generator, currently has a 1% general partnership interest and a 98% limited partnership interest in Kauai Power Partners, L.P. CNG International also holds a 1% limited partnership interest in Kauai Power Partners. Kauai Power Partners is an exempt wholesale generator involved in the greenfield development of a 26 MW advanced steam-injected combustion turbine power plant on the island of Kauai, Hawaii. 5. CNG Main Pass holds a 13.6% interest in Dauphin Island Gathering Partners which operates a gas gathering pipeline system in the Main Pass area of the Gulf of Mexico. 6. CNG Oil Gathering holds a 33.3% general partnership interest in Main Pass Oil Gathering Company which operates an oil gathering pipeline system in the Main Pass and Vioska Knoll areas of the Gulf of Mexico. 7. CNG Market Center Services held a 50% general partnership interest in the CNG/Sabine Center gas marketing hub. Effective January 1, 2000, the hub ceased operations. The partnership was dissolved and a liquidating distribution was made to the partners in July 2000. 8. Granite Road holds a 50% general partnership interest in Granite Road Limited, a partnership planning the development of a cogeneration facility. 9. Consolidated LNG ended its involvement in liquefied natural gas operations in 1982, and as of February 1998 had recovered its undepreciated investment, plus carrying charges and taxes, through a FERC-approved amortization surcharge. 7 10. Effective April 12, 2000, CNG Producing Company was renamed Dominion Exploration & Production, Inc. 11. Effective April 1, 2000, CNG Field Services Company was renamed Dominion Field Services, Inc. On May 1, 2000, CNG transferred the net assets of Phoenix Dominion Energy, LLC to Dominion Field Services. CNG had acquired the net assets of Phoenix Dominion Energy, LLC from a subsidiary of Dominion Energy, Inc. 12. Effective September 5, 2000, CNG Products and Services, Inc. was renamed Dominion Products and Services, Inc. 13. Effective September 5, 2000, CNG Retail Services Corporation was renamed Dominion Retail, Inc. Dominion Retail markets natural gas, electricity and related products and services to residential, commercial and small industrial customers. 14. Effective April 11, 2000, CNG Transmission Corporation was renamed Dominion Transmission, Inc. 15. CNG Iroquois holds a 16% partnership interest in Iroquois Gas Transmission System, L.P. 16. Dominion Capital holds a 50% interest in Trilon Dominion Partners, L.L.C., which is involved in venture capital investments. 17. Dominion Energy holds a 20% interest in Caithness BLM Group L.P. and a 23% interest in Caithness Navy II Group L.P. Both companies are involved in geothermal electric generation. 18. Dominion Energy holds a 15% interest in Luz Solar Partners Ltd. VII, L.P., which is involved in solar electric generation. 19. Dominion Energy holds a 10% interest in Rumford Cogeneration Company, Ltd., which is involved in wood burning electric generation. 20. Dominion Cogen NY, Inc. owns 1% general partnership interest in Middle Falls, NYSD and Sissonville hydropower plants and DEI owns a 49% interest. All investments in these plants have been written down to zero. 21. Dominion Cogen WV, Inc. is a wholly owned subsidiary of DEI that holds a 50% interest in Morgantown Energy Associates. 22. Dominion Elwood, Inc. is a wholly owned subsidiary of DEI that holds a 50% interest in Elwood Energy LLC, which is involved in the development of an electric power generating facility. 23. Dominion Kincaid, Inc. is a wholly owned subsidiary of DEI that holds a 99% interest in Kincaid Generation, LLC with DEI owning the remaining 1% interest. 24. Dominion Appalachian Development Properties, LLC, is owned 99% by Dominion Reserves, Inc. and 1% by Carthage Energy Services, Inc. 25. Dominion Gas Processing MI, Inc., holds a 50% interest in Wilderness Energy L.C., which in turns holds a 51% interest in Wilderness Energy Services Limited Partnership. Both Wilderness Energy L.C. and Wilderness Energy Services Limited Partnership are involved in natural gas gathering and processing. 26. San Juan Partners, Inc. is owned through Dominion San Juan, Inc. 27. Dominion Energy Canada Limited is owned 7.33% by Niton US, Inc., 46.34% by Dominion Storage, Inc., and 46.33% by DEI. Niton US, Inc. has no other activity. 28. Certain long-term debt of Domcan Boundry Corp. is owed to Domcan NS1 ULC. Domcan NS1 ULC is a special purpose entity owned 99% by Remington LLC and 1% by DEI. Remington LLC is a special purpose entity owned 100% by DEI. The only activity of Domcan NS1 LLC and Remington LLC relates to borrowings on behalf of Domcan Boundry Corp. 29. Dominion Elwood II, Inc. is a wholly-owned subsidiary of DEI which holds a 50% interest in Elwood Energy II, LLC, which is involved in the development of an electric power generating facility. 30. Dominion Elwood III, Inc. is a wholly-owned subsidiary of DEI which holds a 50% interest in Elwood Energy III, LLC. 31. VPS Communications, Inc. was transferred from Virginia Power to Dominion on August 1, 2000 and renamed Dominion Telecom, Inc., an exempt telecommunications company. ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS During 2000, Virginia Power had three transactions involving the sale of utility assets for consideration totaling $43,529. All three transactions are exempt pursuant to Rule 44(b). ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES During 2000, Dominion Transmission had several letters of credit outstanding to provide security to the Commonwealth of Pennsylvania for the Company's obligation to plug and reclaim gas wells as part of the 8 process of abandonment of gas storage properties. One-half the cost of one letter of credit is shared by nonaffiliated pipeline companies. As of December 31, 2000, the balance outstanding on these letters of credit totaled $7,500,000. Dominion maintained three indemnity agreements for surety bonds as of December 31, 2000. The indemnity agreements represented total outstanding obligations of $88,618,850. Effective April 16, 2001, a new indemnity agreement was entered into which had the effect of consolidating two of the previous agreements. At this time, Dominion maintains two separate indemnity agreements with two separate surety companies. CNG has issued guarantees, in addition to surety bonds, to the states of Pennsylvania and West Virginia to maintain worker's compensation self-insurance status for Dominion Transmission and Hope Gas. Self-insured status means that the subsidiary pays the worker's compensation claims directly instead of paying into the state maintained fund. CNG has also issued a guarantee to the U.S. Department of Labor for Dominion E&P to continue its self-insurance status in the state of Louisiana. All of the above transactions are exempt pursuant to Rule 45(b)(6). 9 ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES Calendar Year 2000 (Thousands of Dollars)
Number of Name of Company Number of Shares or Name of Issuer Acquiring, Shares or Principal Amount and Title of Redeeming or Principal Amount Redeemed or Issue Retiring Securities Acquired Retired (Note 1) Consideration -------------- ------------------- ---------------- ---------------- ------------- Registered Holding Company: Dominion Common stock, no Dominion 32,893,919 shares (note 3) $1,414,456 par............ Common stock, no par............ Dominion 5,219,647 shares (note 4) $227,064 Name of Issuer and Title of Commission Issue Authorization (Note 2) -------------- ---------------------- Registered Holding Company: Dominion Common stock, no par............ Release No. 27113 (File No. 70-9477) Common stock, no par............ Rule 42 Subsidiaries of Registered Holding Company: Consolidated Natural Gas: Common stock, par value $2.75 Consolidated per share...... Natural Gas 9,996 shares (note 5) $ -- Subsidiaries of Registered Holding Company: Consolidated Natural Gas: Common stock, par value $2.75 per share...... Rule 42 Common stock, par value $2.75 per share...... Dominion 95,938,356 shares (note 6) 95,938,356 shares (note 6) $6,373,092 Common stock, par value $2.75 per share...... Release No. 27113 (File No. 70-9477) Consolidated Debentures...... Natural Gas $44,615 $45,254 Debentures...... Rule 42 Dominion Field Services: Capital stock, par value $10,000 per Consolidated share.......... Natural Gas 355 shares (note 7) $ -- Dominion Field Services: Capital stock, par value $10,000 per share.......... Rules 43 and 58 Virginia Natural Gas (note 8): Capital stock, Consolidated no par value... Natural Gas 5,273 shares $532,933 Non-negotiable Consolidated notes.......... Natural Gas $116,000 Virginia Natural Gas (note 8): Capital stock, no par value... Release No. 27113 (File No. 70-9477) Non-negotiable notes.......... Release No. 27113 (File No. 70-9477) CNG Service Company: Non-negotiable notes.......... CNG Service Company $23,672 $23,672 CNG Service Company: Non-negotiable notes.......... Rule 42 Dominion Transmission: Non-negotiable Dominion notes.......... Transmission $5,827 $5,827 Dominion Transmission: Non-negotiable notes.......... Rule 42 Dominion East Ohio: Non-negotiable notes.......... Dominion East Ohio $2,440 $2,440 Dominion East Ohio: Non-negotiable notes.......... Rule 42 Dominion Peoples: Non-negotiable notes.......... Dominion Peoples $1,261 $1,261 Dominion Peoples: Non-negotiable notes.......... Rule 42
10 Calendar Year 2000 (Thousands of Dollars)
Number of Number of Shares or Name of Company Shares or Principal Amount Name of Issuer and Acquiring, Redeeming or Principal Amount Redeemed or Title of Issue Retiring Securities Acquired Retired (Note 1) Consideration ------------------ ----------------------- ---------------- ---------------- ------------- Dominion Hope: Non-negotiable notes......... Dominion Hope 474 $474 Name of Issuer and Commission Title of Issue Authorization (Note 2) ------------------ ---------------------- Dominion Hope: Non-negotiable notes......... Rule 42 Dominion E&P: Non-negotiable notes......... Dominion E&P $4,450 $4,450 Dominion E&P: Non-negotiable notes......... Rule 42 CNG Power: CNG Bear Mountain, Inc. Capital stock, CNGpPower:ar value CNG$Bear10,000 per Mountain,sInc.hare.......... CNG Power 1 share (note 9) $-- Capital stock, par value $10,000 per share.......... non-jurisdictional CNG International: CNG Cayman One Ltd. Capital stock, par value $.01 per share...... CNG Cayman Two, Ltd. 990 shares (note 10) $-- CNGI Australia Pty. Ltd. Capital stock, par value $1 CNGper share...... CNG Cayman Two, Ltd. 100 shares (note 10) International: CNG Cayman One Ltd. Capital stock, Release Nos. 26608, par value $.01 26824 per share...... (File No. 70-8759) CNGI Australia Pty. Ltd. Capital stock, par value $1 per share...... CNG Cayman Three Ltd. Capital stock, par value $.01 Sempra Energy per share...... International 100 shares (note 11) $145,000 CNG Argentina S.A. Capital stock, par value ARP Sempra Energy CNG$Cayman1Threeper share.. International 12,000 shares (note 11) Ltd. Capital stock, par value $.01 per share...... non-jurisdictional CNG Argentina S.A. Capital stock, par value ARP $1 per share.. Dominion Energy: Dominion Energy Exchange Common stock no par............ Dominion Energy 100 shares (note 12) $1 Dominion Energy: Dominion Energy Exchange Common stock no par............ Rule 58 Dominion Energy Direct Sales, Inc. Common stock no par............ Dominion Energy 100 shares (note 13) $1 Dominion Energy Direct Sales, Inc. Common stock no par............ Rule 58 Virginia Power $5.58 Series Virginia Power 400,000 shares $40,000 Preferred Stock, $100 par........... $6.35 Series Virginia Power 1,400,000 shares $140,000 Preferred Stock, $100 par........... Medium Term Virginia Power $60,500 $60,500 Notes, various %, Series C... First and Refunding Mortgage Virginia Power $135,000 $135,000 Bonds, Series C, 5.875%, April 1, 2000.......... Virginia Power $5.58 Series Rule 42 Preferred Stock, $100 par........... $6.35 Series Rule 42 Preferred Stock, $100 par........... Medium Term Rule 42 Notes, various %, Series C... First and Refunding Mortgage Rule 42 Bonds, Series C, 5.875%, April 1, 2000..........
------ Notes to ITEM 4. appear on page 12. 11 -------- Notes: 1. Except as noted, all securities redeemed or retired have been cancelled. 2. Public Utility Holding Company Act of 1935 (1935 Act). 3. On January 28, 2000, in connection with the acquisition of CNG, Dominion completed the first step transaction in which 32.9 million shares of Dominion common stock were repurchased for $1.4 billion. 4. In February 2000, Dominion repurchased approximately 3.2 million shares of stock through the implementation of a total return swap facility for approximately $145 million. The remaining shares were repurchased in connection with the Executive Stock Loan Program. 5. At December 31, 1999, CNG held 10,443 shares of its common stock as treasury stock. During the period January 1 through January 27, 2000, a total of 447 shares of treasury stock were reissued under CNG's then existing employee incentive plans at an average price of $60.75 per share, or approximately $27,000. Immediately prior to the merger with Dominion, the remaining 9,996 shares of treasury stock held by CNG, valued at $596,000, were retired. 6. On January 28, 2000, Dominion acquired all of the outstanding shares of CNG's common stock for $6.4 billion, consisting of approximately 87 million shares of Dominion common stock valued at $3.5 billion and approximately $2.9 billion in cash. The acquisition was completed by merging CNG into a new subsidiary of Dominion. The name of the new Dominion subsidiary was changed to Consolidated Natural Gas Company at the time of the merger. 7. On May 1, 2000, Dominion Field Services issued to CNG 355 shares of its common stock, par value $10,000 per share, and received a capital contribution of $44,665 from CNG, with respect to the transfer by CNG of the net assets of Phoenix Dominion Energy, LLC. CNG acquired the net assets of Phoenix Dominion Energy, LLC from subsidiaries of Dominion for $3,594,665 in cash. 8. On October 6, 2000, CNG completed the sale of Virginia Natural Gas, Inc. (VNG), formerly a wholly-owned subsidiary, to AGL Resources Inc. for $532,933,000 in cash. CNG was required to spin-off or sell VNG pursuant to conditions set forth by the Virginia State Corporation Commission and the Federal Trade Commission in connection with their approval of the acquisition of CNG by Dominion. CNG used a portion of the proceeds from the sale to retire the $116,000,000 of outstanding non-negotiable notes between VNG and CNG. 9. CNG Bear Mountain, Inc., formerly a wholly-owned subsidiary of CNG Power, was dissolved on March 17, 2000. 10. Effective May 31, 2000, CNG International transferred its investment in CNG Cayman One Ltd. and its subsidiary, CNGI Australia Pty Ltd., to CNG Cayman Two Ltd. for a 23.08% direct interest in CNG Cayman Two. CNG Cayman Two is held by DBNGP Finance Company LLC, which is owned 50% by CNG International. 11. On October 12, 2000, CNG International completed the sale of CNG Cayman Three Ltd. and its subsidiary, CNG Argentina S.A., to Sempra Energy International. 12. On September 21, 2000 Dominion Energy Exchange was formed as a wholly owned subsidiary of Dominion Energy for the purpose of investing in EIP Holdings, LLC which owns 66.34% of Tradespark, LP, an electronic and telephonic marketplace for transactions in natural gas, electricity, coal, sulfur dioxide and nitrogen dioxide emissions allowances and weather financial products. 13. On February 22, 2000 Dominion Energy Direct Sales, Inc. was formed as a wholly-owned subsidiary of Dominion Energy to engage in the business of providing energy services, including retail sales of electricity to commercial and industrial users, engineering, consulting and construction activities and other energy related services. 12 ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES The aggregate amounts of investments at December 31, 2000, in persons operating in the system's retail service area are shown below.
Number of Aggregate Name of Owner Persons Business of Persons Investment ------------- --------- ------------------- ---------- Dominion Transmission.. One State Development Fund $ 100,000 Dominion Hope.......... One State Development Fund $ 100,000 Dominion Hope.......... One Economic Development Small $2,475,000 Business Investment Company (Note)
Note: Investment made pursuant to the West Virginia Capital Companies Act and under 40(a)(5). The above do not include investments in securities of nonsystem companies which have been authorized by Commission order under the Public Utility Holding Company Act of 1935 and which are subject to Rule 24 Certificate filing requirements. Other investments in securities of non-system companies included the following:
Type of Shares Owned/ Name of Owner Issuer Business of Issuer Book Value Investment % Ownership ------------- ------ ------------------ ---------- ---------- ------------- Dominion Resources Pantellos, Corp. Investor in electronic $2,678,556 Common 268,235 shares marketplace Stock EIP Holdings, LLC Investor in electronic $2,500,000 Partnership 9.90% Dominion Energy Exchange marketplace interest
For Virginia Power's investments in securities of nonsystem companies, see Exhibit F-3. ITEM 6. OFFICERS AND DIRECTORS Part I. Names, principal business address and positions held as of December 31, 2000 The names, principal business address and positions held as of December 31, 2000, of the officers and directors of system companies is presented in the tables on page 15 through 20. The principal business address of each officer and director is indicated in such tables by the numbers (1) through (30). The addresses associated with these number designations are shown in the following address key. The symbols used to indicate the positions held by officers and directors are shown in the position symbol key below. ADDRESS KEY (1) 120 Tredegar Street, Richmond, VA 23219 (2) 701 East Cary Street, Richmond, VA 23219 (3) 5000 Dominion Boulevard, Glen Allen, VA 23060 (4) 625 Liberty Avenue, Pittsburgh, PA 15222 (5) 1450 Poydras Street, New Orleans, LA 70112 (6) 140 West Main Street, Clarksburg, WV 23601 (7) 347 West Main Street, Clarksburg, WV 23601 (8) 445 West Main Street, Clarksburg, WV 23601 13 (9) 1717 East Ninth Street, Cleveland, OH 44114 (10) 16945 Northchase Drive, Houston, TX 77060 (11) 5570 Hog Island Road, Surry, VA 23883 (12) 1022 Haley Drive, Mineral, VA 23117 (13) 2400 Grayland Avenue, Richmond, VA 23220 (14) 2700 Cromwell Drive, Norfolk, VA 23509 (15) Rope Ferry Road, Waterford, CT 06385 (16) 781 Weed Street, New Canaan, CT 06840 (17) 4 Derham Parc, Houston, TX 77024 (18) 100 North Tryon Street, Suite 2600, Charlotte, NC 28202 (19) 904 North First Street, Richmond, VA 23219 (20) 3805 Greenway, Baltimore, MD 21218 (21) One PPG Place, Suite 2970, Pittsburgh, PA 15222 (22) 29 Everett Street, Cambridge, MA 02138 (23) 1422 Euclid Avenue, Suite 1400, Cleveland, OH 44115 (24) 6 Whittaker's Mill, Williamsburg, VA 23185 (25) 1122 North 25th Street, Suite A, Richmond, VA 23223 (26) 314 Burnwick Road, Richmond, VA 23227 (27) 3559 Fairystone Park Highway, 2nd Floor, Bassett, VA 24055 (28) 600 Grant Street, Suite 700, Denver, CO 80203 (29) 1201 East 55th Street, Cleveland, OH 44103 (30) 400 3rd Avenue, SW, Calgary, Alberta, Canada T2P4H2 POSITION SYMBOL KEY CB -- Chairman of the Board CEO -- Chief Executive Officer P -- President EVP -- Executive Vice President CFO -- Chief Financial Officer COO -- Chief Operating Officer GVP -- Group Vice President
CAO -- Chief Administrative Officer SVP -- Senior Vice President VP -- Vice President S -- Secretary T -- Treasurer C -- Controller GC -- General Counsel D -- Director
14
Names of System Companies with Which Connected -------------------------------------------------------------------- Principal CNG Business Parent Service CNG CNG CNG Oil Power Address Company Company CNG Coal International Main Pass Gathering Services --------- -------- ------- -------- ------------- --------- --------- -------- Bamberg, T.J. (4) Barger, J.L. (8) Barker, K.D. (2) Barrack, W.S., Jr. (16) D Blount, R.H., II (11) Bolton, M.S., Jr. (2) Bowling, M.L., Jr. (3) Braswell, J.W. (3) Capps, T.E. (1) CB,P,CEO D,P,CEO Carter, G.B. (1) Chase, D.S. (1) VP Chewning, T.N. (1) EVP,CFO EVP,CFO D,P,CEO Christian, D.A. (3) Coudriet, C.E. (1) Cox, M.T., IV (1) P Davidson, G.A., Jr. (4) D Deacon, M.G., Jr. (3) Dodd, T.E. (4) VP Doswell, M.C. (2) Earwod, J.T., Jr. (13) Faggert, P.F. (3) VP Farrell, T.F., II (1) EVP D,EVP D,CEO Foo, W.K. (30) Galvin, R.E. (17) D Grier, R.S. (2) VP Haas, R.A., Jr. (4) Halbritter, M.A. (4) Hall, E.S. (29) Hall, W.C. Jr. (1) VP VP Hardy, E.T. (2) SVP SVP Harris, J.W. (18) D Hartz, L.N. (3) Hayes, R.M. (14) Heacock, D.A. (12) Hetzer, G.S. (1) SVP,T SVP,T SVP,T SVP,T SVP,T SVP,T Hilton, E.P. (1) Hodges, S.C. (1) VP VP Hunter, K.E. (2) VP VP Hyman, T.A., Jr. (4) Ivey, C.S. (2) Johnson, J.L. (1) Kamper, G.T. (2) VP Katz, L.D. (1) Klink, B.C. (9) Kochick, R.J. (5) Koonce, P.D. (1) Kovach, R.A. (9) Lake, G.E., Jr. (10) SVP SVP SVP
Address key and position symbol key are located on pages 13 and 14. 15
Names of System Companies with Which Connected ----------------------------------------------------------------------------- Dominion Dominion Dominion Products Consolidated Dominion Dominion Exploration & Field Dominion and Natural Gas Capital Energy Production Services Generation Services ------------ -------- -------- ------------- -------- ---------- -------- Bamberg, T.J. VP Barger, J.L. Barker, K.D. Barrack, W.S., Jr. Blount, R.J., II Bolton, M.S., Jr. Bowling, M.L., Jr. VP Braswell, J.W. VP Capps, T.E. CB,P,CEO D CB D D D D,CEO Carter, G.B. Chase, D.S. Chewning, T.N. EVP,CFO CB Christian, D.A. SVP Coudriet, C.E. P,CEO Cox, M.T., IV SVP Davidson, G.A., Jr. Deacon, M.G., Jr. VP Dodd, T.E. VP Doswell, M.C. Earwod, J.T., Jr. Faggert, P.F. VP Farrell, T.F., II D,EVP D,CEO D D,CEO D,CEO D Foo, W.K. SVP SVP Galvin, R.E. Grier, R.S. Haas, R.A., Jr. Halbritter, M.A. Hall, E.S. Hall, W.C. Jr. VP Hardy, E.T. SVP Harris, J.W. Hartz, L.N. VP Hayes, R.M. Heacock, D.A. VP Hetzer, G.S. SVP,T SVP,T SVP,T SVP,T SVP,T SVP,T Hilton, E.P. SVP Hodges, S.C. VP Hunter, K.E. VP Hyman, T.A., Jr. Ivey, C.S. Johnson, J.L. SVP Kamper, G.T. Katz, L.D. C C C Klink, B.C. Kochick, R.J. VP VP Koonce, P.D. SVP SVP Kovach, R.A. Lake, G.E., Jr. SVP SVP
Address key and position symbol key are located on pages 13 and 14. 16
Names of System Companies with Which Connected ------------------------------------------------------------------------------ Virginia Dominion Dominion Dominion East Ohio Peoples Electric and Retail Transmission U.K. Holding Hope Gas Gas Natural Gas Power -------- ------------ ------------ -------- --------- ----------- ------------ Bamberg, T.J. VP Barger, J.L. VP Barker, K.D. VP Barrack, W.S., Jr. Blount, R.J., II VP Bolton, M.S., Jr. SVP SVP SVP SVP Bowling, M.L., Jr. VP Braswell, J.W. Capps, T.E. D,CEO D D,P D D D CB Carter, G.B. VP Chase, D.S. Chewning, T.N. Christian, D.A. SVP Coudriet, C.E. Cox, M.T., IV Davidson, G.A., Jr. Deacon, M.G., Jr. Dodd, T.E. VP Doswell, M.C. VP VP VP VP Earwod, J.T., Jr. SVP Faggert, P.F. VP Farrell, T.F., II D D,CEO D D D D D,CEO Foo, W.K. Galvin, R.E. Grier, R.S. Haas, R.A., Jr. VP VP VP VP Halbritter, M.A. VP Hall, E.S. VP VP VP Hall, W.C. Jr. Hardy, E.T. Harris, J.W. Hartz, L.N. VP Hayes, R.M. VP VP VP VP Heacock, D.A. VP Hetzer, G.S. SVP,T SVP,T SVP,T SVP,T SVP,T SVP,T Hilton, E.P. SVP Hodges, S.C. Hunter, K.E. Hyman, T.A., Jr. SVP SVP SVP Ivey, C.S. VP Johnson, J.L. Kamper, G.T. Katz, L.D. C C Klink, B.C. VP VP VP Kochick, R.J. Koonce, P.D. SVP SVP Kovach, R.A. VP VP VP Lake, G.E., Jr.
Address key and position symbol key are located on pages 13 and 14. 17
Names of System Companies with Which Connected --------------------------------------------------------------------- Principal CNG Business Parent Service CNG CNG CNG Oil Power Address Company Company CNG Coal International Main Pass Gathering Services --------- ------- --------- -------- ------------- --------- --------- -------- Lambert, B.J., III (19) D Leatherwood, R.L. (20) D Lego, P.E. (21) D Lewis, J.R. (5) SVP SVP Manning, A.E. (2) VP Marks, E.J., III (4) S Martin, J.K. (1) Matthews, W.R. (3) McClenaghan, N.E. (29) McDermid, M.E. (2) VP McGettrick, M.F. (2) McKean, T.D. (1) VP McKenna, M.A. (22) D Medvedo, P.P. (4) VP Mikuta, M.P. (1) Minter, S.A. (23) D Mistr, W.S. (1) VP Mola, E.C. (1) VP Moore, J.L. (1) Nichols, C.J. (5) O'Hanlon, J.P. (1) EVP EVP P Randall, K.A. (24) D Riekel, A.R. (1) Riely, H.C. (1) Rigsby, R.E. (2) EVP EVP Riley, H.P. (5) EVP D,EVP D,CEO D,P,CEO D,P,CEO Riley, P.E., Jr. (4) Rivas, E.J. (3) Roach, E.M., Jr. (4) EVP D,EVP Roberts, C.E. (6) Rogers, S.A. (1) VP,C VP,C Royal, F.S. (25) D Sanderlin, J.L. (1) SVP SVP Schools, M.R., Jr. (4) Schuyler, J.R. (10) SVP SVP SVP Shaw, J.A. (1) Simmons, S.D. (26) D Spilman, R.H. (27) D Staton, J.D. (2) Stutts, J.F. (1) VP,GC VP,GC Sypolt, G.L. (8) Thatcher, R.T. (3) Trueheart, J.L. (2) GVP,CAO D,GVP,CAO Vanzant, J.C., Jr. (6) Wester, T.E. (4) Wilkerson, P.A. (1) VP,S VP,S VP,S VP,S VP,S VP,S Wollard, D.A. (28) D Wood, F.G., III (5) SVP SVP SVP
Address key and position symbol key are located on pages 13 and 14. 18
Names of System Companies with Which Connected ----------------------------------------------------------------------------- Dominion Dominion Dominion Products Consolidated Dominion Dominion Exploration & Field Dominion and Natural Gas Capital Energy Production Services Generation Services ------------ -------- -------- ------------- -------- ---------- -------- Lambert, B.J., III Leatherwood, R.L. Lego, P.E. Lewis, J.R. SVP SVP Manning, A.E. Marks, E.J., III Martin, J.K. VP Matthews, W.R. VP McClenaghan, N.E. McDermid, M.E. McGettrick, M.F. McKean, T.D. McKenna, M.A. Medvedo, P.P. Mikuta, M.P. VP,C Minter, S.A. Mistr, W.S. SVP Mola, E.C. Moore, J.L. VP Nichols, C.J. C C O'Hanlon, J.P. EVP P,COO P P,COO Randall, K.A. Riekel, A.R. VP Riely, H.C. S Rigsby, R.E. EVP Riley, H.P. EVP D,P,CEO D,P,CEO Riley, P.E., Jr. SVP Rivas, E.J. SVP SVP Roach, E.M., Jr. D,EVP D D D D D Roberts, C.E. VP VP Rogers, S.A. VP,C Royal, F.S. Sanderlin, J.L. SVP Schools, M.R., Jr. Schuyler, J.R. SVP SVP Shaw, J.A. SVP SVP SVP Simmons, S.D. Spilman, R.H. Staton, J.D. Stutts, J.F. VP,GC Sypolt, G.L. Thatcher, R.T. Trueheart, J.L. GVP,CAO VP,C Vanzant, J.C., Jr. VP Wester, T.E. Wilkerson, P.A. VP,S VP,S VP,S VP,S VP,S VP,S Wollard, D.A. Wood, F.G., III SVP SVP
Address key and position symbol key are located on pages 13 and 14. 19
Names of System Companies with Which Connected ------------------------------------------------------------------------------ Virginia Dominion Dominion Dominion East Ohio Peoples Electric and Retail Transmission U.K. Holding Hope Gas Gas Natural Gas Power -------- ------------ ------------ -------- --------- ----------- ------------ Lambert, B.J., III Leatherwood, R.L. Lego, P.E. Lewis, J.R. Manning, A.E. Marks, E.J., III Martin, J.K. Matthews, W.R. VP McClenaghan, N.E. VP VP VP VP McDermid, M.E. VP McGettrick, M.F. SVP SVP SVP SVP McKean, T.D. McKenna, M.A. Medvedo, P.P. Mikuta, M.P. Minter, S.A. Mistr, W.S. VP Mola, E.C. Moore, J.L. Nichols, C.J. O'Hanlon, J.P. P P,COO Randall, K.A. Riekel, A.R. VP Riely, H.C. Rigsby, R.E. P P P P,COO Riley, H.P. Riley, P.E., Jr. SVP Rivas, E.J. SVP Roach, E.M., Jr. D D D D,CEO D,CEO D,CEO D,CEO Roberts, C.E. Rogers, S.A. VP Royal, F.S. Sanderlin, J.L. Schools, M.R., Jr. C C C C Schuyler, J.R. Shaw, J.A. SVP SVP Simmons, S.D. Spilman, R.H. Staton, J.D. SVP Stutts, J.F. VP Sypolt, G.L. SVP Thatcher, R.T. VP Trueheart, J.L. GVP Vanzant, J.C., Jr. Wester, T.E. VP VP VP Wilkerson, P.A. VP,S VP,S VP,S VP,S VP,S VP,S VP,S Wollard, D.A. Wood, F.G., III
Address key and position symbol key are located on pages 13 and 14. 20 Part II. Banking connections Information concerning all officers and directors of each system company who have financial connections within the provisions of Section 17(c) of the Public Utility Holding Company Act of 1935 as of December 31, 2000, follows:
Position Held Applicable Name of Officer or Name and Location of Financial in Financial Exemption Director Institution Institution Rule ------------------ ------------------------------ ------------- ---------- George A. Davidson, The PNC Financial Services Group, Director 70(a) Jr..................... Inc. Pittsburgh, Pennsylvania Benjamin J. Lambert, Consolidated Bank and Trust Director 70(a) III.................... Company Richmond, Virginia Steven A. Minter........ KeyCorp Director 70(a) Cleveland, Ohio Frank S. Royal.......... SunTrust Banks, Inc. Director 70(b) Atlanta, Georgia.
Part III. Compensation and other related information (a) The compensation of directors and executive officers of system companies: Information concerning the compensation of directors and the five highest paid executive officers of the system for the year 2000 is included in the Registrant's 2001 Proxy Statement which is filed as Exhibit F-4 to this Form U5S. Information presented under the captions "THE BOARD-- Compensation and Other Programs" on page 8 and "EXECUTIVE COMPENSATION" on page 15 in such proxy statement is hereby incorporated by reference. (b) Their interest in the securities of system companies including options or other rights to acquire securities: Information concerning the interests of directors and executive officers in the securities of system companies including options or other rights to acquire securities is included in the Registrant's 2001 Proxy Statement, which is filed as Exhibit F-4. Information presented under the following captions in such proxy statement is hereby incorporated by reference: "THE BOARD--Compensation and other Programs" on page 8; "SHARE OWNERSHIP TABLE" on page 9; "ORGANIZATION, COMPENSATION & NOMINATING COMMITTEE REPORT--Long- Term Incentives" on page 13; and "EXECUTIVE COMPENSATION" on pages 15 through 19. (c) Their contracts and transactions with system companies: Information concerning contracts and transactions by directors and executive officers with system companies is included in the Registrant's 2001 Proxy Statement, which is filed as Exhibit F-4 to this Form U5S. Information presented under the following captions in such proxy statement is hereby incorporated by reference: "THE BOARD--Compensation and Other Programs" on page 8; "EXECUTIVE COMPENSATION--Other Executive Agreements and Arrangements" on page 18; and "EXECUTIVE COMPENSATION--Executive Stock Purchase and Loan Program" on page 19. (d) Their indebtedness to system companies: None. (e) Their participation in bonus and profit-sharing arrangements and other benefits: Information concerning the participation by directors and executive officer in other benefits is included in the Registrant's 2001 Proxy Statement, which is filed as Exhibit F-4 to this Form U5S. Information presented under the following captions in such proxy statement is hereby incorporated by 21 reference: "THE BOARD--Compensation and Other Programs" on page 8; "ORGANIZATION, COMPENSATION & NOMINATING COMMITTEE REPORT--Annual Incentives and Long-term Incentives" on pages 12 and 13; "EXECUTIVE COMPENSATION--Retirement Plans" on page 17; "EXECUTIVE COMPENSATION--Other Executive Agreements and Arrangements" on page 18; and "EXECUTIVE COMPENSATION--Executive Stock Purchase and Loan Program" on page 19. (f) Their rights to indemnification: Pursuant to Section 13.1-697 and Section 13.1-698 of the Code of Virginia, the Company's articles of incorporation indemnify a director or officer who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent, against reasonable expenses incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The Company also purchases directors and officers liability insurance with limits of $250 million, and, in recognition of the scope of the foregoing by- law indemnification, certain other errors and omission and general liability insurance coverage's which are applicable to all employees as insured, including directors and officers. ITEM 7. CONTRIBUTIONS AND PUBLIC RELATIONS There were no payments made to any citizens group, public relations counsel, political party, candidate for public office or holder of public office, or any committee or agent therefor by the system companies during the year 2000. Political contributions made by Dominion and its subsidiary companies, before becoming subject to the 1935 Act on January 28, 2000 are not disclosed. ITEM 8. SERVICES, SALES AND CONSTRUCTION CONTRACTS Part I. Contracts for services or goods between system companies:
Date of Contract Transaction (Note 1) Serving Company Receiving Company Compensation (Note 2) -------------------- --------------------- ----------------------- ------------ ---------------- Management Services..... Dominion Transmission East Ohio Gas $1,847,243 January 28, 2000 Management Services..... Dominion Transmission Peoples Natural Gas $1,324,300 January 28, 2000 Management Services..... Dominion Transmission Hope Gas $ 811,796 January 28, 2000 Management Services..... Dominion Transmission Dominion Field Services $ 547,783 May 22, 1991 Management Services..... Dominion Transmission Virginia Natural Gas $ 307,963 (Note 3) Aircraft Services....... Dominion Transmission Virginia Natural Gas $ 18,133 (Note 3,4)
22 ITEM 8. SERVICE, SALES AND CONSTRUCTION CONTRACTS (Continued)
Date of Contract Transaction (Note 1) Serving Company Receiving Company Compensation (Note 2) -------------------- --------------- ----------------- ------------ ---------------- Management Services..... Dominion Energy Morgantown Energy $ 541,980 September 15, 1989 Services Associates Company, Inc. Management Services..... Great Lakes Dominion Midwest $ 7,973,181 July 1, 1995 Compression, Energy, Inc. Inc. Management Services..... Dominion Dominion Appalachian $ 2,403,914 October 1, 1995 Appalachian Development Properties Development, LLC Inc. Nuclear Fuel Procurement............ Virginia Power VP Fuel, Corporation $68,661,283 June 30, 1995 Telecommunications Services............... Virginia Power Dominion Telecom, $ 1,315,245 September 2, 1997 formerly VPS Communications, Inc. Nuclear Management & Operations............. Virginia Power VP Services, Inc. (VPNS) $ 1,429,608 September 3, 1997, as amended on October 30, 1998 Administrative Services............... Virginia Power VP Services, Inc. (VPEM) $ 3,028,201 September 3, 1997, as amended on October 30, 1998 Administrative Services............... Virginia Power VP Services, Inc. (VPE) $ 137,772 September 3, 1997, as amended on October 30, 1998 Fuel & Risk Management Services............... VPSE Virginia Power $ 6,201,211 October 30, 1998 Fuel & Risk Management Services............... VPEM VPSE $16,493,575 October 30, 1998
------- Notes: (1) Contracts for management services with aggregate consideration passing between the same companies of less than $100,000 have been omitted. (2) All contracts were in effect at December 31, 2000. (3) Virginia Natural Gas was sold by CNG on October 6, 2000. Approval of contracts was pending at time of service. (4) Aircraft services consisted of helicopters. Part II. Contracts to purchase services or goods between any system company and any affiliate (other than a system company) or any company in which any officer or director of the receiving company is a partner or owns 5 percent or more of any class of equity securities: None. Part III. Employment of any person by any system company for the performance on a continuing basis of management, supervisory or financial advisory services: None. 23 ITEM 9. WHOLESALE GENERATORS AND FOREIGN UTILITY COMPANIES Part I. Information concerning the interests held by system companies in exempt wholesale generators or foreign utility companies: 1. Information concerning the interests held by system companies in exempt wholesale generators follows. Kincaid Generation, LLC (a) Dominion Kincaid, Inc. is a wholly owned subsidiary of Dominion Energy, Inc. (DEI) which holds a 99% interest in Kincaid Generation LLC (Kincaid). Kincaid is a 1,108 net megawatt coal-fired electric generating facility. The name and business address of Kincaid is as follows: Kincaid Generation, LLC PO Box 260 Kincaid, Illinois 62540-0260 (b) At December 31, 2000, DEI's and Dominion Kincaid's investment in Kincaid totaled $95,768,000 which includes intercompany loans/advances of $776,002. (c) Kincaid's debt to equity ratio and earnings as of December 31, 2000 was 2.11 ($252,456/119,547) and $22,019,046 respectively. (d) At December 31, 2000, services between Kincaid and a system company were as follows: Transaction: Management services Serving Company: Dominion Energy Services Company, Inc. Receiving Company: Kincaid Generation, LLC Compensation: $2,053,284 Date of Contract: February 27, 1998
Elwood Energy LLC (a) Dominion Elwood, Inc. is a wholly owned subsidiary of DEI which holds a 50% interest in Elwood Energy, LLC (Elwood). The purpose of the Company is to own and develop up to 2,500 megawatt combined cycle and single cycle electric power generating facility located near Elwood, Illinois. Elwood is also permitted to purchase and sell fuel, electricity and capacity, and to operate and manage the facility. The name and business address of Elwood is as follows: Elwood Energy, LLC 21100 Noel Road Elwood, Illinois 60421 (b) At December 31, 2000, DEI's investment in Elwood totaled $77,719,216, which includes an intercompany loans/advances of ($19,149,702). (c) At December 31, 2000, Elwood had no debt outstanding. Therefore no debt to equity ratio is presented. Elwood's earnings at December 31, 2000 were $25,003,193. (d) At December 31, 2000, services between Elwood and a system company were as follows: Transaction: Management services Serving Company: Dominion Elwood Services Company Receiving Company: Elwood Energy Compensation: $403,897 Date of Contract: June 18, 1999
24 Elwood Energy II LLC (a) Dominion Elwood II, Inc. is a wholly-owned subsidiary of Dominion Generation, Inc. which holds a 50% interest in Elwood Energy II, LLC (Elwood II), which holds a 100% interest in Elwood II Holdings, LLC. Elwood II is involved in the development of a 300-megawatt gas fired combustion turbine power plant in Elwood, Illinois. The name and business address of Elwood II is as follows: Elwood Energy II, LLC 24391 South Patterson Avenue Elwood, Illinois 60421 (b) At December 31, 2000, DEI's investment in Elwood II totaled $42,551,938 which represents intercompany loans/advances of $42,551,938. (c) Since the facility is currently in the construction stage, Elwood II had no earnings for the year ended December 31, 2000. Accordingly, there is no debt to equity ratio for Elwood II. (d) At December 31, 2000, there were no services, sales or construction contracts between Elwood II and any system company. Elwood Energy III, LLC (a) Dominion Elwood III, Inc. is a wholly-owned subsidiary of Dominion Generation, Inc. which holds a 50% interest in Elwood Energy III, LLC (Elwood III), which holds a 100% interest in Elwood III Holdings, LLC. Elwood III is involved in the development of a 450-megawatt gas fired combustion turbine power plant in Elwood, Illinois. The name and business address of Elwood is as follows: Elwood Energy III, LLC 24391 South Patterson Avenue Elwood, Illinois 60421 (b) At December 31, 2000 DEI's investment in Elwood III totaled $70,258,682 which includes intercompany loans/advances of $70,368,724. (c) Since the facility is currently in the construction stage, Elwood III had no earnings for the year ended December 31, 2000. Accordingly, there is no debt to equity ratio for Elwood III. (d) At December 31, 2000, there was no service, sales or construction contracts between Elwood III and any system company. Kauai Power Partners, L.P. (a) CNG International holds a 1% limited partnership interest in Kauai Power Partners, L.P. (KPP), and CNG Kauai, a subsidiary of CNG International, holds a 1% general partnership interest and a 98% limited partnership interest in KPP. KPP is involved in the greenfield development of a 26-megawatt advanced steam- injected combustion turbine power plant on the island of Kauai, Hawaii. The name and business address of KPP are as follows: Kauai Power Partners, L.P. Dominion Tower 625 Liberty Avenue Pittsburgh, PA 15222 25 (b) At December 31, 2000, CNG International's and CNG Kauai's investment in KPP totaled $2,501,000, which represents primarily costs incurred for the project prior to construction. (c) KPP has a capital structure consisting of equity contributed by its partners and has no debt. Accordingly, there is no meaningful debt to equity ratio for KPP. Since the facility is currently in the planning stage, KPP had no earnings for the year ended December 31, 2000. (d) At December 31, 2000, there were no service, sales or construction contracts between KPP and any system company. 2. Information concerning the interests held by system companies in a foreign utility company (FUCO) follows. Latin America Fund (a) CNG International holds a 16.5% limited partnership interest in The Latin America Energy and Electricity Fund I, L.P. (Latin America Fund), a Cayman Islands exempted limited partnership, and an 8.29% general partnership interest in FondElec General Partner, L.P. (FondElec). FondElec holds a 1% general partnership interest in the Latin America Fund. The Latin America Fund's business is limited to investing in FUCOs in Latin America. As part of the transaction, CNG International obtains an ownership interest, equal to its percentage ownership interest in the partnership, in each of the Latin America Fund's investments. The Latin America Fund had investments in two FUCOs as of December 31, 2000. The name and business address of the Latin America Fund are as follows: The Latin America Energy and Electricity Fund I, L.P. Stamford Harbor Park 333 Ludlow Street Stamford, CT 06902 (b) At December 31, 2000, CNG International's investment in the Latin America Fund totaled $8,129,000. CNG International's total commitment for investment in the Latin America Fund was originally $10,000,000. The investment program has been completed. There have been no transfers of assets from a CNG affiliate to any FUCO in which the Latin America Fund has an interest. (c) The Latin America Fund is an equity investment fund and as such has a capital structure consisting of equity funds contributed by its partners. Accordingly, there is no meaningful debt to equity ratio for the Latin America Fund. The Latin America Fund had net income of $214,051 for the year ended December 31, 2000. (d) There are no service, sales or construction contracts between the Latin America Fund, or any FUCOs in which the Latin America Fund has an interest, and a system company. Sodigas Pampeana, Sodigas Sur, and Buenos Aires Energy Company On October 12, 2000, CNG International completed the sale of CNG Cayman Three Ltd. and its subsidiary, CNG Argentina S.A., to Sempra Energy International. Included in the sale were CNG International's 21.55% ownership interest in each of two gas utility holding companies, Sodigas Pampeana and Sodigas Sur, and a 25% ownership interest in an electric utility holding company, Buenos Aires Energy Company (BAECO). The gas utility holding companies have ownership interests in two gas distribution companies, Camuzzi Gas Pampeana S.A. and Camuzzi Gas del Sur S.A., and BAECO has an ownership interest in an electric distribution company, Empresa Distribuidora de Energia Atlantica S.A. As a result of the sale, at December 31, 2000, CNG's only investment in FUCOs is the Latin American Fund, which is discussed above. 26 Corby Power Limited In September 2000, Dominion completed the sale of its 80% interest in Corby Power Limited (Corby) to PowerGen plc for 52.5 million pound sterling ($78 million at December 31, 2000). Corby is the owner of a 350-megawatt natural gas-fired facility located approximately 90 miles north of London, England. FUCO's held by Dominion Energy, Inc. DEI reached an agreement on August 1, 1999 to sell its interests in its foreign generation businesses which consists of approximately 1,200-megawatts of gross generation capacity located in Latin America. DEI completed the sale of its interests in Belize and Peru on November 1, 1999 and completed the sale of its interests in Argentina and Bolivia on March 31, 2000 and May 31, 2000, respectively. As of December 31, 2000, DEI held no investments in any FUCO's. Part II. Relationship of exempt wholesale generators and foreign utility companies to system companies, and financial data: An organization chart showing the relationship of the EWG's to other system companies is filed as Exhibit H-1 to H-3 to this Form U5S. An organization chart showing the relationship of the FUCO to other system companies is filed as Exhibit H-4 to this Form U5S. The financial statements of the EWG's is filed as Exhibit I-1 to I-3 to this Form U5S. Financial statements of the FUCO are filed as Exhibit I-4 to this Form U5S. Part III. Investment in exempt wholesale generators and foreign utility companies: At December 31, 2000, Dominion's aggregate investment in EWG's amounted to $288,798,836, or 5.7% of Dominion's aggregate capital investment in its domestic public utility subsidiaries at that date. Dominion's aggregate investment in FUCO's was $8,129,000 at December 31, 2000, or 0.2% of Dominion's aggregate capital investment in its domestic public utility subsidiaries. At December 31, 2000, CNG's aggregate investment in KPP amounted to $2,501,000, or 0.2% of CNG's aggregate capital investment in its domestic public utility subsidiaries at that date. CNG's aggregate investment in the Latin American Fund was $8,129,000 at December 31, 2000, or 0.7% of CNG's aggregate capital investment in its domestic public utility subsidiaries. ITEM 10. FINANCIAL STATEMENTS AND EXHIBITS Financial statements as of and for the year ended December 31, 2000 Dominion Resources, Inc.: Consolidating Balance Sheet............................................... 31 Consolidating Income Statement............................................ 35 Consolidating Statement of Common Shareholders' Equity.................... 37 Consolidating Statement of Comprehensive Income........................... 39 Consolidating Statement of Cash Flows..................................... 41 Consolidated Natural Gas Company Reclassifying Balance Sheet............................................... 43 Reclassifying & Adjusting Income Statement................................ 45 Reclassifying & Adjusting Statement of Comprehensive Income............... 46 Reclassifying & Adjusting Statement of Cash Flows......................... 47 Consolidating Balance Sheet............................................... 48 Consolidating Income Statement Supplement................................. 52 Consolidating Statement of Retained Earnings.............................. 54 Consolidating Statement of Comprehensive Income........................... 56 Consolidating Statement of Cash Flows..................................... 58
27 Consolidating Balance Sheet Supplement.................................... 60 Consolidating Income Statement Supplement................................. 62 Consolidating Statement of Retained Earnings Supplement................... 63 Consolidating Statement of Comprehensive Income Supplement................ 64 Consolidating Statement of Cash Flows Supplement.......................... 65 Dominion Transmission, Inc. Consolidating Balance Sheet............................................... 66 Consolidating Income Statement............................................ 68 Consolidating Statement of Retained Earnings.............................. 69 Consolidating Statement of Comprehensive Income........................... 70 Consolidating Statement of Cash Flows..................................... 71 Dominion Exploration and Production, Inc. Consolidating Balance Sheet............................................... 72 Consolidating Income Statement............................................ 74 Consolidating Statement of Retained Earnings.............................. 75 Consolidating Statement of Comprehensive Income........................... 76 Consolidating Statement of Cash Flows..................................... 77 CNG Power Company Consolidating Balance Sheet............................................... 78 Consolidating Income Statement............................................ 80 Consolidating Statement of Retained Earnings.............................. 81 Consolidating Statement of Comprehensive Income........................... 82 Consolidating Statement of Cash Flows..................................... 83 CNG International Corporation Consolidating Balance Sheet............................................... 84 Consolidating Income Statement............................................ 86 Consolidating Statement of Retained Earnings.............................. 87 Consolidating Statement of Comprehensive Income........................... 88 Consolidating Statement of Cash Flows..................................... 89 CNG Cayman One Ltd. Consolidating Income Statement............................................ 90 Consolidating Statement of Retained Earnings.............................. 91 Consolidating Statement of Comprehensive Income........................... 92 Consolidating Statement of Cash Flows..................................... 93 CNG Cayman Three Ltd. Consolidating Income Statement............................................ 94 Consolidating Statement of Retained Earnings.............................. 95 Consolidating Statement of Comprehensive Income........................... 96 Consolidating Statement of Cash Flows..................................... 97 Dominion Products and Services, Inc. Consolidating Balance Sheet............................................... 98 Consolidating Income Statement............................................ 100 Consolidating Statement of Retained Earnings.............................. 101 Consolidating Statement of Comprehensive Income........................... 102 Consolidating Statement of Cash Flows..................................... 103 Dominion Capital, Inc. Consolidating Balance Sheet............................................... 104 Consolidating Income Statement............................................ 108 Consolidating Statement of Common Shareholders' Equity.................... 110 Consolidating Statement of Comprehensive Income........................... 112 Consolidating Statement of Cash Flows..................................... 114
28 Dominion Energy, Inc. Consolidating Balance Sheet............................................... 116 Consolidating Income Statement............................................ 118 Consolidating Statement of Common Shareholders' Equity.................... 119 Consolidating Statement of Comprehensive Income........................... 120 Consolidating Statement of Cash Flows..................................... 121 Dominion Energy, Inc.- Domestic Power Generation Consolidating Balance Sheet............................................... 122 Consolidating Income Statement............................................ 126 Consolidating Statement of Common Shareholders' Equity.................... 128 Consolidating Statement of Comprehensive Income........................... 130 Consolidating Statement of Cash Flows..................................... 132 Dominion Kincaid, Inc. Consolidating Balance Sheet............................................... 134 Consolidating Income Statement............................................ 136 Consolidating Statement of Common Shareholders' Equity.................... 137 Consolidating Statement of Comprehensive Income........................... 138 Consolidating Statement of Cash Flows..................................... 139 Dominion Energy, Inc.- Foreign Power Generation Consolidating Balance Sheet............................................... 140 Consolidating Income Statement............................................ 142 Consolidating Statement of Common Shareholders' Equity.................... 143 Consolidating Statement of Comprehensive Income........................... 144 Consolidating Statement of Cash Flows..................................... 145 Dominion Energy, Inc.- Oil and Gas Consolidating Balance Sheet............................................... 146 Consolidating Income Statement............................................ 148 Consolidating Statement of Common Shareholders' Equity.................... 149 Consolidating Statement of Comprehensive Income........................... 150 Consolidating Statement of Cash Flows..................................... 151 Dominion Reserves, Inc. Consolidating Balance Sheet............................................... 152 Consolidating Income Statement............................................ 156 Consolidating Statement of Common Shareholders' Equity.................... 158 Consolidating Statement of Comprehensive Income........................... 160 Consolidating Statement of Cash Flows..................................... 162 Dominion Gas Processing MI, Inc. Consolidating Balance Sheet............................................... 164 Consolidating Income Statement............................................ 166 Consolidating Statement of Common Shareholders' Equity.................... 167 Consolidating Statement of Comprehensive Income........................... 168 Consolidating Statement of Cash Flows..................................... 169 Dominion San Juan, Inc. Consolidating Balance Sheet............................................... 170 Consolidating Income Statement............................................ 172 Consolidating Statement of Common Shareholders' Equity.................... 173 Consolidating Statement of Comprehensive Income........................... 174 Consolidating Statement of Cash Flows..................................... 175
29 Dominion Energy Canada Limited Consolidating Balance Sheet............................................... 176 Consolidating Income Statement............................................ 178 Consolidating Statement of Common Shareholders' Equity.................... 179 Consolidating Statement of Comprehensive Income........................... 180 Consolidating Statement of Cash Flows..................................... 181 Virginia Electric and Power Company Consolidating Balance Sheet............................................... 182 Consolidating Income Statement............................................ 184 Consolidating Statement of Common Shareholders' Equity.................... 185 Consolidating Statement of Comprehensive Income........................... 186 Consolidating Statement of Cash Flows..................................... 187 Virginia Power Services, Inc. Consolidating Balance Sheet............................................... 188 Consolidating Income Statement............................................ 190 Consolidating Statement of Common Shareholders' Equity.................... 191 Consolidating Statement of Comprehensive Income........................... 192 Consolidating Statement of Cash Flows..................................... 193
The Notes to the Consolidated Financial Statements appearing on pages 41 to 69 of Dominion Resources, Inc.'s Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 20, 2001, and on pages 43 to 67 of Virginia Electric and Power Company's Form 10-K, filed with the SEC on March 16, 2001, and on pages 39 to 73 of Consolidated Natural Gas Company's Form 10-K filed with the SEC on March 16, 2001 are incorporated herein by reference. 30 DOMINION RESOURCES, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Consolidating Virginia Dominion Dominion Entries and Power (Page CNG (Page Energy Consolidated Adjustments Dominion 182) 43) (Page 116) ------------ ------------- ----------- ----------- ---------- ---------- Current assets: Cash and cash equivalents............ $ 360,036 $ -- $ 50,922 $ 140,749 $ 57,549 $ 34,952 Accounts receivable: Customers (less allowance)............ 1,871,648 1,133,802 737,720 Other.................. 485,939 (166,519) 6,756 117,416 275,668 139,429 Inventories: Materials and supplies.............. 150,269 128,688 21,255 Fossil fuel............ 101,972 101,972 Gas stored--current portion............... 74,600 74,600 Investment securities-- trading................ 274,643 Mortgage loans held for sale................... 103,956 Commodity contract assets................. 1,057,628 1,046,569 11,059 Unrecovered gas costs... 263,418 263,418 Broker margin deposits.. 267,305 2,991 264,314 Prepayments............. 172,672 18,665 154,007 Net assets held for sale................... 72,854 15,696 57,158 Other................... 608,237 (7,363) 32,877 141,989 220,126 147,580 ----------- ----------- ----------- ----------- ---------- ---------- Total current assets... 5,865,177 (173,882) 106,251 2,832,841 2,125,815 333,020 ----------- ----------- ----------- ----------- ---------- ---------- Investments: Loans receivable, net... 675,600 Investments in affiliates............. 391,634 (8,104,992) 7,848,303 215,086 Available for sale securities............. 291,630 Nuclear decommissioning trust funds............ 851,453 851,453 Investment in real estate................. 64,924 Other................... 326,589 (9,712) 2,679 62,216 119,193 ----------- ----------- ----------- ----------- ---------- ---------- Total net investments.. 2,601,830 (8,114,704) 7,850,982 913,669 334,279 ----------- ----------- ----------- ----------- ---------- ---------- Property, plant and equipment: Property, plant and equipment.............. 28,011,326 (31,147) (120,554) 16,949,522 9,336,102 1,742,280 Less accumulated depreciation, depletion and amortization....... 13,162,051 (14,074) (8,644) 7,784,352 4,967,724 414,789 ----------- ----------- ----------- ----------- ---------- ---------- Property, plant and equipment, net........ 14,849,275 (17,073) (111,910) 9,165,170 4,368,378 1,327,491 ----------- ----------- ----------- ----------- ---------- ---------- Deferred charges and other assets: Goodwill, net........... 3,501,841 3,449,118 2,927 Regulatory assets, net.. 516,068 86,090 235,172 194,806 Prepaid pension costs... 1,454,427 1,005,277 14,733 434,417 Other, net.............. 559,303 179 3,433 169,274 188,476 46,087 ----------- ----------- ----------- ----------- ---------- ---------- Total deferred charges and other assets................ 6,031,639 179 4,543,918 419,179 817,699 49,014 ----------- ----------- ----------- ----------- ---------- ---------- Total Assets............ $29,347,921 $(8,305,480) $12,389,241 $13,330,859 $7,311,892 $2,043,804 =========== =========== =========== =========== ========== ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 31 DOMINION RESOURCES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Dominion Dominion Resources U.K. Capital Resources Dominion Dominion Capital Holding, (Page 104) Services, Inc. Telecom, Inc. Generation, Inc. Trust I, Inc. Inc. ---------- -------------- ------------- ---------------- ------------- -------- Current assets: Cash and cash equivalents............ $ 43,197 $ 20,480 $ 11,111 $-- $ -- $1,076 Accounts receivable: Customers (less allowance)............ 126 Other.................. 6,239 102,140 3,193 1 1,616 Inventories: Materials and supplies.............. 326 Fossil fuel............ Gas stored--current portion............... Investment securities-- trading................ 274,643 Mortgage loans held for sale................... 103,956 Commodity contract assets................. Unrecovered gas costs... Broker margin deposits.. Prepayments............. Net assets held for sale................... Other................... 62,060 9,115 222 1,631 ---------- -------- -------- ---- -------- ------ Total current assets... 490,095 131,735 14,978 1 1,631 2,692 ---------- -------- -------- ---- -------- ------ Investments: Loans receivable, net... 675,600 Investments in affiliates............. 175,505 257,732 Available for sale securities............. 291,630 Nuclear decommissioning trust funds............ Investment in real estate................. 64,924 Other................... 145,274 6,739 200 ---------- -------- -------- ---- -------- ------ Total net investments.. 1,352,933 6,739 200 257,732 ---------- -------- -------- ---- -------- ------ Property, plant and equipment: Property, plant and equipment.............. 35,296 2,131 97,662 34 Less accumulated depreciation, depletion and amortization....... 16,298 1,596 10 ---------- -------- -------- ---- -------- ------ Property, plant and equipment, net........ 18,998 2,131 96,066 24 ---------- -------- -------- ---- -------- ------ Deferred charges and other assets: Goodwill, net........... 49,796 Regulatory assets, net.. Prepaid pension costs... Other, net.............. 123,871 17,385 10,598 ---------- -------- -------- ---- -------- ------ Total deferred charges and other assets...... 173,667 17,385 10,598 ---------- -------- -------- ---- -------- ------ Total Assets............ $2,035,693 $157,990 $121,842 $ 25 $259,363 $2,692 ========== ======== ======== ==== ======== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 32 DOMINION RESOURCES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Consolidating Virginia Dominion Dominion Entries and Power (Page CNG (Page Energy Consolidated Adjustments Dominion 183) 44) (Page 117) ------------ ------------- ----------- ----------- ---------- ---------- Current liabilities: Securities due within one year............... $ 336,479 $ -- $ -- $ 240,650 $ -- $ 6,330 Short-term debt......... 3,236,817 1,305,330 713,810 1,215,175 2,502 Accounts payable, trade.................. 1,735,910 (190,139) 6,205 1,004,175 766,244 65,333 Accrued interest........ 194,568 (7,363) 63,117 93,851 23,594 4,625 Accrued payroll......... 127,327 88,308 7,095 Accrued taxes........... 316,889 70,507 60,219 178,224 1,227 Commodity contract liabilities............ 1,020,463 993,352 26,866 245 Other................... 623,345 22,082 26,884 155,169 337,100 65,934 ----------- ----------- ----------- ----------- ---------- ---------- Total current liabilities........... 7,591,799 (175,420) 1,472,043 3,349,534 2,554,298 146,196 ----------- ----------- ----------- ----------- ---------- ---------- Long term debt.......... 10,101,281 (1,208,692) 3,420,230 3,561,674 1,721,329 1,157,754 ----------- ----------- ----------- ----------- ---------- ---------- Deferred credits and other liabilities: Deferred income taxes... 2,820,648 345,394 1,494,188 788,462 158,296 Deferred investment tax credits................ 147,156 129,580 17,576 Other................... 799,873 (25,068) 159,310 302,849 264,675 30,164 ----------- ----------- ----------- ----------- ---------- ---------- Total deferred credits and other liabilities........... 3,767,677 (25,068) 504,704 1,926,617 1,070,713 188,460 ----------- ----------- ----------- ----------- ---------- ---------- Total Liabilities....... 21,460,756 (1,409,180) 5,396,977 8,837,825 5,346,340 1,492,410 ----------- ----------- ----------- ----------- ---------- ---------- Minority interest....... 884 884 Obligated mandatorily redeemable preferred securities of subsidiary trusts...... 385,000 135,000 Preferred stock no subject to mandatory redemption............. 509,014 509,014 Common shareholders' equity: Common Stock............ 5,978,436 (4,580,237) 5,978,435 2,737,407 1,815,695 208 Other paid in capital... 16,422 (1,373,000) 16,422 16,274 40,280 572,115 Accumulated other comprehensive income... (30,882) 33,928 (30,883) (1,471) 295 Retained earnings....... 1,028,290 (976,991) 1,028,290 1,095,339 111,048 (22,108) ----------- ----------- ----------- ----------- ---------- ---------- Total common shareholders' equity.. 6,992,267 (6,896,300) 6,992,264 3,849,020 1,965,552 550,510 ----------- ----------- ----------- ----------- ---------- ---------- Total Liabilities and shareholders' equity... $29,347,921 $(8,305,480) $12,389,241 $13,330,859 $7,311,892 $2,043,804 =========== =========== =========== =========== ========== ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 33 DOMINION RESOURCES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Dominion Dominion Resources U.K. Capital Resources Dominion Dominion Capital Holding, (Page 105) Services, Inc. Telecom, Inc. Generation, Inc. Trust I, Inc. Inc. ---------- -------------- ------------- ---------------- ------------- -------- Current liabilities: Securities due within one year............... $ 89,499 $ -- $ -- $ -- $ -- $ -- Short-term debt......... Accounts payable, trade.................. 9,660 46,295 27,793 345 Accrued interest........ 15,113 1,631 Accrued payroll......... 3,158 28,766 Accrued taxes........... 2,270 82 4,360 Commodity contract liabilities............ Other................... 4,652 9,431 1,550 543 ---------- -------- -------- ----- -------- -------- Total current liabilities........... 124,352 84,492 29,343 427 1,631 4,903 ---------- -------- -------- ----- -------- -------- Long term debt.......... 1,353,801 40,999 54,186 ---------- -------- -------- ----- -------- -------- Deferred credits and other liabilities: Deferred income taxes... 34,306 2 Deferred investment tax credits................ Other................... 627 56,816 10,500 ---------- -------- -------- ----- -------- -------- Total deferred credits and other liabilities........... 34,933 56,816 10,500 2 ---------- -------- -------- ----- -------- -------- Total Liabilities....... 1,513,086 182,307 94,029 429 1,631 4,903 ---------- -------- -------- ----- -------- -------- Minority interest....... Obligated mandatorily redeemable preferred securities of subsidiary trusts...... 250,000 Preferred stock no subject to mandatory redemption............. Common shareholders' equity: Common Stock............ 8 1 19,187 7,732 Other paid in capital... 693,841 10,972 39,518 Accumulated other comprehensive income... (8,597) (24,318) 164 Retained earnings....... (162,645) 0 (2,346) (404) (41,893) ---------- -------- -------- ----- -------- -------- Total common shareholders' equity.. 522,607 (24,317) 27,813 (404) 7,732 (2,211) ---------- -------- -------- ----- -------- -------- Total Liabilities and shareholders' equity... $2,035,693 $157,990 $121,842 $ 25 $259,363 $ 2,692 ========== ======== ======== ===== ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 34 DOMINION RESOURCES, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Consolidating Dominion Dominion Entries and Virginia Power CNG Energy Consolidated Adjustments Dominion (Page 184) (Page 45) (Page 118) ------------ ------------- -------- -------------- --------- ---------- Operating Revenue: Regulated sales........ Electric............... $4,492,022 $ -- $ -- $4,492,022 $ -- $ -- Gas.................... 1,374,092 (113,286) 1,487,378 Nonregulated sales..... Electric............... 96,739 (3) 96,742 Gas.................... 592,790 (13,502) 582,284 24,008 Gas transportation and storage............... 486,427 (393) (2,116) 488,936 Oil and gas production............ 855,850 48,272 485,219 322,359 Other.................. 1,361,819 (903,996) 613,097 298,671 583,392 69,256 ---------- --------- -------- ---------- --------- ------- Total................. 9,259,739 (917,894) 545,967 4,790,693 3,627,209 512,365 ---------- --------- -------- ---------- --------- ------- Expenses: Fuel, net.............. 1,106,165 1,103,577 2,588 Purchased power capacity, net......... 740,108 740,108 Purchased gas, net..... 1,452,875 (20,404) (58,644) 1,531,923 Liquids, capacity and other products purchased............. 299,866 (3,063) 302,929 Restructuring and other acquisition related costs................. 459,266 (48,439) 71,226 260,976 567 Other operation and maintenance........... 2,011,718 (279,272) 16,746 956,720 539,327 218,083 Depreciation, depletion and amortization...... 1,176,215 47,283 557,513 413,899 121,820 Other taxes............ 485,339 (4,523) 275,194 184,011 19,678 ---------- --------- -------- ---------- --------- ------- Total.................. 7,731,552 (302,739) (47,577) 3,704,338 3,233,065 362,736 ---------- --------- -------- ---------- --------- ------- Income from Operations............ 1,528,187 (615,155) 593,544 1,086,355 394,144 149,629 Other Income........... 95,403 (56,839) 31,605 47,044 27,279 20,190 ---------- --------- -------- ---------- --------- ------- Income before interest and income taxes...... 1,623,590 (671,994) 625,149 1,133,399 421,423 169,819 ---------- --------- -------- ---------- --------- ------- Interest and related charges: Interest charges....... 957,784 (56,839) 308,861 285,118 150,572 72,641 Preferred dividends and distributions of subsidiary trusts..... 66,391 46,816 ---------- --------- -------- ---------- --------- ------- Total.................. 1,024,175 (56,839) 308,861 331,934 150,572 72,641 ---------- --------- -------- ---------- --------- ------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 599,415 (615,155) 316,288 801,465 270,851 97,178 Income taxes........... 182,188 (119,310) 279,683 113,584 10,353 Minority interests..... 2,386 2,127 ---------- --------- -------- ---------- --------- ------- Income before extraordinary item and cumulative effect of a change in accounting principle............. 414,841 (615,155) 435,598 521,782 157,267 84,698 Extraordinary item, net Cumulative effect of a change in accounting principle, net........ (21,351) (594) (20,757) ---------- --------- -------- ---------- --------- ------- Net Income............. $ 436,192 $(615,155) $436,192 $ 542,539 $ 157,267 $84,698 ========== ========= ======== ========== ========= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 35 DOMINION RESOURCES, INC. CONSOLIDATING INCOME STATEMENT--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Resources Dominion Dominion Resources Dominion Dominion Capital U.K. Capital Services, Telecom, Generation, Trust I, Holding, (Page 108) Inc. Inc. Inc. Inc. Inc. ---------- --------- -------- ----------- --------- -------- Operating Revenue: Regulated sales........ Electric............... Gas.................... Nonregulated sales..... Electric............... Gas.................... Gas transportation and storage............... Oil and gas production............ Other.................. $ 432,897 $265,234 $ 3,268 $ -- $ -- $ -- --------- -------- ------- ----- ------ ------- Total................. 432,897 265,234 3,268 --------- -------- ------- ----- ------ ------- Expenses: Fuel, net.............. Purchased power capacity, net......... Purchased gas, net..... Liquids, capacity and other products purchased............. Restructuring and other acquisition related costs................. 192,388 (17,452) Other operation and maintenance........... 298,282 256,614 4,410 150 658 Depreciation, depletion and amortization...... 33,712 442 8 1,538 Other taxes............ 5,082 5,836 61 --------- -------- ------- ----- ------ ------- Total.................. 529,464 262,450 4,913 158 (15,256) --------- -------- ------- ----- ------ ------- Income from Operations............ (96,567) 2,784 (1,645) (158) 15,256 Other Income........... (832) (52) 19,575 7,433 --------- -------- ------- ----- ------ ------- Income before interest and income taxes...... (96,567) 1,952 (1,697) (158) 19,575 22,689 --------- -------- ------- ----- ------ ------- Interest and related charges: Interest charges....... 192,178 1,952 895 2,406 Preferred dividends and distributions of subsidiary trusts..... 19,575 --------- -------- ------- ----- ------ ------- Total.................. 192,178 1,952 895 19,575 2,406 --------- -------- ------- ----- ------ ------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. (288,745) (2,592) (158) 20,283 Income taxes........... (100,198) (949) (55) (920) Minority interests..... 259 --------- -------- ------- ----- ------ ------- Income before extraordinary item and cumulative effect of a change in accounting principle............. (188,806) (1,643) (103) 21,203 Extraordinary item, net Cumulative effect of a change in accounting principle, net........ --------- -------- ------- ----- ------ ------- Net Income............. $(188,806) $ -- $(1,643) $(103) $ -- $21,203 ========= ======== ======= ===== ====== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 36 DOMINION RESOURCES, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Consolidating Virginia Dominion Dominion Entries and Power Energy Consolidated Adjustments Dominion (Page 185) CNG (Page 119) ------------ ------------- ----------- ---------- ---------- ---------- Balance at December 31, 1999................... $ 4,773,462 $(5,099,978) $ 4,757,827 $3,742,352 $ -- $ 634,406 ----------- ----------- ----------- ---------- ---------- --------- Issuance of stock--CNG acquisition........... 3,527,000 3,527,000 Issuance of stock through public offering.............. 354,000 354,000 Issuance of stock through employee, executive loan and direct stock purchase plans................. 195,000 195,000 Stock repurchase and retirement............ (1,641,000) (1,641,000) Premium income equity securities............ (21,000) (21,000) Other common stock activity.............. 3,288 (1,834,882) 3,287 1,815,695 Comprehensive income... 420,236 (596,153) 420,236 542,539 155,796 81,808 Dividends and other adjustments........... (618,719) 634,713 (603,086) (435,871) (5,939) (165,704) ----------- ----------- ----------- ---------- ---------- --------- Balance at December 31, 2000................... $ 6,992,267 $(6,896,300) $ 6,992,264 $3,849,020 $1,965,552 $ 550,510 =========== =========== =========== ========== ========== =========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 37 DOMINION RESOURCES, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Resources Dominion Dominion Resources Dominion Dominion Capital U.K. Capital Services, Telecom, Generation, Trust I, Holding, (Page 110) Inc. Inc. Inc. Inc. Inc. ---------- --------- -------- ----------- --------- -------- Balance at December 31, 1999................... $740,912 $ -- $ -- $(301) $7,732 $(9,488) -------- -------- ------- ----- ------ ------- Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 1 19,187 Comprehensive income... (182,247) (24,318) (1,643) (103) 24,322 Dividends and other adjustments........... (36,058) 10,269 (17,045) -------- -------- ------- ----- ------ ------- Balance at December 31, 2000................... $522,607 $(24,317) $27,813 $(404) $7,732 $(2,211) ======== ======== ======= ===== ====== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 38 DOMINION RESOURCES, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Consolidating Dominion Entries and Virginia Power CNG Dominion Energy Consolidated Adjustments Dominion (Page 186) (Page 46) (Page 120) ------------ ------------- -------- -------------- --------- --------------- Net Income.............. $436,192 $(615,155) $436,192 $542,539 $157,267 $84,698 -------- --------- -------- -------- -------- ------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ 6,558 (6,558) 6,558 Less: reclassification adjustment for gains (losses) realized in net income............ -------- --------- -------- -------- -------- ------- Unrealized gains (losses) on investment securities............ 6,558 (6,558) 6,558 Foreign currency translation adjustment............ 1,804 (229) 1,804 (2,890) Minimum pension liability adjustment.. (24,318) 25,789 (24,318) (1,471) -------- --------- -------- -------- -------- ------- Other comprehensive income (Loss).......... (15,956) 19,002 (15,956) (1,471) (2,890) -------- --------- -------- -------- -------- ------- Comprehensive Income.... $420,236 $(596,153) $420,236 $542,539 $155,796 $81,808 ======== ========= ======== ======== ======== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 39 DOMINION RESOURCES, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Capital Resources Dominion Dominion Resources Capital Dominion U.K. (Page 112) Services, Inc. Telecom, Inc. Generation, Inc. Trust I, Inc. Holding, Inc. ---------- -------------- ------------- ---------------- ----------------- ------------- Net Income.............. $(188,806) $ -- $(1,643) $(103) $ -- $21,203 --------- -------- ------- ----- ----- ------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ 6,558 Less: reclassification adjustment for gains (losses) realized in net income............ --------- -------- ------- ----- ----- ------- Unrealized gains (losses) on investment securities............ 6,558 Foreign currency translation adjustment............ 3,119 Minimum pension liability adjustment.. (24,318) --------- -------- ------- ----- ----- ------- Other comprehensive income (Loss).......... 6,558 (24,318) 3,119 --------- -------- ------- ----- ----- ------- Comprehensive Income.... $(182,248) $(24,318) $(1,643) $(103) $ -- $24,322 ========= ======== ======= ===== ===== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 40 DOMINION RESOURCES, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Consolidating Virginia Dominion Entries and Power CNG Consolidated Adjustments Dominion (Page 187) (Page 47) ------------ ------------- ---------- ---------- --------- Cash flows from (used in) operating activities: Net income............. $ 436,192 $(615,155) $ 436,192 $ 542,539 $157,267 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. (20,757) (20,757) Restructuring and other acquisition related costs................. 124,075 (67,363) 57,679 133,759 DCI impairment losses.. 292,171 Extraordinary item, net................... Impairment of regulatory assets & other assets.......... (152,340) 152,340 Gains on sales of subsidiaries.......... (22,511) 163,317 (168,444) Depreciation and amortization.......... 1,267,697 58,385 637,087 413,902 Deferred income taxes.. 21,597 24,257 27,198 17,174 Deferred fuel expense.. (32,578) (32,578) Changes in current assets and liabilities: Accounts receivable.... (841,857) 134,800 29,535 (524,061) (337,077) Inventories............ (61,999) 3,502 (70,506) Unrecovered gas costs.. (216,998) (216,998) Purchase and origination of mortgages............. (4,280,698) Proceeds from sale and principal collections of mortgages.......... 4,295,336 Accounts payable, trade................. 673,579 (150,221) (2,416) 488,472 361,607 Accrued interest and taxes................. 139,016 112,159 4,913 34,345 Commodity contract assets and liabilities........... (32,447) (32,447) Net assets held for sale.................. (23,800) (35,784) 11,984 Other.................. (372,022) 15,276 (483) (81,802) (332,620) ---------- --------- ---------- --------- -------- Net cash flows from operating activities... 1,343,996 (615,300) 565,459 1,069,745 156,733 ---------- --------- ---------- --------- -------- Cash flow from (used in) investing activities: Plant construction and other property additions............. (1,384,473) (734,485) (518,994) Acquisition of exploration and production assets..... (353,029) (214,700) Loan originations...... (2,910,737) Repayments of loan originations.......... 4,255,348 Sale of businesses..... 835,655 676,190 Sale of marketable securities............ 136,994 Purchase of debt securities............ (235,125) Acquisition of businesses............ (2,779,140) 90,400 (2,869,540) Other investments...... (140,339) 60,000 (48,600) (47,608) Other.................. (22,657) (113,350) 130,121 269 3,500 ---------- --------- ---------- --------- -------- Net cash flow used in investing activities... (2,597,503) 37,050 (2,788,019) (781,824) (54,004) ---------- --------- ---------- --------- -------- Cash flow from (used in) financing activities: Issuance of common stock................. 531,597 531,596 Repurchase of common stock................. (1,641,520) (1,641,520) Issuance (repayment) of short term debt....... 1,819,904 (611,150) 1,108,354 335,831 612,687 Issuance of long term debt.................. 8,108,034 2,862,500 250,000 Repayment of long term debt.................. (6,812,415) (375,500) (44,615) Common dividend payments.............. (615,194) 1,339,800 (615,054) (407,911) (657,140) Other.................. (56,533) (48,600) (11,337) (46,515) ---------- --------- ---------- --------- -------- Net cash flow from (used in) financing activities............. 1,333,873 680,050 2,245,876 (208,917) (135,583) ---------- --------- ---------- --------- -------- Increase (decrease) in cash and cash equivalents............ 80,366 101,800 23,316 79,004 (32,854) Cash and cash equivalents at beginning of the year.. 279,670 (101,800) 27,606 61,745 90,403 ---------- --------- ---------- --------- -------- Cash and cash equivalents at end of the year............... $ 360,036 $ -- $ 50,922 $ 140,749 $ 57,549 ========== ========= ========== ========= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 41 DOMINION RESOURCES, INC. CONSOLIDATING STATEMENT OF CASH FLOWS--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Dominion Resources Dominion Dominion Resources Dominion Energy Capital Services, Telecom, Generation, Capital UK (Page 121) (Page 114) Inc. Inc. Inc. Trust I, Inc. Holding ---------- ---------- --------- -------- ----------- ------------- -------- Cash flows from (used in) operating activities: Net income............. $ 84,698 $ (188,806) $ -- $(1,643) $(103) $-- $21,203 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. 292,171 Extraordinary item, net................... Impairment of regulatory assets & other assets.......... Gains on sales of subsidiaries.......... 68 (17,452) Depreciation and amortization.......... 121,821 35,005 442 8 1,047 Deferred income taxes.. 19,362 (64,600) (1,759) (36) Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... (56,210) 9,217 (102,139) 479 3,390 Inventories............ 4,778 227 Unrecovered gas costs.. Purchase and origination of mortgages............. (4,280,698) Proceeds from sale and principal collections of mortgages.......... 4,295,336 Accounts payable, trade................. (67,016) (1,641) 46,296 9,344 (10,686) Accrued interest and taxes................. (234) (11,426) (45) (741) Commodity contract assets and liabilities........... Net assets held for sale.................. Other.................. (9,744) 563 45,952 683 95 (9,847) -------- ---------- -------- ------- ----- ---- ------- Net cash flows from operating activities... 97,523 85,121 (11,650) 9,451 (13,086) -------- ---------- -------- ------- ----- ---- ------- Cash flow from (used in) investing activities: Plant construction and other property additions............. (64,966) (2,131) (63,897) Acquisition of exploration and production assets..... (138,329) Loan originations...... (2,910,737) Repayments of loan originations.......... 4,255,348 Sale of businesses..... 83,554 75,911 Sale of marketable securities............ 136,994 Purchase of debt securities............ (235,125) Acquisition of businesses............ Other investments...... 12,527 (116,658) Other.................. (9,841) (36,319) (6,739) 9,702 -------- ---------- -------- ------- ----- ---- ------- Net cash flow used in investing activities... (117,055) 1,093,503 (8,870) (63,897) 85,613 -------- ---------- -------- ------- ----- ---- ------- Cash flow from (used in) financing activities: Issuance of common stock................. 1 Repurchase of common stock................. Issuance (repayment) of short term debt....... 399,191 (120,194) 40,999 54,186 Issuance of long term debt.................. 4,995,534 Repayment of long term debt.................. (243,776) (6,099,621) (48,903) Common dividend payments.............. (163,863) (36,737) (74,289) Other.................. 1,377 680 47,862 -------- ---------- -------- ------- ----- ---- ------- Net cash flow from (used in) financing activities............. (7,071) (1,260,338) 41,000 54,186 (75,330) -------- ---------- -------- ------- ----- ---- ------- Increase (decrease) in cash and cash equivalents............ (26,603) (81,714) 20,480 (260) (2,803) Cash and cash equivalents at beginning of the year.. 61,555 124,911 11,371 3,879 -------- ---------- -------- ------- ----- ---- ------- Cash and cash equivalents at end of the year............... $ 34,952 $ 43,197 $ 20,480 $11,111 $ -- $-- $ 1,076 ======== ========== ======== ======= ===== ==== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 42 CONSOLIDATED NATURAL GAS COMPANY RECLASSIFYING BALANCE SHEET At December 31, 2000 (Thousands)
Consolidated Natural Gas Reclassification Company (As Adjustments to Consolidated with Conform to Dominion Dominion CNG and Resources, Inc.) Resources, Inc. Subsidiaries (Page 31) Presentation (Page 48) ----------------- ---------------- ------------ ASSETS Current Assets Cash and cash equivalents..... $ 57,549 $ 1 $ 57,548 Accounts receivable: Customers, less allowance.... 737,720 (2,684) 740,404 Other........................ 275,668 22,852 252,816 Receivables from affiliated companies.................... (20,165) 20,165 Inventories: Gas stored--current portion.. 74,600 (1) 74,601 Materials and supplies....... 21,255 1 21,254 Unrecovered gas costs......... 263,418 263,418 Deferred income taxes--current (net)........................ Broker margin deposits........ 264,314 264,314 Prepayments................... 154,007 154,007 Other......................... 220,126 220,126 Net assets held for sale...... 57,158 57,158 ---------- -------- ---------- Total current assets........ 2,125,815 4 2,125,811 ---------- -------- ---------- Investments Stocks of subsidiary companies, at equity-- consolidated................. Notes of subsidiary companies--consolidated...... Other......................... (79,851) 79,851 ---------- -------- ---------- Total investments........... (79,851) 79,851 ---------- -------- ---------- Property, Plant and Equipment Property, plant and equipment.................... 9,336,102 1 9,336,101 Less accumulated depreciation and amortization............. 4,967,724 2 4,967,722 ---------- -------- ---------- Net property, plant and equipment.................. 4,368,378 (1) 4,368,379 ---------- -------- ---------- Deferred Charges and Other Assets Regulatory assets............. 194,806 (969) 195,775 Prepaid pension cost.......... 434,417 (1) 434,418 Other......................... 188,476 79,850 108,626 ---------- -------- ---------- Total deferred charges and other assets............... 817,699 78,880 738,819 ---------- -------- ---------- Total assets................ $7,311,892 $ (968) $7,312,860 ========== ======== ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 43 CONSOLIDATED NATURAL GAS COMPANY RECLASSIFYING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Consolidated Natural Reclassification Gas Company (As Adjustments to Consolidated with Conform to Dominion Dominion CNG and Resources, Inc.) Resources, Inc. Subsidiaries (Page 33) Presentation (Page 50) -------------------- ---------------- ------------ LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt............. $1,215,175 $ -- $1,215,175 Accounts payable, trade..... 766,244 29,950 736,294 Estimated rate contingencies and refunds................ (40,603) 40,603 Payables to affiliated companies.................. (29,948) 29,948 Customer deposits........... (7,101) 7,101 Accrued interest............ 23,594 23,594 Accrued payroll............. 7,095 7,095 Accrued taxes............... 178,224 (2) 178,226 Deferred income taxes-- current (net).............. (86,571) 86,571 Commodity contract liabilities................ 26,866 26,866 Other....................... 337,100 107,412 229,688 ---------- -------- ---------- Total current liabilities.............. 2,554,298 3 2,554,295 ---------- -------- ---------- Long-term Debt.............. Debentures and notes........ 1,721,329 1,721,329 Notes payable to Registrant--consolidated... ---------- -------- ---------- Total long-term debt...... 1,721,329 1,721,329 ---------- -------- ---------- Deferred Credits and Other Liabilities................ -- Deferred income taxes....... 788,462 788,462 Deferred investment tax credits.................... 17,576 17,576 Other....................... 264,675 (971) 265,646 ---------- -------- ---------- Total deferred credits and other liabilities........ 1,070,713 (971) 1,071,684 ---------- -------- ---------- Total liabilities......... 5,346,340 (968) 5,347,308 Commitments and Contingencies.............. Common Stockholder's Equity..................... Common stock................ 1,815,695 1,815,695 Other capital............... 40,280 40,280 Retained earnings........... 111,048 111,048 Accumulated other comprehensive income....... (1,471) (1,471) ---------- -------- ---------- Total common stockholder's equity................... 1,965,552 1,965,552 ---------- -------- ---------- Total liabilities and stockholder's equity..... $7,311,892 $ (968) $7,312,860 ========== ======== ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 44 CONSOLIDATED NATURAL GAS COMPANY RECLASSIFYING & ADJUSTING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
To Adjust Consolidated Natural Reclassification for the Period Gas Company Adjustments to January 1, 2000 to (As Consolidated Conform to January 28, 2000 with Dominion Dominion (Date of Acquisition CNG and Resources, Inc.) Resources, Inc. by Dominion Subsidiaries (Page 35) Presentation Resources, Inc.) (Page 52) -------------------- ---------------- -------------------- ------------ Operating revenue and income: Regulated gas sales.... $1,487,378 $ 1 $(231,537) $1,718,914 Nonregulated gas sales................. 582,284 (54,083) (39,072) 675,439 Gas transportation and storage............... 488,936 (6,081) (55,897) 550,914 Oil and gas production............ 485,219 (6,995) (39,302) 531,516 Other.................. 583,392 84,130 (35,918) 535,180 ---------- --------- --------- ---------- Total................. 3,627,209 16,972 (401,726) 4,011,963 ---------- --------- --------- ---------- Expenses: Purchased gas.......... 1,531,923 (1) (172,916) 1,704,840 Liquids, capacity and other products purchased............. 302,929 455 (25,369) 327,843 Restructuring and other merger-related costs.. 260,976 (9,294) 270,270 Operation and maintenance........... 539,327 675 (47,634) 586,286 Depreciation and amortization.......... 413,899 (2) (28,557) 442,458 Other taxes............ 184,011 1 (19,389) 203,399 ---------- --------- --------- ---------- Total................. 3,233,065 1,128 (303,159) 3,535,096 ---------- --------- --------- ---------- Income from operations.. 394,144 15,844 (98,567) 476,867 ---------- --------- --------- ---------- Other income and expense: Gain on sale of Virginia Natural Gas.. (163,317) 163,317 Loss on net assets held for sale.............. 152,340 (152,340) Equity in earnings of subsidiary companies-- consolidated.......... Interest revenue from affiliated companies-- consolidated.......... (20) 20 Other.................. 27,279 (4,851) (1,809) 33,939 ---------- --------- --------- ---------- Total other income and expense.............. 27,279 (15,848) (1,809) 44,936 ---------- --------- --------- ---------- Income before interest and income taxes....... 421,423 (4) (100,376) 521,803 Interest charges........ 150,572 120 (10,965) 161,417 ---------- --------- --------- ---------- Income before income taxes.................. 270,851 (124) (89,411) 360,386 Income tax expense...... 113,584 (124) (33,404) 147,112 ---------- --------- --------- ---------- Income before cumulative effect of a change in accounting principle... 157,267 (56,007) 213,274 Cumulative effect of a change in accounting principle (net of income taxes).......... 30,728 (30,728) ---------- --------- --------- ---------- Net income.............. $ 157,267 $ -- $ (86,735) $ 244,002 ========== ========= ========= ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 45 CONSOLIDATED NATURAL GAS COMPANY RECLASSIFYING & ADJUSTING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Consolidated To Adjust for the Natural Gas period Company (As January 1, 2000 to Consolidated with January 28, 2000 Dominion (date of acquisition CNG and Resources, Inc.) by Dominion Subsidiaries (Page 39) Resources, Inc.) (Page 56) ----------------- -------------------- ------------ Net income................. $157,267 $(86,735) $244,002 Other comprehensive income, net of tax: Foreign currency translation adjustment.. 1,077 (1,077) Less: reclassification adjustment for losses realized in net income.. (3,637) 3,637 -------- -------- -------- Total foreign currency translation adjustment............ (2,560) 2,560 Minimum pension liability adjustment.............. (1,471) (1,281) (190) -------- -------- -------- Other comprehensive income (loss)......... (1,471) (3,841) 2,370 -------- -------- -------- Comprehensive income....... $155,796 $(90,576) $246,372 ======== ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 46 CONSOLIDATED NATURAL GAS COMPANY RECLASSIFYING & ADJUSTING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Consolidated To Adjust Natural Reclassification for the Period Gas Company Adjustments to January 1, 2000 to Consolidated Natural (As Consolidated Conform to January 28, 2000 Gas Company per with Dominion Dominion (Date of Acquisition Consolidated Natural Resources, Resources, Inc. by Dominion Gas Company Inc.)(Page 41) Presentation Resources, Inc.) Form 10-K(Page 58) ---------------- ---------------- -------------------- -------------------- Cash flows from (used in) operating activities: Net income............. $ 157,267 $ -- $ (86,735) $ 244,002 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. 30,728 (30,728) Restructuring and other acquisition related costs................. 133,759 (9,294) 143,053 Loss on net assets held for sale.............. 152,340 152,340 Sale of Virginia Natural Gas........... 168,444 (168,444) DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... (168,444) (168,444) Depreciation and amortization.......... 413,902 1 (28,557) 442,458 Pension cost (credit)-- net................... 138,171 10,364 (148,535) Deferred income taxes.. 17,174 (12,298) 29,472 Investment tax credit.. 1,909 155 (2,064) Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... (337,077) 36,762 (373,839) Inventories............ (70,506) (59,009) (11,497) Unrecovered gas costs.. (216,998) 8,346 (225,344) Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Broker margin deposits.............. 225,290 16,607 (241,897) Prepayments............ 42,586 (14,310) (28,276) Other current assets... 80,104 (14,789) (65,315) Accounts payable, trade................. 361,607 59,087 302,520 Estimated rate contingencies and refunds............... 3,749 2,152 (5,901) Accounts payable to customers............. (923) 1,882 (959) Accrued interest and taxes................. 34,345 (11,463) 45,808 Commodity contract assets and liabilities........... Other--net............. (31,624) (43,066) 74,690 Net assets held for sale.................. 11,984 4,825 7,159 Changes in other assets and liabilities....... (127,098) (2,638) 129,736 Other.................. (332,620) (332,165) 53 (508) --------- --------- --------- --------- Net cash flows from operating activities... 156,733 (111,198) 267,931 Cash flow from (used in) investing activities: Plant construction and other property additions............. (518,994) 24,189 (543,183) Acquisition of exploration and production assets..... (214,700) 3,257 (217,957) Loan originations...... Repayments of loan originations.......... Proceeds from sale of Virginia Natural Gas, net of cash sold...... (531,656) 531,656 Proceeds from sale of Argentine investments, net of cash sold...... (144,534) 144,534 Sale of businesses..... 676,190 676,190 Sale of marketable securities............ Purchase of debt securities............ Acquisition of businesses............ Other investments...... 5,541 1,647 (7,188) Other.................. 3,500 (5,541) (352) 9,393 --------- --------- --------- --------- Net cash flow used in investing activities... (54,004) 28,741 (82,745) Cash flow from (used in) financing activities: Issuance of common stock................. Repurchase of common stock................. Issuance (repayment) of short term debt....... 612,687 85,912 526,775 Issuance of long term debt.................. Repayment of long term debt.................. (44,615) (44,615) Common dividend payments.............. (657,140) 46,515 34 (703,689) Other.................. (46,515) (46,515) --------- --------- --------- --------- Net cash flow from (used in) financing activities............. (135,583) 85,946 (221,529) Increase (decrease) in cash and cash equivalents............ (32,854) 3,489 (36,343) Cash and cash equivalents at beginning of the year.. 90,403 (3,488) 93,891 --------- --------- --------- --------- Cash and cash equivalents at end of the year............... $ 57,549 $ -- $ 1 $ 57,548 ========= ========= ========= =========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 47 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING BALANCE SHEET At December 31, 2000 (Thousands)
Eliminations Dominion CNG and and Combined Transmission Dominion Subsidiaries Adjustments Total CNG CNGSvc (Page 66) East Ohio ------------ ------------ ----------- ---------- ---------- ------------ ---------- ASSETS Current Assets Cash and cash equivalents............ $ 57,548 $ (203) $ 57,751 $ 7 $ 1,599 $ 641 $ 41,097 Accounts receivable: Customers, less allowance............. 740,404 740,404 64,698 504,004 Other.................. 252,816 252,816 4,786 1,335 (1,233) 3,648 Receivables from affiliated companies... 20,165 (2,426,697) 2,446,862 993,930 1,161,869 48,889 2,015 Inventories: Gas stored--current portion............... 74,601 (2,045) 76,646 29,000 Materials and supplies.............. 21,254 21,254 10,719 3,990 Unrecovered gas costs... 263,418 263,418 121,068 65,873 Deferred income taxes-- current (net).......... (82) 82 Broker margin deposits.. 264,314 264,314 Prepayments............. 154,007 (3) 154,010 14,657 1,916 13,892 94,569 Other................... 220,126 6 220,120 62,023 (397) 69,882 (575) Net assets held for sale................... 57,158 57,158 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total current assets... 2,125,811 (2,371,866) 4,497,677 1,075,403 1,166,322 328,556 743,621 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Investments Stocks of subsidiary companies, at equity-- consolidated........... (2,460,646) 2,460,646 2,460,646 Notes of subsidiary companies-- consolidated........... (1,324,182) 1,324,182 1,324,182 Other................... 79,851 (66,848) 146,699 28,723 758 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total investments...... 79,851 (3,851,676) 3,931,527 3,784,828 28,723 758 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Property, Plant and Equipment Property, plant and equipment.............. 9,336,101 (3,044) 9,339,145 40,116 2,188,544 1,613,528 Less accumulated depreciation and amortization........... 4,967,722 (28,335) 4,996,057 24,943 1,159,675 690,674 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Net property, plant and equipment............. 4,368,379 25,291 4,343,088 15,173 1,028,869 922,854 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Deferred Charges and Other Assets Regulatory assets....... 195,775 (46,418) 242,193 16,799 62,614 Prepaid pension cost.... 434,418 (29,048) 463,466 28,658 113,637 207,276 Other................... 108,626 (2,729) 111,355 55,782 4,723 10,108 (597) ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total deferred charges and other assets...... 738,819 (78,195) 817,014 55,782 33,381 140,544 269,293 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total assets........... $7,312,860 $(6,276,446) $13,589,306 $4,916,013 $1,214,876 $1,526,692 $1,936,526 ========== =========== =========== ========== ========== ========== ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 48 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Dominion Dominion Other Dominion Dominion E&P Field Dominion CNG Power CNGI Subsidiaries Peoples Hope (Page 72) Services Retail (Page 78) (Page 84) (Page 60) -------- -------- ---------- -------- -------- --------- --------- ------------ ASSETS Current Assets Cash and cash equivalents............ $ 3,844 $ 4,701 $ 5,382 $ 23 $ 176 $ 3 $ 203 $ 75 Accounts receivable: Customers, less allowance............. 95,374 52,797 4,865 3,818 13,709 1,139 Other.................. 6,455 (4,946) 166,290 76,366 57 58 Receivables from affiliated companies... 4,783 1,834 12,167 40,608 22,710 9,133 138,161 10,763 Inventories: Gas stored--current portion............... 6,456 7,718 1,382 32,090 Materials and supplies.............. 2,011 530 3,980 24 Unrecovered gas costs... 76,477 Deferred income taxes-- current (net).......... 82 Broker margin deposits.. 179,119 85,195 Prepayments............. 7,021 2,425 1,865 17,638 6 1 3 17 Other................... 17,153 (1,259) 21,331 39,842 12,045 2 (6) 79 Net assets held for sale................... -------- -------- ---------- -------- ------- ------- -------- ------- Total current assets... 219,574 63,800 395,081 264,896 80,793 9,139 138,361 12,131 -------- -------- ---------- -------- ------- ------- -------- ------- Investments Stocks of subsidiary companies, at equity-- consolidated........... Notes of subsidiary companies-- consolidated........... Other................... 1,125 1 66,848 49,244 -------- -------- ---------- -------- ------- ------- -------- ------- Total investments...... 1,125 1 66,848 49,244 -------- -------- ---------- -------- ------- ------- -------- ------- Property, Plant and Equipment Property, plant and equipment.............. 695,289 199,227 4,556,708 30,515 8,557 5,845 816 Less accumulated depreciation and amortization........... 240,511 79,452 2,790,598 1,665 4,911 3,012 616 -------- -------- ---------- -------- ------- ------- -------- ------- Net property, plant and equipment............. 454,778 119,775 1,766,110 28,850 3,646 2,833 200 -------- -------- ---------- -------- ------- ------- -------- ------- Deferred Charges and Other Assets Regulatory assets....... 150,096 12,684 Prepaid pension cost.... 92,612 21,023 260 Other................... 7,215 328 18,938 7,911 2,946 64 3,937 -------- -------- ---------- -------- ------- ------- -------- ------- Total deferred charges and other assets...... 249,923 34,035 18,938 7,911 3,206 64 3,937 -------- -------- ---------- -------- ------- ------- -------- ------- Total assets........... $924,275 $218,735 $2,180,129 $301,657 $87,645 $11,973 $205,473 $65,312 ======== ======== ========== ======== ======= ======= ======== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 49 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Eliminations Dominion CNG and and Combined Transmission Dominion Subsidiaries Adjustments Total CNG CNGSvc (Page 67) East Ohio ------------ ------------ ----------- ---------- ---------- ------------ ---------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $1,215,175 $ -- $ 1,215,175 $1,215,175 $ -- $ -- $ -- Accounts payable, trade.................. 736,294 (47) 736,341 1,587 7,452 24,172 236,181 Estimated rate contingencies and refunds................ 40,603 40,603 39,736 49 Payables to affiliated companies.............. 29,948 (2,426,697) 2,456,645 3,781 1,145,377 41,897 512,821 Customer deposits....... 7,101 7,101 113 4,420 Accrued interest........ 23,594 23,594 22,997 485 Accrued payroll......... 7,095 7,095 1,898 3,556 Accrued taxes........... 178,226 (1,103) 179,329 17,789 385 38,569 126,323 Deferred income taxes-- current (net).......... 86,571 (82) 86,653 32,211 22,590 Other................... 229,688 (2,632) 232,320 399 9,685 27,139 22,376 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total current liabilities........... 2,554,295 (2,430,561) 4,984,856 1,261,728 1,162,899 205,735 928,801 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Long-term Debt Debentures and notes.... 1,721,329 1,721,329 1,721,329 Notes payable to Registrant-- consolidated........... (1,324,182) 1,324,182 331,599 295,819 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total long-term debt... 1,721,329 (1,324,182) 3,045,511 1,721,329 331,599 295,819 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Deferred Credits and Other Liabilities Deferred income taxes... 788,462 5,466 782,996 (7,354) 1,339 167,014 191,554 Deferred investment tax credits................ 17,576 17,576 8,298 Other................... 265,646 (80,187) 345,833 14,958 51,132 30,185 75,944 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total deferred credits and other liabilities........... 1,071,684 (74,721) 1,146,405 7,604 52,471 197,199 275,796 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total liabilities...... 5,347,308 Commitments and Contingencies Common Stockholder's Equity Common stock............ 1,815,695 (1,835,358) 3,651,053 1,816,010 10 601,000 237,968 Other capital........... 40,280 17,986 22,294 2,254 19,975 Retained earnings....... 111,048 (631,551) 742,599 111,048 189,523 178,433 Accumulated other comprehensive income... (1,471) 1,941 (3,412) (1,706) (504) (618) (266) ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total common stockholder's equity.. 1,965,552 (2,446,982) 4,412,534 1,925,352 (494) 792,159 436,110 ---------- ----------- ----------- ---------- ---------- ---------- ---------- Total liabilities and stockholder's equity.. $7,312,860 $(6,276,446) $13,589,306 $4,916,013 $1,214,876 $1,526,692 $1,936,526 ========== =========== =========== ========== ========== ========== ==========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 50 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Dominion Dominion Other Dominion Dominion E&P (Page Field Dominion CNG Power CNGI Subsidiaries Peoples Hope 73) Services Retail (Page 79) (Page 85) (Page 61) -------- -------- ---------- -------- -------- --------- --------- ------------ LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- Accounts payable, trade.................. 74,062 26,341 213,689 110,444 39,790 47 2,576 Estimated rate contingencies and refunds................ 842 (24) Payables to affiliated companies.............. 168,504 42,388 327,595 122,995 54,014 21 1,032 36,220 Customer deposits....... 2,143 399 26 Accrued interest........ 94 18 Accrued payroll......... 1,020 618 3 Accrued taxes........... (14,733) 2,716 3,290 1,254 709 925 1,103 999 Deferred income taxes-- current (net).......... 31,827 25 Other................... 14,677 2,348 22,616 26,433 1,880 102,635 2,132 -------- -------- ---------- -------- ------- ------- -------- ------- Total current liabilities........... 278,436 74,829 567,190 261,152 96,396 946 104,817 41,927 -------- -------- ---------- -------- ------- ------- -------- ------- Long-term Debt Debentures and notes.... Notes payable to Registrant-- consolidated........... 130,083 36,456 515,225 15,000 -------- -------- ---------- -------- ------- ------- -------- ------- Total long-term debt... 130,083 36,456 515,225 15,000 -------- -------- ---------- -------- ------- ------- -------- ------- Deferred Credits and Other Liabilities Deferred income taxes... 167,478 20,552 276,266 (669) (1,490) 797 (40,678) 8,187 Deferred investment tax credits................ 7,249 2,029 Other................... 56,620 21,507 80,186 12,597 802 1,694 208 -------- -------- ---------- -------- ------- ------- -------- ------- Total deferred credits and other liabilities........... 231,347 44,088 356,452 11,928 (688) 797 (38,984) 8,395 -------- -------- ---------- -------- ------- ------- -------- ------- Total liabilities...... Commitments and Contingencies Common Stockholder's Equity Common stock............ 183,535 44,900 439,000 17,220 6,000 8,360 238,550 58,500 Other capital........... 45 20 Retained earnings....... 101,127 18,527 302,262 11,312 (14,063) 1,870 (113,910) (43,530) Accumulated other comprehensive income... (253) (65) -------- -------- ---------- -------- ------- ------- -------- ------- Total common stockholder's equity.. 284,409 63,362 741,262 28,577 (8,063) 10,230 124,640 14,990 -------- -------- ---------- -------- ------- ------- -------- ------- Total liabilities and stockholder's equity.. $924,275 $218,735 $2,180,129 $301,657 $87,645 $11,973 $205,473 $65,312 ======== ======== ========== ======== ======= ======= ======== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 51 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Eliminations Dominion CNG and and Combined Transmission Dominion Dominion Subsidiaries Adjustments Total CNG CNGSvc (Page 68) East Ohio Peoples ------------ ------------ ---------- -------- ------- ------------ ---------- -------- Operating revenue and income: Regulated gas sales.... $1,718,914 $ (334) $1,719,248 $ $ $ $1,228,555 $231,540 Nonregulated gas sales................. 675,439 (89,566) 765,005 Gas transportation and storage............... 550,914 (113,553) 664,467 441,078 114,000 100,524 Oil and gas production............ 531,516 (106,132) 637,648 40,930 Other.................. 535,180 (209,885) 745,065 183,893 86,143 20,128 8,765 ---------- --------- ---------- -------- ------- -------- ---------- -------- Total.................. 4,011,963 (519,470) 4,531,433 183,893 568,151 1,362,683 340,829 ---------- --------- ---------- -------- ------- -------- ---------- -------- Expenses: Purchased gas.......... 1,704,840 (302,341) 2,007,181 14,866 864,189 155,667 Liquids, capacity and other products purchased............. 327,843 (9,240) 337,083 61,430 Restructuring and other merger-related costs.. 270,270 6,279 263,991 13,121 72,734 20,147 49,600 17,941 Operation and maintenance........... 586,286 (217,120) 803,406 49,218 101,725 156,531 200,632 80,674 Depreciation and amortization.......... 442,458 (2,610) 445,068 7,504 62,410 49,787 16,511 Other taxes............ 203,399 203,399 (145) 4,198 29,090 130,866 5,548 ---------- --------- ---------- -------- ------- -------- ---------- -------- Total.................. 3,535,096 (525,032) 4,060,128 62,194 186,161 344,474 1,295,074 276,341 ---------- --------- ---------- -------- ------- -------- ---------- -------- Income from operations.. 476,867 5,562 471,305 (62,194) (2,268) 223,677 67,609 64,488 ---------- --------- ---------- -------- ------- -------- ---------- -------- Other income and expense: Gain on sale of Virginia Natural Gas.. 163,317 163,317 163,317 Loss on net assets held for sale.............. (152,340) (152,340) Equity in earnings of subsidiary companies-- consolidated.......... (212,413) 212,413 212,413 Interest revenue from affiliated companies-- consolidated.......... 20 (150,599) 150,619 144,346 1,368 1,681 Other.................. 33,939 (2,877) 36,816 6,625 (289) 3,178 13,088 2,243 ---------- --------- ---------- -------- ------- -------- ---------- -------- Total other income and expense............... 44,936 (365,889) 410,825 526,701 1,079 4,859 13,088 2,243 ---------- --------- ---------- -------- ------- -------- ---------- -------- Income before interest and income taxes....... 521,803 (360,327) 882,130 464,507 (1,189) 228,536 80,697 66,731 Interest charges........ 161,417 (153,620) 315,037 174,011 1,890 23,915 39,437 14,226 ---------- --------- ---------- -------- ------- -------- ---------- -------- Income before income taxes.................. 360,386 (206,707) 567,093 290,496 (3,079) 204,621 41,260 52,505 Income tax expense...... 147,112 947 146,165 46,494 77,467 16,328 15,699 ---------- --------- ---------- -------- ------- -------- ---------- -------- Income before cumulative effect of a change in accounting principle... 213,274 (207,654) 420,928 244,002 (3,079) 127,154 24,932 36,806 Cumulative effect of a change in accounting principle (net of income taxes).......... (30,728) 3,079 (33,807) (3,079) (6,212) (12,591) (9,859) ---------- --------- ---------- -------- ------- -------- ---------- -------- Net income.............. $ 244,002 $(210,733) $ 454,735 $244,002 $ $133,366 $ 37,523 $ 46,665 ========== ========= ========== ======== ======= ======== ========== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 52 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING INCOME STATEMENT--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion E&P Dominion Other Dominion (Page Field Dominion CNG Power CNGI Subsidiaries VNG Hope 74) Services Retail (Page 80) (Page 86) (Page 62) -------- -------- -------- -------- -------- --------- --------- ------------ Operating revenue and income: Regulated gas sales.... $147,341 $111,812 $ -- $ -- $ -- $ -- $ -- $ -- Nonregulated gas sales................. 617,195 147,810 Gas transportation and storage............... 2,517 5,782 398 168 Oil and gas production............ 596,718 Other.................. 4,950 5,851 381,641 11,984 25,434 3,627 102 12,547 -------- -------- ------- ------- ------- ------ --------- ------- Total.................. 154,808 123,445 978,757 629,347 173,244 3,627 102 12,547 -------- -------- ------- ------- ------- ------ --------- ------- Expenses: Purchased gas.......... 78,221 63,013 81,254 605,157 144,814 Liquids, capacity and other products purchased............. 251,729 284 18,915 2,085 2,640 Restructuring and other merger-related costs.. 1,960 2,953 80,775 7 1,643 3,110 Operation and maintenance........... 34,640 29,721 108,162 16,556 12,383 361 5,225 7,578 Depreciation and amortization.......... 12,044 6,118 288,084 530 1,739 207 134 Other taxes............ 7,716 10,089 14,604 81 1,223 64 192 (127) -------- -------- ------- ------- ------- ------ --------- ------- Total.................. 134,581 111,894 824,608 622,615 180,717 2,717 8,661 10,091 -------- -------- ------- ------- ------- ------ --------- ------- Income from operations.. 20,227 11,551 154,149 6,732 (7,473) 910 (8,559) 2,456 -------- -------- ------- ------- ------- ------ --------- ------- Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. (152,340) Equity in earnings of subsidiary companies-- consolidated.......... Interest revenue from affiliated companies-- consolidated.......... 95 150 7 43 472 2,008 449 Other.................. (38) 424 1,677 1,490 145 69 3,120 5,084 -------- -------- ------- ------- ------- ------ --------- ------- Total other income and expense............... 57 424 1,827 1,497 188 541 (147,212) 5,533 -------- -------- ------- ------- ------- ------ --------- ------- Income before interest and income taxes....... 20,284 11,975 155,976 8,229 (7,285) 1,451 (155,771) 7,989 Interest charges........ 6,906 4,197 42,101 3,347 719 1,743 2,545 -------- -------- ------- ------- ------- ------ --------- ------- Income before income taxes.................. 13,378 7,778 113,875 4,882 (8,004) 1,451 (157,514) 5,444 Income tax expense...... 5,699 3,513 32,831 1,858 (2,772) 406 (53,796) 2,438 -------- -------- ------- ------- ------- ------ --------- ------- Income before cumulative effect of a change in accounting principle... 7,679 4,265 81,044 3,024 (5,232) 1,045 (103,718) 3,006 Cumulative effect of a change in accounting principle (net of income taxes).......... (186) (1,696) (162) (2) (14) (6) -------- -------- ------- ------- ------- ------ --------- ------- Net income.............. $ 7,865 $ 5,961 $81,206 $ 3,026 $(5,218) $1,045 $(103,712) $ 3,006 ======== ======== ======= ======= ======= ====== ========= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 53 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
CNG Eliminations Dominion Dominion and and Combined Transmission East Dominion Subsidiaries Adjustments Total CNG CNGSvc (Page 69) Ohio Peoples ------------ ------------ ---------- ---------- ------ ------------ -------- -------- Retained Earnings Balance at December 31, 1999................... $1,549,505 $(540,118) $2,089,623 $1,549,505 $-- $119,222 $156,759 $ 65,346 Net income for the period January 1 through January 27, 2000................... 86,654 (96,288) 182,942 86,654 21,411 34,250 20,727 ---------- --------- ---------- ---------- ---- -------- -------- -------- Total.................. 1,636,159 (636,406) 2,272,565 1,636,159 140,633 191,009 86,073 Merger of Parent Company with Dominion Resources, Inc......... (1,636,159) (1,636,159) (1,636,159) ---------- --------- ---------- ---------- ---- -------- -------- -------- Balance at January 28, 2000................... (636,406) 636,406 140,633 191,009 86,073 Net income for the period January 28 through December 31, 2000................... 157,348 (114,445) 271,793 157,348 111,955 3,273 25,938 Dividends declared on common stock--cash..... (46,300) 112,502 (158,802) (46,300) (63,065) (15,849) (10,884) Sale of Virginia Natural Gas by Parent Company.. 6,798 (6,798) ---------- --------- ---------- ---------- ---- -------- -------- -------- Balance at December 31, 2000................... $ 111,048 $(631,551) $ 742,599 $ 111,048 $-- $189,523 $178,433 $101,127 ========== ========= ========== ========== ==== ======== ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 54 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF RETAINED EARNINGS--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Other Dominion E&P Field Dominion CNG Power CNGI Subsidiaries VNG Hope (Page 75) Services Retail (Page 81) (Page 87) (Page 63) ------ -------- --------- -------- -------- --------- --------- ------------ Retained Earnings Balance at December 31, 1999................... $2,437 $12,566 $240,256 $ 8,286 $ (8,845) $ 825 $ (10,198) $(46,536) Net income for the period January 1 through January 27, 2000................... 5,761 5,042 6,924 752 1,251 173 (267) 264 ------ ------- -------- ------- -------- ------ --------- -------- Total.................. 8,198 17,608 247,180 9,038 (7,594) 998 (10,465) (46,272) Merger of Parent Company with Dominion Resources, Inc. ....... ------ ------- -------- ------- -------- ------ --------- -------- Balance at January 28, 2000................... 8,198 17,608 247,180 9,038 (7,594) 998 (10,465) (46,272) Net income for the period January 28 through December 31, 2000................... 2,104 919 74,282 2,274 (6,469) 872 (103,445) 2,742 Dividends declared on common stock--cash..... (3,504) (19,200) Sale of Virginia Natural Gas by Parent Company.. (6,798) ------ ------- -------- ------- -------- ------ --------- -------- Balance at December 31, 2000................... $ -- $18,527 $302,262 $11,312 $(14,063) $1,870 $(113,910) $(43,530) ====== ======= ======== ======= ======== ====== ========= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 55 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Eliminations Dominion Dominion CNG and and Combined Transmission East Dominion Subsidiaries Adjustments Total CNG CNGSvc (Page 70) Ohio Peoples ------------ ------------ -------- -------- ------ ------------ -------- -------- Net income.............. $244,002 $(210,733) $454,735 $244,002 $ $133,366 $37,523 $46,665 Other comprehensive income, net of tax: Foreign currency translation adjustment............ (1,077) 1,077 (2,154) (1,077) Less: reclassification adjustment for losses realized in net income................ 3,637 (3,637) 7,274 3,637 -------- --------- -------- -------- --- -------- ------- ------- Total foreign currency translation adjustment............ 2,560 (2,560) 5,120 2,560 Minimum pension liability adjustment.. (190) (119) (71) (190) 30 (76) 60 86 -------- --------- -------- -------- --- -------- ------- ------- Other comprehensive income (loss)......... 2,370 (2,679) 5,049 2,370 30 (76) 60 86 -------- --------- -------- -------- --- -------- ------- ------- Comprehensive income.... $246,372 $(213,412) $459,784 $246,372 $30 $133,290 $37,583 $46,751 ======== ========= ======== ======== === ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 56 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion E&P Dominion Other Dominion (Page Field Dominion CNG Power CNGI Subsidiaries VNG Hope 76) Services Retail (Page 82) (Page 88) (Page 64) ------ -------- -------- -------- -------- --------- --------- ------------ Net income.............. $7,865 $5,961 $81,206 $3,026 $(5,218) $1,045 $(103,712) $3,006 Other comprehensive income, net of tax: Foreign currency translation adjustment............ (1,077) Less: reclassification adjustment for losses realized in net income................ 3,637 ------ ------ ------- ------ ------- ------ --------- ------ Total foreign currency translation adjustment............ 2,560 Minimum pension liability adjustment.. 19 ------ ------ ------- ------ ------- ------ --------- ------ Other comprehensive income (loss)......... 19 2,560 ------ ------ ------- ------ ------- ------ --------- ------ Comprehensive income.... $7,865 $5,980 $81,206 $3,026 $(5,218) $1,045 $(101,152) $3,006 ====== ====== ======= ====== ======= ====== ========= ======
The Notes to the Consolidated Financial Statements are in integral part of this statement. 57 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Eliminations Dominion CNG and and Combined Transmission Dominion Dominion Subsidiaries Adjustments Total CNG CNGSvc (Page 71) East Ohio Peoples ------------ ------------ ----------- --------- --------- ------------ --------- -------- Cash Flows From (Used In) Operating Activities Net income............. $ 244,002 $ (210,733) $ 454,735 $ 244,002 $ -- $ 133,366 $ 37,523 $ 46,665 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............ (30,728) 3,079 (33,807) (3,079) (6,212) (12,591) (9,859) Restructuring and other merger-related costs................ 143,053 (1,423) 144,476 574 23,588 14,807 44,428 10,596 Loss on net assets held for sale........ 152,340 152,340 Sale of Virginia Natural Gas.......... (168,444) (168,444) (168,444) Depreciation and amortization......... 442,458 (2,610) 445,068 7,504 62,410 49,787 16,511 Pension cost (credit)--net........ (148,535) 13 (148,548) 978 (7,990) (38,014) (66,549) (25,454) Deferred income taxes--net........... 29,472 956 28,516 (6,320) 70 8,765 17,644 24,147 Investment tax credit............... (2,064) (2,064) (1,317) (494) Changes in current assets and current liabilities: Accounts receivable.. (399,742) (665) (399,077) (4,749) (484) (16,882) (255,364) (24,520) Receivables from affiliated companies........... 25,903 21,880 4,023 (5,056) 21,032 (6,832) 3,407 (2,886) Inventories.......... (11,497) (11,497) (1,656) 26,819 2,730 Unrecovered gas costs............... (225,344) (225,344) (101,212) (65,873) (58,259) Broker margin deposits............ (241,897) (241,897) Prepayments.......... (28,276) (3) (28,273) 56 (60) 2,032 (6,479) (5,885) Other current assets.............. (65,315) (7) (65,308) (6,450) 424 (23,200) 1,192 (4,567) Accounts payable, trade............... 336,010 195 335,815 1,433 (2,834) 2,199 142,315 44,163 Payables to affiliated companies........... (33,490) (23,888) (9,602) (24,783) 4,665 12,053 22,050 6,755 Estimated rate contingencies and refunds............. (5,901) (5,901) 7,097 (11,913) 553 Amounts payable to customers........... (959) (959) (3,955) Accrued expenses..... 45,808 (1,616) 47,424 11,890 (330) 4,838 38,701 (15,667) Other--net........... 74,690 (1,827) 76,517 (2,531) 6,212 5,257 8,608 924 Net assets held for sale................ 7,159 7,159 Changes in other assets and other liabilities.......... 129,736 (147,660) 277,396 (47) (23,037) 158,121 (2,405) (5,613) Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated......... 24,606 (24,606) (24,606) Other--net............ (508) (508) 29 (311) (285) 45 --------- ----------- ----------- --------- --------- --------- --------- -------- Net cash flows from (used in) operating activities.......... 267,931 (332,544) 600,475 15,976 25,681 216,626 (34,257) (115) --------- ----------- ----------- --------- --------- --------- --------- -------- Cash Flows From (Used In) Investing Activities Plant construction and other property additions: Acquisition of exploration and production assets.... (217,957) (217,957) Other................. (543,183) (543,183) 926 (63,620) (64,947) (35,515) Proceeds from sale of Virginia Natural Gas, net of cash sold...... 531,656 231 531,425 532,021 Proceeds from sale of Argentine investments, net of cash sold...... 144,534 144,534 Cost of other investments........... (7,188) (7,188) (925) Intrasystem long-term financing--net........ (34,574) 34,574 34,574 Intrasystem money pool investments--net...... 1,054,568 (1,054,568) (360,992) (548,696) (14,048) Property transfers to (from) affiliates..... (2,265) 86 23 2,243 Other.................. 9,393 45 9,348 (45) 1,222 217 (3,099) 6,408 --------- ----------- ----------- --------- --------- --------- --------- -------- Net cash flows from (used in) investing activities.......... (82,745) 1,164,804 (1,247,549) 205,558 (548,813) (78,290) (68,023) (26,864) --------- ----------- ----------- --------- --------- --------- --------- -------- Cash Flows From (Used In ) Financing Activities Repayments of long-term debt.................. (44,615) (44,615) (44,615) Issuance (repayment) of short-term debt....... 526,775 526,775 526,775 Dividends paid-- Registrant............ (703,655) (703,655) (703,655) Intrasystem long-term financing-net......... 34,574 (34,574) (23,672) (5,827) (2,440) (1,261) Intrasystem money pool borrowings (repayments)--net..... (1,054,568) 1,054,568 486,174 (34,343) 178,511 50,742 Dividends paid-- subsidiary companies-- consolidated.......... 187,807 (187,807) (97,620) (39,979) (22,704) Purchase of treasury stock................. (34) (34) (34) Other.................. (45) 45 --------- ----------- ----------- --------- --------- --------- --------- -------- Net cash flows from (used in) financing activities.......... (221,529) (832,232) 610,703 (221,529) 462,502 (137,790) 136,092 26,777 --------- ----------- ----------- --------- --------- --------- --------- -------- Increase (decrease) in cash and cash equivalents......... (36,343) 28 (36,371) 5 (60,630) 546 33,812 (202) Cash and cash equivalents at beginning of year..... 93,891 (231) 94,122 2 62,229 95 7,285 4,046 --------- ----------- ----------- --------- --------- --------- --------- -------- Cash and cash equivalents at end of year.................. $ 57,548 $ (203) $ 57,751 $ 7 $ 1,599 $ 641 $ 41,097 $ 3,844 ========= =========== =========== ========= ========= ========= ========= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 58 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF CASH FLOWS--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Other E&P (Page Field Dominion CNG Power CNGI Subsidiaries VNG HGI 77) Services Retail (Page 83) (Page 89) (Page 65) -------- -------- --------- -------- -------- --------- --------- ------------ Cash Flows From (Used In) Operating Activities Net income.............. $ 7,865 $ 5,961 $ 81,206 $ 3,026 $ (5,218) $ 1,045 $(103,712) $ 3,006 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. (186) (1,696) (162) (2) (14) (6) Restructuring and other merger-related costs.. 1,960 2,312 43,485 19 1,262 9 1,423 13 Loss on net assets held for sale.............. 152,340 Sale of Virginia Natural Gas........... Depreciation and amortization.......... 12,044 6,118 288,084 530 1,739 207 134 Pension cost (credit)-- net................... 3,030 (8,220) (5,682) (634) (13) Deferred income taxes-- net................... 1,536 3,962 25,760 171 (539) 33 (48,261) 1,548 Investment tax credit.. (116) (137) Changes in current assets and current liabilities: Accounts receivable... 25,663 (19,171) (72,565) (26,662) (6,712) 1,862 665 (158) Receivables from affiliated companies............ 3,950 (331) (8,330) 12,579 (12,156) 182 (1,127) (409) Inventories........... (22,307) (356) (1,047) (1,406) (14,310) 36 Unrecovered gas costs................ Broker margin deposits............. (162,161) (79,736) Prepayments........... 113 (357) (122) (17,638) 62 (1) 3 3 Other current assets.. 269 3,584 (5,156) (22,652) (8,761) 7 2 Accounts payable, trade................ 3,891 12,355 51,620 47,957 32,029 (381) (195) 1,263 Payables to affiliated companies............ 1,199 7,844 7,142 (56,374) 8,808 (96) 613 522 Estimated rate contingencies and refunds.............. (1,590) (48) Amounts payable to customers............ 2,996 Accrued expenses...... 5,012 208 291 770 288 (10) 529 904 Other--net............ (48) (47) 16,680 38,127 1,507 1,817 11 Net assets held for sale................. Changes in other assets and other liabilities........... (1,868) 2,384 427 2,439 (3,127) (67) 147,661 2,528 Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated.......... Other--net............. 14 -------- -------- --------- -------- -------- ------- --------- ------- Net cash flows from (used in) operating activities........... 43,427 14,365 259,470 (98,852) (5,776) 2,819 151,878 9,233 -------- -------- --------- -------- -------- ------- --------- ------- Cash Flows From (Used In) Investing Activities Plant construction and other property additions: Acquisition of exploration and production assets..... (217,957) Other.................. (15,752) (9,950) (352,077) (919) (1,332) 3 Proceeds from sale of Virginia Natural Gas, net of cash sold....... (596) Proceeds from sale of Argentine investments, net of cash sold....... Cost of other investments............ 679 (6,059) (883) Intrasystem long-term financing--net......... Intrasystem money pool investments--net....... 12,290 (3,496) (137,030) (2,596) Property transfers to (from) affiliates...... (41) (46) Other................... 3,194 (550) 5,578 (3,576) (1) -------- -------- --------- -------- -------- ------- --------- ------- Net cash flows from (used in) investing activities........... (13,154) (10,541) (552,212) (4,495) (1,333) (2,817) (143,086) (3,479) -------- -------- --------- -------- -------- ------- --------- ------- Cash Flows From (Used In ) Financing Activities Repayments of long-term debt................... Issuance (repayment) of short-term debt........ Dividends paid-- Registrant............. Intrasystem long-term financing--net......... (474) (4,450) 3,550 Intrasystem money pool borrowings (repayments)--net...... (27,000) (786) 305,803 103,771 7,281 (9,835) (5,750) Dividends paid-- subsidiary companies-- consolidated........... (3,504) (800) (19,200) (4,000) Purchase of treasury stock.................. Other................... 45 -------- -------- --------- -------- -------- ------- --------- ------- Net cash flows from (used in) financing activities........... (30,504) (2,060) 282,153 103,366 7,281 (9,835) (5,750) -------- -------- --------- -------- -------- ------- --------- ------- Increase (decrease) in cash and cash equivalents.......... (231) 1,764 (10,589) 19 172 2 (1,043) 4 Cash and cash equivalents at beginning of year...... 231 2,937 15,971 4 4 1 1,246 71 -------- -------- --------- -------- -------- ------- --------- ------- Cash and cash equivalents at end of year................... $ -- $ 4,701 $ 5,382 $ 23 $ 176 $ 3 $ 203 $ 75 ======== ======== ========= ======== ======== ======= ========= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 59 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING BALANCE SHEET SUPPLEMENT At December 31, 2000 (Thousands)
Dominion Other P&S CNG Subsidiaries (Page Main CNG Oil CNG CNG CNG Total 98) Pass Gathering CNGPSC LNG Coal Research Financial ------------ -------- ------- --------- ------ ---- ------ -------- --------- ASSETS Current Assets Cash and cash equivalents............ $ 75 $ 28 $ 1 $ 1 $ 1 $ 1 $ 1 $ 3 $39 Accounts receivable: Customers, less allowance............. 1,139 1,139 Other.................. 58 58 Receivables from affiliated companies... 10,763 3,241 2,637 669 4,146 70 Inventories: Gas stored--current portion............... Materials and supplies.............. Unrecovered gas costs... Deferred income taxes-- current (net).......... Broker margin deposits.. Prepayments............. 17 1 5 10 1 Other................... 79 1 78 Net assets held for sale................... ------- ------ ------- ------- ------ ---- ------ --- --- Total current assets.. 12,131 4,409 6 11 2,638 672 4,283 73 39 ------- ------ ------- ------- ------ ---- ------ --- --- Investments Stocks of subsidiary companies, at equity-- consolidated........... Notes of subsidiary companies-- consolidated........... Other................... 49,244 32,807 16,437 ------- ------ ------- ------- ------ ---- ------ --- --- Total investments..... 49,244 32,807 16,437 ------- ------ ------- ------- ------ ---- ------ --- --- Property, Plant and Equipment Property, plant and equipment.............. Less accumulated depreciation and amortization........... Net property, plant and equipment........ Deferred Charges and Other Assets Regulatory assets....... Prepaid pension cost.... Other................... 3,937 184 3,740 13 ------- ------ ------- ------- ------ ---- ------ --- --- Total deferred charges and other assets..... 3,937 184 3,740 13 ------- ------ ------- ------- ------ ---- ------ --- --- Total assets.......... $65,312 $4,409 $32,813 $16,448 $2,822 $672 $8,023 $86 $39 ======= ====== ======= ======= ====== ==== ====== === ===
The Notes to the Consolidated Financial Statements are an integral part of this statement. 60 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING BALANCE SHEET SUPPLEMENT--(Continued) At December 31, 2000 (Thousands)
Dominion Other P&S CNG Subsidiaries (Page Main CNG Oil CNG CNG Total 99) Pass Gathering CNGPSC LNG CNG Coal Research Financial ------------ -------- ------- --------- -------- ------ -------- -------- --------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $-- Accounts payable, trade.................. 2,576 451 2,125 Estimated rate contingencies and refunds................ Payables to affiliated companies.............. 36,220 610 24,532 8,769 2,309 Customer deposits....... Accrued interest........ Accrued payroll......... Accrued taxes........... 999 665 (360) (15) 246 (99) 551 6 5 Deferred income taxes-- current (net).......... Other................... 2,132 1,838 293 1 -------- ------- ------- ------- -------- ------ -------- -------- ---- Total current liabilities........... 41,927 3,564 24,172 8,754 4,973 (98) 551 6 5 -------- ------- ------- ------- -------- ------ -------- -------- ---- Long-term Debt Debentures and notes.... Notes payable to Registrant-- consolidated........... Total long-term debt... Deferred Credits and Other Liabilities Deferred income taxes... 8,187 (1,121) 5,872 2,699 174 563 Deferred investment tax credits................ Other................... 208 208 -------- ------- ------- ------- -------- ------ -------- -------- ---- Total deferred credits and other liabilities........... 8,395 (913) 5,872 2,699 174 563 -------- ------- ------- ------- -------- ------ -------- -------- ---- Commitments and Contingencies Common Stockholder's Equity Common stock............ 58,500 3,990 15,520 1,000 22,360 15,580 50 Other capital........... 20 10 10 Retained earnings....... (43,530) (2,232) 2,759 4,985 (17,845) (230) (15,451) (15,500) (16) Accumulated other comprehensive income... -------- ------- ------- ------- -------- ------ -------- -------- ---- Total common stockholder's equity.. 14,990 1,758 2,769 4,995 (2,325) 770 6,909 80 34 -------- ------- ------- ------- -------- ------ -------- -------- ---- Total liabilities and stockholder's equity.. $ 65,312 $ 4,409 $32,813 $16,448 $ 2,822 $ 672 $ 8,023 $ 86 $ 39 ======== ======= ======= ======= ======== ====== ======== ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 61 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING INCOME STATEMENT SUPPLEMENT For the Year Ended December 31, 2000 (Thousands)
Other Dominion CNG Subsidiaries P&S Main CNG Oil CNG CNG CNG Total (Page 100) Pass Gathering CNGPSC LNG Coal Research Financial ------------ ---------- ------ --------- ------ ----- ----- -------- --------- Operating revenue and income: Regulated gas sales.... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $-- $-- Nonregulated gas sales................. Gas transportation and storage............... Oil and gas production............ Other.................. 12,547 9,907 2,640 ------- ------ ------ ------ ------ ----- ----- ---- ---- Total.................. 12,547 9,907 2,640 ------- ------ ------ ------ ------ ----- ----- ---- ---- Expenses: Purchased gas.......... Liquids, capacity and other products purchased............. 2,640 2,640 Restructuring and other merger-related costs.. Operation and maintenance........... 7,578 7,425 25 70 42 2 11 2 1 Depreciation and amortization.......... Other taxes............ (127) 16 (143) ------- ------ ------ ------ ------ ----- ----- ---- ---- Total.................. 10,091 7,441 25 70 2,682 2 (132) 2 1 ------- ------ ------ ------ ------ ----- ----- ---- ---- Income from operations.. 2,456 2,466 (25) (70) (42) (2) 132 (2) (1) ------- ------ ------ ------ ------ ----- ----- ---- ---- Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. Equity in earnings of subsidiary companies-- consolidated.......... Interest revenue from affiliated companies-- consolidated.......... 449 132 60 253 4 Other.................. 5,084 17 1,418 2,899 540 210 ------- ------ ------ ------ ------ ----- ----- ---- ---- Total other income and expense............... 5,533 149 1,418 2,899 540 60 463 4 ------- ------ ------ ------ ------ ----- ----- ---- ---- Income before interest and income taxes....... 7,989 2,615 1,393 2,829 498 58 595 2 (1) Interest charges........ 2,545 1,734 682 129 ------- ------ ------ ------ ------ ----- ----- ---- ---- Income before income taxes.................. 5,444 2,615 (341) 2,147 369 58 595 2 (1) Income tax expense...... 2,438 916 (108) 758 27 290 555 ------- ------ ------ ------ ------ ----- ----- ---- ---- Income before cumulative effect of a change in accounting principle... 3,006 1,699 (233) 1,389 342 (232) 40 2 (1) Cumulative effect of a change in accounting principle (net of income taxes).......... ------- ------ ------ ------ ------ ----- ----- ---- ---- Net income.............. $ 3,006 $1,699 $ (233) $1,389 $ 342 $(232) $ 40 $ 2 $ (1) ======= ====== ====== ====== ====== ===== ===== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 62 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF RETAINED EARNINGS SUPPLEMENT For the Year Ended December 31, 2000 (Thousands)
Other Dominion Subsidiaries P&S CNG Main CNG Oil CNG CNG Total (Page 101) Pass Gathering CNGPSC LNG CNG Coal Research Financial ------------ ---------- -------- --------- -------- ----- -------- -------- --------- Retained Earnings Balance at December 31, 1999................... $(46,536) $(3,931) $2,992 $3,596 $(18,187) $ 2 $(15,491) $(15,502) $(15) Net income for the period January 1 through January 27, 2000....... 264 58 51 158 (17) 14 -------- ------- ------ ------ -------- ----- -------- -------- ---- Total.................. (46,272) (3,873) 3,043 3,754 (18,187) (15) (15,477) (15,502) (15) Merger of Parent Company with Dominion Resources, Inc......... -------- ------- ------ ------ -------- ----- -------- -------- ---- Balance at January 28, 2000................... (46,272) (3,873) 3,043 3,754 (18,187) (15) (15,477) (15,502) (15) Net income for the period January 28 through December 31, 2000...... 2,742 1,641 (284) 1,231 342 (215) 26 2 (1) Dividends declared on common stock--cash..... Sale of Virginia Natural Gas by Parent Company.. -------- ------- ------ ------ -------- ----- -------- -------- ---- Balance at December 31, 2000................... $(43,530) $(2,232) $2,759 $4,985 $(17,845) $(230) $(15,451) $(15,500) $(16) ======== ======= ====== ====== ======== ===== ======== ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 63 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME SUPPLEMENT For the Year Ended December 31, 2000 (Thousands)
Other Dominion Subsidiaries P&S CNG Main CNG Oil CNG CNG CNG Total (Page 102) Pass Gathering CNGPSC LNG Coal Research Financial ------------ ---------- -------- --------- ------ ----- ---- -------- --------- Net income.............. $3,006 $1,699 $(233) $1,389 $342 $(232) $40 $ 2 $(1) Other comprehensive income, net of tax: Foreign currency translation adjustment............ Less: reclassification adjustment for losses realized in net income................ ------ ------ ----- ------ ---- ----- --- --- --- Total foreign currency translation adjustment............ Minimum pension liability adjustment.. ------ ------ ----- ------ ---- ----- --- --- --- Other comprehensive income (loss)......... ------ ------ ----- ------ ---- ----- --- --- --- Comprehensive income.... $3,006 $1,699 $(233) $1,389 $342 $(232) $40 $ 2 $(1) ====== ====== ===== ====== ==== ===== === === ===
The Notes to the Consolidated Financial Statements are an integral part of this statement. 64 CONSOLIDATED NATURAL GAS COMPANY CONSOLIDATING STATEMENT OF CASH FLOWS SUPPLEMENT For the Year Ended December 31, 2000 (Thousands)
Other Dominion CNG CNG Subsidiaries P&S Main Oil CNG CNG CNG Total (Page 103) Pass Gathering CNGPSC LNG Coal Research Financial ------------ ---------- ------- --------- ------- ----- ----- -------- --------- Cash Flows From (Used In) Operating Activities Net income.............. $ 3,006 $ 1,699 $ (233) $ 1,389 $ 342 $(232) $ 40 $ 2 $ (1) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other merger-related costs.. 13 11 2 Loss on net assets held for sale.............. Sale of Virginia Natural Gas........... Depreciation and amortization.......... Pension cost (credit)-- net................... Deferred income taxes-- net................... 1,548 (174) 1,242 278 197 5 Investment tax credit.. Changes in current assets and current liabilities: Accounts receivable... (158) (746) 593 (5) Receivables from affiliated companies............ (409) 570 3 (977) 1 (5) (1) Inventories........... Unrecovered gas costs................ Broker margin deposits............. Prepayments........... 3 (1) 2 1 1 Other current assets.. 2 2 Accounts payable, trade................ 1,263 (414) 1,676 1 Payables to affiliated companies............ 522 7 26 5 488 (1) (1) (1) (1) Estimated rate contingencies and refunds.............. Amounts payable to customers............ Accrued expenses...... 904 718 (245) 80 156 (110) 306 (1) Other--net............ 11 661 1 1 (653) (1) 1 1 Net assets held for sale................. Changes in other assets and other liabilities........... 2,528 208 1,465 982 (185) 58 Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated.......... Other--net............. ------- ------- ------- ------- ------- ----- ----- --- ---- Net cash flows from (used in) operating activities........... 9,233 2,539 2,258 2,741 1,637 (342) 402 (2) ------- ------- ------- ------- ------- ----- ----- --- ---- Cash Flows From (Used In) Investing Activities Plant construction and other property additions: Acquisition of exploration and production assets..... Other.................. Proceeds from sale of Virginia Natural Gas, net of cash sold....... Proceeds from sale of Argentine investments, net of cash sold....... Cost of other investments............ (883) (883) Intrasystem long-term financing--net......... Intrasystem money pool investments--net....... (2,596) (2,516) 342 (424) 2 Property transfers to (from) affiliates...... Other................... ------- ------- ------- ------- ------- ----- ----- --- ---- Net cash flows from (used in) investing activities........... (3,479) (2,516) (883) 342 (424) 2 ------- ------- ------- ------- ------- ----- ----- --- ---- Cash Flows From (Used In) Financing Activities Repayments of long-term debt................... Issuance (repayment) of short-term debt........ Dividends paid-- Registrant............. Intrasystem long-term financing--net......... Intrasystem money pool borrowings (repayments)--net...... (5,750) (1,374) (2,740) (1,636) Dividends paid-- subsidiary companies-- consolidated........... Purchase of treasury stock.................. Other................... ------- ------- ------- ------- ------- ----- ----- --- ---- Net cash flows from (used in) financing activities........... (5,750) (1,374) (2,740) (1,636) ------- ------- ------- ------- ------- ----- ----- --- ---- Increase (decrease) in cash and cash equivalents.......... 4 23 1 1 1 (22) 2 (2) Cash and cash equivalents at beginning of year...... 71 5 1 23 1 41 ------- ------- ------- ------- ------- ----- ----- --- ---- Cash and cash equivalents at end of year................... $ 75 $ 28 $ 1 $ 1 $ 1 $ 1 $ 1 $ 3 $ 39 ======= ======= ======= ======= ======= ===== ===== === ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 65 DOMINION TRANSMISSION, INC. CONSOLIDATING BALANCE SHEET At December 31, 2000 (Thousands)
Dominion Eliminations Transmission and Combined Dominion CNG and Subsidiary Adjustments Total Transmission Iroquois -------------- ------------ ---------- ------------ -------- ASSETS Current Assets Cash and cash equivalents............ $ 641 $ -- $ 641 $ 641 $ -- Accounts receivable: Customers, less allowance............. 64,698 64,698 64,698 Other.................. (1,233) (1,233) (1,233) Receivables from affiliated companies... 48,889 48,889 23,991 24,898 Inventories: Gas stored--current portion............... Materials and supplies.............. 10,719 10,719 10,719 Unrecovered gas costs... 121,068 121,068 121,068 Deferred income taxes-- current (net).......... Broker margin deposits.. Prepayments............. 13,892 13,892 13,892 Other................... 69,882 69,882 69,872 10 Net assets held for sale................... ---------- -------- ---------- ---------- ------- Total current assets.. 328,556 328,556 303,648 24,908 ---------- -------- ---------- ---------- ------- Investments Stock of subsidiary company, at equity-- consolidated........... (44,152) 44,152 44,152 Notes of subsidiary company--consolidated.. Other................... 28,723 28,723 28,723 ---------- -------- ---------- ---------- ------- Total investments..... 28,723 (44,152) 72,875 44,152 28,723 ---------- -------- ---------- ---------- ------- Property, Plant and Equipment Property, plant and equipment.............. 2,188,544 2,188,544 2,188,544 Less accumulated depreciation and amortization........... 1,159,675 1,159,675 1,159,675 ---------- -------- ---------- ---------- ------- Net property, plant and equipment........ 1,028,869 1,028,869 1,028,869 ---------- -------- ---------- ---------- ------- Deferred Charges and Other Assets Regulatory assets....... 16,799 16,799 16,799 Prepaid pension cost.... 113,637 113,637 113,637 Other................... 10,108 10,108 10,108 ---------- -------- ---------- ---------- ------- Total deferred charges and other assets..... 140,544 140,544 140,544 ---------- -------- ---------- ---------- ------- Total assets.......... $1,526,692 $(44,152) $1,570,844 $1,517,213 $53,631 ========== ======== ========== ========== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 66 DOMINION TRANSMISSION, INC. CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Dominion Transmission Eliminations and and Combined Dominion CNG Subsidiary Adjustments Total Transmission Iroquois ------------ ------------ ---------- ------------ -------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $ -- Accounts payable, trade.................. 24,172 24,172 24,172 Estimated rate contingencies and refunds................ 39,736 39,736 39,736 Payables to affiliated companies.............. 41,897 41,897 41,897 Customer deposits....... 113 113 113 Accrued interest........ -- -- -- Accrued payroll......... 1,898 1,898 1,898 Accrued taxes........... 38,569 38,569 39,045 (476) Deferred income taxes-- current (net).......... 32,211 32,211 32,211 Other................... 27,139 27,139 27,139 ---------- -------- ---------- ---------- ------- Total current liabilities.......... 205,735 205,735 206,211 (476) ---------- -------- ---------- ---------- ------- Long-term Debt Debentures and notes.... Notes payable to Registrant-- consolidated........... 331,599 331,599 331,599 ---------- -------- ---------- ---------- ------- Total long-term debt.. 331,599 331,599 331,599 ---------- -------- ---------- ---------- ------- Deferred Credits and Other Liabilities Deferred income taxes... 167,014 167,014 157,059 9,955 Deferred investment tax credits................ -- Other................... 30,185 30,185 30,185 ---------- -------- ---------- ---------- ------- Total deferred credits and other liabilities.......... 197,199 197,199 187,244 9,955 ---------- -------- ---------- ---------- ------- Commitments and Contingencies Common Stockholder's Equity Common stock............ 601,000 (23,940) 624,940 601,000 23,940 Other capital........... 2,254 2,254 2,254 Retained earnings....... 189,523 (20,212) 209,735 189,523 20,212 Accumulated other comprehensive income... (618) (618) (618) ---------- -------- ---------- ---------- ------- Total common stockholder's equity............... 792,159 (44,152) 836,311 792,159 44,152 ---------- -------- ---------- ---------- ------- Total liabilities and stockholder's equity............... $1,526,692 $(44,152) $1,570,844 $1,517,213 $53,631 ========== ======== ========== ========== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 67 DOMINION TRANSMISSION, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations Transmission and Combined Dominion CNG and Subsidiary Adjustments Total Transmission Iroquois -------------- ------------ -------- ------------ -------- Operating revenue and income: Regulated gas sales.... $ -- $ -- $ -- $ -- $ -- Nonregulated gas sales................. Gas transportation and storage............... 441,078 441,078 441,078 Oil and gas production............ 40,930 40,930 40,930 Other.................. 86,143 86,143 86,143 -------- ------- -------- -------- ------ Total................. 568,151 568,151 568,151 -------- ------- -------- -------- ------ Expenses: Purchased gas.......... 14,866 14,866 14,866 Liquids, capacity and other products purchased............. 61,430 61,430 61,430 Restructuring and other merger-related costs.. 20,147 20,147 20,147 Operation and maintenance........... 156,531 156,531 156,549 (18) Depreciation and amortization.......... 62,410 62,410 62,410 Other taxes............ 29,090 29,090 29,169 (79) -------- ------- -------- -------- ------ Total................. 344,474 344,474 344,571 (97) -------- ------- -------- -------- ------ Income from operations.. 223,677 223,677 223,580 97 -------- ------- -------- -------- ------ Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. Equity in earnings of subsidiary company-- consolidated.......... (4,443) 4,443 4,443 Interest revenue from affiliated companies-- consolidated.......... 1,681 1,681 548 1,133 Other.................. 3,178 3,178 (3,052) 6,230 -------- ------- -------- -------- ------ Total other income and expense.............. 4,859 (4,443) 9,302 1,939 7,363 -------- ------- -------- -------- ------ Income before interest and income taxes....... 228,536 (4,443) 232,979 225,519 7,460 Interest charges........ 23,915 23,915 23,915 -------- ------- -------- -------- ------ Income before income taxes.................. 204,621 (4,443) 209,064 201,604 7,460 Income tax expense...... 77,467 77,467 74,450 3,017 -------- ------- -------- -------- ------ Income before cumulative effect of a change in accounting principle... 127,154 (4,443) 131,597 127,154 4,443 Cumulative effect of a change in accounting principle (net of income taxes).......... (6,212) (6,212) (6,212) -------- ------- -------- -------- ------ Net income.............. $133,366 $(4,443) $137,809 $133,366 $4,443 ======== ======= ======== ======== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 68 DOMINION TRANSMISSION CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations Transmission and Combined Dominion CNG and Subsidiary Adjustments Total Transmission Iroquois -------------- ------------ -------- ------------ -------- Retained Earnings Balance at December 31, 1999................... $119,222 $(15,769) $134,991 $119,222 $15,769 Net income for the period January 1 through January 27, 2000................... 21,411 (423) 21,834 21,411 423 -------- -------- -------- -------- ------- Total................. 140,633 (16,192) 156,825 140,633 16,192 Merger of Parent Company with Dominion Resources, Inc......... -------- -------- -------- -------- ------- Balance at January 28, 2000................... 140,633 (16,192) 156,825 140,633 16,192 Net income for the period January 28 through December 31, 2000................... 111,955 (4,020) 115,975 111,955 4,020 Dividends declared on common stock--cash..... (63,065) (63,065) (63,065) -------- -------- -------- -------- ------- Balance at December 31, 2000................... $189,523 $(20,212) $209,735 $189,523 $20,212 ======== ======== ======== ======== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 69 DOMINION TRANSMISSION, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations Transmission and and Combined Dominion CNG Subsidiary Adjustments Total Transmission Iroquois ---------------- ------------ -------- ------------ -------- Net income.............. $133,366 $(4,443) $137,809 $133,366 $4,443 Other comprehensive income, net of tax: Foreign currency translation adjustment............ Less: reclassification adjustment for losses realized in net income................ -------- ------- -------- -------- ------ Total foreign currency translation adjustment............ Minimum pension liability adjustment.. (76) (76) (76) -------- ------- -------- -------- ------ Other comprehensive income (loss)......... (76) (76) (76) -------- ------- -------- -------- ------ Comprehensive income.... $133,290 $(4,443) $137,733 $133,290 $4,443 ======== ======= ======== ======== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 70 DOMINION TRANSMISSION INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations Transmission and Combined Dominion CNG and Subsidiary Adjustments Total Transmission Iroquois -------------- ------------ --------- ------------ -------- Cash Flows From (Used In) Operating Activities Net income.............. $ 133,366 $(4,443) $ 137,809 $ 133,366 $ 4,443 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. (6,212) (6,212) (6,212) Restructuring and other merger-related costs.. 14,807 14,807 14,807 Loss on net assets held for sale.............. Sale of Virginia Natural Gas........... Depreciation and amortization.......... 62,410 62,410 62,410 Pension cost (credit)-- net................... (38,014) (38,014) (38,014) Deferred income taxes-- net................... 8,765 8,765 7,311 1,454 Investment tax credit.. Changes in current assets and current liabilities: Accounts receivable... (16,882) (16,882) (16,882) Receivables from affiliated companies............ (6,832) (1,432) (5,400) (5,307) (93) Inventories........... (1,656) (1,656) (1,656) Unrecovered gas costs................ (101,212) (101,212) (101,212) Broker margin deposits............. Prepayments........... 2,032 2,032 2,039 (7) Other current assets.. (23,200) (23,200) (23,200) Accounts payable, trade................ 2,199 2,199 2,199 Payables to affiliated companies............ 12,053 1,432 10,621 12,053 (1,432) Estimated rate contingencies and refunds.............. 7,097 7,097 7,097 Amounts payable to customers............ Accrued expenses...... 4,838 4,838 4,930 (92) Other--net............ 5,257 5,257 5,258 (1) Changes in other assets and other liabilities.. 158,121 158,121 147,421 10,700 Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated........... 4,443 (4,443) (4,443) Other--net.............. (311) (311) (311) --------- ------- --------- --------- -------- Net cash flows from (used in) operating activities........... 216,626 216,626 201,654 14,972 --------- ------- --------- --------- -------- Cash Flows From (Used In) Investing Activities Plant construction and other property additions.............. (63,620) (63,620) (63,620) Proceeds from sale of Virginia Natural Gas, net of cash sold....... Proceeds from sale of Argentine investments, net of cash sold....... Cost of other investments............ (925) (925) (925) Intrasystem long-term financing--net......... Intrasystem money pool investments--net....... (14,048) (14,048) (14,048) Property transfers to (from) affiliates...... 86 86 86 Other................... 217 217 217 --------- ------- --------- --------- -------- Net cash flows from (used in) investing activities........... (78,290) (78,290) (63,317) (14,973) --------- ------- --------- --------- -------- Cash Flows From (Used In) Financing Activities Repayments of long-term debt................... Issuance (repayment) of short-term debt........ Dividends paid.......... Intrasystem long-term financing-net.......... (5,827) (5,827) (5,827) Intrasystem money pool borrowings (repayments)--net...... (34,343) (34,343) (34,343) Dividends paid-- subsidiary companies-- consolidated........... (97,620) (97,620) (97,620) Purchase of treasury stock.................. Other................... --------- ------- --------- --------- -------- Net cash flows from (used in) financing activities........... (137,790) (137,790) (137,790) --------- ------- --------- --------- -------- Increase (decrease) in cash and cash equivalents.......... 546 546 547 (1) Cash and cash equivalents at beginning of year...... 95 95 94 1 --------- ------- --------- --------- -------- Cash and cash equivalents at end of year................... $ 641 $ -- $ 641 $ 641 $ -- ========= ======= ========= ========= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 71 DOMINION EXPLORATION & PRODUCTION, INC. CONSOLIDATING BALANCE SHEET At December 31, 2000 (Thousands)
Dominion E&P Eliminations and and Combined Dominion CNG Subsidiary Adjustments Total E&P Pipeline ------------ ------------ ---------- ---------- -------- ASSETS Current Assets Cash and cash equivalents............ $ 5,382 $ -- $ 5,382 $ 5,352 $ 30 Accounts receivable: Customers, less allowance............. 4,865 4,865 4,865 Other.................. 166,290 166,290 166,277 13 Receivables from affiliated companies... 12,167 (63) 12,230 11,236 994 Inventories: Gas stored--current portion............... Materials and supplies.............. 3,980 3,980 3,980 Unrecovered gas costs... Deferred income taxes-- current (net).......... 82 82 82 Broker margin deposits.. 179,119 179,119 179,119 Prepayments............. 1,865 1,865 1,865 Other................... 21,331 21,331 21,271 60 Net assets held for sale................... ---------- ------- ---------- ---------- ------ Total current assets.............. 395,081 (63) 395,144 394,047 1,097 ---------- ------- ---------- ---------- ------ Investments Stock of subsidiary company, at equity-- consolidated........... (1,205) 1,205 1,205 Notes of subsidiary company--consolidated.. Other................... ---------- ------- ---------- ---------- ------ Total investments.... (1,205) 1,205 1,205 ---------- ------- ---------- ---------- ------ Property, Plant and Equipment Property, plant and equipment.............. 4,556,708 4,556,708 4,552,181 4,527 Less accumulated depreciation and amortization........... 2,790,598 2,790,598 2,786,336 4,262 ---------- ------- ---------- ---------- ------ Net property, plant and equipment....... 1,766,110 1,766,110 1,765,845 265 ---------- ------- ---------- ---------- ------ Deferred Charges and Other Assets Regulatory assets....... Prepaid pension cost.... Other................... 18,938 18,938 18,960 (22) ---------- ------- ---------- ---------- ------ Total deferred charges and other assets.............. 18,938 18,938 18,960 (22) ---------- ------- ---------- ---------- ------ Total assets......... $2,180,129 $(1,268) $2,181,397 $2,180,057 $1,340 ========== ======= ========== ========== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 72 DOMINION EXPLORATION & PRODUCTION, INC. CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Dominion Eliminations E&P and and Combined Dominion CNG Subsidiary Adjustments Total E&P Pipeline ---------- ------------ ---------- ---------- -------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $ -- Accounts payable, trade.................. 213,689 213,689 213,679 10 Estimated rate contin- gencies and refunds.... Payables to affiliated companies.............. 327,595 (63) 327,658 327,595 63 Customer deposits....... Accrued interest........ Accrued payroll......... Accrued taxes........... 3,290 3,290 3,322 (32) Deferred income taxes-- current (net).......... Other................... 22,616 22,616 22,616 ---------- ------- ---------- ---------- ------ Total current liabilities.......... 567,190 (63) 567,253 567,212 41 ---------- ------- ---------- ---------- ------ Long-term Debt Debentures and notes.... Notes payable to Regis- trant--consolidated.... 515,225 515,225 515,225 ---------- ------- ---------- ---------- ------ Total long-term debt.. 515,225 515,225 515,225 ---------- ------- ---------- ---------- ------ Deferred Credits and Other Liabilities Deferred income taxes... 276,266 276,266 276,172 94 Deferred investment tax credits................ Other................... 80,186 80,186 80,186 ---------- ------- ---------- ---------- ------ Total deferred credits and other liabilities.......... 356,452 356,452 356,358 94 ---------- ------- ---------- ---------- ------ Commitments and Contingencies Common Stockholder's Equity Common stock............ 439,000 (1,200) 440,200 439,000 1,200 Other capital........... Retained earnings....... 302,262 (5) 302,267 302,262 5 Accumulated other comprehensive income... ---------- ------- ---------- ---------- ------ Total common stockholder's equity............... 741,262 (1,205) 742,467 741,262 1,205 ---------- ------- ---------- ---------- ------ Total liabilities and stockholder's equity............... $2,180,129 $(1,268) $2,181,397 $2,180,057 $1,340 ========== ======= ========== ========== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 73 DOMINION EXPLORATION & PRODUCTION, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations E&P and and Combined Dominion CNG Subsidiary Adjustments Total E&P Pipeline ---------- ------------ -------- -------- -------- Operating revenue and income: Regulated gas sales...... $ -- $ -- $ -- $ -- $ -- Nonregulated gas sales... Gas transportation and storage................. 398 (289) 687 398 289 Oil and gas production... 596,718 596,718 596,718 Other.................... 381,641 381,641 381,634 7 -------- ----- -------- -------- ----- Total................... 978,757 (289) 979,046 978,750 296 -------- ----- -------- -------- ----- Expenses: Purchased gas............ 81,254 81,254 81,254 Liquids, capacity and other products purchased............... 251,729 (289) 252,018 252,018 Restructuring and other merger-related costs.... 80,775 80,775 80,775 Operation and maintenance............. 108,162 108,162 107,688 474 Depreciation and amortization............ 288,084 288,084 287,995 89 Other taxes.............. 14,604 14,604 14,600 4 -------- ----- -------- -------- ----- Total................... 824,608 (289) 824,897 824,330 567 -------- ----- -------- -------- ----- Income from operations.... 154,149 154,149 154,420 (271) -------- ----- -------- -------- ----- Other income and expense: Gain on sale of Virginia Natural Gas............. Loss on net assets held for sale................ Equity in earnings of subsidiary company-- consolidated............ 137 (137) (137) Interest revenue from affiliated companies-- consolidated............ 150 150 86 64 Other.................... 1,677 1,677 1,677 -------- ----- -------- -------- ----- Total other income and expense................ 1,827 137 1,690 1,626 64 -------- ----- -------- -------- ----- Income before interest and income taxes............. 155,976 137 155,839 156,046 (207) Interest charges.......... 42,101 42,101 42,101 -------- ----- -------- -------- ----- Income before income taxes.................... 113,875 137 113,738 113,945 (207) Income tax expense........ 32,831 32,831 32,901 (70) -------- ----- -------- -------- ----- Income before cumulative effect of a change in accounting principle..... 81,044 137 80,907 81,044 (137) Cumulative effect of a change in accounting principle (net of income taxes)................... (162) (162) (162) -------- ----- -------- -------- ----- Net income................ $ 81,206 $ 137 $ 81,069 $ 81,206 $(137) ======== ===== ======== ======== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 74 DOMINION EXPLORATION & PRODUCTION, INC. CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations E&P and and Combined Dominion CNG Subsidiary Adjustments Total E&P Pipeline ---------- ------------ -------- -------- -------- Retained Earnings Balance at December 31, 1999.................... $240,256 $(241) $240,497 $240,256 $241 Net income for the period January 1 through January 27, 2000........ 6,924 46 6,878 6,924 (46) -------- ----- -------- -------- ---- Total.................. 247,180 (195) 247,375 247,180 195 Merger of Parent Company with Dominion Resources, Inc.......... -------- ----- -------- -------- ---- Balance at January 28, 2000.................... 247,180 (195) 247,375 247,180 195 Net income for the period January 28 through December 31, 2000....... 74,282 91 74,191 74,282 (91) Dividends declared on common stock--cash...... (19,200) 99 (19,299) (19,200) (99) -------- ----- -------- -------- ---- Balance at December 31, 2000.................... $302,262 $ (5) $302,267 $302,262 $ 5 ======== ===== ======== ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 75 DOMINION EXPLORATION & PRODUCTION, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations E&P and and Combined Dominion CNG Subsidiary Adjustments Total E&P Pipeline ---------- ------------ -------- -------- -------- Net income.................. $81,206 $137 $81,069 $81,206 $(137) Other comprehensive income, net of tax: Foreign currency translation adjustment.... Less: reclassification adjustment for losses realized in net income.... ------- ---- ------- ------- ----- Total foreign currency translation adjustment.... Minimum pension liability adjustment................ ------- ---- ------- ------- ----- Other comprehensive income (loss).................... ------- ---- ------- ------- ----- Comprehensive income........ $81,206 $137 $81,069 $81,206 $(137) ======= ==== ======= ======= =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 76 DOMINION EXPLORATION & PRODUCTION, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion E&P Eliminations and and Combined Dominion CNG Subsidiary Adjustments Total E&P Pipeline ------------ ------------ --------- --------- -------- Cash Flows From (Used In) Operating Activities Net income.............. $ 81,206 $ 137 $ 81,069 $ 81,206 $(137) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. (162) (162) (162) Restructuring and other merger-related costs.. 43,485 43,485 43,485 Loss on net assets held for sale.............. Sale of Virginia Natural Gas........... Depreciation and amortization.......... 288,084 288,084 287,996 88 Pension cost (credit)- net................... (5,682) (5,682) (5,682) Deferred income taxes- net................... 25,760 25,760 25,790 (30) Investment tax credit.. Changes in current assets and current liabilities: Accounts receivable... (72,565) (72,565) (72,588) 23 Receivables from affiliated companies............ (8,330) (75) (8,255) (8,309) 54 Inventories........... (1,047) (1,047) (1,047) Unrecovered gas costs................ Broker margin deposits............. (162,161) (162,161) (162,161) Prepayments........... (122) (122) (122) Other current assets.. (5,156) (5,156) (5,149) (7) Accounts payable, trade................ 51,620 51,620 51,630 (10) Payables to affiliated companies............ 7,142 75 7,067 7,088 (21) Estimated rate contingencies and refunds.............. Amounts payable to customers............ Accrued expenses...... 291 291 331 (40) Other-net............. 16,680 16,680 16,680 Changes in other assets and other liabilities.. 427 427 405 22 Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated........... (236) 236 236 Other-net............... --------- ----- --------- --------- ----- Net cash flows from (used in) operating activities........... 259,470 (99) 259,569 259,627 (58) --------- ----- --------- --------- ----- Cash Flows From (Used In) Investing Activities Plant construction and other property additions: Acquisition of exploration and production assets..... (217,957) (217,957) (217,957) Other.................. (352,077) (352,077) (352,077) Proceeds from sale of Virginia Natural Gas, net of cash sold....... Proceeds from sale of Argentine investments, net of cash sold....... Cost of other investments............ Intrasystem long-term financing-net.......... Intrasystem money pool investments-net........ 12,290 12,290 12,139 151 Property transfers to (from) affiliates...... (46) (46) (46) Other................... 5,578 5,578 5,578 --------- ----- --------- --------- ----- Net cash flows from (used in) investing activities........... (552,212) (552,212) (552,363) 151 --------- ----- --------- --------- ----- Cash Flows From (Used In) Financing Activities Repayments of long-term debt................... Issuance (repayment) of short-term debt........ Dividends paid.......... Intrasystem long-term financing-net.......... (4,450) (4,450) (4,450) Intrasystem money pool borrowings (repayments)-net....... 305,803 305,803 305,803 Dividends paid-- subsidiary companies-- consolidated........... (19,200) 99 (19,299) (19,200) (99) Purchase of treasury stock.................. Other................... --------- ----- --------- --------- ----- Net cash flows from (used in) financing activities........... 282,153 99 282,054 282,153 (99) --------- ----- --------- --------- ----- Increase (decrease) in cash and cash equivalents.......... (10,589) (10,589) (10,583) (6) Cash and cash equivalents at beginning of year...... 15,971 15,971 15,935 36 --------- ----- --------- --------- ----- Cash and cash equivalents at end of year................... $ 5,382 $ -- $ 5,382 $ 5,352 $ 30 ========= ===== ========= ========= =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 77 CNG POWER COMPANY CONSOLIDATING BALANCE SHEET At December 31, 2000 (Thousands)
CNG Power Eliminations and and Combined CNG Granite Subsidiaries Adjustments Total Power CNGMCS Road ------------ ------------ -------- ------- ------ ------- ASSETS Current Assets Cash and cash equivalents............ $ 3 $ -- $ 3 $ 1 $ 2 $-- Accounts receivable: Customers, less allowance............. Other.................. Receivables from affiliated companies... 9,133 9,133 7,457 1,676 Inventories: Gas stored--current portion............... Materials and supplies.............. Unrecovered gas costs... Deferred income taxes-- current (net).......... Broker margin deposits.. Prepayments............. 1 1 1 Other................... 2 2 2 Net assets held for sale................... ------- ------- ------- ------- ------ ---- Total current assets.. 9,139 9,139 7,461 1,678 ------- ------- ------- ------- ------ ---- Investments Stocks of subsidiary companies, at equity-- consolidated........... (1,573) 1,573 1,573 Notes of subsidiary companies-- consolidated........... Other................... 1 1 1 ------- ------- ------- ------- ------ ---- Total investments..... 1 (1,573) 1,574 1,573 1 ------- ------- ------- ------- ------ ---- Property, Plant and Equipment Property, plant and equipment.............. 5,845 5,845 5,845 Less accumulated depreciation and amortization........... 3,012 3,012 3,012 ------- ------- ------- ------- ------ ---- Net property, plant and equipment........ 2,833 2,833 2,833 ------- ------- ------- ------- ------ ---- Deferred Charges and Other Assets Regulatory assets....... Prepaid pension cost.... Other................... ------- ------- ------- ------- ------ ---- Total deferred charges and other assets..... ------- ------- ------- ------- ------ ---- Total assets.......... $11,973 $(1,573) $13,546 $11,867 $1,678 $ 1 ======= ======= ======= ======= ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 78 CNG POWER COMPANY CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
CNG Power Eliminations and and Combined CNG Granite Subsidiaries Adjustments Total Power CNGMCS Road ------------ ------------ -------- ------- ------ ------- LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $ -- $-- Accounts payable, trade.................. Estimated rate contingencies and refunds................ Payables to affiliated companies.............. 21 21 21 Customer deposits....... Accrued interest........ Accrued payroll......... Accrued taxes........... 925 925 819 106 Deferred income taxes-- current (net).......... Other................... ------- ------- ------- ------- ------ ---- Total current liabilities.......... 946 946 840 106 ------- ------- ------- ------- ------ ---- Long-term Debt Debentures and notes.... Notes payable to Registrant-- consolidated........... ------- ------- ------- ------- ------ ---- Total long-term debt.. ------- ------- ------- ------- ------ ---- Deferred Credits and Other Liabilities Deferred income taxes... 797 797 797 Deferred investment tax credits................ Other................... ------- ------- ------- ------- ------ ---- Total deferred credits and other liabilities.......... 797 797 797 ------- ------- ------- ------- ------ ---- Commitments and Contingencies Common Stockholder's Equity Common stock............ 8,360 (101) 8,461 8,360 100 1 Other capital........... Retained earnings....... 1,870 (1,472) 3,342 1,870 1,472 Accumulated other comprehensive income... ------- ------- ------- ------- ------ ---- Total common stockholder's equity............... 10,230 (1,573) 11,803 10,230 1,572 1 ------- ------- ------- ------- ------ ---- Total liabilities and stockholder's equity............... $11,973 $(1,573) $13,546 $11,867 $1,678 $ 1 ======= ======= ======= ======= ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 79 CNG POWER COMPANY CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
CNG Power Eliminations and and Combined CNG CNG Bear Granite Subsidiaries Adjustments Total Power CNGMCS Mountain Road ------------ ------------ -------- ------ ------ -------- ------- Operating revenue and income: Regulated gas sales.... $ -- $ -- $ -- $ -- $-- $-- $-- Nonregulated gas sales................. Gas transportation and storage............... Oil and gas production............ Other.................. 3,627 3,627 3,627 ------ ----- ------ ------ ---- ---- ---- Total................. 3,627 3,627 3,627 ------ ----- ------ ------ ---- ---- ---- Expenses: Purchased gas.......... Liquids, capacity and other products purchased............. 2,085 2,085 2,085 Restructuring and other merger-related costs.. Operation and maintenance........... 361 361 357 4 Depreciation and amortization.......... 207 207 207 Other taxes............ 64 64 77 (13) ------ ----- ------ ------ ---- ---- ---- Total................. 2,717 2,717 2,726 (9) ------ ----- ------ ------ ---- ---- ---- Income from operations.. 910 910 901 9 ------ ----- ------ ------ ---- ---- ---- Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. Equity in earnings of subsidiary companies-- consolidated.......... (124) 124 124 Interest revenue from affiliated companies-- consolidated.......... 472 472 386 86 Other.................. 69 69 1 68 ------ ----- ------ ------ ---- ---- ---- Total other income and expense.............. 541 (124) 665 511 154 ------ ----- ------ ------ ---- ---- ---- Income before interest and income taxes....... 1,451 (124) 1,575 1,412 163 Interest charges........ ------ ----- ------ ------ ---- ---- ---- Income before income taxes.................. 1,451 (124) 1,575 1,412 163 Income tax expense...... 406 406 367 39 ------ ----- ------ ------ ---- ---- ---- Income before cumulative effect of a change in accounting principle... 1,045 (124) 1,169 1,045 124 Cumulative effect of a change in accounting principle (net of income taxes).......... ------ ----- ------ ------ ---- ---- ---- Net income.............. $1,045 $(124) $1,169 $1,045 $124 $ $ ====== ===== ====== ====== ==== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 80 CNG POWER COMPANY CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
CNG Power Eliminations and and Combined CNG CNG Bear Granite Subsidiaries Adjustments Total Power CNGMCS Mountain Road ------------ ------------ -------- ------ ------ -------- ------- Retained Earnings Balance at December 31, 1999................... $ 825 $(1,360) $2,185 $ 825 $1,348 $ 12 $-- Net income for the period January 1 through January 27, 2000................... 173 (103) 276 173 103 ------ ------- ------ ------ ------ ---- ---- Total.................. 998 (1,463) 2,461 998 1,451 12 Merger of Parent Company with Dominion Resources, Inc......... ------ ------- ------ ------ ------ ---- ---- Balance at January 28, 2000................... 998 (1,463) 2,461 998 1,451 12 Net income for the period January 28 through December 31, 2000................... 872 (21) 893 872 21 Dissolution of CNG Bear Mountain............... 12 (12) (12) Dividends declared on common stock--cash..... ------ ------- ------ ------ ------ ---- ---- Balance at December 31, 2000................... $1,870 $(1,472) $3,342 $1,870 $1,472 $-- $-- ====== ======= ====== ====== ====== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 81 CNG POWER COMPANY CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
CNG Power Eliminations and and Combined CNG CNG Bear Granite Subsidiaries Adjustments Total Power CNGMCS Mountain Road ------------ ------------ -------- ------ ------ -------- ------- Net income.............. $1,045 $(124) $1,169 $1,045 $124 $-- $-- Other comprehensive income, net of tax: Foreign currency translation adjustment............ Less: reclassification adjustment for losses realized in net income................ ------ ----- ------ ------ ---- ---- ---- Total foreign currency translation adjustment............ Minimum pension liability adjustment.. ------ ----- ------ ------ ---- ---- ---- Other comprehensive income (loss)......... ------ ----- ------ ------ ---- ---- ---- Comprehensive income.... $1,045 $(124) $1,169 $1,045 $124 $-- $-- ====== ===== ====== ====== ==== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 82 CNG POWER COMPANY CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
CNG Power Eliminations and and Combined CNG CNG Bear Granite CNG Subsidiaries Adjustments Total Power CNGMCS Mountain Road Kauai ------------ ------------ -------- ------- ------ -------- ------- ----- Cash Flows From (Used In) Operating Activities Net income............... $ 1,045 $(124) $ 1,169 $ 1,045 $ 124 $-- $-- $-- Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle.............. Restructuring and other merger-related costs... 9 9 9 Loss on net assets held for sale............... Sale of Virginia Natural Gas.................... Depreciation and amortization........... 207 207 207 Pension cost (credit)- net.................... Deferred income taxes- net.................... 33 33 32 1 Investment tax credit... Changes in current assets and current liabilities: Accounts receivables.... 1,862 1,862 1,862 Receivables from affiliated companies... 182 (35) 217 187 (5) 35 Inventories............. 36 36 36 Unrecovered gas costs... Broker margin deposits............... Prepayments............. (1) (1) (1) Other current assets.... Accounts payable, trade.................. (381) (381) (381) Payables to affiliated companies.............. (96) 35 (131) (130) (1) Estimated rate contingencies and refunds................ Amounts payable to customers.............. Accrued expenses........ (10) (10) 9 (5) (14) Other-net............... Changes in other assets and other liabilities... (67) (67) (67) Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated............ 124 (124) (124) Other--net............... ------- ----- ------- ------- ----- ---- ---- ---- Net cash flows from (used in) operating activities........... 2,819 2,819 2,751 47 21 ------- ----- ------- ------- ----- ---- ---- ---- Cash Flows From (Used In) Investing Activities Plant construction and other property additions............... Proceeds from sale of Virginia Natural Gas, net of cash sold........ Proceeds from sale of Argentine investments, net of cash sold........ Cost of other investments............. 679 679 679 Intrasystem long-term financing-net........... (21) 21 21 Intrasystem money pool investments-net......... (3,496) (3,496) (2,772) (724) Property transfers to (from) affiliates....... Other.................... ------- ----- ------- ------- ----- ---- ---- ---- Net cash flows from (used in) investing activities........... (2,817) (21) (2,796) (2,751) (45) ------- ----- ------- ------- ----- ---- ---- ---- Cash Flows From (Used In) Financing Activities Repayments of long-term debt.................... Issuance (repayment) of short-term debt......... Dividends paid........... Intrasystem long-term financing-net........... 21 (21) (21) Intrasystem money pool borrowings (repayments)- net..................... Dividends paid-- subsidiary companies-- consolidated............ Purchase of treasury stock................... Other.................... ------- ----- ------- ------- ----- ---- ---- ---- Net cash flows from (used in) financing activities........... 21 (21) (21) ------- ----- ------- ------- ----- ---- ---- ---- Increase (decrease) in cash and cash equivalents.......... 2 2 2 Cash and cash equivalents at beginning of year.... 1 1 1 ------- ----- ------- ------- ----- ---- ---- ---- Cash and cash equivalents at end of year.......... $ 3 $ -- $ 3 $ 1 $ 2 $-- $-- $-- ======= ===== ======= ======= ===== ==== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 83 CNG INTERNATIONAL CORPORATION CONSOLIDATING BALANCE SHEET At December 31, 2000 (Thousands)
Eliminations CNG CNG CNGI and and Combined Cayman Cayman CNG Subsidiaries Adjustments Total CNGI One Three Kauai ------------ ------------ -------- -------- ------ ------ ------ Assets Current Assets Cash and cash equivalents............ $ 203 $ -- $ 203 $ 193 $-- $-- $ 10 Accounts receivable: Customers, less allowance............. Other.................. Receivables from affiliated companies... 138,161 138,161 138,161 Inventories: Gas stored--current portion............... Materials and supplies.............. Unrecovered gas costs... Deferred income taxes-- current (net).......... Broker margin deposits.. Prepayments............. 3 3 3 Other................... (6) (6) (6) Net assets held for sale................... -------- ------- -------- -------- ---- ---- ------ Total current assets... 138,361 138,361 138,351 10 -------- ------- -------- -------- ---- ---- ------ Investments Stocks of subsidiary companies, at equity-- consolidated........... (2,486) 2,486 2,486 Notes of subsidiary companies-- consolidated........... Other................... 66,848 66,848 64,372 2,476 -------- ------- -------- -------- ---- ---- ------ Total investments...... 66,848 (2,486) 69,334 66,858 2,476 -------- ------- -------- -------- ---- ---- ------ Property, Plant and Equipment Property, plant and equipment.............. 816 816 816 Less accumulated depreciation and amortization........... 616 616 616 -------- ------- -------- -------- ---- ---- ------ Net property, plant and equipment............. 200 200 200 -------- ------- -------- -------- ---- ---- ------ Deferred Charges and Other Assets Regulatory assets....... Prepaid pension cost.... Other................... 64 64 64 -------- ------- -------- -------- ---- ---- ------ Total deferred charges and other assets...... 64 64 64 -------- ------- -------- -------- ---- ---- ------ Total assets........... $205,473 $(2,486) $207,959 $205,473 $-- $-- $2,486 ======== ======= ======== ======== ==== ==== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 84 CNG INTERNATIONAL CORPORATION CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Eliminations CNG CNG CNGI and and Combined Cayman Cayman CNG Subsidiaries Adjustments Total CNGI One Three Kauai ------------ ------------ --------- --------- ------ ------ ------ LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $-- $-- $ -- Accounts payable, trade.................. 47 47 47 Estimated rate contingencies and refunds................ Payables to affiliated companies.............. 1,032 1,032 1,032 Customer deposits....... Accrued interest........ Accrued payroll......... Accrued taxes........... 1,103 1,103 1,103 Deferred income taxes-- current (net).......... Other................... 102,635 102,635 102,635 --------- ------- --------- --------- ---- ---- ------ Total current liabilities........... 104,817 104,817 104,817 --------- ------- --------- --------- ---- ---- ------ Long-term Debt Debentures and notes.... Notes payable to Registrant-- consolidated........... 15,000 15,000 15,000 --------- ------- --------- --------- ---- ---- ------ Total long-term debt... 15,000 15,000 15,000 --------- ------- --------- --------- ---- ---- ------ Deferred Credits and Other Liabilities Deferred income taxes... (40,678) (40,678) (40,678) Deferred investment tax credits................ Other................... 1,694 1,694 1,694 --------- ------- --------- --------- ---- ---- ------ Total deferred credits and other liabilities........... (38,984) (38,984) (38,984) --------- ------- --------- --------- ---- ---- ------ Commitments and Contingencies Common Stockholder's Equity Common stock............ 238,550 (10) 238,560 238,550 10 Other capital........... (2,476) 2,476 2,476 Retained earnings....... (113,910) (113,910) (113,910) Accumulated other comprehensive income... --------- ------- --------- --------- ---- ---- ------ Total common stockholder's equity.. 124,640 (2,486) 127,126 124,640 2,486 --------- ------- --------- --------- ---- ---- ------ Total liabilities and stockholder's equity.. $ 205,473 $(2,486) $ 207,959 $ 205,473 $-- $-- $2,486 ========= ======= ========= ========= ==== ==== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 85 CNG INTERNATIONAL CORPORATION CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
CNG CNG Eliminations Cayman Cayman CNGI and and Combined One Three CNG Subsidiaries Adjustments Total CNGI (Page 90) (Page 94) Kauai ------------ ------------ --------- --------- --------- --------- ----- Operating revenue and income: Regulated gas sales.... $ -- $ -- $ -- $ -- $ -- $ -- $-- Nonregulated gas sales................. Gas transportation and storage............... Oil and gas production............ Other.................. 102 102 102 --------- ------- --------- --------- ------ -------- ---- Total.................. 102 102 102 --------- ------- --------- --------- ------ -------- ---- Expenses: Purchased gas.......... Liquids, capacity and other products purchased............. Restructuring and other merger-related costs.. 3,110 3,110 3,110 Operation and maintenance........... 5,225 5,225 4,391 834 Depreciation and amortization.......... 134 134 134 Other taxes............ 192 192 184 8 --------- ------- --------- --------- ------ -------- ---- Total.................. 8,661 8,661 7,819 842 --------- ------- --------- --------- ------ -------- ---- Income from operations.. (8,559) (8,559) (7,717) (842) --------- ------- --------- --------- ------ -------- ---- Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. (152,340) (152,340) (135,100) (17,240) Equity in earnings of subsidiary companies-- consolidated.......... 15,379 (15,379) (15,379) Interest revenue from affiliated companies-- consolidated.......... 2,008 2,008 2,008 Other.................. 3,120 3,120 417 1,107 1,596 --------- ------- --------- --------- ------ -------- ---- Total other income and expense............... (147,212) 15,379 (162,591) (148,054) 1,107 (15,644) --------- ------- --------- --------- ------ -------- ---- Income before interest and income taxes....... (155,771) 15,379 (171,150) (155,771) 1,107 (16,486) Interest charges........ 1,743 1,743 1,743 --------- ------- --------- --------- ------ -------- ---- Income before income taxes.................. (157,514) 15,379 (172,893) (157,514) 1,107 (16,486) Income tax expense...... (53,796) (53,796) (53,796) --------- ------- --------- --------- ------ -------- ---- Income before cumulative effect of a change in accounting principle... (103,718) 15,379 (119,097) (103,718) 1,107 (16,486) Cumulative effect of a change in accounting principle (net of income taxes).......... (6) (6) (6) --------- ------- --------- --------- ------ -------- ---- Net income.............. $(103,712) $15,379 $(119,091) $(103,712) $1,107 $(16,486) $-- ========= ======= ========= ========= ====== ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 86 CNG INTERNATIONAL CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
CNG CNG Eliminations Cayman Cayman CNGI and and Combined One Three CNG Subsidiaries Adjustments Total CNGI (Page 91) (Page 95) Kauai ------------ ------------ --------- --------- --------- --------- ----- Retained Earnings Balance at December 31, 1999................... $ (10,198) $(14,834) $ 4,636 $ (10,198) $ 2,282 $ 12,552 $-- Net income for the period January 1 through January 27, 2000................... (267) 37 (304) (267) (37) --------- -------- --------- --------- ------- -------- ---- Total.................. (10,465) (14,797) 4,332 (10,465) 2,282 12,515 Merger of Parent Company with Dominion Resources, Inc......... --------- -------- --------- --------- ------- -------- ---- Balance at January 28, 2000................... (10,465) (14,797) 4,332 (10,465) 2,282 12,515 Net income for the period January 28 through December 31, 2000................... (103,445) 15,342 (118,787) (103,445) 1,107 (16,449) Sale of CNG Cayman Three by CNG International... (3,934) 3,934 3,934 Dividends declared on common stock--cash..... 3,389 (3,389) (3,389) --------- -------- --------- --------- ------- -------- ---- Balance at December 31, 2000................... $(113,910) $ -- $(113,910) $(113,910) $ -- $ -- $-- ========= ======== ========= ========= ======= ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 87 CNG INTERNATIONAL CORPORATION CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
CNG CNG Eliminations Cayman Cayman CNGI and and Combined One Three CNG Subsidiaries Adjustments Total CNGI (Page 92) (Page 96) Kauai ------------ ------------ --------- --------- --------- --------- ----- Net income.............. $(103,712) $15,379 $(119,091) $(103,712) $ 1,107 $(16,486) $-- Other comprehensive income, net of tax: Foreign currency translation adjustment............ (1,077) 1,077 (2,154) (1,077) (1,077) Less: reclassification adjustment for losses realized in net income................ 3,637 (3,637) 7,274 3,637 3,637 --------- ------- --------- --------- ------- -------- ---- Total foreign currency translation adjustment............ 2,560 (2,560) 5,120 2,560 2,560 Minimum pension liability adjustment.. 0 0 0 0 0 --------- ------- --------- --------- ------- -------- ---- Other comprehensive income (loss)......... 2,560 (2,560) 5,120 2,560 2,560 --------- ------- --------- --------- ------- -------- ---- Comprehensive income.... $(101,152) $12,819 $(113,971) $(101,152) $ 3,667 $(16,486) $-- ========= ======= ========= ========= ======= ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 88 CNG INTERNATIONAL CORPORATION CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
CNG CNG Cayman One Cayman Three CNGI Eliminations and and and and Combined Subsidiary Subsidiary CNG Subsidiaries Adjustments Total CNGI (Page 93) (Page 97) Kauai ------------ ------------ --------- --------- ---------- ------------ ----- Cash Flows From (Used In) Operating Activities Net income............. $(103,712) $ 15,379 $(119,091) $(103,712) $ 1,107 $(16,486) $-- Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............ (6) (6) (6) Restructuring and other merger-related costs................ 1,423 1,423 1,423 Loss on net assets held for sale........ 152,340 152,340 135,100 17,240 Sale of Virginia Natural Gas.......... Depreciation and amortization......... 134 134 134 Pension cost (credit)--net........ (13) (13) (13) Deferred income taxes--net........... (48,261) (48,261) (48,261) Investment tax credit............... Changes in current assets and current liabilities: Accounts receivable... 665 665 147 518 Receivables from affiliated companies............ (1,127) (26) (1,101) (1,101) Inventories........... Unrecovered gas costs................ Broker margin deposits............. Prepayments........... 3 3 3 Other current assets............... 7 7 7 Accounts payable, trade................ (195) (195) (129) (56) (10) Payables to affiliated companies............ 613 26 587 613 (26) Estimated rate contingencies and refunds.............. Amounts payable to customers............ Accrued expenses...... 529 529 400 124 5 Other--net............ 1,817 1,817 1,817 Changes in other assets and other liabilities.......... 147,661 147,661 150,890 (1,231) (1,998) Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated......... (15,379) 15,379 15,379 Other--net............ --------- -------- --------- --------- ------- -------- ---- Net cash from (used in) operating activities......... 151,878 151,878 152,691 (803) (10) --------- -------- --------- --------- ------- -------- ---- Cash Flows From (Used In) Investing Activities Plant construction and other property additions............. 3 3 3 Proceeds from sale of Virginia Natural Gas, net of cash sold...... Proceeds from sale of Argentine investments, net of cash sold...... Cost of other investments........... (6,059) (6,059) (6,059) Intrasystem long-term financing--net........ Intrasystem money pool investments--net...... (137,030) (137,030) (137,030) Property transfers to (from) affiliates..... Other.................. --------- -------- --------- --------- ------- -------- ---- Net cash from (used in) investing activities......... (143,086) (143,086) (143,086) --------- -------- --------- --------- ------- -------- ---- Cash Flows From (Used In ) Financing Activities Repayments of long-term debt.................. Issuance (repayment) of short-term debt....... Dividends paid......... Intrasystem long-term financing-net......... Intrasystem money pool borrowings (repayments)--net..... (9,835) (9,835) (9,835) Dividends paid-- subsidiary companies-- consolidated.......... Purchase of treasury stock................. Other.................. --------- -------- --------- --------- ------- -------- ---- Net cash from (used in) financing activities......... (9,835) (9,835) (9,835) --------- -------- --------- --------- ------- -------- ---- Increase (decrease) in cash and cash equivalents........ (1,043) (1,043) (230) (803) (10) Cash and cash equivalents at beginning of year..... 1,246 1,246 423 803 20 --------- -------- --------- --------- ------- -------- ---- Cash and cash equivalents at end of year.................. $ 203 $ -- $ 203 $ 193 $ -- $ -- $ 10 ========= ======== ========= ========= ======= ======== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 89 CNG CAYMAN ONE LTD. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
CNG Cayman One Eliminations CNG CNGI and and Combined Cayman Australia Subsidiary Adjustments Total One Pty Ltd. ---------- ------------ -------- ------ --------- Operating revenue and income: Regulated gas sales......... $ -- $ -- $ -- $ -- $ -- Nonregulated gas sales...... Gas transportation and storage.................... Oil and gas production...... Other....................... ------ ------- ------ ------ ------ Total...................... ------ ------- ------ ------ ------ Expenses: Purchased gas............... Liquids, capacity and other products purchased......... Restructuring and other merger-related costs....... Operation and maintenance... Depreciation and amortization............... Other taxes................. ------ ------- ------ ------ ------ Total...................... ------ ------- ------ ------ ------ Income from operations....... ------ ------- ------ ------ ------ Other income and expense: Gain on sale of Virginia Natural Gas................ Loss on net assets held for sale....................... Equity in earnings of subsidiary company-- consolidated............... (1,107) 1,107 1,107 Interest revenue from affiliated companies-- consolidated............... Other....................... 1,107 1,107 1,107 ------ ------- ------ ------ ------ Total other income and expense................... 1,107 (1,107) 2,214 1,107 1,107 ------ ------- ------ ------ ------ Income before interest and income taxes................ 1,107 (1,107) 2,214 1,107 1,107 Interest charges............. ------ ------- ------ ------ ------ Income before income taxes... 1,107 (1,107) 2,214 1,107 1,107 Income tax expense........... ------ ------- ------ ------ ------ Income before cumulative effect of a change in accounting principle........ 1,107 (1,107) 2,214 1,107 1,107 Cumulative effect of a change in accounting principle (net of income taxes)............ ------ ------- ------ ------ ------ Net income................... $1,107 $(1,107) $2,214 $1,107 $1,107 ====== ======= ====== ====== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 90 CNG CAYMAN ONE LTD. CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
CNG Cayman One Eliminations CNG CNGI and and Combined Cayman Australia Subsidiary Adjustments Total One Pty Ltd. ---------- ------------ -------- ------- --------- Retained Earnings Balance at December 31, 1999.................... $ 2,282 $(2,282) $ 4,564 $ 2,282 $ 2,282 Net income for the period January 1 through January 27, 2000........ ------- ------- ------- ------- ------- Total.................. 2,282 (2,282) 4,564 2,282 2,282 Merger of Parent Company with Dominion Resources, Inc..................... ------- ------- ------- ------- ------- Balance at January 28, 2000.................... 2,282 (2,282) 4,564 2,282 2,282 Net income for the period January 28 through December 31, 2000....... 1,107 (1,107) 2,214 1,107 1,107 Transfer of CNG Cayman One assets to investment in CNG Cayman Two....... 3,389 (3,389) (3,389) Dividends declared on common stock--cash...... (3,389) (3,389) (3,389) ------- ------- ------- ------- ------- Balance at December 31, 2000.................... $ -- $ -- $ -- $ -- $ -- ======= ======= ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 91 CNG CAYMAN ONE LTD. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
CNG Cayman Eliminations CNG CNGI One and and Combined Cayman Australia Subsidiary Adjustments Total One Pty Ltd. ---------- ------------ -------- ------- --------- Net income................. $ 1,107 $(1,107) $ 2,214 $ 1,107 $ 1,107 Other comprehensive income, net of tax: Foreign currency translation adjustment... (1,077) 1,077 (2,154) (1,077) (1,077) Less: reclassification adjustment for losses realized in net income... 3,637 (3,637) 7,274 3,637 3,637 ------- ------- ------- ------- ------- Total foreign currency translation adjustment... 2,560 (2,560) 5,120 2,560 2,560 Minimum pension liability adjustment............... ------- ------- ------- ------- ------- Other comprehensive income (loss)................... 2,560 (2,560) 5,120 2,560 2,560 ------- ------- ------- ------- ------- Comprehensive income....... $ 3,667 $(3,667) $ 7,334 $ 3,667 $ 3,667 ======= ======= ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 92 CNG CAYMAN ONE LTD. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
CNG Cayman One Eliminations CNGI and and Combined CNG Australia Subsidiary Adjustments Total Cayman One Pty Ltd. ---------- ------------ -------- ---------- --------- Cash Flows From (Used In) Operating Activities Net income............... $ 1,107 $(1,107) $ 2,214 $ 1,107 $ 1,107 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle.............. Restructuring and other merger-related costs... Loss on net assets held for sale............... Sale of Virginia Natural Gas.................... Depreciation and amortization........... Pension cost (credit)-- net.................... Deferred income taxes-- net.................... Investment tax credit... Changes in current assets and current liabilities: Accounts receivable..... Receivables from affiliated companies... Inventories............. Unrecovered gas costs... Broker margin deposits............... Prepayments............. Other current assets.... Accounts payable, trade.................. Payables to affiliated companies.............. Estimated rate contingencies and refunds................ Amounts payable to customers.............. Accrued expenses........ 124 124 124 Other--net.............. Changes in other assets and other liabilities.. (1,231) (1,231) (1,231) Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated........... 1,107 (1,107) (1,107) Other-net............... ------- ------- ------- ------- ------- Net cash flows from (used in) operating activities........... ------- ------- ------- ------- ------- Cash Flows From (Used In) Investing Activities Plant construction and other property additions............... Proceeds from sale of Virginia Natural Gas, net of cash sold........ Proceeds from sale of Argentine investments, net of cash sold........ Cost of other investments............. Intrasystem long-term financing--net.......... Intrasystem money pool investments--net........ Property transfers to (from) affiliates....... Other.................... ------- ------- ------- ------- ------- Net cash flows from (used in) investing activities........... ------- ------- ------- ------- ------- Cash Flows From (Used In) Financing Activities Repayments of long-term debt.................... Issuance (repayment) of short-term debt......... Dividends paid........... Intrasystem long-term financing--net.......... Intrasystem money pool borrowings (repayments)--net....... Dividends paid-- subsidiary companies-- consolidated............ Purchase of treasury stock................... Other.................... ------- ------- ------- ------- ------- Net cash flows from (used in) financing activities........... ------- ------- ------- ------- ------- Increase (decrease) in cash and cash equivalents.......... Cash and cash equivalents at beginning of year.... ------- ------- ------- ------- ------- Cash and cash equivalents at end of year.......... $ -- $ -- $ -- $ -- $ -- ======= ======= ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 93 CNG CAYMAN THREE LTD. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
CNG Cayman Eliminations CNG CNG Three and and Combined Cayman Argentina Subsidiary Adjustments Total Three S.A. ---------- ------------ -------- -------- --------- Operating revenue and income: Regulated gas sales.... $ -- $-- $ -- $ -- $ -- Nonregulated gas sales................. Gas transportation and storage............... Oil and gas production............ Other.................. -------- ---- -------- -------- ----- Total................. -------- ---- -------- -------- ----- Expenses: Purchased gas.......... Liquids, capacity and other products purchased............. Restructuring and other merger-related costs.. Operation and maintenance........... 834 834 33 801 Depreciation and amortization.......... Other taxes............ 8 8 8 -------- ---- -------- -------- ----- Total................. 842 842 33 809 -------- ---- -------- -------- ----- Income from operations.. (842) (842) (33) (809) -------- ---- -------- -------- ----- Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. (17,240) (17,240) (17,240) Equity in earnings of subsidiary company-- consolidated.......... 809 (809) (809) Interest revenue from affiliated companies-- consolidated.......... Other.................. 1,596 1,596 1,596 -------- ---- -------- -------- ----- Total other income and expense.............. (15,644) 809 (16,453) (16,453) -------- ---- -------- -------- ----- Income before interest and income taxes....... (16,486) 809 (17,295) (16,486) (809) Interest charges........ -------- ---- -------- -------- ----- Income before income taxes.................. (16,486) 809 (17,295) (16,486) (809) Income tax expense...... -------- ---- -------- -------- ----- Income before cumulative effect of a change in accounting principle... (16,486) 809 (17,295) (16,486) (809) Cumulative effect of a change in accounting principle (net of income taxes).......... -------- ---- -------- -------- ----- Net income.............. $(16,486) $809 $(17,295) $(16,486) $(809) ======== ==== ======== ======== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 94 CNG CAYMAN THREE LTD. CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
CNG Cayman Eliminations CNG CNG Three and and Combined Cayman Argentina Subsidiary Adjustments Total Three S.A. ---------- ------------ -------- -------- --------- Retained Earnings Balance at December 31, 1999................... $ 12,552 $(667) $ 13,219 $ 12,552 $ 667 Net income for the period January 1 through January 27, 2000................... (37) 37 (74) (37) (37) -------- ----- -------- -------- ----- Total................. 12,515 (630) 13,145 12,515 630 Merger of Parent Company with Dominion Resources, Inc......... -------- ----- -------- -------- ----- Balance at January 28, 2000................... 12,515 (630) 13,145 12,515 630 Net income for the period January 28 through December 31, 2000................... (16,449) 772 (17,221) (16,449) (772) Sale of CNG Cayman Three by CNG International... 3,934 (142) 4,076 3,934 142 Dividends declared on common stock--cash..... -------- ----- -------- -------- ----- Balance at December 31, 2000................... $ -- $ -- $ -- $ -- $ -- ======== ===== ======== ======== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 95 CNG CAYMAN THREE LTD. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
CNG Cayman Eliminations CNG CNG Three and and Combined Cayman Argentina Subsidiary Adjustments Total Three S.A. ---------- ------------ -------- -------- --------- Net income............... $(16,486) $809 $(17,295) $(16,486) $(809) Other comprehensive income, net of tax: Foreign currency translation adjustment............. Less: reclassification adjustment for losses realized in net income................. -------- ---- -------- -------- ----- Total foreign currency translation adjustment............ Minimum pension liability adjustment... -------- ---- -------- -------- ----- Other comprehensive income (loss)......... -------- ---- -------- -------- ----- Comprehensive income..... $(16,486) $809 $(17,295) $(16,486) $(809) ======== ==== ======== ======== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 96 CNG CAYMAN THREE LTD. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
CNG Cayman Three Eliminations CNG and and Combined CNG Arentina Subsidiary Adjustments Total Cayman Three S.A. ------------ ------------ -------- ------------ -------- Cash Flows From (Used In) Operating Activities Net income............... $(16,486) $ 809 $(17,295) $(16,486) $(809) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle.............. Restructuring and other merger-related costs... Loss on net assets held for sale............... 17,240 17,240 17,240 Sale of Virginia Natural Gas.................... Depreciation and amortization........... Pension cost (credit)-- net.................... Deferred income taxes- net.................... Investment tax credit... Changes in current assets and current liabilities: Accounts receivable..... 518 518 518 Receivables from affiliated companies... Inventories............. Unrecovered gas costs... Broker margin deposits............... Prepayments............. Other current assets.... Accounts payable, trade.................. (56) (56) (56) Payables to affiliated companies.............. (26) (26) (26) Estimated rate contingencies and refunds................ Amounts payable to customers.............. Accrued expenses........ 5 5 5 Other--net.............. Changes in other assets and other liabilities... (1,998) (1,998) (1,828) (170) Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated............ (809) 809 809 Other--net............... -------- ----- -------- -------- ----- Net cash flows from (used in) operating activities........... (803) (803) (291) (512) -------- ----- -------- -------- ----- Cash Flows From (Used In) Investing Activities Plant construction and other property additions............... Proceeds from sale of Virginia Natural Gas, net of cash sold........ Proceeds from sale of Argentine investments, net of cash sold........ Cost of other investments............. Intrasystem long-term financing-net........... Intrasystem money pool investments-net......... Property transfers to (from) affiliates....... Other.................... -------- ----- -------- -------- ----- Net cash flows from (used in) investing activities........... -------- ----- -------- -------- ----- Cash Flows From (Used In) Financing Activities Repayments of long-term debt.................... Issuance (repayment) of short-term debt......... Dividends paid........... Intrasystem long-term financing-net........... Intrasystem money pool borrowings (repayments)- net..................... Dividends paid-- subsidiary companies-- consolidated............ Purchase of treasury stock................... Other.................... -------- ----- -------- -------- ----- Net cash flows from (used in) financing activities........... -------- ----- -------- -------- ----- Increase (decrease) in cash and cash equivalents.......... (803) (803) (291) (512) Cash and cash equivalents at beginning of year.... 803 803 291 512 -------- ----- -------- -------- ----- Cash and cash equivalents at end of year.......... $ -- $ -- $ -- $ -- $ -- ======== ===== ======== ======== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 97 DOMINION PRODUCTS AND SERVICES, INC. CONSOLIDATING BALANCE SHEET At December 31, 2000 (Thousands)
Dominion Eliminations P&S and and Combined Dominion CNG Subsidiary Adjustments Total P&S Technologies ---------- ------------ -------- -------- ------------ ASSETS Current Assets Cash and cash equivalents............ $ 28 $ -- $ 28 $ 27 $ 1 Accounts receivable: Customers, less allowance............ 1,139 1,139 1,139 Other................. Receivables from affiliated companies... 3,241 3,241 3,070 171 Inventories: Gas stored--current portion.............. Materials and supplies............. Unrecovered gas costs... Deferred income taxes-- current (net).......... Broker margin deposits.. Prepayments............. 1 1 1 Other................... Net assets held for sale................... ------ ----- ------ ------ ---- Total current assets............. 4,409 4,409 4,237 172 ------ ----- ------ ------ ---- Investments Stock of subsidiary company, at equity-- consolidated........... (579) 579 579 Notes of subsidiary company--consolidated.. Other................... ------ ----- ------ ------ ---- Total investments... (579) 579 579 ------ ----- ------ ------ ---- Property, Plant and Equipment Property, plant and equipment.............. Less accumulated depreciation and amortization........... ------ ----- ------ ------ ---- Net property, plant and equipment...... ------ ----- ------ ------ ---- Deferred Charges and Other Assets Regulatory assets....... Prepaid pension cost.... Other................... ------ ----- ------ ------ ---- Total deferred charges and other assets............. ------ ----- ------ ------ ---- Total assets........ $4,409 $(579) $4,988 $4,816 $172 ====== ===== ====== ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 98 DOMINION PRODUCTS AND SERVICES, INC. CONSOLIDATING BALANCE SHEET--(Continued) At December 31, 2000 (Thousands)
Dominion Eliminations P&S and and Combined Dominion CNG Subsidiary Adjustments Total P&S Technologies ---------- ------------ -------- -------- ------------ LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities Short-term debt......... $ -- $ -- $ -- $ -- $ -- Accounts payable, trade.................. 451 451 451 Estimated rate contingencies and refunds................ Payables to affiliated companies.............. 610 610 610 Customer deposits....... Accrued interest........ Accrued payroll......... Accrued taxes........... 665 665 727 (62) Deferred income taxes-- current (net).......... Other................... 1,838 1,838 1,838 ------- ------- ------- ------- ------- Total current liabilities.......... 3,564 3,564 3,626 (62) ------- ------- ------- ------- ------- Long-term Debt Debentures and notes.... Notes payable to Registrant-- consolidated........... ------- ------- ------- ------- ------- Total long-term debt.. ------- ------- ------- ------- ------- Deferred Credits and Other Liabilities Deferred income taxes... (1,121) (1,121) (776) (345) Deferred investment tax credits................ Other................... 208 208 208 ------- ------- ------- ------- ------- Total deferred credits and other liabilities.......... (913) (913) (568) (345) ------- ------- ------- ------- ------- Commitments and Contingencies Common Stockholder's Equity Common stock............ 3,990 (2,000) 5,990 3,990 2,000 Other capital........... Retained earnings....... (2,232) 1,421 (3,653) (2,232) (1,421) Accumulated other comprehensive income... ------- ------- ------- ------- ------- Total common stockholder's equity............... 1,758 (579) 2,337 1,758 579 ------- ------- ------- ------- ------- Total liabilities and stockholder's equity............... $ 4,409 $ (579) $ 4,988 $ 4,816 $ 172 ======= ======= ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 99 DOMINION PRODUCTS AND SERVICES, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations P&S and and Combined Dominion CNG Subsidiary Adjustments Total P&S Technologies ---------- ------------ -------- -------- ------------ Operating revenue and income: Regulated gas sales.... $ -- $-- $ -- $ -- $-- Nonregulated gas sales................. Gas transportation and storage............... Oil and gas production............ Other.................. 9,907 9,907 9,907 ------ ---- ------ ------ ---- Total................. 9,907 9,907 9,907 ------ ---- ------ ------ ---- Expenses: Purchased gas.......... Liquids, capacity and other products purchased............. Restructuring and other merger-related costs.. Operation and maintenance........... 7,425 7,425 7,425 Depreciation and amortization.......... Other taxes............ 16 16 16 ------ ---- ------ ------ ---- Total................. 7,441 7,441 7,441 ------ ---- ------ ------ ---- Income from operations.. 2,466 2,466 2,466 ------ ---- ------ ------ ---- Other income and expense: Gain on sale of Virginia Natural Gas.. Loss on net assets held for sale.............. Equity in earnings of subsidiary company-- consolidated.......... 33 (33) (33) Interest revenue from affiliated companies-- consolidated.......... 132 132 122 10 Other.................. 17 17 (2) 19 ------ ---- ------ ------ ---- Total other income and expense.............. 149 33 116 87 29 ------ ---- ------ ------ ---- Income before interest and income taxes....... 2,615 33 2,582 2,553 29 Interest charges........ ------ ---- ------ ------ ---- Income before income taxes.................. 2,615 33 2,582 2,553 29 Income tax expense...... 916 916 854 62 ------ ---- ------ ------ ---- Income before cumulative effect of a change in accounting principle... 1,699 33 1,666 1,699 (33) Cumulative effect of a change in accounting principle (net of income taxes).......... ------ ---- ------ ------ ---- Net income.............. $1,699 $ 33 $1,666 $1,699 $(33) ====== ==== ====== ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 100 DOMINION PRODUCTS AND SERVICES, INC. CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations P&S and and Combined Dominion CNG Subsidiary Adjustments Total P&S Technologies ---------- ------------ -------- -------- ------------ Retained Earnings Balance at December 31, 1999................... $(3,931) $1,389 $(5,320) $(3,931) $(1,389) Net income for the period January 1 through January 27, 2000................... 58 1 57 58 (1) ------- ------ ------- ------- ------- Total................. (3,873) 1,390 (5,263) (3,873) (1,390) Merger of Parent Company with Dominion Resources, Inc. ....... ------- ------ ------- ------- ------- Balance at January 28, 2000................... (3,873) 1,390 (5,263) (3,873) (1,390) Net income for the period January 28 through December 31, 2000................... 1,641 32 1,609 1,641 (32) Dividends declared on common stock--cash..... ------- ------ ------- ------- ------- Balance at December 31, 2000................... $(2,232) $1,422 $(3,654) $(2,232) $(1,422) ======= ====== ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 101 DOMINION PRODUCTS AND SERVICES, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations P&S and and Combined Dominion CNG Subsidiary Adjustments Total P&S Technologies ---------- ------------ -------- -------- ------------ Net income.............. $1,699 $33 $1,666 $1,699 $(33) Other comprehensive income, net of tax: Foreign currency translation adjustment............ Less: reclassification adjustment for losses realized in net income................ ------ --- ------ ------ ---- Total foreign currency translation adjustment........... Minimum pension liability adjustment.. ------ --- ------ ------ ---- Other comprehensive income (loss)........ ------ --- ------ ------ ---- Comprehensive income.... $1,699 $33 $1,666 $1,699 $(33) ====== === ====== ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 102 DOMINION PRODUCTS AND SERVICES, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Eliminations P&S and and Combined Dominion CNG Subsidiary Adjustments Total P&S Technologies ---------- ------------ -------- -------- ------------ Cash Flows From (Used In) Operating Activities Net income............... $ 1,699 $ 33 $ 1,666 $ 1,699 $(33) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle.............. Restructuring and other merger-related costs... 11 11 11 Loss on net assets held for sale............... Sale of Virginia Natural Gas.................... Depreciation and amortization........... Pension cost (credit)-- net.................... Deferred income taxes-- net.................... (174) (174) (236) 62 Investment tax credit... Changes in current assets and current liabilities: Accounts receivable..... (746) (746) (746) Receivables from affiliated companies... 570 570 570 Inventories............. Unrecovered gas costs... Broker margin deposits............... Prepayments............. (1) (1) (1) Other current assets.... Accounts payable, trade.................. (414) (414) (383) (31) Payables to affiliated companies.............. 7 7 7 Estimated rate contingencies and refunds................ Amounts payable to customers.............. Accrued expenses........ 718 718 690 28 Other--net.............. 661 661 661 Changes in other assets and other liabilities... 208 208 208 Excess of equity in earnings of subsidiary companies over their cash dividends paid-- consolidated............ (33) 33 33 Other--net............... ------- ---- ------- ------- ---- Net cash flows from (used in) operating activities........... 2,539 2,539 2,513 26 ------- ---- ------- ------- ---- Cash Flows From (Used In) Investing Activities Plant construction and other property additions............... Proceeds from sale of Virginia Natural Gas, net of cash sold........ Proceeds from sale of Argentine investments, net of cash sold........ Cost of other investments............. Intrasystem long-term financing--net.......... Intrasystem money pool investments--net........ (2,516) (2,516) (2,490) (26) Property transfers to (from) affiliates....... Other.................... ------- ---- ------- ------- ---- Net cash flows from (used in) investing activities........... (2,516) (2,516) (2,490) (26) ------- ---- ------- ------- ---- Cash Flows From (Used In) Financing Activities Repayments of long-term debt.................... Issuance (repayment) of short-term debt......... Dividends paid........... Intrasystem long-term financing--net.......... Intrasystem money pool borrowings (repayments)--net....... Dividends paid-- subsidiary companies-- consolidated............ Purchase of treasury stock................... Other.................... ------- ---- ------- ------- ---- Net cash flows from (used in) financing activities........... ------- ---- ------- ------- ---- Increase (decrease) in cash and cash equivalents.......... 23 23 23 Cash and cash equivalents at beginning of year.... 5 5 4 1 ------- ---- ------- ------- ---- Cash and cash equivalents at end of year.......... $ 28 $-- $ 28 $ 27 $ 1 ======= ==== ======= ======= ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 103 DOMINION CAPITAL, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Catalyst Old Dominion Consolidating Mortgage River Capital Entries and Dominion Services, Virginia Hydroelectric Consolidated Adjustments Capital Inc. Financial DCV OptaCor DVII Ltd. ------------ ------------- ---------- --------- --------- -------- ------- ------- ------------- Current assets: Cash and cash equivalents......... $ 43,197 $ (63,408) $ 2,206 $ 236 $ 43,151 $ (4,373) $ 29 $ -- $63,408 Accounts receivable: Customers (less allowance)......... Other............... 6,239 (5,180) 1,632 2,663 (1,203) 4 3,836 Inventories: Materials and supplies........... Fossil fuel......... Gas stored--current portion............ Investment securities-- trading............. 274,643 274,643 Mortgage loans held for sale............ 103,956 103,956 Commodity contract assets.............. Unrecovered gas costs............... Broker margin deposits............ Prepayments.......... Net assets held for sale................ Other................ 62,060 (4,022) 8,379 6,537 31,589 13,159 70 383 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Total current assets........... 490,095 (72,610) 12,217 385,372 77,403 7,583 103 67,627 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Investments: Loans receivable, net................. 675,600 22,508 514,040 133,083 331 Investments in affiliates.......... 175,505 (1,678,049) 1,743,543 51,774 0 49,469 Available for sale securities.......... 291,630 10,823 13,916 76,487 72,809 Nuclear decommissioning trust funds......... Investment in real estate.............. 64,924 3,891 0 0 Other................ 145,274 5,769 20,203 36,898 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Total net investments...... 1,352,933 (1,678,049) 1,786,534 13,916 662,504 242,790 331 49,469 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Property, plant and equipment: Property, plant and equipment........... 35,296 (419,948) 878 21,749 1,028 5,073 419,948 Less accumulated depreciation, depletion and amortization........ 16,298 (5,127) 703 10,439 402 1,568 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Property, plant and equipment, net.............. 18,998 (414,821) 175 11,310 626 3,505 419,948 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Deferred charges and other assets: Goodwill, net........ 49,796 46,095 (246) 0 Regulatory assets, net................. Prepaid pension costs............... Other, net........... 123,871 (493,816) 1,313 118,429 11,492 (404) 61 488,689 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Total deferred charges and other assets........... 173,667 (493,816) 1,313 164,524 11,246 (404) 61 488,689 ---------- ----------- ---------- -------- -------- -------- ---- ------- -------- Total Assets........ $2,035,693 $(2,659,296) $1,800,239 $575,122 $751,779 $253,474 $434 $49,530 $976,264 ========== =========== ========== ======== ======== ======== ==== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 104 DOMINION CAPITAL, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Catalyst Old Dominion Consolidating Mortgage River Capital Entries and Dominion Services, Virginia Hydroelectric Consolidated Adjustments Capital Inc. Financial DCV OptaCor DVII Ltd. ------------ ------------- ---------- --------- --------- -------- -------- ------- ------------- Current liabilities: Securities due within one year.... $ 89,499 $ 10,774 $ -- $ 78,725 $ -- $ -- $ -- $ -- $ -- Short-term debt..... Accounts payable, trade.............. 9,660 (6,081) 2,215 6,489 0 322 5,237 Accrued interest.... 15,113 (16,729) 12,826 1,324 935 846 13,969 Accrued payroll..... 3,158 0 (9) 2,887 277 3 Accrued taxes....... 2,270 (12) (12) 0 21 1,836 422 Commodity contract liabilities........ Other............... 4,652 (6,252) 2,191 559 1,685 0 6,252 ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Total current liabilities..... 124,352 (18,300) 17,211 89,984 2,918 3,007 422 25,458 ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Long term debt..... 1,353,801 (1,613,100) 1,257,322 109,477 468,580 120,802 859,615 ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Deferred credits and other liabilities: Deferred income taxes.............. 34,306 1,586 31,539 (6,555) (1,277) (109) (507) Deferred investment tax credits........ Other............... 627 (1,141) 1,513 585 0 (1,812) 1 ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Total deferred credits and other liabilities..... 34,933 (1,141) 3,099 32,124 (6,555) (3,089) (108) (507) ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Total Liabilities....... 1,513,086 (1,632,541) 1,277,632 231,585 464,943 120,720 (108) (85) 885,073 ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Minority interest... (68,393) 68,393 Obligated mandatorily redeemable preferred securities of subsidiary trusts.. Preferred stock not subject to mandatory redemption......... Common shareholders' equity: Common Stock........ 8 (64,657) 8 50,100 Other paid in capital............ 693,841 (790,330) 693,840 294,113 167,039 122,273 12,218 62,930 22,798 Accumulated other comprehensive income............. (8,597) 7,810 (8,597) (45) Retained earnings... (162,645) (111,185) (162,644) 49,424 69,742 10,481 (11,676) (13,315) ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Total common shareholders' equity.......... 522,607 (958,362) 522,607 343,537 286,836 132,754 542 49,615 22,798 ---------- ----------- ---------- -------- -------- -------- -------- ------- -------- Total Liabilities and shareholders' equity............ $2,035,693 $(2,659,296) $1,800,239 $575,122 $751,779 $253,474 $ 434 $49,530 $976,264 ========== =========== ========== ======== ======== ======== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 105 DOMINION CAPITAL, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Rincon Stanton Vidalia Dominion Securities, Associates, Edgen, Audit, Louisiana Lands, Inc. Inc. Inc. DLMC Inc. Hydro Inc. ----------- ----------- ------- ---- ------- --------- -------- Current assets: Cash and cash equivalents............ $ 838 $ 192 $ 80 $ 69 $ 1 $ 1 $ 767 Accounts receivable: Customers (less allowance)............ Other.................. 115 473 516 429 (499) 3,453 Inventories: Materials and supplies.............. Fossil fuel............ Gas stored--current portion............... Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. Unrecovered gas costs... Broker margin deposits.. Prepayments............. Net assets held for sale................... Other................... 1,073 3,371 26 0 47 1,364 84 -------- ------- ------- ---- ---- ------- ------- Total current assets.............. 1,911 3,678 579 585 477 866 4,304 -------- ------- ------- ---- ---- ------- ------- Investments: Loans receivable, net... 0 471 2,151 0 0 3,016 Investments in affiliates............. (8,355) 0 13,597 254 3,272 0 Available for sale securities............. 117,595 0 0 0 0 0 Nuclear decommissioning trust funds............ Investment in real estate................. 0 4,682 626 0 0 55,725 Other................... 3,819 1,503 0 0 76,899 183 -------- ------- ------- ---- ---- ------- ------- Total net investments......... 113,059 6,656 16,374 254 80,171 58,924 -------- ------- ------- ---- ---- ------- ------- Property, plant and equipment: Property, plant and equipment.............. 0 5,635 170 37 0 726 Less accumulated depreciation, depletion and amortization....... 0 2,230 126 37 0 5,920 -------- ------- ------- ---- ---- ------- ------- Property, plant and equipment, net...... 0 3,405 44 0 0 (5,194) -------- ------- ------- ---- ---- ------- ------- Deferred charges and other assets: Goodwill, net........... 3,947 0 0 0 0 0 Regulatory assets, net.. Prepaid pension costs... Other, net.............. 2,115 2,115 0 0 1,898 (8,021) -------- ------- ------- ---- ---- ------- ------- Total deferred charges and other assets.............. 6,062 2,115 0 0 1,898 (8,021) -------- ------- ------- ---- ---- ------- ------- Total Assets............ $121,032 $15,854 $16,997 $839 $477 $82,935 $50,013 ======== ======= ======= ==== ==== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 106 DOMINION CAPITAL, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Rincon Stanton Vidalia Dominion Securities, Associates, Edgen, Audit, Louisiana Lands, Inc. Inc. Inc. DLMC Inc. Hydro Inc. ----------- ----------- ------- ------- ------- --------- -------- Current liabilities: Securities due within one year............... $ -- $ -- $ -- $ -- $-- $ -- $ -- Short-term debt......... Accounts payable, trade.................. 4 119 284 1 1,070 Accrued interest........ 873 4 4 0 905 156 Accrued payroll......... Accrued taxes........... 3 12 Commodity contract liabilities............ Other................... 33 (2) 57 129 -------- ------- ------- ------- ---- ------- -------- Total current liabilities......... 906 6 119 291 58 905 1,367 -------- ------- ------- ------- ---- ------- -------- Long term debt......... 45,955 6,543 0 0 266 44,142 54,199 -------- ------- ------- ------- ---- ------- -------- Deferred credits and other liabilities: Deferred income taxes... (4,085) (444) (2,490) (80) (14) 28,458 (11,716) Deferred investment tax credits................ Other................... 189 565 390 337 -------- ------- ------- ------- ---- ------- -------- Total deferred credits and other liabilities......... (4,085) (255) (1,925) 310 (14) 28,458 (11,379) -------- ------- ------- ------- ---- ------- -------- Total Liabilities...... 42,776 6,294 (1,806) 601 310 73,505 44,187 -------- ------- ------- ------- ---- ------- -------- Minority interest....... Obligated mandatorily redeemable preferred securities of subsidiary trusts...... Preferred stock not subject to mandatory redemption............. Common shareholders' equity: Common Stock............ 1,000 10,199 1 3,346 1 10 Other paid in capital... 16,168 (1,649) 28,398 200 1,100 64,743 Accumulated other comprehensive income... (7,765) Retained earnings....... 68,853 1,010 (9,596) (3,108) (33) 8,329 (58,927) -------- ------- ------- ------- ---- ------- -------- Total common shareholders' equity.............. 78,256 9,560 18,803 238 167 9,430 5,826 -------- ------- ------- ------- ---- ------- -------- Total Liabilities and shareholders' equity................ $121,032 $15,854 $16,997 $ 839 $477 $82,935 $ 50,013 ======== ======= ======= ======= ==== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 107 DOMINION CAPITAL, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Catalyst Old Dominion Consolidating Mortgage River Capital Entries and Dominion Services, Virginia Hydroelectric Consolidated Adjustments Capital Inc. Financial DCV OptaCor DVII L.P. ------------ ------------- --------- --------- --------- -------- ------- ------ ------------- Operating Revenue: Regulated sales....... Electric............. Gas.................. Nonregulated sales.... Electric............. Gas.................. Gas transportation and storage.............. Oil and gas production........... Other................. $ 432,897 $224,605 $(132,714) $ 61,300 $137,885 $ 20,602 $ 75 $4,398 $ 94,591 --------- -------- --------- -------- -------- -------- ---- ------ -------- Total.............. 432,897 224,605 (132,714) 61,300 137,885 20,602 75 4,398 94,591 --------- -------- --------- -------- -------- -------- ---- ------ -------- Expenses: Fuel, net............. Purchased power capacity, net........ Purchased gas, net.... Liquids, capacity and other products purchased............ Restructuring and other acquisition related costs........ 192,388 192,388 Other operation and maintenance.......... 298,282 35,322 13,787 75,846 91,085 36,509 80 8,366 Depreciation, depletion and amortization......... 33,712 (13,846) 909 29,640 403 1,193 144 13,846 Other taxes........... 5,082 (10,080) 378 3,542 367 10,080 --------- -------- --------- -------- -------- -------- ---- ------ -------- Total.............. 529,464 203,784 15,074 109,028 91,488 38,069 80 144 32,292 --------- -------- --------- -------- -------- -------- ---- ------ -------- Income from Operations.......... (96,567) 20,821 (147,788) (47,728) 46,397 (17,467) (5) 4,254 62,299 Other Income.......... (4,684) 4,684 --------- -------- --------- -------- -------- -------- ---- ------ -------- Income before interest and income taxes............... (96,567) 16,137 (147,788) (47,728) 46,397 (17,467) (5) 4,254 66,983 --------- -------- --------- -------- -------- -------- ---- ------ -------- Interest and related charges: Interest charges...... 192,178 (121,705) 76,316 24,875 100,180 11,782 82,187 --------- -------- --------- -------- -------- -------- ---- ------ -------- Preferred dividends and distributions of subsidiary trusts.... Total.............. 192,178 (121,705) 76,316 24,875 100,180 11,782 82,187 --------- -------- --------- -------- -------- -------- ---- ------ -------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle........... (288,745) 137,842 (224,104) (72,603) (53,783) (29,249) (5) 4,254 (15,204) Income taxes.......... (100,198) (35,297) (24,084) (16,987) (11,425) (14) 1,465 Minority interests.... 259 1,415 (1,303) --------- -------- --------- -------- -------- -------- ---- ------ -------- Income before extraordinary item and cumulative effect of a change in accounting principle........... (188,806) 136,427 (188,807) (48,519) (36,796) (16,521) 9 2,789 (15,204) Extraordinary item, net Cumulative effect of a change in accounting principle, net....... --------- -------- --------- -------- -------- -------- ---- ------ -------- Net Income........... $(188,806) $136,427 $(188,807) $(48,519) $(36,796) $(16,521) $ 9 $2,789 $(15,204) ========= ======== ========= ======== ======== ======== ==== ====== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 108 DOMINION CAPITAL, INC. CONSOLIDATING INCOME STATEMENT--(Continued) For the Year Ended December 31, 2000 (Thousands)
Rincon Stanton Vidalia Louisiana Dominion Securities, Inc. Associates, Inc. Edgen, Inc. DLMC Audit, Inc. Hydro Lands, Inc. ---------------- ---------------- ----------- ----- ----------- --------- ----------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... Gas.................... Gas transportation and storage................ Oil and gas production.. Other................... $14,550 $2,419 $ 894 $ 9 $295 $7,860 $ (3,872) ------- ------ ------- ----- ---- ------ -------- Total................ 14,550 2,419 894 9 295 7,860 (3,872) ------- ------ ------- ----- ---- ------ -------- Expenses: Fuel, net............... Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 309 799 4,730 (112) 45 31,516 Depreciation, depletion and amortization....... 714 470 51 9 59 120 Other taxes............. 2 54 112 3 624 ------- ------ ------- ----- ---- ------ -------- Total................ 1,023 1,271 4,835 9 48 59 32,260 ------- ------ ------- ----- ---- ------ -------- Income from Operations............ 13,527 1,148 (3,941) 247 7,801 (36,132) Other Income ------- ------ ------- ----- ---- ------ -------- Income before interest and income taxes...... 13,527 1,148 (3,941) 247 7,801 (36,132) ------- ------ ------- ----- ---- ------ -------- Interest and related charges: Interest charges........ 8,810 718 3 10 5,429 3,573 ------- ------ ------- ----- ---- ------ -------- Preferred dividends and distributions of subsidiary trusts...... Total................ 8,810 718 3 10 5,429 3,573 ------- ------ ------- ----- ---- ------ -------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 4,717 430 (3,941) (3) 237 2,372 (39,705) Income taxes............ 47 455 (1,379) (3) 83 903 (13,962) Minority interests...... 147 ------- ------ ------- ----- ---- ------ -------- Income before extraordinary item and cumulative effect of a change in accounting principle............. 4,670 (172) (2,562) 154 1,469 (25,743) Extraordinary item, net Cumulative effect of a change in accounting principle, net......... ------- ------ ------- ----- ---- ------ -------- Net Income............. $ 4,670 $ (172) $(2,562) $ -- $154 $1,469 $(25,743) ======= ====== ======= ===== ==== ====== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 109 DOMINION CAPITAL, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion Dominion Consolidating Mortgage Rincon Capital Entries and Dominion Services, Virginia Securities, Consolidated Adjustments Capital Inc. Financial DCV OptaCor DVII Inc. ------------ ------------- -------- --------- --------- -------- ------- ------- ----------- Balance at December 31, 1999................... $ 740,912 $(1,139,775) $740,912 $345,657 $312,782 $148,123 $931 $50,336 $74,662 --------- ----------- -------- -------- -------- -------- ---- ------- ------- Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. (1,820) Comprehensive income... (182,248) 129,994 (182,249) (42,119) (36,839) (15,369) 9 2,789 3,594 Dividends and other adjustments........... (36,057) 53,239 (36,056) 39,999 10,893 (398) (3,510) --------- ----------- -------- -------- -------- -------- ---- ------- ------- Balance at December 31, 2000................... $ 522,607 $ (958,362) $522,607 $343,537 $286,836 $132,754 $542 $49,615 $78,256 ========= =========== ======== ======== ======== ======== ==== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 110 DOMINION CAPITAL, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY--(Continued) As of December 31, 2000 (Thousands)
Catalyst Stanton Vidalia Dominion Old River Trilon Associates, Edgen, Audit, Louisiana Lands, Hydroelectric Stonehouse Dominion Inc. Inc. DLMC Inc. Hydro Inc. L.P. LLC Partners ----------- ------- ------- ------- --------- -------- ------------- ---------- -------- Balance at December 31, 1999................... $9,732 $21,364 $(1,762) $(187) $6,861 $ 24,915 $106,394 $ 1,738 $ 38,229 ------ ------- ------- ----- ------ -------- -------- ------- -------- Issuance of stock--CNG acquisition........... Issuance of stock through public offering....... Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 3,346 (1,526) Comprehensive income... (172) (2,562) 154 1,469 (25,743) (15,204) Dividends and other adjustments........... 1 (1,346) 200 1,100 6,654 (68,392) (212) (38,229) ------ ------- ------- ----- ------ -------- -------- ------- -------- Balance at December 31, 2000................... $9,560 $18,803 $ 238 $ 167 $9,430 $ 5,826 $ 22,798 $ -- $ -- ====== ======= ======= ===== ====== ======== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 111 DOMINION CAPITAL, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Consolidating Dominion Dominion Capital Entries and Dominion Mortgage Virginia Consolidated Adjustments Capital Services, Inc. Financial DCV OptaCor ---------------- ------------- --------- -------------- --------- -------- ------- Net Income.............. $(188,806) $136,427 $(188,807) $(48,519) $(36,796) $(16,521) $ 9 --------- -------- --------- -------- -------- -------- --- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ 6,558 (6,433) 6,558 6,400 (43) 1,152 Less: reclassification adjustment for gains (losses) realized in net income --------- -------- --------- -------- -------- -------- --- Unrealized gains (losses) on investment securities............ 6,558 (6,433) 6,558 6,400 (43) 1,152 Foreign currency translation adjustment Minimum pension liability adjustment --------- -------- --------- -------- -------- -------- --- Other comprehensive income (Loss).......... 6,558 (6,433) 6,558 6,400 (43) 1,152 --------- -------- --------- -------- -------- -------- --- Comprehensive Income.... $(182,248) $129,994 $(182,249) $(42,119) $(36,839) $(15,369) $ 9 ========= ======== ========= ======== ======== ======== ===
The Notes to the Consolidated Financial Statements are an integral part of this statement. 112 DOMINION CAPITAL, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME--(Continued) For the Year Ended December 31, 2000 (Thousands)
Catalyst Old River Rincon Hydroelectric Securities, Stanton Vidalia Louisiana Dominion DVII L.P. Inc. Associates, Inc. Edgen, Inc. DLMC Audit, Inc. Hydro Lands, Inc. ------ ------------- ----------- ---------------- ----------- ---- ----------- --------- ----------- Net Income......... $2,789 $(15,204) $ 4,670 $(172) $(2,562) $-- $154 $1,469 $(25,743) ------ --------- ------- ----- ------- ---- ---- ------ -------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities....... (1,076) Less: reclassification adjustment for gains (losses) realized in net income .......... ------ --------- ------- ----- ------- ---- ---- ------ -------- Unrealized gains (losses) on investment securities....... (1,076) Foreign currency translation adjustment Minimum pension liability adjustment ------ --------- ------- ----- ------- ---- ---- ------ -------- Other comprehensive income (Loss)..... (1,076) ------ --------- ------- ----- ------- ---- ---- ------ -------- Comprehensive Income............ $2,789 $(15,204) $ 3,594 $(172) $(2,562) $-- $154 $1,469 $(25,743) ====== ========= ======= ===== ======= ==== ==== ====== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 113 DOMINION CAPITAL, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Catalyst Old Dominion Consolidating Mortgage River Capital Entries and Dominion Services, Virginia Hydroelectric Consolidated Adjustments Capital Inc. Financial DCV OptaCor DVII L.P. ------------ ------------- --------- ---------- ---------- -------- ------- ------ ------------- Cash flows from (used in) operating activities: Net income......... $ (188,806) $136,427 $(188,807) $ (48,519) $ (36,796) $(16,521) $ 9 $2,789 $(15,204) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle........ Restructuring and other acquisition related costs.... DCI impairment losses........... 292,171 292,171 Extraordinary item, net........ Impairment of regulatory assets........... Gains on sales of subsidiaries..... Depreciation and amortization..... 35,005 (14,965) 909 29,640 1,933 389 144 14,965 Deferred income taxes............ (64,600) (6,432) (12,788) (14,596) (14,255) (1,782) (3) (276) Deferred fuel expense.......... Changes in current assets and liabilities: Accounts receivable....... 9,217 1,415 4,143 (2,148) 5,711 (509) Inventories....... Unrecovered gas costs............ Purchase and origination of mortgages........ (4,280,698) (4,280,698) Proceeds from sale and principal collections of mortgages........ 4,295,336 4,295,336 Accounts payable, trade............ (1,641) (3,824) (3,306) 3,699 (975) (50) 3,322 Accrued interest and taxes........ (11,426) 397 11,540 3,316 (25,009) (1,811) (12) 41 Commodity contract assets and liabilities...... Net assets held for sale......... Other.............. 563 (404,826) 163,575 61,151 103,304 25,731 114 (4,398) (7,797) ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Net cash flows from operating activities..... 85,121 363 (24,734) 49,329 27,029 10,742 58 (1,700) 5,223 ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Cash flow from (used in) investing activities: Plant construction and other property additions......... 1,152 (1,152) Acquisition of exploration and production assets............ Loan originations.. (2,910,737) (2,159,245) (751,492) Repayments of loan originations...... 4,255,348 54,679 11,679 3,411,142 778,511 143 Sale of businesses........ Sale of marketable securities........ 136,994 134,029 10 Purchase of debt securities........ (235,125) (100,855) (10,000) (31,958) (76,483) (15,829) Acquisition of businesses........ Other investments.. (116,658) 312,556 (332,410) (121,771) (64,434) 9,012 5,210 Other.............. (36,319) (32,402) 84 (24,601) 25,008 (16,577) 1 ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Net cash flow used in investing activities..... 1,093,503 235,130 (330,647) (44,301) 1,135,998 3,625 144 5,210 (1,152) ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Cash flow from (used in) financing activities: Issuance of common stock............. Repurchase of common stock...... Issuance (repayment) of short term debt... (120,194) (171,879) (230,415) (22,017) 383,633 (79,465) Issuance of long term debt......... 4,995,534 (8,287) 1,050,000 3,945,534 8,287 Repayment of long term debt......... (6,099,621) 2,035 (425,945) (3,967,824) (1,576,544) (2,035) Common dividend payments.......... (36,737) 3,009 (36,737) 580 (415) (3,174) Other.............. 680 4,796 681 40,000 10,311 17 (336) ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Net cash flow from (used in) financing activities........ (1,260,338) (170,326) 357,584 (4,307) (1,182,020) (79,465) (398) (3,510) 6,252 ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Increase (decrease) in cash and cash equivalents....... (81,714) 65,167 2,203 721 (18,993) (65,098) (196) (123) Cash and cash equivalents at beginning of the year.............. 124,911 (65,330) 3 (485) 62,144 60,725 225 286 ---------- -------- --------- ---------- ---------- -------- ---- ------ -------- Cash and cash equivalents at end of the year....... $ 43,197 $ (163) $ 2,206 $ 236 $ 43,151 $ (4,373) $ 29 $ -- $ 163 ========== ======== ========= ========== ========== ======== ==== ====== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 114 DOMINION CAPITAL, INC. CONSOLIDATING STATEMENT OF CASH FLOWS--(Continued) For the Year Ended December 31, 2000 (Thousands)
Rincon Stanton Vidalia Dominion Securities, Associates, Edgen, Audit, Louisiana Lands, Inc. Inc. Inc. DLMC Inc. Hydro Inc. ----------- ----------- ------- ------ ------- --------- -------- Cash flows from (used in) operating activities: Net income.............. $ 4,670 $ (172) $(2,562) $ -- $154 $1,469 $(25,743) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... 1,282 470 51 9 59 119 Deferred income taxes.. 47 (1,281) (1,379) (36) 460 (12,279) Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... 142 (330) (34) (269) 500 596 Inventories............ Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. (4) (81) (271) (144) 1 (8) Accrued interest and taxes................. 180 227 (101) 28 (118) (257) 153 Commodity contract assets and liabilities........... Net assets held for sale.................. Other................... (790) 2,560 8,356 (1,315) (1) 17 54,882 -------- ------ ------- ------ ---- ------ -------- Net cash flows from operating activities.......... 5,385 1,865 3,764 (1,492) (233) 2,248 17,720 -------- ------ ------- ------ ---- ------ -------- Cash flow from (used in) investing activities: Plant construction and other property additions.............. Acquisition of exploration and production assets...... Loan originations....... Repayments of loan originations........... 327 784 (1,917) Sale of businesses...... Sale of marketable securities............. 2,955 Purchase of debt securities............. Acquisition of businesses............. Other investments....... 105,930 2,622 (5,084) (254) (2,872) (25,163) Other................... 806 565 386 10,411 -------- ------ ------- ------ ---- ------ -------- Net cash flow used in investing activities.......... 108,885 3,755 (3,735) 132 (2,872) (16,669) -------- ------ ------- ------ ---- ------ -------- Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ (1,053) (1,222) 34 2,190 Issuance of long term debt................... Repayment of long term debt................... (114,000) (4,736) (475) (10,097) Common dividend payments............... Other................... 2,000 200 1,100 (58,089) -------- ------ ------- ------ ---- ------ -------- Net cash flow from (used in) financing activities............. (114,000) (5,789) 778 234 625 (65,996) -------- ------ ------- ------ ---- ------ -------- Increase (decrease) in cash and cash equivalents............ 270 (169) 29 (582) 1 1 (64,945) Cash and cash equivalents at beginning of the year.. 568 361 51 651 65,712 -------- ------ ------- ------ ---- ------ -------- Cash and cash equivalents at end of the year............... $ 838 $ 192 $ 80 $ 69 $ 1 $ 1 $ 767 ======== ====== ======= ====== ==== ====== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 115 DOMINION ENERGY, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Domestic Foreign Dominion Consolidating Power Power Dominion Energy Entries and Dominion Oil & Gas Generation Generation Energy Consolidated Adjustments Energy (Page 146) (Page 122) (Page 140) Management, Inc. ------------ ------------- ---------- ---------- ---------- ---------- ---------------- Current assets: Cash and cash equivalents............ $ 34,952 $ -- $ 3,815 $ 9,787 $ 21,350 $-- $-- Accounts receivable: Customers (less allowance)............ Other.................. 139,429 (52,484) 43,564 98,136 49,990 223 Inventories: Materials and supplies.............. Fossil fuel............ Gas stored--current portion............... Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. 11,059 11,059 Unrecovered gas costs... Broker margin deposits.. Prepayments............. Net assets held for sale................... Other................... 147,580 (60) 115,610 25,653 6,377 ---------- ----------- ---------- ---------- -------- ---- ---- Total current assets.............. 333,020 (52,544) 162,989 133,576 88,776 223 ---------- ----------- ---------- ---------- -------- ---- ---- Investments: Loans receivable, net... Investments in affiliates............. 215,086 75,409 21,565 118,112 Available for sale securities............. Nuclear decommissioning trust funds............ Investment in real estate................. Other................... 119,193 (1,222,035) 947,073 295,397 98,758 ---------- ----------- ---------- ---------- -------- ---- ---- Total net investments......... 334,279 (1,222,035) 1,022,482 316,962 216,870 ---------- ----------- ---------- ---------- -------- ---- ---- Property, plant and equipment: Property, plant and equipment.............. 1,742,280 13,328 1,367,542 361,410 Less accumulated depreciation, depletion and amortization....... 414,789 6,391 382,344 26,054 ---------- ----------- ---------- ---------- -------- ---- ---- Property, plant and equipment, net........ 1,327,491 6,937 985,198 335,356 ---------- ----------- ---------- ---------- -------- ---- ---- Deferred charges and other assets: Goodwill, net........... 2,927 2,927 Regulatory assets, net.. Prepaid pension costs... Other, net.............. 46,087 509 14,705 30,873 ---------- ----------- ---------- ---------- -------- ---- ---- Total deferred charges and other assets.............. 49,014 509 17,632 30,873 ---------- ----------- ---------- ---------- -------- ---- ---- Total Assets............ $2,043,804 $(1,274,579) $1,192,917 $1,453,368 $671,875 $-- $223 ========== =========== ========== ========== ======== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 116 DOMINION ENERGY, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Domestic Foreign Dominion Dominion Consolidating Power Power Energy Energy Entries and Dominion Oil & Gas Generation Generation Management, Consolidated Adjustments Energy (Page 147) (Page 124) (Page 141) Inc. ------------ ------------- ---------- ---------- ---------- ---------- ----------- Current liabilities: Securities due within one year............... $ 6,330 $ -- $ -- $ -- $ 6,330 $ -- $ -- Short-term debt......... 2,502 2,502 Accounts payable, trade.................. 65,333 (52,484) 26,127 37,413 53,855 422 Accrued interest........ 4,625 (60) 3,589 109 987 Accrued payroll......... Accrued taxes........... 1,227 (105) (2,264) 3,666 (70) Commodity contract liabilities............ 245 245 Other................... 65,934 2,112 43,890 19,933 (1) ---------- ----------- ---------- ---------- -------- ----- ----- Total current liabilities......... 146,196 (52,544) 31,723 81,650 85,016 351 ---------- ----------- ---------- ---------- -------- ----- ----- Long term debt......... 1,157,754 (468,815) 588,622 774,473 263,474 ---------- ----------- ---------- ---------- -------- ----- ----- Deferred credits and other liabilities: Deferred income taxes... 158,296 27,427 97,497 33,372 Deferred investment tax credits................ Other................... 30,164 (5,364) 33,784 1,744 ---------- ----------- ---------- ---------- -------- ----- ----- Total deferred credits and other liabilities......... 188,460 22,063 131,281 35,116 ---------- ----------- ---------- ---------- -------- ----- ----- Total Liabilities....... 1,492,410 (521,359) 642,408 987,404 383,606 351 ---------- ----------- ---------- ---------- -------- ----- ----- Minority interest....... 884 (1,195) 884 1,195 Obligated mandatorily redeemable preferred securities of subsidiary trusts...... Preferred stock no subject to mandatory redemption............. Common shareholders' equity: Common Stock............ 208 (35,104) 208 35,104 Other paid in capital... 572,115 (386,553) 572,115 219,077 167,476 Accumulated other comprehensive income... 295 9,971 295 (9,971) Retained earnings....... (22,108) (340,339) (22,109) 255,974 84,494 (128) ---------- ----------- ---------- ---------- -------- ----- ----- Total common shareholders' equity.............. 550,510 (752,025) 550,509 465,080 287,074 (128) ---------- ----------- ---------- ---------- -------- ----- ----- Total Liabilities and shareholders' equity... $2,043,804 $(1,274,579) $1,192,917 $1,453,368 $671,875 $ -- $ 223 ========== =========== ========== ========== ======== ===== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 117 DOMINION ENERGY, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Domestic Foreign Dominion Dominion Consolidating Power Power Energy Energy Entries and Dominion Oil & Gas Generation Generation Management, Consolidated Adjustments Energy (Page 148) (Page 126) (Page 142) Inc. ------------ ------------- -------- ---------- ---------- ---------- ----------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... $ 96,742 $ (67) $ -- $ -- $ 83,833 $12,976 $-- Gas.................... 24,008 24,008 Gas transportation and storage................ Oil and gas production.. 322,359 322,359 Other................... 69,256 (116,043) 118,705 49,556 16,917 121 -------- --------- -------- -------- -------- ------- ---- Total................ 512,365 (116,110) 118,705 371,915 124,758 13,097 -------- --------- -------- -------- -------- ------- ---- Expenses: Fuel, net............... 2,588 1,350 1,238 Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. 567 567 Other operation and maintenance............ 218,083 (121) 19,355 137,083 58,094 3,656 16 Depreciation, depletion and amortization....... 121,820 4,771 101,790 12,730 2,529 Other taxes............. 19,678 277 16,230 2,408 757 6 -------- --------- -------- -------- -------- ------- ---- Total................ 362,736 (121) 24,970 255,103 74,582 8,180 22 -------- --------- -------- -------- -------- ------- ---- Income from Operations............ 149,629 (115,989) 93,735 116,812 50,176 4,917 (22) Other Income............ 20,190 (18,601) 11,497 10,745 13,733 2,816 -------- --------- -------- -------- -------- ------- ---- Income before interest and income taxes...... 169,819 (134,590) 105,232 127,557 63,909 7,733 (22) -------- --------- -------- -------- -------- ------- ---- Interest and related charges: Interest charges........ 72,641 (18,601) 30,108 39,280 19,293 2,561 Preferred dividends and distributions of subsidiary trusts...... -------- --------- -------- -------- -------- ------- ---- Total................ 72,641 (18,601) 30,108 39,280 19,293 2,561 -------- --------- -------- -------- -------- ------- ---- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 97,178 (115,989) 75,124 88,277 44,616 5,172 (22) Income taxes............ 10,353 (9,574) 2,586 17,184 164 (7) Minority interests...... 2,127 (169) 141 220 1,935 -------- --------- -------- -------- -------- ------- ---- Income before extraordinary item and cumulative effect of a change in accounting principle............. 84,698 (115,820) 84,698 85,550 27,212 3,073 (15) Extraordinary item, net.................... Cumulative effect of a change in accounting principle, net......... -------- --------- -------- -------- -------- ------- ---- Net Income............. $ 84,698 $(115,820) $ 84,698 $ 85,550 $ 27,212 $ 3,073 $(15) ======== ========= ======== ======== ======== ======= ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 118 DOMINION ENERGY, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Domestic Foreign Consolidating Power Power Dominion Dominion Energy Entries and Dominion Oil & Gas Generation Generation Energy Consolidated Adjustments Energy (Page 149) (Page 128) (Page 143) Management, Inc. --------------- ------------- --------- ---------- ---------- ---------- ---------------- Balance at December 31, 1999................... $ 634,406 $(836,972) $ 612,611 $403,457 $265,071 $ 190,353 $(114) --------- --------- --------- -------- -------- --------- ----- Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 158,953 101 (159,054) Comprehensive income... 81,808 (109,080) 81,808 78,810 27,212 3,073 (15) Dividends and other adjustments........... (165,704) 35,074 (143,910) (17,187) (5,310) (34,372) 1 --------- --------- --------- -------- -------- --------- ----- Balance at December 31, 2000................... $ 550,510 $(752,025) $ 550,509 $465,080 $287,074 $ -- $(128) ========= ========= ========= ======== ======== ========= =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 119 DOMINION ENERGY, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Domestic Foreign Consolidating Power Power Dominion Energy Entries and Dominion Oil&Gas Generation Generation Dominion Energy Consolidated Adjustments Energy (Page 150) (Page 130) (Page 144) Management, Inc. --------------- ------------- -------- ---------- ---------- ---------- ---------------- Net Income.............. $84,698 $(115,820) $84,698 $85,550 $27,212 $3,073 $(15) ------- --------- ------- ------- ------- ------ ---- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------- --------- ------- ------- ------- ------ ---- Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ (2,890) 6,740 (2,890) (6,740) Minimum pension liability adjustment.. ------- --------- ------- ------- ------- ------ ---- Other comprehensive income (Loss).......... (2,890) 6,740 (2,890) (6,740) ------- --------- ------- ------- ------- ------ ---- Comprehensive Income.... $81,808 $(109,080) $81,808 $78,810 $27,212 $3,073 $(15) ======= ========= ======= ======= ======= ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 120 DOMINION ENERGY, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Domestic Foreign Consolidating Power Power Dominion Dominion Energy Entries and Dominion Oil & Gas Generation Generation Energy Consolidated Adjustments Energy (Page 151) (Page 130) (Page 145) Management, Inc. --------------- ------------- --------- ---------- ---------- ---------- ---------------- Cash flows from (used in) operating activities: Net income.............. $ 84,698 $(115,820) $ 84,698 $ 85,550 $ 27,212 $ 3,073 $ (15) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... 68 68 Depreciation and amortization.......... 121,821 403 4,770 101,152 12,730 2,766 Deferred income taxes.. 19,362 (20,561) 25,755 14,168 Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... (56,210) 6,776 183,965 (245,801) 829 (1,922) (57) Inventories............ 4,778 6,053 (1,317) 42 Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. (67,016) 157,085 (346,055) 118,208 5,279 (1,616) 83 Accrued interest and taxes................. (234) (1) 4,682 (6,366) (879) 2,337 (7) Commodity contract assets and liabilities........... Net assets held for sale.................. Other.................. (9,744) 112,492 (118,733) 8,525 (12,347) 323 (4) --------- --------- --------- --------- -------- -------- ----- Net cash flows from operating activities.......... 97,523 160,935 (207,166) 93,076 45,675 5,003 Cash flow from (used in) investing activities: Plant construction and other property additions.............. (64,966) (53,671) (6,003) (5,248) (44) Acquisition of exploration and production assets...... (138,329) (138,329) Loan originations....... Repayments of loan originations........... Sale of businesses...... 83,554 149,788 (19) (66,215) Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... 12,527 5,525 6,935 67 Other................... (9,841) 3,001 (2,798) 5,313 (22,095) 6,738 --------- --------- --------- --------- -------- -------- ----- Net cash flow used in investing activities.......... (117,055) 3,001 98,844 (132,103) (27,276) (59,521) Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ 399,191 (209,812) 528,850 71,373 8,866 (86) Issuance of long term debt................... Repayment of long term debt................... (243,776) 45,876 (269,303) (13,908) (6,330) (111) Common dividend payments............... (163,863) (145,263) (18,600) Other................... 1,377 769 205 403 --------- --------- --------- --------- -------- -------- ----- Net cash flow from (used in) financing activities............. (7,071) (163,936) 115,053 39,070 2,939 (197) --------- --------- --------- --------- -------- -------- ----- Increase (decrease) in cash and cash equivalents............ (26,603) 6,731 43 21,338 (54,715) Cash and cash equivalents at beginning of the year.. 61,555 (2,916) 9,744 12 54,715 --------- --------- --------- --------- -------- -------- ----- Cash and cash equivalents at end of the year............... $ 34,952 $ -- $ 3,815 $ 9,787 $ 21,350 $ -- $ -- ========= ========= ========= ========= ======== ======== =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 121 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Domestic Dominion Power Consolidating Dominion Dominion Kincaid, Dominion Generation Entries and Dominion Energy Services Cogen WV, Inc. Dominion Elwood III, Consolidated Adjustments Cogen, Inc. Company, Inc. Inc. (Page 134) Elwood, Inc. Inc.* ------------ ------------- ----------- --------------- --------- ---------- ------------ ----------- Current assets: Cash and cash equivalents....... $ 21,350 $ -- $ -- $ 7 $ -- $ 21,343 $ -- $ -- Accounts receivable: Customers (less allowance)....... Other............. 49,990 (459) 3,084 10,861 99 7,260 1,694 Inventories: Materials and supplies......... Fossil fuel....... Gas stored-- current portion.. Investment securities-- trading........... Mortgage loans held for sale.......... Commodity contract assets............ 11,059 Unrecovered gas costs............. Broker margin deposits.......... Prepayments........ Net assets held for sale.............. Other.............. 6,377 705 692 4,682 -------- ----- ------- ------- ------- -------- -------- ----- Total current assets........... 88,776 (459) 3,084 11,573 791 33,285 1,694 -------- ----- ------- ------- ------- -------- -------- ----- Investments: Loans receivable, net............... Investments in affiliates........ 118,112 11,627 106,654 (169) Available for sale securities........ Nuclear decommissioning trust funds....... Investment in real estate............ Other.............. 98,758 64,929 3,057 20,301 10,301 -------- ----- ------- ------- ------- -------- -------- ----- Total net investments...... 216,870 64,929 3,057 31,928 10,301 106,654 (169) -------- ----- ------- ------- ------- -------- -------- ----- Property, plant and equipment: Property, plant and equipment......... 361,410 360,131 Less accumulated depreciation, depletion and amortization...... 26,054 26,054 -------- ----- ------- ------- ------- -------- -------- ----- Property, plant and equipment, net.............. 335,356 334,077 -------- ----- ------- ------- ------- -------- -------- ----- Deferred charges and other assets: Goodwill, net...... Regulatory assets, net............... Prepaid pension costs............. Other, net......... 30,873 1 1,995 6,501 -------- ----- ------- ------- ------- -------- -------- ----- Total deferred charges and other assets........... 30,873 1 1,995 6,501 -------- ----- ------- ------- ------- -------- -------- ----- Total Assets....... $671,875 $(459) $68,013 $14,631 $34,714 $384,164 $108,348 $(169) ======== ===== ======= ======= ======= ======== ======== =====
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 122 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Elwood Energy Dominion Dominion Dominion Dominion Services Construction Energy Direct Dominion Equipment, Energy Fairless Hills, Company, Inc. Company, Inc. Sales, Inc. Cogen NY, Inc. Inc.* Exchange, Inc. Inc. ------------- ------------- ------------- -------------- ---------- -------------- --------------- Current assets: Cash and cash equivalents.......... $ -- $ -- $ -- $ -- $ -- $ -- $ -- Accounts receivable: Customers (less allowance).......... Other................ 565 26,886 Inventories: Materials and supplies............ Fossil fuel.......... Gas stored--current portion............. Investment securities--trading.. Mortgage loans held for sale............. Commodity contract assets............... 11,059 Unrecovered gas costs................ Broker margin deposits............. Prepayments........... Net assets held for sale................. Other................. (130) 428 ----- ----- ------- ----- ----- ------ ------- Total current assets.............. 565 37,815 428 ----- ----- ------- ----- ----- ------ ------- Investments: Loans receivable, net.................. Investments in affiliates........... Available for sale securities........... Nuclear decommissioning trust funds................ Investment in real estate............... Other................. 170 ----- ----- ------- ----- ----- ------ ------- Total net investments......... 170 ----- ----- ------- ----- ----- ------ ------- Property, plant and equipment: Property, plant and equipment............ 1,279 Less accumulated depreciation, depletion and amortization......... ----- ----- ------- ----- ----- ------ ------- Property, plant and equipment, net...... 1,279 ----- ----- ------- ----- ----- ------ ------- Deferred charges and other assets: Goodwill, net......... Regulatory assets, net.................. Prepaid pension costs................ Other, net............ 944 2,500 18,932 ----- ----- ------- ----- ----- ------ ------- Total deferred charges and other assets.............. 944 2,500 18,932 ----- ----- ------- ----- ----- ------ ------- Total Assets.......... $ 565 $ -- $40,208 $ -- $ 428 $2,500 $18,932 ===== ===== ======= ===== ===== ====== =======
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 123 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Domestic Dominion Power Consolidating Dominion Dominion Kincaid, Dominion Generation Entries and Dominion Energy Services Cogen WV, Inc. Dominion Elwood III, Consolidated Adjustments Cogen, Inc. Company, Inc. Inc. (Page 135) Elwood, Inc. Inc.* ------------ ------------- ----------- --------------- --------- ---------- ------------ ----------- Current liabilities: Securities due within one year... $ 6,330 $ -- $ -- $ -- $ -- $ 6,330 $ -- $ -- Short-term debt.... Accounts payable, trade............. 53,855 (459) 718 8,272 Accrued interest... 987 150 (6) 843 Accrued payroll.... Accrued taxes...... 3,666 346 2,643 (227) 437 1,490 (59) Commodity contract liabilities....... 245 Other.............. 19,933 1,569 278 -------- ----- ------- ------- ------- -------- -------- ----- Total current liabilities...... 85,016 (459) 496 4,924 (227) 16,160 1,490 (59) -------- ----- ------- ------- ------- -------- -------- ----- Long term debt..... 263,474 296 259,430 3,200 -------- ----- ------- ------- ------- -------- -------- ----- Deferred credits and other liabilities: Deferred income taxes............. 33,372 (58) 272 14,154 12,387 6,789 Deferred investment tax credits....... Other.............. 1,744 1,472 -------- ----- ------- ------- ------- -------- -------- ----- Total deferred credits and other liabilities...... 35,116 (58) 1,744 14,154 12,387 6,789 -------- ----- ------- ------- ------- -------- -------- ----- Total Liabilities.. 383,606 (459) 734 6,668 13,927 287,977 11,479 (59) -------- ----- ------- ------- ------- -------- -------- ----- Minority interest.. 1,195 1,195 Obligated mandatorily redeemable preferred securities of subsidiary trusts............ Preferred stock no subject to mandatory redemption........ Common shareholders' equity: Common Stock....... 35,104 35,000 1 1 Other paid in capital........... 167,476 1,723 21,997 56,429 87,336 Accumulated other comprehensive income............ Retained earnings.. 84,494 30,556 7,962 (1,211) 38,563 9,533 (110) -------- ----- ------- ------- ------- -------- -------- ----- Total common shareholders' equity........... 287,074 67,279 7,963 20,787 94,992 96,869 (110) -------- ----- ------- ------- ------- -------- -------- ----- Total Liabilities and shareholders' equity............ $671,875 $(459) $68,013 $14,631 $34,714 $384,164 $108,348 $(169) ======== ===== ======= ======= ======= ======== ======== =====
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 124 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Dominion Elwood Energy Dominion Dominion Dominion Dominion Fairless Services Construction Energy Direct Cogen NY, Equipment, Energy Hills, Company, Inc. Company, Inc. Sales, Inc. Inc. Inc.* Exchange, Inc. Inc. ------------- ------------- ------------- --------- ---------- -------------- -------- Current liabilities: Securities due within one year............... $ -- $ -- $ -- $ -- $ -- $ -- $ -- Short-term debt......... Accounts payable, trade.................. 21 326 23,036 182 328 2,499 18,932 Accrued interest........ Accrued payroll......... Accrued taxes........... 172 (874) (422) 160 Commodity contract liabilities............ 245 Other................... 86 18,000 ----- ----- ------- ----- ----- ------ ------- Total current liabilities........... 279 (548) 40,859 342 328 2,499 18,932 ----- ----- ------- ----- ----- ------ ------- Long term debt.......... 548 ----- ----- ------- ----- ----- ------ ------- Deferred credits and other liabilities: Deferred income taxes... (33) (148) 9 Deferred investment tax credits................ Other................... 272 ----- ----- ------- ----- ----- ------ ------- Total deferred credits and other liabilities........... (33) 124 9 ----- ----- ------- ----- ----- ------ ------- Total Liabilities....... 246 40,983 351 328 2,499 18,932 Minority interest....... Obligated mandatorily redeemable preferred securities of subsidiary trusts...... Preferred stock not subject to mandatory redemption............. Common shareholders' equity: Common Stock............ 1 100 1 Other paid in capital... 1 301 (311) Accumulated other comprehensive income... Retained earnings....... 318 (1,076) (41) 0 ----- ----- ------- ----- ----- ------ ------- Total common shareholders' equity.. 319 (775) (351) 100 1 ----- ----- ------- ----- ----- ------ ------- Total Liabilities and shareholders' equity... $ 565 $ -- $40,208 $ -- $ 428 $2,500 $18,932 ===== ===== ======= ===== ===== ====== =======
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 125 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Domestic Energy Dominion Dominion Power Consolidating Dominion Services Dominion Kincaid, Dominion Elwood Generation Entries and Cogen, Company, Cogen Inc. Elwood, III, Consolidated Adjustments Inc. Inc. WV, Inc (Page 136) Inc. Inc.* ------------ ------------- -------- -------- -------- ---------- -------- -------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... $ 83,833 $ -- $ -- $ -- $ -- $83,211 $ -- $ -- Gas.................... 24,008 Gas transportation and storage................ Oil and gas production.. Other................... 16,917 3,137 1,043 12,502 (169) -------- ----- ------ ------ ------ ------- ------- ----- Total.................. 124,758 3,137 1,043 83,211 12,502 (169) -------- ----- ------ ------ ------ ------- ------- ----- Expenses: Fuel, net............... 1,350 3,180 Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 58,094 (1,454) 26,852 6 Depreciation, depletion and amortization....... 12,730 76 12,654 Other taxes............. 2,408 1,105 1,101 -------- ----- ------ ------ ------ ------- ------- ----- Total.................. 74,582 (349) 76 43,787 6 -------- ----- ------ ------ ------ ------- ------- ----- Income from Operations............ 50,176 3,486 967 39,424 12,496 (169) Other Income............ 13,733 5,197 626 1,306 1,887 -------- ----- ------ ------ ------ ------- ------- ----- Income before interest and income taxes....... 63,909 5,197 4,112 2,273 41,311 12,496 (169) -------- ----- ------ ------ ------ ------- ------- ----- Interest and related charges: Interest charges........ 19,293 19,293 Preferred dividends and distributions of subsidiary trusts...... -------- ----- ------ ------ ------ ------- ------- ----- Total.................. 19,293 19,293 -------- ----- ------ ------ ------ ------- ------- ----- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 44,616 5,197 4,112 2,273 22,018 12,496 (169) Income taxes............ 17,184 1,813 1,519 799 8,665 4,869 (59) Minority interests...... 220 220 -------- ----- ------ ------ ------ ------- ------- ----- Income before extraordinary item and cumulative effect of a change in accounting principle............. 27,212 3,384 2,593 1,474 13,133 7,627 (110) Extraordinary item, net.................... Cumulative effect of a change in accounting principle, net......... -------- ----- ------ ------ ------ ------- ------- ----- Net Income............. $ 27,212 $ -- $3,384 $2,593 $1,474 $13,133 $ 7,627 $(110) ======== ===== ====== ====== ====== ======= ======= =====
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 126 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING INCOME STATEMENT--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Elwood Energy Energy Dominion Services Construction Direct Dominion Dominion Energy Dominion Company, Company, Sales, Cogen NY, Equipment, Exchange, Fairless Hills, Inc. Inc. Inc. Inc. Inc.* Inc. Inc. -------- ------------ -------- --------- ---------- --------- --------------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... $-- $-- $ 622 $-- $-- $-- $-- Gas.................... 24,008 Gas transportation and storage................ Oil and gas production.. Other................... 404 ---- ---- ------- ---- ---- ---- ---- Total.................. 404 24,630 ---- ---- ------- ---- ---- ---- ---- Expenses: Fuel, net............... (1,830) Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 22 (4) 32,672 Depreciation, depletion and amortization....... Other taxes............. 41 4 157 ---- ---- ------- ---- ---- ---- ---- Total.................. 63 30,999 ---- ---- ------- ---- ---- ---- ---- Income from Operations............ 341 (6,369) Other Income............ 4,717 ---- ---- ------- ---- ---- ---- ---- Income before interest and income taxes....... 341 (1,652) ---- ---- ------- ---- ---- ---- ---- Interest and related charges: Interest charges........ Preferred dividends and distributions of subsidiary trusts...... ---- ---- ------- ---- ---- ---- ---- Total.................. ---- ---- ------- ---- ---- ---- ---- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 341 (1,652) Income taxes............ 155 (577) Minority interests...... ---- ---- ------- ---- ---- ---- ---- Income before extraordinary item and cumulative effect of a change in accounting principle............. 186 (1,075) Extraordinary item, net.................... Cumulative effect of a change in accounting principle, net......... ---- ---- ------- ---- ---- ---- ---- Net Income............. $186 $-- $(1,075) $-- $-- $-- $-- ==== ==== ======= ==== ==== ==== ====
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 127 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion Domestic Energy Dominion Power Consolidating Dominion Services Kincaid, Generation Entries and Cogen, Company, Dominion Inc. Dominion Dominion Consolidated Adjustments Inc. Inc. Cogen WV, Inc (Page 137) Elwood, Inc. Elwood III, Inc. * ------------ ------------- -------- -------- ------------- ---------- ------------ ------------------ Balance at December 31, 1999.............. $265,071 $-- $63,895 $5,370 $19,314 $81,858 $94,853 $ -- -------- ---- ------- ------ ------- ------- ------- ----- Issuance of stock--CNG acquisition...... Issuance of stock through public offering......... Issuance of stock through employee, executive loan and direct stock purchase plans... Stock repurchase and retirement... Premium income equity securities....... Other common stock activity......... 101 Comprehensive income........... 27,212 3,384 2,593 1,474 13,133 7,627 (110) Dividends and other adjustments...... (5,310) (1) 1 (5,611) -------- ---- ------- ------ ------- ------- ------- ----- Balance at December 31, 2000.............. $287,074 $-- $67,279 $7,963 $20,787 $94,992 $96,869 $(110) ======== ==== ======= ====== ======= ======= ======= =====
-------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 128 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Dominion Elwood Energy Energy Dominion Services Construction Direct Dominion Dominion Energy Company, Inc. Company, Inc. Sales, Inc. Cogen NY, Inc. Equipment, Inc. * Exchange, Inc. ------------- ------------- ----------- -------------- ----------------- -------------- Balance at December 31, 1999................... $132 $-- $ -- $(351) $-- $-- ---- ---- ------- ----- ---- ---- Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 100 1 Comprehensive income... 186 (1,075) Dividends and other adjustments........... 1 300 ---- ---- ------- ----- ---- ---- Balance at December 31, 2000................... $319 $-- $ (775) $(351) $100 $1 ==== ==== ======= ===== ==== ====
-------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 129 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Domestic Energy Dominion Power Consolidating Dominion Services Dominion Kincaid, Dominion Generation Entries and Cogen, Company, Cogen Inc. Elwood, Consolidated Adjustments Inc. Inc. WV, Inc. (Page 138) Inc. ------------ ------------- -------- -------- -------- ---------- -------- Net Income.............. $27,212 $-- $3,384 $2,593 $1,474 $13,133 $7,627 ------- ---- ------ ------ ------ ------- ------ Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------- ---- ------ ------ ------ ------- ------ Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ------- ---- ------ ------ ------ ------- ------ Other comprehensive income (Loss).......... ------- ---- ------ ------ ------ ------- ------ Comprehensive Income.... $27,212 $-- $3,384 $2,593 $1,474 $13,133 $7,627 ======= ==== ====== ====== ====== ======= ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 130 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Dominion Elwood Energy Energy Dominion Dominion Elwood Services Construction Direct Dominion Dominion Energy Fairless III, Company, Company, Sales, Cogen Equipment, Exchange, Hills, Inc. * Inc. Inc. Inc. NY, Inc. Inc.* Inc. Inc. -------- -------- ------------ -------- -------- ---------- --------- -------- Net Income.............. $(110) $186 $-- $(1,075) $-- $-- $-- $-- ----- ---- ---- ------- ---- ---- ---- ---- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ----- ---- ---- ------- ---- ---- ---- ---- Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ----- ---- ---- ------- ---- ---- ---- ---- Other comprehensive income (Loss).......... ----- ---- ---- ------- ---- ---- ---- ---- Comprehensive Income.... $(110) $186 $-- $(1,075) $-- $-- $-- $-- ===== ==== ==== ======= ==== ==== ==== ====
-------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 131 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Domestic Dominion Dominion Power Consolidating Dominion Energy Dominion Kincaid, Dominion Dominion Generation Entries and Cogen, Services Cogen WV, Inc. Elwood, Elwood III, Consolidated Adjustments Inc. Company, Inc. Inc (Page 139) Inc. Inc. * ------------ ------------- -------- ------------- --------- ---------- -------- ----------- Cash flows from (used in) operating activities: Net income.............. $ 27,212 $-- $ 3,384 $ 2,593 $ 1,474 $13,133 $ 7,627 $(110) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... 12,730 76 12,654 Deferred income taxes.. 14,168 (6) 547 1,415 6,230 6,151 Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... 829 (2,784) (921) 1,878 1,448 (994) Inventories............ (1,317) (509) (808) Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. 5,279 (2,400) (3,222) (3,843) (3,900) Accrued interest and taxes................. (879) 19 2,574 (516) (2,124) 418 (59) Commodity contract assets and liabilities........... Net assets held for sale.................. Other................... (12,347) (1,214) (1,043) (90) (12,502) 140 -------- ---- ------- ------- ------- ------- -------- ----- Net cash flows from operating activities.. 45,675 (1,787) 357 2,775 26,600 (3,200) (29) Cash flow from (used in) investing activities: Plant construction and other property additions.............. (5,248) (3,969) Acquisition of exploration and production assets...... Loan originations....... Repayments of loan originations........... Sale of businesses...... Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... 67 38 29 Other .................. (22,095) (1) 9 -------- ---- ------- ------- ------- ------- -------- ----- Net cash flow used in investing activities.. (27,276) 38 (1) (3,960) 29 Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ 8,866 1,749 (351) (2,775) 5,023 3,200 Issuance of long term debt................... Repayment of long term debt................... (6,330) (6,330) Common dividend payments............... Other................... 403 -------- ---- ------- ------- ------- ------- -------- ----- Net cash flow from (used in) financing activities............. 2,939 1,749 (351) (2,775) (1,307) 3,200 -------- ---- ------- ------- ------- ------- -------- ----- Increase (decrease) in cash and cash equivalents............ 21,338 5 21,333 Cash and cash equivalents at beginning of the year.. 12 2 10 -------- ---- ------- ------- ------- ------- -------- ----- Cash and cash equivalents at end of the year............... $ 21,350 $-- $ -- $ 7 $ -- $21,343 $ -- $ -- ======== ==== ======= ======= ======= ======= ======== =====
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 132 DOMINION ENERGY, INC.--DOMESTIC POWER GENERATION CONSOLIDATING STATEMENT OF CASH FLOWS--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Dominion Elwood Energy Dominion Dominion Dominion Energy Fairless Services Construction Energy Direct Cogen NY, Equipment, Exchange, Hills, Company, Inc. Company, Inc. Sales, Inc. Inc. Inc.* Inc. Inc. ------------- ------------- ------------- --------- ---------- --------- -------- Cash flows from (used in) operating activities: Net income.............. $ 186 $ -- $ (1,075) $ -- $ -- $ -- $-- Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... Deferred income taxes.. (21) (148) Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... 93 28,995 (26,886) Inventories............ Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. (411) (25,312) 23,036 2,499 18,932 (100) Accrued interest and taxes................. 105 (874) (422) Commodity contract assets and liabilities........... Net assets held for sale.................. Other................... 47 (4,999) 7,314 ----- -------- -------- ------- -------- ----- ---- Net cash flows from operating activities.. (1) (2,190) 1,819 2,499 18,932 (100) -- Cash flow from (used in) investing activities: Plant construction and other property additions.............. (1,279) Acquisition of exploration and production assets...... Loan originations....... Repayments of loan originations........... Sale of businesses...... Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... Other .................. (671) (2,500) (18,932) ----- -------- -------- ------- -------- ----- ---- Net cash flow used in investing activities.. -- -- (1,950) (2,500) (18,932) -- -- Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ 2,190 (170) Issuance of long term debt................... Repayment of long term debt................... Common dividend payments............... Other................... 1 301 1 100 ----- -------- -------- ------- -------- ----- ---- Net cash flow from (used in) financing activities............. 1 2,190 131 1 -- 100 -- ----- -------- -------- ------- -------- ----- ---- Increase (decrease) in cash and cash equivalents............ -- -- -- -- -- -- -- Cash and cash equivalents at beginning of the year................... -- ----- -------- -------- ------- -------- ----- ---- Cash and cash equivalents at end of the year............... $ -- $ -- $ -- $ -- $ -- $ -- $-- ===== ======== ======== ======= ======== ===== ====
------- * Dominion Elwood III, Inc. and Dominion Equipment, Inc. are subsidiaries of Dominion Generation, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 133 DOMINION KINCAID, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Kincaid, Consolidating Dominion Kincaid Inc. Entries and Kincaid, Generation, Consolidated Adjustments Inc. LLC ------------ ------------- -------- ----------- Current assets: Cash and cash equivalents...... $ 21,343 $ -- $ -- $ 21,343 Accounts receivable: Customers (less allowance).... Other......................... 7,260 7,260 Inventories: Materials and supplies........ Fossil fuel................... Gas stored--current portion... Investment securities-- trading....................... Mortgage loans held for sale... Commodity contract assets...... Unrecovered gas costs.......... Broker margin deposits......... Prepayments.................... Net assets held for sale....... Other.......................... 4,682 4,682 -------- --------- -------- -------- Total current assets.......... 33,285 33,285 -------- --------- -------- -------- Investments: Loans receivable, net.......... Investments in affiliates...... Available for sale securities.. Nuclear decommissioning trust funds......................... Investment in real estate...... Other.......................... 10,301 (118,352) 118,352 10,301 -------- --------- -------- -------- Total net investments......... 10,301 (118,352) 118,352 10,301 -------- --------- -------- -------- Property, plant and equipment: Property, plant and equipment.. 360,131 360,131 Less accumulated depreciation, depletion and amortization.... 26,054 26,054 -------- --------- -------- -------- Property, plant and equipment, net.......................... 334,077 334,077 -------- --------- -------- -------- Deferred charges and other assets: Goodwill, net.................. Regulatory assets, net......... Prepaid pension costs.......... Other, net..................... 6,501 6,501 -------- --------- -------- -------- Total deferred charges and other assets................. 6,501 6,501 -------- --------- -------- -------- Total Assets................... $384,164 $(118,352) $118,352 $384,164 ======== ========= ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 134 DOMINION KINCAID, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Kincaid, Consolidating Dominion Kincaid Inc. Entries and Kincaid, Generation, Consolidated Adjustments Inc. LLC ------------ ------------- -------- ----------- Current liabilities: Securities due within one year......................... $ 6,330 $ -- $ -- $ 6,330 Short-term debt............... Accounts payable, trade....... 8,272 4,121 4,151 Accrued interest.............. 843 843 Accrued payroll............... Accrued taxes................. 437 (122) 559 Commodity contract liabilities.................. Other......................... 278 278 -------- --------- -------- -------- Total current liabilities.... 16,160 3,999 12,161 -------- --------- -------- -------- Long term debt................ 259,430 6,974 252,456 -------- --------- -------- -------- Deferred credits and other liabilities: Deferred income taxes......... 12,387 12,387 Deferred investment tax credits...................... Other......................... -------- --------- -------- -------- Total deferred credits and other liabilities........... 12,387 12,387 -------- --------- -------- -------- Total Liabilities............. 287,977 23,360 264,617 -------- --------- -------- -------- Minority interest............. 1,195 1,195 Obligated mandatorily redeemable preferred securities of subsidiary trusts....................... Preferred stock no subject to mandatory redemption......... Common shareholders' equity: Common Stock.................. Other paid in capital......... 56,429 (54,899) 56,429 54,899 Accumulated other comprehensive income......... Retained earnings............. 38,563 (64,648) 38,563 64,648 -------- --------- -------- -------- Total common shareholders' equity...................... 94,992 (119,547) 94,992 119,547 -------- --------- -------- -------- Total Liabilities and shareholders' equity......... $384,164 $(118,352) $118,352 $384,164 ======== ========= ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 135 DOMINION KINCAID, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Kincaid, Consolidating Kincaid Inc. Entries and Dominion Generation, Consolidated Adjustments Kincaid, Inc. LLC ------------ ------------- ------------- ----------- Operating Revenue: Regulated sales........... Electric................. Gas...................... Nonregulated sales........ Electric................. $83,211 $ -- $ -- $83,211 Gas...................... Gas transportation and storage.................. Oil and gas production.... Other..................... (21,799) 21,799 ------- -------- ------- ------- Total.................... 83,211 (21,799) 21,799 83,211 ------- -------- ------- ------- Expenses: Fuel, net................. 3,180 3,180 Purchased power capacity, net...................... Purchased gas, net........ Liquids, capacity and other products purchased................ Restructuring and other acquisition related costs.................... Other operation and maintenance.............. 26,852 26,852 Depreciation, depletion and amortization......... 12,654 12,654 Other taxes............... 1,101 1,101 ------- -------- ------- ------- Total.................... 43,787 43,787 ------- -------- ------- ------- Income from Operations... 39,424 (21,799) 21,799 39,424 Other Income.............. 1,887 1,887 ------- -------- ------- ------- Income before interest and income taxes........ 41,311 (21,799) 21,799 41,311 ------- -------- ------- ------- Interest and related charges: Interest charges.......... 19,293 19,293 ------- -------- ------- ------- Preferred dividends and distributions of subsidiary trusts........ Total.................... 19,293 19,293 ------- -------- ------- ------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle.... 22,018 (21,799) 21,799 22,018 Income taxes.............. 8,665 8,665 Minority interests........ 220 220 ------- -------- ------- ------- Income before extraordinary item and cumulative effect of a change in accounting principle............... 13,133 (22,019) 13,134 22,018 Extraordinary item, net... Cumulative effect of a change in accounting principle, net........... ------- -------- ------- ------- Net Income............... $13,133 $(22,019) $13,134 $22,018 ======= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 136 DOMINION KINCAID, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion Kincaid, Consolidating Kincaid Inc. Entries and Dominion Generation, Consolidated Adjustments Kincaid, Inc. LLC ------------ ------------- ------------- ----------- Balance at December 31, 1999..................... $81,858 $ (97,528) $81,858 $ 97,528 ------- --------- ------- -------- Issuance of stock--CNG acquisition............ Issuance of stock through public offering............... Issuance of stock through employee, executive loan and direct stock purchase plans.................. Stock repurchase and retirement............. Premium income equity securities............. Other common stock activity............... Comprehensive income.... 13,133 (22,019) 13,134 22,018 Dividends and other adjustments............ 1 1 ------- --------- ------- -------- Balance at December 31, 2000..................... $94,992 $(119,547) $94,992 $119,547 ======= ========= ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 137 DOMINION KINCAID, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Kincaid, Consolidating Dominion Kincaid Inc. Entries and Kincaid, Generation, Consolidated Adjustments Inc. LLC ------------ ------------- -------- ----------- Net Income..................... $13,133 $(22,019) $13,134 $22,018 ------- -------- ------- ------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities................... Less: reclassification adjustment for gains (losses) realized in net income....... ------- -------- ------- ------- Unrealized gains (losses) on investment securities........ Foreign currency translation adjustment................... Minimum pension liability adjustment................... ------- -------- ------- ------- Other comprehensive income (Loss)........................ ------- -------- ------- ------- Comprehensive Income........... $13,133 $(22,019) $13,134 $22,018 ======= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this Statement. 138 DOMINION KINCAID, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Kincaid, Consolidating Kincaid Inc. Entries and Dominion Generation, Consolidated Adjustments Kincaid, Inc. LLC ------------ ------------- ------------- ----------- Cash flows from (used in) operating activities: Net income................ $13,133 $(22,019) $ 13,134 $22,018 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............... Restructuring and other acquisition related costs................... DCI impairment losses.... Extraordinary item, net.. Impairment of regulatory assets.................. Gains on sales of subsidiaries............ Depreciation and amortization............ 12,654 12,654 Deferred income taxes.... 6,230 (6,230) 6,230 6,230 Deferred fuel expense.... Changes in current assets and liabilities: Accounts receivable...... 1,448 (3,000) 3,000 1,448 Inventories.............. (808) (808) Unrecovered gas costs.... Purchase and origination of mortgages............ Proceeds from sale and principal collections of mortgages............... Accounts payable, trade.. (3,843) 2,300 (2,300) (3,843) Accrued interest and taxes................... (2,124) 2,114 (2,114) (2,124) Commodity contract assets and liabilities......... Net assets held for sale.................... Other.................... (90) 30,684 (21,799) (8,975) ------- -------- -------- ------- Net cash flows from operating activities.... 26,600 3,849 (3,849) 26,600 ------- -------- -------- ------- Cash flow from (used in) investing activities: Plant construction and other property additions................ (3,969) (3,969) Acquisition of exploration and production assets.... Loan originations......... Repayments of loan originations............. Sale of businesses........ Sale of marketable securities............... Purchase of debt securities............... Acquisition of businesses............... Other investments......... Other..................... 9 9 ------- -------- -------- ------- Net cash flow used in investing activities.... (3,960) (3,960) ------- -------- -------- ------- Cash flow from (used in) financing activities: Issuance of common stock.. Repurchase of common stock.................... Issuance (repayment) of short term debt.......... 5,023 (3,849) 3,849 5,023 Issuance of long term debt..................... Repayment of long term debt..................... (6,330) (6,330) Common dividend payments.. Other..................... ------- -------- -------- ------- Net cash flow from (used in) financing activities............... (1,307) (3,849) 3,849 (1,307) ------- -------- -------- ------- Increase (decrease) in cash and cash equivalents.............. 21,333 21,333 Cash and cash equivalents at beginning of the year..................... 10 10 ------- -------- -------- ------- Cash and cash equivalents at end of the year....... $21,343 $ -- $ -- $21,343 ======= ======== ======== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 139 DOMINION ENERGY, INC.--FOREIGN POWER GENERATION CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Dominion Foreign Energy Dominion Energy Power Consolidating Company Management Interamerican Generation Entries and (Caymen Argentina Holding Co Consolidated Adjustments Islands) SA LDC ------------ ------------- -------- ---------- ------------- Current assets: Cash and cash equivalents............ $-- $-- $-- $-- $-- Accounts receivable: Customers (less allowance)............ Other.................. Inventories: Materials and supplies.............. Fossil fuel............ Gas stored--current portion............... Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. Unrecovered gas costs... Broker margin deposits.. Prepayments............. Net assets held for sale................... Other................... ---- ---- ---- ---- ---- Total current assets... ---- ---- ---- ---- ---- Investments: Loans receivable, net... Investments in affiliates............. Available for sale securities............. Nuclear decommissioning trust funds............ Investment in real estate................. Other................... ---- ---- ---- ---- ---- Total net investments.. ---- ---- ---- ---- ---- Property, plant and equipment: Property, plant and equipment.............. Less accumulated depreciation, depletion and amortization....... ---- ---- ---- ---- ---- Property, plant and equipment, net........ ---- ---- ---- ---- ---- Deferred charges and other assets: Goodwill, net........... Regulatory assets, net.. Prepaid pension costs... Other, net.............. ---- ---- ---- ---- ---- Total deferred charges and other assets...... ---- ---- ---- ---- ---- Total Assets............ $-- $-- $-- $-- $-- ==== ==== ==== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 140 DOMINION ENERGY INC.--FOREIGN POWER GENERATION CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Foreign Energy Energy Power Consolidating Company Dominion Interamerican Generation Entries and (Cayman Management Holding Co Consolidated Adjustments Islands) Argentina SA LDC ------------ ------------- -------- ------------ ------------- Current liabilities: Securities due within one year............... $-- $-- $-- $-- $-- Short-term debt......... Accounts payable, trade.................. Accrued interest........ Accrued payroll......... Accrued taxes........... Commodity contract liabilities............ Other................... ---- ---- ---- ---- ---- Total current liabilities........... ---- ---- ---- ---- ---- Long term debt.......... ---- ---- ---- ---- ---- Deferred credits and other liabilities: Deferred income taxes... Deferred investment tax credits................ Other................... ---- ---- ---- ---- ---- Total deferred credits and other liabilities........... ---- ---- ---- ---- ---- Total Liabilities....... ---- ---- ---- ---- ---- Minority interest....... Obligated mandatorily redeemable preferred securities of subsidiary trusts...... Preferred stock not subject to mandatory redemption............. Common shareholders' equity: Common Stock............ Other paid in capital... Accumulated other comprehensive income... Retained earnings....... ---- ---- ---- ---- ---- Total common shareholders' equity.. ---- ---- ---- ---- ---- Total Liabilities and shareholders' equity... $-- $-- $-- $-- $-- ==== ==== ==== ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 141 DOMINION ENERGY INC.--FOREIGN POWER GENERATION CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Foreign Energy Energy Power Consolidating Company Dominion Interamerican Generation Entries and (Cayman Management Holding Co Consolidated Adjustments Islands) Argentina SA LDC ------------ ------------- -------- ------------ ------------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... $12,976 $-- $7,477 $-- $5,499 Gas.................... Gas transportation and storage................ Oil and gas production.. Other................... 121 121 ------- ---- ------ ---- ------ Total.................. 13,097 7,477 121 5,499 ------- ---- ------ ---- ------ Expenses: Fuel, net............... 1,238 1,238 Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 3,656 2,267 154 1,235 Depreciation, depletion and amortization....... 2,529 1,507 7 1,015 Other taxes............. 757 753 4 ------- ---- ------ ---- ------ Total.................. 8,180 5,765 165 2,250 ------- ---- ------ ---- ------ Income from Operations............ 4,917 1,712 (44) 3,249 Other Income............ 2,816 969 (1) 1,848 ------- ---- ------ ---- ------ Income before interest and income taxes...... 7,733 2,681 (45) 5,097 ------- ---- ------ ---- ------ Interest and related charges: Interest charges........ 2,561 2,043 518 Preferred dividends and distributions of subsidiary trusts...... ------- ---- ------ ---- ------ Total.................. 2,561 2,043 518 ------- ---- ------ ---- ------ Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 5,172 638 (45) 4,579 Income taxes............ 164 (931) 1,095 Minority interests...... 1,935 184 1,751 ------- ---- ------ ---- ------ Income before extraordinary item and cumulative effect of a change in accounting principle............. 3,073 1,385 (45) 1,733 Extraordinary item, net.................... Cumulative effect of a change in accounting principle, net......... ------- ---- ------ ---- ------ Net Income............. $ 3,073 $-- $1,385 $(45) $1,733 ======= ==== ====== ==== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 142 DOMINION ENERGY, INC.--FOREIGN POWER GENERATION CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion Energy Dominion Foreign Power Consolidating Company Dominion Energy Generation Entries and (Caymen Management Interamerican Consolidated Adjustments Islands) Argentina SA Holding Co LDC ------------- ------------- -------- ------------ -------------- Balance at December 31, 1999................... $ 190,353 $-- $102,625 $ 1,044 $ 86,684 --------- ---- -------- ------- -------- Issuance of stock--CNG acquisition.......... Issuance of stock through public offering............. Issuance of stock through employee, executive loan and direct stock purchase plans................ Stock repurchase and retirement........... Premium income equity securities........... Other common stock activity............. (159,054) (98,627) (1,631) (58,796) Comprehensive income.. 3,073 1,385 (45) 1,733 Dividends and other adjustments.......... (34,372) (5,383) 632 (29,621) --------- ---- -------- ------- -------- Balance at December 31, 2000................... $ -- $-- $ -- $ -- $ -- ========= ==== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 143 DOMINION ENERGY, INC.--FOREIGN POWER GENERATION CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Foreign Energy Dominion Energy Power Consolidating Company Management Interamerican Generation Entries and (Caymen Argentina Holding Co Consolidated Adjustments Islands) SA LDC ------------ ------------- -------- ---------- ------------- Net Income.............. $3,073 $-- $1,385 $(45) $1,733 ------ ---- ------ ---- ------ Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------ ---- ------ ---- ------ Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ------ ---- ------ ---- ------ Other comprehensive income (Loss).......... ------ ---- ------ ---- ------ Comprehensive Income.... $3,073 $-- $1,385 $(45) $1,733 ====== ==== ====== ==== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 144 DOMINION ENERGY, INC.--FOREIGN POWER GENERATION CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Energy Dominion Foreign Power Consolidating Company Dominion Energy Generation Entries and (Caymen Management Interamerican Consolidated Adjustments Islands) Argentina SA Holding Co LDC ------------- ------------- -------- ------------ -------------- Cash flows from (used in) operating activities: Net income.............. $ 3,073 $-- $ 1,385 $(45) $ 1,733 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... 2,766 1,744 7 1,015 Deferred income taxes.. Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... (1,922) (1,807) (2) (113) Inventories............ 42 42 Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. (1,616) (754) (29) (833) Accrued interest and taxes................. 2,337 710 (58) 1,685 Commodity contract assets and liabilities........... Net assets held for sale.................. Other.................. 323 (1,491) 38 1,776 -------- ---- ------- ---- -------- Net cash flows from operating activities.. 5,003 (213) (89) 5,305 -------- ---- ------- ---- -------- Cash flow from (used in) investing activities: Plant construction and other property additions.............. (44) (44) Acquisition of exploration and production assets...... Loan originations....... Repayments of loan originations........... Sale of businesses...... (66,215) (6,318) (5) (59,892) Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... Other .................. 6,738 6,738 -------- ---- ------- ---- -------- Net cash flow used in investing activities.. (59,521) (6,362) (5) (53,154) -------- ---- ------- ---- -------- Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ (86) (8) (78) Issuance of long term debt................... Repayment of long term debt................... (111) 1,118 (1,229) Common dividend payments............... Other................... -------- ---- ------- ---- -------- Net cash flow from (used in) financing activities............. (197) 1,110 -- (1,307) Increase (decrease) in cash and cash equivalents............ (54,715) (5,465) (94) (49,156) Cash and cash equivalents at beginning of the year.. 54,715 5,465 94 49,156 -------- ---- ------- ---- -------- Cash and cash equivalents at end of the year............... $ -- $-- $ -- $-- $ -- ======== ==== ======= ==== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 145 DOMINION ENERGY, INC.--OIL & GAS CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Dominion Dominion Carthage Energy Dominion Consolidating Reserves, Black Dominion Energy Canada San Juan, Dominion Oil & Gas Entries and Inc. Warrior Reserves Services, Limited Inc. Storage, Consolidated Adjustments (Page 152) Basin, Inc. Utah, Inc. Inc.* (Page 176) (Page 170) Inc. ------------ ------------- ---------- ----------- ---------- --------- ---------- ---------- -------- Current assets: Cash and cash equivalents..... $ 9,787 $ -- $ (2,865) $ 1,791 $ -- $ 3,253 $ 7,606 $ -- $ 2 Accounts receivable: Customers (less allowance)..... Other........... 98,136 (539,036) 444,837 6,187 81,982 11,840 40,896 51,430 Inventories: Materials and supplies....... Fossil fuel..... Gas stored-- current portion........ Investment securities-- trading......... Mortgage loans held for sale... Commodity contract assets.......... Unrecovered gas costs........... Broker margin deposits........ Prepayments...... Net assets held for sale........ Other............ 25,653 3,017 9,182 7,474 634 5,346 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Total current assets......... 133,576 (539,036) 444,989 17,160 89,456 15,727 53,848 51,430 2 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Investments: Loans receivable, net............. Investments in affiliates...... 21,565 7,357 14,208 Available for sale securities...... Nuclear decommissioning trust funds..... Investment in real estate..... Other............ 295,397 16,305 295,073 (16,305) 24 300 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Total net investments.... 316,962 16,305 302,430 (16,305) 14,232 300 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Property, plant and equipment: Property, plant and equipment... 1,367,542 554,986 29,711 79,871 183 578,476 124,315 Less accumulated depreciation, depletion and amortization.... 382,344 245,417 5,375 17,642 148 89,834 23,928 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Property, plant and equipment, net............ 985,198 309,569 24,336 62,229 35 488,642 100,387 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Deferred charges and other assets: Goodwill, net.... 2,927 2,927 Regulatory assets, net..... Prepaid pension costs........... Other, net....... 14,705 8,118 734 5,783 70 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Total deferred charges and other assets... 17,632 11,045 734 5,783 70 ---------- --------- ---------- -------- -------- ------- -------- -------- ---- Total Assets..... $1,453,368 $(522,731) $1,068,033 $ 25,191 $152,419 $15,762 $562,505 $151,887 $302 ========== ========= ========== ======== ======== ======= ======== ======== ====
------- * Carthage Energy Services, Inc. is a subsidiary of Dominion Reserves, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 146 DOMINION ENERGY, INC.--OIL & GAS CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Energy Consolidating Dominion Black Dominion Canada Dominion San Oil & Gas Entries and Reserves, Inc. Warrior Reserves Carthage Energy Limited Juan, Inc. Consolidated Adjustments (Page 153) Basin, Inc. Utah, Inc. Services, Inc.* (Page 177) (Page 171) ------------ ------------- -------------- ----------- ---------- --------------- ---------- ------------ Current liabilities: Securities due within one year Short-term debt.. $ 2,502 $ -- $ -- $ -- $ -- $ -- $ 2,502 $ -- Accounts payable, trade........... 37,413 (539,036) 453,142 14,956 66,383 7,917 7,478 26,573 Accrued interest........ 109 109 Accrued payroll.. Accrued taxes.... (2,264) (2,336) (5,056) (1,233) 2,717 2,332 1,312 Commodity contract liabilities..... Other............ 43,890 5,817 507 37,566 ---------- --------- ---------- ------- -------- ------- -------- -------- Total current liabilities.... 81,650 (539,036) 456,732 9,900 65,150 11,141 49,878 27,885 ---------- --------- ---------- ------- -------- ------- -------- -------- Long term debt... 774,473 16,305 300,824 22,315 3,423 382,323 49,283 ---------- --------- ---------- ------- -------- ------- -------- -------- Deferred credits and other liabilities: Deferred income taxes........... 97,497 74,409 4,196 11,754 (6,888) 13,412 671 Deferred investment tax credits Other............ 33,784 15,885 8,320 9,579 ---------- --------- ---------- ------- -------- ------- -------- -------- Total deferred credits and other liabilities.... 131,281 90,294 4,196 11,754 1,432 22,991 671 ---------- --------- ---------- ------- -------- ------- -------- -------- Total Liabilities..... 987,404 (522,731) 847,850 14,096 99,219 15,996 455,192 77,839 ---------- --------- ---------- ------- -------- ------- -------- -------- Minority interest........ 884 884 Obligated mandatorily redeemable preferred securities of subsidiary trusts.......... Preferred stock no subject to mandatory redemption...... Common shareholders' equity: Common Stock..... Other paid in capital......... 219,077 63,154 8,500 6,202 92,207 49,122 Accumulated other comprehensive income.......... (9,971) (9,971) Retained earnings........ 255,974 156,145 11,095 44,700 (6,436) 25,077 24,926 ---------- --------- ---------- ------- -------- ------- -------- -------- Total common shareholders' equity......... 465,080 219,299 11,095 53,200 (234) 107,313 74,048 ---------- --------- ---------- ------- -------- ------- -------- -------- Total Liabilities and shareholders' equity.......... $1,453,368 $(522,731) $1,068,033 $25,191 $152,419 $15,762 $562,505 $151,887 ========== ========= ========== ======= ======== ======= ======== ======== Dominion Storage, Inc. ------------- Current liabilities: Securities due within one year Short-term debt.. $ -- Accounts payable, trade........... Accrued interest........ Accrued payroll.. Accrued taxes.... Commodity contract liabilities..... Other............ ------------- Total current liabilities.... ------------- Long term debt... ------------- Deferred credits and other liabilities: Deferred income taxes........... (57) Deferred investment tax credits Other............ ------------- Total deferred credits and other liabilities.... (57) ------------- Total Liabilities..... (57) ------------- Minority interest........ Obligated mandatorily redeemable preferred securities of subsidiary trusts.......... Preferred stock no subject to mandatory redemption...... Common shareholders' equity: Common Stock..... Other paid in capital......... (108) Accumulated other comprehensive income.......... Retained earnings........ 467 ------------- Total common shareholders' equity......... 359 ------------- Total Liabilities and shareholders' equity.......... $ 302 =============
------- * Carthage Energy Services, Inc. is a subsidiary of Dominion Reserves, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 147 DOMINION ENERGY, INC.--OIL & GAS CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Black Dominion Carthage Energy Dominion Consolidating Reserves, Warrior Reserves Energy Canada San Juan, Dominion Oil & Gas Entries and Inc. Basin, Utah, Services, Limited Inc. Storage, Consolidated Adjustments (Page 156) Inc. Inc. Inc.* (Page 178) (Page 172) Inc. ------------ ------------- ---------- -------- -------- --------- ---------- ---------- -------- Operating Revenue: Regulated sales....... Electric............. Gas.................. Nonregulated sales.... Electric............. Gas.................. Gas transportation and storage.............. Oil and gas production........... $322,359 $ -- $81,090 $13,264 $51,277 $ -- $146,304 $30,424 $-- Other................. 49,556 14,915 23 143 1,979 32,496 -------- ------ ------- ------- ------- ------- -------- ------- --- Total................ 371,915 96,005 13,287 51,420 1,979 178,800 30,424 -------- ------ ------- ------- ------- ------- -------- ------- --- Expenses: Fuel, net............. Purchased power capacity, net........ Purchased gas, net.... Liquids, capacity and other products purchased............ Restructuring and other acquisition related costs........ Other operation and maintenance.......... 137,083 45,224 10,849 8,081 17,059 47,961 7,909 Depreciation, depletion and amortization......... 101,790 36,348 828 4,705 453 50,294 9,162 Other taxes........... 16,230 6,498 771 1,684 92 4,205 2,980 -------- ------ ------- ------- ------- ------- -------- ------- --- Total................ 255,103 88,070 12,448 14,470 17,604 102,460 20,051 -------- ------ ------- ------- ------- ------- -------- ------- --- Income from Operations.......... 116,812 7,935 839 36,950 (15,625) 76,340 10,373 Other Income.......... 10,745 (5,234) 13,229 (406) 8 8,892 (5,744) -------- ------ ------- ------- ------- ------- -------- ------- --- Income before interest and income taxes............... 127,557 (5,234) 21,164 433 36,958 (6,733) 70,596 10,373 -------- ------ ------- ------- ------- ------- -------- ------- --- Interest and related charges: Interest charges...... 39,280 (5,234) 11,807 392 1,361 480 27,042 3,432 Preferred dividends and distributions of subsidiary trusts.... -------- ------ ------- ------- ------- ------- -------- ------- --- Total................ 39,280 (5,234) 11,807 392 1,361 480 27,042 3,432 -------- ------ ------- ------- ------- ------- -------- ------- --- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle........... 88,277 9,357 41 35,597 (7,213) 43,554 6,941 Income taxes.......... 2,586 (12,082) (4,352) 10,305 (2,598) 21,519 (10,206) Minority interests.... 141 141 -------- ------ ------- ------- ------- ------- -------- ------- --- Income before extraordinary item and cumulative effect of a change in accounting principle........... 85,550 21,298 4,393 25,292 (4,615) 22,035 17,147 Extraordinary item, net.................. Cumulative effect of a change in accounting principle, net....... -------- ------ ------- ------- ------- ------- -------- ------- --- Net Income........... $ 85,550 $ -- $21,298 $ 4,393 $25,292 $(4,615) $ 22,035 $17,147 $-- ======== ====== ======= ======= ======= ======= ======== ======= ===
------- * Carthage Energy Services, Inc. is a subsidiary of Dominion Reserves, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 148 DOMINION ENERGY, INC.--OIL & GAS CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS EQUITY As of December 31, 2000 (Thousands)
Dominion Energy Dominion Canada Dominion Consolidating Dominion Black Dominion Limited San Juan, Dominion Oil & Gas Entries and Reserves, Inc. Warrior Reserves Carthage Energy (Page Inc. Storage, Consolidated Adjustments (Page 158) Basin, Inc. Utah, Inc. Services, Inc.* 179) (Page 173) Inc. ------------ ------------- -------------- ----------- ---------- --------------- -------- ---------- -------- Balance at December 31, 1999............. $403,457 $(3,423) $217,638 $ 6,702 $27,908 $4,381 $ 92,991 $56,902 $358 -------- ------- -------- ------- ------- ------ -------- ------- ---- Issuance of stock--CNG acquisition.... Issuance of stock through public offering....... Issuance of stock through employee, executive loan and direct stock purchase plans.......... Stock repurchase and retirement..... Premium income equity securities..... Other common stock activity....... Comprehensive income......... 78,810 21,298 4,393 25,292 (4,615) 15,295 17,147 Dividends and other adjustments.... (17,187) 3,423 (19,637) (973) (1) 1 -------- ------- -------- ------- ------- ------ -------- ------- ---- Balance at December 31, 2000............. $465,080 $ -- $219,299 $11,095 $53,200 $ (234) $107,313 $74,048 $359 ======== ======= ======== ======= ======= ====== ======== ======= ====
------- * Carthage Energy Services, Inc. is a subsidiary of Dominion Reserves, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 149 DOMINION ENERGY, INC.--OIL & GAS CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Energy Dominion Consolidating Reserves, Black Dominion Canada San Juan, Oil & Gas Entries and Inc. Warrior Reserves Carthage Energy Limited Inc. Consolidated Adjustments (Page 160) Basin, Inc. Utah, Inc. Services, Inc.* (Page 180) (Page 174) ------------ ------------- ---------- ----------- ---------- --------------- ---------- ---------- Net Income....... $85,550 $-- $21,298 $4,393 $25,292 $(4,615) $22,035 $17,147 ------- ---- ------- ------ ------- ------- ------- ------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities..... Less: reclassification adjustment for gains (losses) realized in net income......... ------- ---- ------- ------ ------- ------- ------- ------- Unrealized gains (losses) on investment securities..... Foreign currency translation adjustment..... (6,740) (6,740) Minimum pension liability adjustment..... ------- ---- ------- ------ ------- ------- ------- ------- Other comprehensive income (Loss)... (6,740) (6,740) ------- ---- ------- ------ ------- ------- ------- ------- Comprehensive Income.......... $78,810 $-- $21,298 $4,393 $25,292 $(4,615) $15,295 $17,147 ======= ==== ======= ====== ======= ======= ======= ======= Dominion Storage, Inc. ------------- Net Income....... $-- ------------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities..... Less: reclassification adjustment for gains (losses) realized in net income......... ------------- Unrealized gains (losses) on investment securities..... Foreign currency translation adjustment..... Minimum pension liability adjustment..... ------------- Other comprehensive income (Loss)... ------------- Comprehensive Income.......... $-- =============
-------- * Carthage Energy Services, Inc. is a subsidiary of Dominion Reserves, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 150 DOMINION ENERGY, INC.--OIL & GAS CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Energy Dominion Canada Consolidating Dominion Black Dominion Limited Oil & Gas Entries and Reserves, Inc. Warrior Reserves Carthage Energy Dominion (Page Consolidated Adjustments (Page 162) Basin, Inc. Utah, Inc. Services, Inc.* Storage, Inc. 181) ------------ ------------- -------------- ----------- ---------- --------------- ------------- -------- Cash flows from (used in) operating activities: Net income....... $ 85,550 $ -- $ 21,298 $ 4,393 $ 25,292 $ (4,615) $ -- $ 22,035 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle...... Restructuring and other acquisition related costs.. DCI impairment losses......... Extraordinary item, net...... Impairment of regulatory assets......... Gains on sales of subsidiaries... Depreciation and amortization... 101,152 36,231 828 4,705 453 50,296 Deferred income taxes.......... 25,755 2,252 3,654 3,775 (5,419) (115) 21,471 Deferred fuel expense........ Changes in current assets and liabilities: Accounts receivable..... (245,801) (282,040) (1,066) (69,282) 164,478 (26,477) Inventories..... 6,053 230 (983) 110 6,619 77 Unrecovered gas costs.......... Purchase and origination of mortgages...... Proceeds from sale and principal collections of mortgages...... Accounts payable, trade.......... 118,208 (149,039) 355,535 10,140 54,362 (176,138) 751 Accrued interest and taxes...... (6,366) (5,743) (4,933) (85) 3,704 115 1,618 Commodity contract assets and liabilities.... Net assets held for sale....... Other........... 8,525 (13,672) (5) (6) 11,410 1 10,798 --------- --------- --------- -------- -------- --------- ----- -------- Net cash flows from operating activities..... 93,076 (149,039) 114,091 12,028 18,871 492 1 80,569 --------- --------- --------- -------- -------- --------- ----- -------- Cash flow from (used in) investing activities: Plant construction and other property additions....... (6,003) (3,037) (470) (1,923) Acquisition of exploration and production assets.......... (138,329) (24,016) (16,925) (18,103) (78,639) Loan originations.... Repayments of loan originations.... Sale of businesses...... (19) (19) Sale of marketable securities...... Purchase of debt securities...... Acquisition of businesses...... Other investments..... 6,935 6,935 Other............ 5,313 14,399 (3,959) (4,073) 1,209 (2,330) --------- --------- --------- -------- -------- --------- ----- -------- Net cash flow used in investing activities..... (132,103) (12,673) (21,354) (24,099) 1,209 (74,034) --------- --------- --------- -------- -------- --------- ----- -------- Cash flow from (used in) financing activities: Issuance of common stock.... Repurchase of common stock.... Issuance (repayment) of short term debt............ 71,373 159,217 (87,104) 9,293 5,228 1,481 (1,831) Issuance of long term debt....... Repayment of long term debt....... (13,908) (10,178) (3,730) Common dividend payments........ (18,600) (18,600) Other............ 205 (29) 234 --------- --------- --------- -------- -------- --------- ----- -------- Net cash flow from (used in) financing activities...... 39,070 149,039 (105,733) 9,293 5,228 1,481 (5,327) --------- --------- --------- -------- -------- --------- ----- -------- Increase (decrease) in cash and cash equivalents..... 43 (4,315) (33) 3,182 1 1,208 Cash and cash equivalents at beginning of the year............ 9,744 1,450 1,824 71 1 6,398 --------- --------- --------- -------- -------- --------- ----- -------- Cash and cash equivalents at end of the year............ $ 9,787 $ -- $ (2,865) $ 1,791 $ -- $ 3,253 $ 2 $ 7,606 ========= ========= ========= ======== ======== ========= ===== ======== Dominion San Juan, Inc. (Page 175) ----------- Cash flows from (used in) operating activities: Net income....... $ 17,147 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle...... Restructuring and other acquisition related costs.. DCI impairment losses......... Extraordinary item, net...... Impairment of regulatory assets......... Gains on sales of subsidiaries... Depreciation and amortization... 8,639 Deferred income taxes.......... 137 Deferred fuel expense........ Changes in current assets and liabilities: Accounts receivable..... (31,414) Inventories..... Unrecovered gas costs.......... Purchase and origination of mortgages...... Proceeds from sale and principal collections of mortgages...... Accounts payable, trade.......... 22,597 Accrued interest and taxes...... (1,042) Commodity contract assets and liabilities.... Net assets held for sale....... Other........... (1) ----------- Net cash flows from operating activities..... 16,063 ----------- Cash flow from (used in) investing activities: Plant construction and other property additions....... (573) Acquisition of exploration and production assets.......... (646) Loan originations.... Repayments of loan originations.... Sale of businesses...... Sale of marketable securities...... Purchase of debt securities...... Acquisition of businesses...... Other investments..... Other............ 67 ----------- Net cash flow used in investing activities..... (1,152) ----------- Cash flow from (used in) financing activities: Issuance of common stock.... Repurchase of common stock.... Issuance (repayment) of short term debt............ (14,911) Issuance of long term debt....... Repayment of long term debt....... Common dividend payments........ Other............ ----------- Net cash flow from (used in) financing activities...... (14,911) ----------- Increase (decrease) in cash and cash equivalents..... Cash and cash equivalents at beginning of the year............ ----------- Cash and cash equivalents at end of the year............ $ -- ===========
------- * Carthage Energy Services, Inc. is a subsidiary of Dominion Reserves, Inc. The Notes to the Consolidated Financial Statements are an integral part of this statement. 151 DOMINION RESERVES, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Dominion Appalachian Dominion Consolidating Appalachian Development Reserves, Inc. Entries and Dominion Cypress Development, Properties Consolidated Adjustments Reserves, Inc. Energy, Inc. Inc. LLC -------------- ------------- -------------- ------------ ------------ ----------- Current assets: Cash and cash equivalents............ $ (2,865) $ -- $ (3,871) $-- $ 67 $ -- Accounts receivable: Customers (less allowance) Other.................. 444,837 (170,562) 496,278 426 14,608 25,128 Inventories: Materials and supplies.............. Fossil fuel............ Gas stored--current portion............... Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. Unrecovered gas costs... Broker margin deposits.. Prepayments............. Net assets held for sale................... Other................... 3,017 534 0 169 ---------- --------- ---------- ---- ------- -------- Total current assets... 444,989 (170,562) 492,941 426 14,844 25,128 ---------- --------- ---------- ---- ------- -------- Investments: Loans receivable, net... Investments in affiliates............. 7,357 Available for sale securities............. Nuclear decommissioning trust funds............ Investment in real estate................. Other................... 295,073 (267,510) 447,370 184 ---------- --------- ---------- ---- ------- -------- Total net investments.. 302,430 (267,510) 447,370 184 ---------- --------- ---------- ---- ------- -------- Property, plant and equipment: Property, plant and equipment.............. 554,986 87,973 28 7,865 142,641 Less accumulated depreciation, depletion and amortization....... 245,417 23,706 25 1,747 62,588 ---------- --------- ---------- ---- ------- -------- Property, plant and equipment, net........ 309,569 64,267 3 6,118 80,053 ---------- --------- ---------- ---- ------- -------- Deferred charges and other assets: Goodwill, net........... 2,927 750 1,976 Regulatory assets, net.. Prepaid pension costs... Other, net.............. 8,118 3,883 10 ---------- --------- ---------- ---- ------- -------- Total deferred charges and other assets...... 11,045 3,883 760 1,976 ---------- --------- ---------- ---- ------- -------- Total Assets............ $1,068,033 $(438,072) $1,008,461 $429 $21,906 $107,157 ========== ========= ========== ==== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 152 DOMINION RESERVES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Dominion Appalachian Dominion Consolidating Appalachian Development Reserves, Inc. Entries and Dominion Cypress Development, Properties Consolidated Adjustments Reserves, Inc. Energy, Inc. Inc. LLC -------------- ------------- -------------- ------------ ------------ ----------- Current liabilities: Securities due within one year............... Short-term debt......... Accounts payable, trade.................. $ 453,142 $(170,561) $ 541,061 $ 692 $24,905 $ 4,754 Accrued interest........ 109 109 Accrued payroll......... Accrued taxes........... (2,336) 2,856 180 383 (265) Commodity contract liabilities............ Other................... 5,817 1,090 ---------- --------- ---------- ------- ------- -------- Total current liabilities........... 456,732 (170,561) 544,026 872 26,378 4,489 ---------- --------- ---------- ------- ------- -------- Long term debt.......... 300,824 (107,061) 204,036 8,157 2,160 68,715 ---------- --------- ---------- ------- ------- -------- Deferred credits and other liabilities: Deferred income taxes... 74,409 31,697 (2,431) 172 20,634 Deferred investment tax credits................ Other................... 15,885 9,403 ---------- --------- ---------- ------- ------- -------- Total deferred credits and other liabilities........... 90,294 41,100 (2,431) 172 20,634 ---------- --------- ---------- ------- ------- -------- Total liabilities....... 847,850 (277,622) 789,162 6,598 28,710 93,838 ---------- --------- ---------- ------- ------- -------- Minority interest....... 884 Obligated mandatorily redeemable preferred securities of subsidiary trusts...... Preferred stock no subject to mandatory redemption............. Common shareholders' equity: Common Stock............ (2,279) 0 2,210 Other paid in capital... 63,154 (64,880) 63,154 853 202 3,648 Accumulated other comprehensive income... Retained earnings....... 156,145 (93,291) 156,145 (7,022) (7,006) 7,461 ---------- --------- ---------- ------- ------- -------- Total common shareholders' equity.. 219,299 (160,450) 219,299 (6,169) (6,804) 13,319 ---------- --------- ---------- ------- ------- -------- Total Liabilities and shareholders' equity... $1,068,033 $(438,072) $1,008,461 $ 429 $21,906 $107,157 ========== ========= ========== ======= ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 153 DOMINION RESERVES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Gas Processing Dominion Great Lakes Dominion Dominion Phoenix MI, Inc. Midwest Compression, Reserves Gulf Reserves Dominion (Page 164) Energy, Inc. Inc. Coast, Inc. Indiana, Inc. Energy, LLC ------------ ------------ ------------ ------------- ------------- ----------- Current assets: Cash and cash equivalents............ $ 728 $ 169 $ 13 $ -- $ 29 $-- Accounts receivable: Customers (less allowance)............ Other.................. 4,702 64,176 5,206 1,199 3,676 Inventories: Materials and supplies.............. Fossil fuel............ Gas stored--current portion............... Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. Unrecovered gas costs... Broker margin deposits.. Prepayments............. Net assets held for sale................... Other................... 25 2,159 230 0 (100) ------- -------- ------- ------- ------ ---- Total current assets... 5,455 66,504 5,449 1,199 3,605 ------- -------- ------- ------- ------ ---- Investments: Loans receivable, net... Investments in affiliates............. 7,357 Available for sale securities............. Nuclear decommissioning trust funds............ Investment in real estate................. Other................... 506 62,888 51,635 ------- -------- ------- ------- ------ ---- Total net investments.. 7,863 62,888 51,635 ------- -------- ------- ------- ------ ---- Property, plant and equipment: Property, plant and equipment.............. 27,356 277,026 8,375 1,137 2,585 Less accumulated depreciation, depletion and amortization....... 14,316 139,091 2,090 1,125 729 ------- -------- ------- ------- ------ ---- Property, plant and equipment, net........ 13,040 137,935 6,285 12 1,856 ------- -------- ------- ------- ------ ---- Deferred charges and other assets: Goodwill, net........... 201 Regulatory assets, net.. Prepaid pension costs... Other, net.............. 4,225 ------- -------- ------- ------- ------ ---- Total deferred charges and other assets...... 4,225 201 ------- -------- ------- ------- ------ ---- Total Assets............ $26,358 $271,552 $11,935 $52,846 $5,461 $-- ======= ======== ======= ======= ====== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 154 DOMINION RESERVES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Gas Processing Dominion Great Lakes Dominion Dominion Phoenix MI, Inc. Midwest Compression, Reserves Gulf Reserves Dominion (Page 165) Energy, Inc. Inc. Coast, Inc. Indiana, Inc. Energy, LLC ------------ ------------ ------------ ------------- ------------- ----------- Current liabilities: Securities due within one year............... Short-term debt......... Accounts payable, trade.................. $ 944 $ 47,703 $ 2,493 $ 798 $ 353 $-- Accrued interest........ Accrued payroll......... Accrued taxes........... (104) (2,762) (151) 29 (2,502) Commodity contract liabilities............ Other................... 3,560 1,167 ------- -------- ------- ------- ------- ---- Total current liabilities........... 840 48,501 3,509 827 (2,149) ------- -------- ------- ------- ------- ---- Long term debt.......... 13,330 93,424 3,681 14,382 ------- -------- ------- ------- ------- ---- Deferred credits and other liabilities: Deferred income taxes... 4,149 15,793 892 1,540 1,963 Deferred investment tax credits................ Other................... 6,377 105 ------- -------- ------- ------- ------- ---- Total deferred credits and other liabilities........... 4,149 22,170 892 1,645 1,963 ------- -------- ------- ------- ------- ---- Total liabilities....... 18,319 164,095 8,082 2,472 14,196 ------- -------- ------- ------- ------- ---- Minority interest....... 884 Obligated mandatorily redeemable preferred securities of subsidiary trusts...... Preferred stock no subject to mandatory redemption............. Common shareholders' equity: Common Stock............ 3 56 10 0 Other paid in capital... 8 37,543 40 21,937 649 Accumulated other comprehensive income... Retained earnings....... 7,144 69,858 3,803 28,437 (9,384) ------- -------- ------- ------- ------- ---- Total common shareholders' equity.. 7,155 107,457 3,853 50,374 (8,735) ------- -------- ------- ------- ------- ---- Total liabilities and shareholders' equity... $26,358 $271,552 $11,935 $52,846 $ 5,461 $-- ======= ======== ======= ======= ======= ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 155 DOMINION RESERVES, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Appalachian Dominion Consolidating Appalachian Development Reserves, Inc. Entries and Dominion Cypress Development, Properties Consolidated Adjustments Reserves, Inc Energy, Inc. Inc. LLC -------------- ------------- ------------- ------------ ------------ ----------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... Gas.................... Gas transportation and storage................ Oil and gas production.. $ 81,090 $ -- $ 1,701 $ -- $ -- $22,303 Other................... 14,915 (20,996) 21,130 1,197 -------- -------- ------- ----- ------- ------- Total.................. 96,005 (20,996) 22,831 1,197 22,303 -------- -------- ------- ----- ------- ------- Expenses: Fuel, net............... Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 45,224 9,916 60 3,464 5,190 Depreciation, depletion and amortization....... 36,348 6,957 7 560 6,675 Other taxes............. 6,498 524 257 1,610 -------- -------- ------- ----- ------- ------- Total.................. 88,070 17,397 67 4,281 13,475 -------- -------- ------- ----- ------- ------- Income from Operations............ 7,935 (20,996) 5,434 (67) (3,084) 8,828 Other Income............ 13,229 (9,197) 23,892 185 -------- -------- ------- ----- ------- ------- Income before interest and income taxes...... 21,164 (30,193) 29,326 (67) (2,899) 8,828 -------- -------- ------- ----- ------- ------- Interest and related charges: Interest charges........ 11,807 (9,197) 7,798 524 351 4,303 Preferred dividends and distributions of subsidiary trusts...... -------- -------- ------- ----- ------- ------- Total.................. 11,807 (9,197) 7,798 524 351 4,303 -------- -------- ------- ----- ------- ------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 9,357 (20,996) 21,528 (591) (3,250) 4,525 Income taxes............ (12,082) 228 (207) (1,119) (2,141) Minority interests...... 141 -------- -------- ------- ----- ------- ------- Income before extraordinary item and cumulative effect of a change in accounting principle............. 21,298 (20,996) 21,300 (384) (2,131) 6,666 Extraordinary item, net.................... Cumulative effect of a change in accounting principle, net......... -------- -------- ------- ----- ------- ------- Net Income............. $ 21,298 $(20,996) $21,300 $(384) $(2,131) $ 6,666 ======== ======== ======= ===== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 156 DOMINION RESERVES, INC. CONSOLIDATING INCOME STATEMENT--(Continued) For the Year Ended December 31, 2000 (Thousands)
Dominion Gas Processing Dominion Great Lakes Dominion Dominion Phoenix MI, Inc. Midwest Compression, Reserves Gulf Reserves Dominion (Page 166) Energy, Inc. Inc. Coast, Inc. Indiana, Inc. Energy, LLC ------------ ------------ ------------ ------------- ------------- ----------- Operating Revenue: Regulated sales......... Electric............... Gas.................... Nonregulated sales...... Electric............... Gas.................... Gas transportation and storage................ Oil and gas production.. $ -- $56,000 $ -- $ 33 $ 1,053 $-- Other................... 6,477 401 5,898 808 ------ ------- ------ ------ ------- ---- Total.................. 6,477 56,401 5,898 33 1,053 808 ------ ------- ------ ------ ------- ---- Expenses: Fuel, net............... Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 1,545 21,567 3,004 20 68 390 Depreciation, depletion and amortization....... 1,440 19,016 716 30 761 186 Other taxes............. 3,711 342 24 30 ------ ------- ------ ------ ------- ---- Total.................. 2,985 44,294 4,062 50 853 606 ------ ------- ------ ------ ------- ---- Income from Operations............ 3,492 12,107 1,836 (17) 200 202 Other Income............ 31 3,185 3,336 (8,411) 208 ------ ------- ------ ------ ------- ---- Income before interest and income taxes...... 3,523 15,292 1,836 3,319 (8,211) 410 ------ ------- ------ ------ ------- ---- Interest and related charges: Interest charges........ 883 5,786 246 35 960 118 Preferred dividends and distributions of subsidiary trusts...... ------ ------- ------ ------ ------- ---- Total.................. 883 5,786 246 35 960 118 ------ ------- ------ ------ ------- ---- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 2,640 9,506 1,590 3,284 (9,171) 292 Income taxes............ 875 (8,156) 377 1,149 (3,207) 119 Minority interests...... 141 ------ ------- ------ ------ ------- ---- Income before extraordinary item and cumulative effect of a change in accounting principle............. 1,624 17,662 1,213 2,135 (5,964) 173 Extraordinary item, net Cumulative effect of a change in accounting principle, net......... ------ ------- ------ ------ ------- ---- Net Income............. $1,624 $17,662 $1,213 $2,135 $(5,964) $173 ====== ======= ====== ====== ======= ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 157 DOMINION RESERVES, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion Dominion Appalachian Dominion Consolidating Appalachian Development Reserves, Inc. Entries and Dominion Cypress Development, Properties Consolidated Adjustments Reserves, Inc. Energy, Inc. Inc. LLC -------------- ------------- -------------- ------------ ------------ ----------- Balance at December 31, 1999................... $217,638 $(139,626) $214,216 $(5,784) $(4,674) $ 6,654 -------- --------- -------- ------- ------- ------- Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 2,279 2,210 Comprehensive income... 21,298 (20,996) 21,300 (384) (2,131) 6,666 Dividends and other adjustments........... (19,637) 2,451 (16,217) (1) (1) (2,211) -------- --------- -------- ------- ------- ------- Balance at December 31, 2000................... $219,299 $(160,450) $219,299 $(6,169) $(6,804) $13,319 ======== ========= ======== ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 158 DOMINION RESERVES, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY--(Continued) As of December 31, 2000 (Thousands)
Dominion Gas Processing Dominion Great Lakes Dominion Dominion Phoenix MI, Inc. Midwest Compression, Reserves Gulf Reserves Dominion (Page 167) Energy, Inc. Inc. Coast, Inc. Indiana, Inc. Energy, LLC ------------ ------------ ------------ ------------- ------------- ----------- Balance at December 31, 1999................... $5,531 $ 89,795 $2,638 $48,239 $(2,774) $ 3,423 ------ -------- ------ ------- ------- ------- Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 3 56 10 Comprehensive income... 1,624 17,662 1,213 2,135 (5,964) 173 Dividends and other adjustments........... (3) (56) (8) 3 (3,596) ------ -------- ------ ------- ------- ------- Balance at December 31, 2000................... $7,155 $107,457 $3,853 $50,374 $(8,735) $ -- ====== ======== ====== ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 159 DOMINION RESERVES, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Consolidating Appalachian Appalachian Reserves, Inc. Entries and Dominion Cypress Development, Development Consolidated Adjustments Reserves, Inc. Energy, Inc. Inc. Properties LLC -------------- ------------- -------------- ------------ ------------ -------------- Net Income.............. $21,298 $(20,996) $21,300 $(384) $(2,131) $6,666 ------- -------- ------- ----- ------- ------ Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------- -------- ------- ----- ------- ------ Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ------- -------- ------- ----- ------- ------ Other comprehensive income (Loss).......... ------- -------- ------- ----- ------- ------ Comprehensive Income.... $21,298 $(20,996) $21,300 $(384) $(2,131) $6,666 ======= ======== ======= ===== ======= ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 160 DOMINION RESERVES, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Gas Dominion Processing Dominion Great Lakes Reserves Dominion Phoenix MI, Inc. Midwest Compression, Gulf Reserves Dominion (Page 168) Energy, Inc. Inc. Coast, Inc. Indiana, Inc. Energy, LLC ---------- ------------ ------------ ----------- ------------- ----------- Net Income.............. $1,624 $17,662 $1,213 $2,135 $(5,964) $173 ------ ------- ------ ------ ------- ---- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------ ------- ------ ------ ------- ---- Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ------ ------- ------ ------ ------- ---- Other comprehensive income (Loss).......... ------ ------- ------ ------ ------- ---- Comprehensive Income.... $1,624 $17,662 $1,213 $2,135 $(5,964) $173 ====== ======= ====== ====== ======= ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 161 DOMINION RESERVES, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Dominion Dominion Appalachian Reserves, Consolidating Dominion Cypress Appalachian Development Inc. Entries and Reserves, Energy, Development, Properties Consolidated Adjustments Inc. Inc. Inc. LLC ------------ ------------- --------- ------- ------------ ----------- Cash flows from (used in) operating activities: Net income.............. $ 21,298 $ (20,996) $ 21,300 $ (384) $ (2,131) $ 6,666 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... 36,231 6,957 7 560 6,675 Deferred income taxes.. 2,252 3,287 (2,263) (67) 823 Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... (282,040) 152,817 (466,188) 81 34,909 8,927 Inventories............ 230 (110) Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. 355,535 (152,817) 536,792 280 (27,829) (29,151) Accrued interest and taxes................. (5,743) (3,143) 2,256 307 (1,398) Commodity contract assets and liabilities........... Net assets held for sale.................. Other.................. (13,672) 20,996 (25,888) (61) --------- --------- --------- ------- -------- -------- Net cash flows from operating activities.. 114,091 73,007 (23) 5,688 (7,458) --------- --------- --------- ------- -------- -------- Cash flow from (used in) investing activities: Plant construction and other property additions.............. (3,037) (1,282) Acquisition of exploration and production assets...... (24,016) (13,973) (506) (6,795) Loan originations....... Repayments of loan originations........... Sale of businesses...... (19) Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... Other .................. 14,399 11,318 1,658 --------- --------- --------- ------- -------- -------- Net cash flow used in investing activities.. (12,673) (2,655) (130) (6,795) --------- --------- --------- ------- -------- -------- Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ (87,104) (56,572) 23 (5,724) 14,253 Issuance of long term debt................... Repayment of long term debt................... Common dividend payments............... (18,600) (18,600) Other................... (29) --------- --------- --------- ------- -------- -------- Net cash flow from (used in) financing activities............. (105,733) (75,172) 23 (5,724) 14,253 --------- --------- --------- ------- -------- -------- Increase (decrease) in cash and cash equivalents............ (4,315) (4,820) (166) Cash and cash equivalents at beginning of the year.. 1,450 949 233 --------- --------- --------- ------- -------- -------- Cash and cash equivalents at end of the year............... $ (2,865) $ -- $ (3,871) $ -- $ 67 $ -- ========= ========= ========= ======= ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 162 DOMINION RESERVES, INC. CONSOLIDATING STATEMENT OF CASH FLOWS--(Continued) For The Year Ended December 31, 2000 (Thousands)
Dominion Gas Dominion Dominion Dominion Phoenix Processing Midwest Great Lakes Reserves Reserves Dominion MI, Inc. Energy, Compression, Gulf Coast, Indiana, Energy, (Page 169) Inc. Inc. Inc. Inc. LLC ---------- -------- ------------ ----------- -------- -------- Cash flows from (used in) operating activities: Net income.............. $ 1,624 $ 17,662 $ 1,213 $ 2,135 $(5,964) $ 173 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. Restructuring and other acquisition related costs................. DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... 1,320 18,938 392 30 1,163 189 Deferred income taxes.. 369 (1,940) 255 1,383 406 (1) Deferred fuel expense.. Changes in current assets and liabilities: Accounts receivable.... (1,527) 6,741 (1,568) (393) (3,008) (12,831) Inventories............ (1,549) 104 1785 Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. 613 (5,579) (75) 215 163 32,923 Accrued interest and taxes................. (95) (915) (82) (276) (2,515) 118 Commodity contract assets and liabilities........... Net assets held for sale.................. Other.................. 519 539 444 2 10,189 (20,412) ------- -------- ------- ------- ------- -------- Net cash flows from operating activities.. 2,823 33,897 683 3,096 434 1,944 ------- -------- ------- ------- ------- -------- Cash flow from (used in) investing activities: Plant construction and other property additions.............. (80) (2,272) 594 3 Acquisition of exploration and production assets...... (2,492) (247) (3) Loan originations....... Repayments of loan originations........... Sale of businesses...... (19) Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... Other .................. (67) 2,622 (59) (1,073) ------- -------- ------- ------- ------- -------- Net cash flow used in investing activities.. (147) (2,142) 347 (59) (1,092) ------- -------- ------- ------- ------- -------- Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ (2,136) (31,606) (1,002) (3,096) (375) (869) Issuance of long term debt................... Repayment of long term debt................... Common dividend payments............... Other................... (29) ------- -------- ------- ------- ------- -------- Net cash flow from (used in) financing activities............. (2,136) (31,606) (1,031) (3,096) (375) (869) ------- -------- ------- ------- ------- -------- Increase (decrease) in cash and cash equivalents............ 540 149 (1) (17) Cash and cash equivalents at beginning of the year.. 188 19 15 29 17 ------- -------- ------- ------- ------- -------- Cash and cash equivalents at end of the year............... $ 728 $ 168 $ 14 $ -- $ 29 $ -- ======= ======== ======= ======= ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 163 DOMINION GAS PROCESSING MI, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Gas Processing Consolidating Dominion Gas MI, Inc. Entries and Processing Frederic Consolidated Adjustments MI, Inc. HOF, LP ------------ ------------- ------------ -------- Current assets: Cash and cash equivalents..... $ 728 $ -- $ -- $ 728 Accounts receivable: Customers (less allowance)... Other........................ 4,702 3,541 1,161 Inventories: Materials and supplies....... Fossil fuel.................. Gas stored--current portion.. Investment securities-- trading...................... Mortgage loans held for sale.. Commodity contract assets..... Unrecovered gas costs......... Broker margin deposits........ Prepayments................... Net assets held for sale...... Other......................... 25 25 ------- -------- ------- ------- Total current assets......... 5,455 3,541 1,914 ------- -------- ------- ------- Investments: Loans receivable, net......... Investments in affiliates..... 7,357 7,357 Available for sale securities................... Nuclear decommissioning trust funds........................ Investment in real estate..... Other......................... 506 (13,857) 14,363 ------- -------- ------- ------- Total net investments........ 7,863 (13,857) 21,720 ------- -------- ------- ------- Property, plant and equipment: Property, plant and equipment.................... 27,356 27,356 Less accumulated depreciation, depletion and amortization... 14,316 14,316 ------- -------- ------- ------- Property, plant and equipment, net.............. 13,040 13,040 ------- -------- ------- ------- Deferred charges and other assets: Goodwill, net................. Regulatory assets, net........ Prepaid pension costs......... Other, net.................... ------- -------- ------- ------- Total deferred charges and other assets ------- -------- ------- ------- Total Assets.................. $26,358 $(13,857) $25,261 $14,954 ======= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 164 DOMINION GAS PROCESSING MI, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Gas Processing Consolidating Dominion Gas MI, Inc. Entries and Processing Frederic Consolidated Adjustments MI, Inc. HOF, LP ------------ ------------- ------------ -------- Current liabilities: Securities due within one year......................... Short-term debt............... Accounts payable, trade....... $ 944 $ -- $ 731 $ 213 Accrued interest.............. Accrued payroll............... Accrued taxes................. (104) (104) Commodity contract liabilities.................. Other......................... ------- -------- ------- ------- Total current liabilities.... 840 627 213 ------- -------- ------- ------- Long term debt................ 13,330 13,330 ------- -------- ------- ------- Deferred credits and other liabilities: Deferred income taxes......... 4,149 4,149 Deferred investment tax credits...................... Other......................... ------- -------- ------- ------- Total deferred credits and other liabilities........... 4,149 4,149 0 ------- -------- ------- ------- Total Liabilities............. 18,319 18,106 213 ------- -------- ------- ------- Minority interest............. 884 884 Obligated mandatorily redeemable preferred securities of subsidiary trusts....................... Preferred stock no subject to mandatory redemption......... Common shareholders' equity: Common Stock.................. 3 (12,391) 3 12,391 Other paid in capital......... 8 8 Accumulated other comprehensive income......... Retained earnings............. 7,144 (2,350) 7,144 2,350 ------- -------- ------- ------- Total common shareholders' equity...................... 7,155 (14,741) 7,155 14,741 ------- -------- ------- ------- Total Liabilities and shareholders' equity......... $26,358 $(13,857) $25,261 $14,954 ======= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 165 DOMINION GAS PROCESSING MI, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Gas Processing Consolidating Dominion Gas MI, Inc. Entries and Processing Frederic Consolidated Adjustments MI, Inc. HOF, LP ------------ ------------- ------------ -------- Operating Revenue: Regulated sales............... Electric..................... Gas.......................... Nonregulated sales............ Electric..................... Gas.......................... Gas transportation and storage...................... Oil and gas production........ Other......................... $6,477 $(2,209) $3,382 $5,304 ------ ------- ------ ------ Total........................ 6,477 (2,209) 3,382 5,304 ------ ------- ------ ------ Expenses: Fuel, net..................... Purchased power capacity, net.......................... Purchased gas, net............ Liquids, capacity and other products purchased........... Restructuring and other acquisition related costs.... Other operation and maintenance.................. 1,545 1,545 Depreciation, depletion and amortization................. 1,440 1,440 Other taxes................... ------ ------- ------ ------ Total........................ 2,985 2,985 ------ ------- ------ ------ Income from Operations....... 3,492 (2,209) 3,382 2,319 Other Income.................. 31 31 ------ ------- ------ ------ Income before interest and income taxes................ 3,523 (2,209) 3,382 2,350 ------ ------- ------ ------ Interest and related charges: Interest charges.............. 883 883 Preferred dividends and distributions of subsidiary trusts....................... ------ ------- ------ ------ Total........................ 883 883 ------ ------- ------ ------ Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle................... 2,640 (2,209) 2,499 2,350 Income taxes.................. 875 875 Minority interests............ 141 141 ------ ------- ------ ------ Income before extraordinary item and cumulative effect of a change in accounting principle................... 1,624 (2,350) 1,624 2,350 Extraordinary item, net....... Cumulative effect of a change in accounting principle, net.......................... ------ ------- ------ ------ Net Income................... $1,624 $(2,350) $1,624 $2,350 ====== ======= ====== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 166 DOMINION GAS PROCESSING MI, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY Consolidating Balance Sheet As of December 31, 2000
Dominion Gas Processing Consolidating Dominion Gas MI, Inc. Entries and Processing Frederic Consolidated Adjustments MI, Inc. HOF, LP ------------ ------------- ------------ -------- Balance at December 31, 1999.. $5,531 $(15,526) $5,531 $15,526 ------ -------- ------ ------- Issuance of stock--CNG acquisition................ Issuance of stock through public offering............ Issuance of stock through employee, executive loan and direct stock purchase plans...................... Stock repurchase and retirement................. Premium income equity securities................. Other common stock activity................... 3 (12,391) 3 12,391 Comprehensive income........ 1,624 (2,350) 1,624 2,350 Dividends and other adjustments................ (3) 15,526 (3) (15,526) ------ -------- ------ ------- Balance at December 31, 2000.. $7,155 $(14,741) $7,155 $14,741 ====== ======== ====== =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 167 DOMINION GAS PROCESSING MI, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Gas Processing Consolidating Dominion Gas MI, Inc. Entries and Processing Frederic Consolidated Adjustments MI, Inc. HOF, LP ------------ ------------- ------------ -------- Net Income.................... $1,624 $(2,350) $1,624 $2,350 ------ ------- ------ ------ Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities.................. Less: reclassification adjustment for gains (losses) realized in net income...................... ------ ------- ------ ------ Unrealized gains (losses) on investment securities....... Foreign currency translation adjustment.................. Minimum pension liability adjustment.................. ------ ------- ------ ------ Other comprehensive income (Loss)....................... ------ ------- ------ ------ Comprehensive Income.......... $1,624 $(2,350) $1,624 $2,350 ====== ======= ====== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 168 DOMINION GAS PROCESSING MI, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000
Dominion Gas Dominion Processing Consolidating Gas MI, Inc. Entries and Processing Frederic Consolidated Adjustments MI, Inc. HOF, LP ------------ ------------- ---------- -------- Cash flows from (used in) operating activities: Net income..................... $ 1,624 $(2,350) $ 1,624 $ 2,350 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle...... Restructuring and other acquisition related costs.... DCI impairment losses......... Extraordinary item, net....... Impairment of regulatory assets....................... Gains on sales of subsidiaries................. Depreciation and amortization................. 1,320 1,320 Deferred income taxes......... 369 369 Deferred fuel expense......... Changes in current assets and liabilities: Accounts receivable........... (1,527) (1,596) 69 Inventories................... Unrecovered gas costs......... Purchase and origination of mortgages.................... Proceeds from sale and principal collections of mortgages.................... Accounts payable, trade....... 613 528 85 Accrued interest and taxes.... (95) (95) Commodity contract assets and liabilities.................. Net assets held for sale...... Other......................... 519 2,350 1,306 (3,137) ------- ------- ------- ------- Net cash flows from operating activities................... 2,823 2,136 687 Cash flow from (used in) investing activities: Plant construction and other property additions............ (80) (80) Acquisition of exploration and production assets............. Loan originations.............. Repayments of loan originations.................. Sale of businesses............. Sale of marketable securities.. Purchase of debt securities.... Acquisition of businesses...... Other investments.............. Other.......................... (67) (67) ------- ------- ------- ------- Net cash flow used in investing activities......... (147) (147) Cash flow from (used in) financing activities: Issuance of common stock....... Repurchase of common stock..... Issuance (repayment) of short term debt..................... (2,136) (2,136) Issuance of long term debt..... Repayment of long term debt.... Common dividend payments....... Other......................... ------- ------- ------- ------- Net cash flow from (used in) financing activities.......... (2,136) (2,136) Increase (decrease) in cash and cash equivalents.............. 540 540 Cash and cash equivalents at beginning of the year......... 188 188 ------- ------- ------- ------- Cash and cash equivalents at end of the year............... $ 728 $ -- $ -- $ 728 ======= ======= ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 169 DOMINION SAN JUAN, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion San Consolidating Juan, Inc. Entries and Dominion San San Juan Consolidated Adjustments Juan, Inc. Partners, LLC ------------ ------------- ------------ ------------- Current assets: Cash and cash equivalents............. Accounts receivable: Customers (less allowance)............. Other................... $ 51,430 $ -- $ -- $ 51,430 Inventories: Materials and supplies.. Fossil fuel............. Gas stored--current portion................ Investment securities-- trading................. Mortgage loans held for sale.................... Commodity contract assets.................. Unrecovered gas costs.... Broker margin deposits... Prepayments.............. Net assets held for sale.................... Other.................... -------- -------- ------- -------- Total current assets.... 51,430 51,430 -------- -------- ------- -------- Investments: Loans receivable, net.... Investments in affiliates.............. Available for sale securities.............. Nuclear decommissioning trust funds............. Investment in real estate.................. Other.................... 0 (74,048) 74,048 -------- -------- ------- -------- Total net investments... 0 (74,048) 74,048 -------- -------- ------- -------- Property, plant and equipment: Property, plant and equipment............... 124,315 124,315 Less accumulated depreciation, depletion and amortization........ 23,928 23,928 -------- -------- ------- -------- Property, plant and equipment, net......... 100,387 100,387 -------- -------- ------- -------- Deferred charges and other assets: Goodwill, net............ Regulatory assets, net... Prepaid pension costs.... Other, net............... 70 70 -------- -------- ------- -------- Total deferred charges and other assets....... 70 70 -------- -------- ------- -------- Total Assets............. $151,887 $(74,048) $74,048 $151,887 ======== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 170 DOMINION SAN JUAN, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion San Consolidating San Juan Juan, Inc. Entries and Dominion San Partners, Consolidated Adjustments Juan, Inc. LLC ------------ ------------- ------------ --------- Current liabilities: Securities due within one year........................ Short-term debt.............. Accounts payable, trade...... $ 26,573 $ -- $ -- $ 26,573 Accrued interest............. Accrued payroll.............. Accrued taxes................ 1,312 1,312 Commodity contract liabilities................. Other........................ -------- -------- ------- -------- Total current liabilities... 27,885 27,885 -------- -------- ------- -------- Long term debt............... 49,283 49,283 -------- -------- ------- -------- Deferred credits and other liabilities: Deferred income taxes........ 671 671 Deferred investment tax credits..................... Other........................ -------- -------- ------- -------- Total deferred credits and other liabilities.......... 671 671 -------- -------- ------- -------- Total Liabilities............ 77,839 77,839 -------- -------- ------- -------- Minority interest............ Obligated mandatorily redeemable preferred securities of subsidiary trusts...................... Preferred stock no subject to mandatory redemption........ Common shareholders' equity: Common Stock................. Other paid in capital........ 49,122 (49,122) 49,122 49,122 Accumulated other comprehensive income........ Retained earnings............ 24,926 (24,926) 24,926 24,926 -------- -------- ------- -------- Total common shareholders' equity..................... 74,048 (74,048) 74,048 74,048 -------- -------- ------- -------- Total Liabilities and shareholders' equity........ $151,887 $(74,048) $74,048 $151,887 ======== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 171 DOMINION SAN JUAN, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion San Consolidating San Juan Juan, Inc. Entries and Dominion San Partners, Consolidated Adjustments Juan, Inc. LLC ------------ ------------- ------------ --------- Operating Revenue: Regulated sales Electric................... Gas........................ Nonregulated sales Electric................... Gas........................ Gas transportation and storage.................... Oil and gas production...... $ 30,424 $ -- $ -- $ 30,424 Other....................... (17,146) 17,146 -------- -------- ------- -------- Total...................... 30,424 (17,146) 17,146 30,424 -------- -------- ------- -------- Expenses: Fuel, net................... Purchased power capacity, net........................ Purchased gas, net.......... Liquids, capacity and other products purchased......... Restructuring and other acquisition related costs.. Other operation and maintenance................ 7,909 7,909 Depreciation, depletion and amortization............... 9,162 9,162 Other taxes................. 2,980 2,980 -------- -------- ------- -------- Total...................... 20,051 20,051 -------- -------- ------- -------- Income from Operations..... 10,373 (17,146) 17,146 10,373 Other Income................ -------- -------- ------- -------- Income before interest and income taxes.............. 10,373 (17,146) 17,146 10,373 -------- -------- ------- -------- Interest and related charges: Interest charges............ 3,432 3,432 Preferred dividends and distributions of subsidiary trusts..................... -------- -------- ------- -------- Total...................... 3,432 3,432 -------- -------- ------- -------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle................. 6,941 (17,146) 17,146 6,941 Income taxes................ (10,206) (10,206) Minority interests.......... -------- -------- ------- -------- Income before extraordinary item and cumulative effect of a change in accounting principle................. 17,147 (17,146) 17,146 17,147 Extraordinary item, net..... Cumulative effect of a change in accounting principle, net............. -------- -------- ------- -------- Net Income................. $ 17,147 $(17,146) $17,146 $ 17,147 ======== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 172 DOMINION SAN JUAN, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion San Consolidating San Juan Juan, Inc. Entries and Dominion San Partners, Consolidated Adjustments Juan, Inc. LLC ------------ ------------- ------------ --------- Balance at December 31, 1999........................ $56,902 $(56,902) $56,902 $56,902 ------- -------- ------- ------- Issuance of stock--CNG acquisition............... Issuance of stock through public offering........... Issuance of stock through employee, executive loan and direct stock purchase plans..................... Stock repurchase and retirement................ Premium income equity securities................ Other common stock activity.................. Comprehensive income....... 17,147 17,147 Dividends and other adjustments............... (1) (17,146) 17,146 (1) ------- -------- ------- ------- Balance at December 31, 2000........................ $74,048 $(74,048) $74,048 $74,048 ======= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 173 DOMINION SAN JUAN, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2000 (Thousands)
Dominion Consolidating San Juan, Inc. Entries and Dominion San Juan Consolidated Adjustments San Juan, Inc. Partners, LLC -------------- ------------- -------------- ------------- Net Income.............. $17,147 $(17,146) $17,146 $17,147 ------- -------- ------- ------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------- -------- ------- ------- Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ------- -------- ------- ------- Other comprehensive income (Loss).......... ------- -------- ------- ------- Comprehensive Income.... $17,147 $(17,146) $17,146 $17,147 ======= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 174 DOMINION SAN JUAN, INC. CONSOLIDATING STATEMENTS OF CASH FLOW For the Year Ended December 31, 2000 (Thousands)
Dominion San Consolidating Dominion San Juan Juan, Inc. Entries and San Juan, Partners, Consolidated Adjustments Inc. LLC ------------ ------------- --------- --------- Cash flows from (used in) operating activities: Net income..................... $ 17,147 $(17,146) $17,146 $ 17,147 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle...... Restructuring and other acquisition related costs.... DCI impairment losses......... Extraordinary item, net....... Impairment of regulatory assets....................... Gains on sales of subsidiaries................. Depreciation and amortization................. 8,639 8,639 Deferred income taxes......... 137 137 Deferred fuel expense......... Changes in current assets and liabilities: Accounts receivable........... (31,414) (31,414) Inventories................... Unrecovered gas costs......... Purchase and origination of mortgages.................... Proceeds from sale and principal collections of mortgages.................... Accounts payable, trade....... 22,597 22,597 Accrued interest and taxes.... (1,042) (1,042) Commodity contract assets and liabilities.................. Net assets held for sale...... Other......................... (1) (1) -------- -------- ------- -------- Net cash flows from operating activities................... 16,063 (17,146) 17,146 16,063 -------- -------- ------- -------- Cash flow from (used in) investing activities: Plant construction and other property additions............ (573) (573) Acquisition of exploration and production assets............. (646) (646) Loan originations.............. Repayments of loan originations.................. Sale of businesses............. Sale of marketable securities.. Purchase of debt securities.... Acquisition of businesses...... Other investments.............. Other.......................... 67 67 -------- -------- ------- -------- Net cash flow used in investing activities......... (1,152) (1,152) -------- -------- ------- -------- Cash flow from (used in) financing activities: Issuance of common stock....... Repurchase of common stock..... Issuance (repayment) of short term debt..................... (14,911) (14,911) Issuance of long term debt..... Repayment of long term debt.... Common dividend payments....... Other.......................... -------- -------- ------- -------- Net cash flow from (used in) financing activities.......... (14,911) (14,911) -------- -------- ------- -------- Increase (decrease) in cash and cash equivalents.............. (17,146) 17,146 Cash and cash equivalents at beginning of the year......... -------- -------- ------- -------- Cash and cash equivalents at end of the year............... $ -- $(17,146) $17,146 $ -- ======== ======== ======= ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 175 DOMINION ENERGY CANADA LIMITED CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Dominion Energy Canada Consolidating Domcan East Domcan Limited Entries and Alberta Boundary Consolidated Adjustments Ltd. Corp. ------------- ------------- ----------- -------- Current assets: Cash and cash equivalents..... $ 7,606 $-- $ 5,759 $ 1,847 Accounts receivable: Customers (less allowance)... Other........................ 40,896 30,632 10,264 Inventories: Materials and supplies....... Fossil fuel.................. Gas stored--current portion.. Investment securities-- trading...................... Mortgage loans held for sale.. Commodity contract assets..... Unrecovered gas costs......... Broker margin deposits........ Prepayments................... Net assets held for sale...... Other......................... 5,346 2,869 2,477 -------- ---- -------- -------- Total current assets......... 53,848 39,260 14,588 -------- ---- -------- -------- Investments: Loans receivable, net......... Investments in affiliates..... 14,208 14,208 Available for sale securities................... Nuclear decommissioning trust funds........................ Investment in real estate..... Other......................... 24 24 -------- ---- -------- -------- Total net investments........ 14,232 14,232 -------- ---- -------- -------- Property, plant and equipment: Property, plant and equipment.................... 578,476 240,904 337,572 Less accumulated depreciation, depletion and amortization... 89,834 45,640 44,194 -------- ---- -------- -------- Property, plant and equipment, net.............. 488,642 195,264 293,378 -------- ---- -------- -------- Deferred charges and other assets: Goodwill, net................. Regulatory assets, net........ Prepaid pension costs......... Other, net.................... 5,783 3,343 2,440 -------- ---- -------- -------- Total deferred charges and other assets................ 5,783 3,343 2,440 -------- ---- -------- -------- Total Assets.................. $562,505 $-- $252,099 $310,406 ======== ==== ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 176 DOMINION ENERGY CANADA LIMITED CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Dominion Energy Canada Consolidating Domcan East Domcan Limited Entries and Alberta Boundary Consolidated Adjustments Ltd. Corp. ------------- ------------- ----------- -------- Current liabilities: Securities due within one year........................ Short-term debt.............. $ 2,502 $ -- $ -- $ 2,502 Accounts payable, trade...... 7,478 1,467 6,011 Accrued interest............. Accrued payroll.............. Accrued taxes................ 2,332 1,704 628 Commodity contract liabilities................. Other........................ 37,566 11,129 26,437 -------- ----- -------- -------- Total current liabilities... 49,878 14,300 35,578 -------- ----- -------- -------- Long term debt............... 382,323 163,143 219,180 -------- ----- -------- -------- Deferred credits and other liabilities: Deferred income taxes........ 13,412 48,980 (35,568) Deferred investment tax credits..................... Other........................ 9,579 4,687 4,892 -------- ----- -------- -------- Total deferred credits and other liabilities.......... 22,991 53,667 (30,676) -------- ----- -------- -------- Total Liabilities............ 455,192 231,110 224,082 -------- ----- -------- -------- Minority interest............ Obligated mandatorily redeemable preferred securities of subsidiary trusts...................... Preferred stock no subject to mandatory redemption........ Common shareholders' equity: Common Stock................. Other paid in capital........ 92,207 14,521 77,686 Accumulated other comprehensive income........ (9,971) (1,228) (8,743) Retained earnings............ 25,077 7,696 17,381 -------- ----- -------- -------- Total common shareholders' equity..................... 107,313 20,989 86,324 -------- ----- -------- -------- Total Liabilities and shareholders' equity........ $562,505 $ -- $252,099 $310,406 ======== ===== ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 177 DOMINION ENERGY CANADA LIMITED CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Dominion Energy Canada Consolidating Domcan East Domcan Limited Entries and Alberta Boundary Consolidated Adjustments Ltd. Corp. ------------ ------------- ----------- -------- Operating Revenue: Regulated sales............... Electric..................... Gas.......................... Nonregulated sales............ Electric..................... Gas.......................... Gas transportation and storage...................... Oil and gas production........ $146,304 $-- $56,471 $89,833 Other......................... 32,496 13,174 19,322 -------- ---- ------- ------- Total........................ 178,800 69,645 109,155 -------- ---- ------- ------- Expenses: Fuel, net..................... Purchased power capacity, net.......................... Purchased gas, net............ Liquids, capacity and other products purchased........... Restructuring and other acquisition related costs.... Other operation and maintenance.................. 47,961 15,699 32,262 Depreciation, depletion and amortization................. 50,294 19,893 30,401 Other taxes................... 4,205 2,318 1,887 -------- ---- ------- ------- Total........................ 102,460 37,910 64,550 -------- ---- ------- ------- Income from Operations....... 76,340 31,735 44,605 Other Income.................. (5,744) (798) (4,946) -------- ---- ------- ------- Income before interest and income taxes................ 70,596 30,937 39,659 -------- ---- ------- ------- Interest and related charges: Interest charges.............. 27,042 10,124 16,918 Preferred dividends and distributions of subsidiary trusts....................... -------- ---- ------- ------- Total........................ 27,042 10,124 16,918 -------- ---- ------- ------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle................... 43,554 20,813 22,741 Income taxes.................. 21,519 9,497 12,022 Minority interests............ -------- ---- ------- ------- Income before extraordinary item and cumulative effect of a change in accounting principle................... 22,035 11,316 10,719 Extraordinary item, net....... Cumulative effect of a change in accounting principle, net.......................... -------- ---- ------- ------- Net Income................... $ 22,035 $-- $11,316 $10,719 ======== ==== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 178 DOMINION ENERGY CANADA LIMITED CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Dominion Energy Canada Consolidating Domcan East Domcan Limited Entries and Alberta Boundary Consolidated Adjustments Ltd. Corp. ------------ ------------- ----------- -------- Balance at December 31, 1999... $ 92,991 $-- $13,142 $79,849 -------- ---- ------- ------- Issuance of stock--CNG acquisition................. Issuance of stock through public offering............. Issuance of stock through employee, executive loan and direct stock purchase plans....................... Stock repurchase and retirement.................. Premium income equity securities.................. Other common stock activity.. Comprehensive income......... 15,295 11,794 3,501 Dividends and other adjustments................. (973) (3,947) 2,974 -------- ---- ------- ------- Balance at December 31, 2000... $107,313 $-- $20,989 $86,324 ======== ==== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 179 DOMINION ENERGY CANADA LIMITED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Dominion Energy Canada Consolidating Domcan Limited Entries and Domcan East Boundary Consolidated Adjustments Alberta Ltd. Corp. ------------ ------------- ------------ -------- Net Income.................... $22,035 $ -- $11,316 $10,719 ------- ----- ------- ------- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities.................. Less: reclassification adjustment for gains (losses) realized in net income...................... ------- ----- ------- ------- Unrealized gains (losses) on investment securities....... Foreign currency translation adjustment.................. (6,740) 478 (7,218) ------- ----- ------- ------- Minimum pension liability adjustment.................. Other comprehensive income (Loss)....................... (6,740) 478 (7,218) ------- ----- ------- ------- Comprehensive Income.......... $15,295 $ -- $11,794 $ 3,501 ======= ===== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 180 DOMINION ENERGY CANADA LIMITED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Dominion Energy Canada Consolidating Domcan East Domcan Limited Entries and Alberta Boundary Consolidated Adjustments Ltd. Corp. ------------ ------------- ----------- -------- Cash flows from (used in) operating activities: Net income.................... $ 22,035 $-- $ 11,316 $ 10,719 Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle..... Restructuring and other acquisition related costs... DCI impairment losses........ Extraordinary item, net...... Impairment of regulatory assets...................... Gains on sales of subsidiaries................ Depreciation and amortization................ 50,296 19,898 30,398 Deferred income taxes........ 21,471 9,408 12,063 Deferred fuel expense........ Changes in current assets and liabilities: Accounts receivable.......... (26,477) (7,334) (19,143) Inventories.................. 77 (245) 322 Unrecovered gas costs........ Purchase and origination of mortgages................... Proceeds from sale and principal collections of mortgages................... Accounts payable, trade...... 751 219 532 Accrued interest and taxes... 1,618 185 1,433 Commodity contract assets and liabilities................. Net assets held for sale..... Other........................ 10,798 (5,846) 16,644 -------- ---- -------- -------- Net cash flows from operating activities.................. 80,569 27,601 52,968 -------- ---- -------- -------- Cash flow from (used in) investing activities: Plant construction and other property additions........... Acquisition of exploration and production assets............ (78,639) (18,151) (60,488) Loan originations............. Repayments of loan originations................. Sale of businesses............ Sale of marketable securities................... Purchase of debt securities... Acquisition of businesses..... Other investments............. 6,935 6,935 Other......................... (2,330) (2,134) (196) -------- ---- -------- -------- Net cash flow used in investing activities........ (74,034) (13,350) (60,684) -------- ---- -------- -------- Cash flow from (used in) financing activities: Issuance of common stock...... Repurchase of common stock.... Issuance (repayment) of short term debt.................... (1,831) (11,054) 9,223 Issuance of long term debt.... Repayment of long term debt... (3,730) (278) (3,452) Common dividend payments...... Other......................... 234 234 -------- ---- -------- -------- Net cash flow from (used in) financing activities......... (5,327) (11,098) 5,771 -------- ---- -------- -------- Increase (decrease) in cash and cash equivalents......... 1,208 3,153 (1,945) Cash and cash equivalents at beginning of the year........ 6,398 2,606 3,792 -------- ---- -------- -------- Cash and cash equivalents at end of the year.............. $ 7,606 $-- $ 5,759 $ 1,847 ======== ==== ======== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 181 VIRGINIA ELECTRIC AND POWER COMPANY CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Consolidating Virginia Virginia Power Virginia Power Entries and Virginia Power Fuel Services, Inc. VP Capital Consolidated Adjustments Power Corporation (Page 188) VPSC Trust I -------------- ------------- ----------- ----------- -------------- ---- ---------- Current assets: Cash and cash equivalents............ $ 140,749 $ -- $ 137,957 $ 1 $ 2,791 $-- $ -- Accounts receivable: Customers (less allowance)............ 1,133,802 910,315 223,487 Other.................. 117,416 (454,182) 359,113 73,280 139,205 Inventories: Materials and supplies.............. 128,688 128,688 Fossil fuel............ 101,972 36,547 65,425 Gas stored--current portion................ Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. 1,046,569 403,206 643,363 Unrecovered gas costs... Broker margin deposits.. 2,991 42,398 (39,407) Prepayments............. 18,665 17,860 805 Net assets held for sale................... Other................... 141,989 138,025 3,964 ----------- --------- ----------- ------- ---------- ---- -------- Total current assets... 2,832,841 (454,182) 2,174,109 1 973,708 139,205 ----------- --------- ----------- ------- ---------- ---- -------- Investments: Loans receivable, net... Investments in affiliates............. (28,067) 28,067 Available for sale securities............. Nuclear decommissioning trust funds............ 851,453 851,453 Investment in real estate................. Other................... 62,216 38,984 23,232 ----------- --------- ----------- ------- ---------- ---- -------- Total net investments.. 913,669 (28,067) 918,504 23,232 ----------- --------- ----------- ------- ---------- ---- -------- Property, plant and equipment: Property, plant and equipment.............. 16,949,522 16,910,087 34,537 4,898 Less accumulated depreciation, depletion and amortization....... 7,784,352 7,784,189 163 ----------- --------- ----------- ------- ---------- ---- -------- Property, plant and equipment, net........ 9,165,170 9,125,898 34,537 4,735 ----------- --------- ----------- ------- ---------- ---- -------- Deferred charges and other assets: Goodwill, net........... Regulatory assets, net.. 235,172 235,172 Prepaid pension costs... 14,733 14,733 Other, net.............. 169,274 104,573 64,701 ----------- --------- ----------- ------- ---------- ---- -------- Total deferred charges and other assets...... 419,179 354,478 64,701 ----------- --------- ----------- ------- ---------- ---- -------- Total Assets............ $13,330,859 $(482,249) $12,572,989 $34,538 $1,066,376 $-- $139,205 =========== ========= =========== ======= ========== ==== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 182 VIRGINIA ELECTRIC AND POWER COMPANY CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Virginia Consolidating Virginia Virginia Power VP Power Entries and Virginia Power Fuel Services, Inc. Capital Consolidated Adjustments Power Corporation (Page 189) VPSC Trust I ------------ ------------- ----------- ----------- -------------- ---- -------- Current liabilities: Securities due within one year..... $ 240,650 $ -- $ 240,650 $ -- $ -- $-- $ -- Short-term debt.................... 713,810 713,810 Accounts payable, trade............ 1,004,175 (454,182) 1,040,610 34,537 383,210 Accrued interest................... 93,851 93,851 Accrued payroll.................... 88,308 87,237 1,071 Accrued taxes...................... 60,219 56,069 4,150 Commodity contract liabilities..... 993,352 394,868 598,484 Other.............................. 155,169 155,741 (602) 30 ----------- --------- ----------- ------- ---------- ---- -------- Total current liabilities.......... 3,349,534 (454,182) 2,782,836 34,537 986,313 30 ----------- --------- ----------- ------- ---------- ---- -------- Long term debt..................... 3,561,674 3,561,674 ----------- --------- ----------- ------- ---------- ---- -------- Deferred credits and other liabilities: Deferred income taxes.............. 1,494,188 1,492,496 1,692 Deferred investment tax credits.... 129,580 129,580 Other.............................. 302,849 248,369 54,480 ----------- --------- ----------- ------- ---------- ---- -------- Total deferred credits and other liabilities........................ 1,926,617 1,870,445 56,172 ----------- --------- ----------- ------- ---------- ---- -------- Total Liabilities.................. 8,837,825 (454,182) 8,214,955 34,537 1,042,485 30 ----------- --------- ----------- ------- ---------- ---- -------- Minority interest.................. Obligated mandatorily redeemable preferred securities of subsidiary trusts............................ 135,000 135,000 Preferred stock no subject to mandatory redemption.............. 509,014 509,014 Common shareholders' equity: Common Stock....................... 2,737,407 (37,618) 2,737,407 1 33,442 4,175 Other paid in capital.............. 16,274 16,274 Accumulated other comprehensive income............................. Retained earnings.................. 1,095,339 9,551 1,095,339 (9,551) ----------- --------- ----------- ------- ---------- ---- -------- Total common shareholders' equity............................ 3,849,020 (28,067) 3,849,020 1 23,891 4,175 ----------- --------- ----------- ------- ---------- ---- -------- Total Liabilities and shareholders' equity............................ $13,330,859 $(482,249) $12,572,989 $34,538 $1,066,376 $-- $139,205 =========== ========= =========== ======= ========== ==== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 183 VIRGINIA ELECTRIC AND POWER COMPANY CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Virginia Power Virginia Consolidating Virginia Services, VP Power Entries and Virginia Power Fuel Inc. Capital Consolidated Adjustments Power Corporation (Page 190) VPSC Trust I ------------ ------------- ---------- ----------- ---------- ------ -------- Operating Revenue: Regulated sales Electric............... $4,492,022 $ -- $4,492,017 $-- $ 5 $ -- $ -- Gas.................... Nonregulated sales Electric............... Gas.................... Gas transportation and storage................ Oil and gas production.. Other................... 298,671 291,095 4,029 3,547 ---------- ------ ---------- ---- ------- ------ -------- Total.................. 4,790,693 4,783,112 4,034 3,547 ---------- ------ ---------- ---- ------- ------ -------- Expenses: Fuel, net............... 1,103,577 1,103,582 (5) Purchased power capacity, net.......... 740,108 740,108 Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. 71,226 71,226 Other operation and maintenance............ 956,720 953,040 12,574 1,974 (10,868) Depreciation, depletion and amortization....... 557,513 556,992 162 359 Other taxes............. 275,194 274,917 222 55 ---------- ------ ---------- ---- ------- ------ -------- Total.................. 3,704,338 3,699,865 12,953 2,388 (10,868) ---------- ------ ---------- ---- ------- ------ -------- Income from Operations............ 1,086,355 1,083,247 (8,919) 1,159 10,868 Other Income............ 47,044 5,634 41,482 725 (797) ---------- ------ ---------- ---- ------- ------ -------- Income before interest and income taxes...... 1,133,399 5,634 1,124,729 (8,194) 362 10,868 ---------- ------ ---------- ---- ------- ------ -------- Interest and related charges: Interest charges........ 285,118 285,118 Preferred dividends and distributions of subsidiary trusts...... 46,816 35,948 10,868 ---------- ------ ---------- ---- ------- ------ -------- Total.................. 331,934 321,066 10,868 ---------- ------ ---------- ---- ------- ------ -------- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. 801,465 5,634 803,663 (8,194) 362 Income taxes............ 279,683 281,881 (2,324) 126 ---------- ------ ---------- ---- ------- ------ -------- Minority interests...... Income before extraordinary item and cumulative effect of a change in accounting principle............. 521,782 5,634 521,782 (5,870) 236 Extraordinary item, net Cumulative effect of a change in accounting principle, net......... (20,757) (20,757) ---------- ------ ---------- ---- ------- ------ -------- Net Income............. $ 542,539 $5,634 $ 542,539 $-- $(5,870) $ 236 $ -- ========== ====== ========== ==== ======= ====== ========
The Notes to the Consolidated Financial Statements are an integral part of this statement. 184 VIRGINIA ELECTRIC AND POWER COMPANY CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Consolidating Virginia Virginia Power Virginia Power Entries and Virginia Power Fuel Services, Inc. VP Capital Consolidated Adjustments Power Corporation (Page 191) VPSC Trust I -------------- ------------- ---------- ----------- -------------- ------- ---------- Balance at December 31, 1999................... $3,742,352 $(54,393) $3,771,414 $ 1 $ 8,819 $12,336 $4,175 ---------- -------- ---------- --- ------- ------- ------ Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans........ Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. (18,626) 22,442 (3,816) Comprehensive income... 542,539 5,634 542,539 (5,870) 236 Dividends and other adjustments........... (435,871) 39,318 (464,933) (1,500) (8,756) ---------- -------- ---------- --- ------- ------- ------ Balance at December 31, 2000................... $3,849,020 $(28,067) $3,849,020 $ 1 $23,891 $ -- $4,175 ========== ======== ========== === ======= ======= ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 185 VIRGINIA ELECTRIC AND POWER COMPANY CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Consolidating Virginia Virginia Power Virginia Power Entries and Virginia Power Fuel Services, Inc. VP Capital Consolidated Adjustments Power Corporation (Page 192) VPSC Trust I -------------- ------------- -------- ----------- -------------- ---- ---------- Net Income.............. $542,539 $5,634 $542,539 $-- $(5,870) $236 $-- -------- ------ -------- ---- ------- ---- ---- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ -------- ------ -------- ---- ------- ---- ---- Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. -------- ------ -------- ---- ------- ---- ---- Other comprehensive income (Loss).......... -------- ------ -------- ---- ------- ---- ---- Comprehensive Income.... $542,539 $5,634 $542,539 $-- $(5,870) $236 $-- ======== ====== ======== ==== ======= ==== ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 186 VIRGINIA ELECTRIC AND POWER COMPANY CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Consolidating Virginia Virginia Power Virginia Power Entries and Virginia Power Fuel Services, Inc. VP Capital Consolidated Adjustments Power Corporation (Page 193) VPSC Trust I -------------- ------------- ---------- ----------- -------------- ------- ---------- Cash flows from (used in) operating activities: Net income.............. $ 542,539 $ 5,634 $ 542,539 $ -- $ (5,870) $ 236 $-- Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............. (20,757) (20,757) Restructuring and other acquisition related costs................. 57,679 57,679 DCI impairment losses.. Extraordinary item, net................... Impairment of regulatory assets..... Gains on sales of subsidiaries.......... Depreciation and amortization.......... 637,087 636,566 162 359 Deferred income taxes.. 27,198 (11,142) 40,869 (2,257) (272) Deferred fuel expense.. (32,578) (40,975) 8,397 Changes in current assets and liabilities: Accounts receivable.... (524,061) (3,800) (314,048) (209,727) 3,514 Inventories............ 3,502 (553) 3,608 (124) 571 Unrecovered gas costs.. Purchase and origination of mortgages............. Proceeds from sale and principal collections of mortgages.......... Accounts payable, trade................. 488,472 18,448 246,016 (119) 228,782 (4,655) Accrued interest and taxes................. 4,913 45 1,654 3,223 (9) Commodity contract assets and liabilities........... (32,447) 18,944 (51,391) Net assets held for sale.................. Other.................. (81,802) (24,040) (86,557) (6,315) 35,713 (603) ---------- -------- ---------- ------- -------- ------- ---- Net cash flows from operating activities.. 1,069,745 21,514 1,048,616 (6,434) 6,908 (859) ---------- -------- ---------- ------- -------- ------- ---- Cash flow from (used in) investing activities: Plant construction and other property additions.............. (734,485) (33,765) (702,256) 6,434 (4,898) Acquisition of exploration and production assets...... Loan originations....... Repayments of loan originations........... Sale of businesses...... Sale of marketable securities............. Purchase of debt securities............. Acquisition of businesses............. Other investments....... (47,608) 34,097 (81,705) Other................... 269 (200) 23,473 (23,204) 200 ---------- -------- ---------- ------- -------- ------- ---- Net cash flow used in investing activities.. (781,824) 132 (760,488) 6,434 (28,102) 200 ---------- -------- ---------- ------- -------- ------- ---- Cash flow from (used in) financing activities: Issuance of common stock.................. Repurchase of common stock.................. Issuance (repayment) of short term debt........ 335,831 335,831 Issuance of long term debt................... 250,000 250,000 Repayment of long term debt................... (375,500) (375,500) Common dividend payments............... (407,911) 1,500 (407,911) (1,500) Other................... (11,337) (23,146) (10,634) 22,443 ---------- -------- ---------- ------- -------- ------- ---- Net cash flow from (used in) financing activities............. (208,917) (21,646) (208,214) 20,943 ---------- -------- ---------- ------- -------- ------- ---- Increase (decrease) in cash and cash equivalents............ 79,004 79,914 (251) (659) Cash and cash equivalents at beginning of the year.. 61,745 58,043 1 3,042 659 ---------- -------- ---------- ------- -------- ------- ---- Cash and cash equivalents at end of the year............... $ 140,749 $ -- $ 137,957 $ 1 $ 2,791 $ -- $-- ========== ======== ========== ======= ======== ======= ====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 187 VIRGINIA POWER SERVICES, INC. CONSOLIDATING BALANCE SHEET As of December 31, 2000 (Thousands)
Virginia Virginia Power Virginia Virginia Power Services Power Virginia Power Consolidating Power Energy Energy Nuclear VP Services, Inc. Entries and Services, Evantage, Marketing, Corp, Services Property, Consolidated Adjustments Inc. Inc. Inc. Inc. Company Inc. -------------- ------------- --------- --------- ---------- -------- -------- --------- Current assets: Cash and cash equivalents............ $ 2,791 $ -- $ 83 $ 2,459 $ 1 $ 7 $ 241 $ -- Accounts receivable: Customers (less allowance)............ 223,487 2,281 206,736 14,042 428 Other.................. 73,280 (121,132) 88,354 7,228 47,748 50,871 211 Inventories: Materials and supplies.............. Fossil fuel............ 65,425 18,559 46,866 Gas stored--current portion............... Investment securities-- trading................ Mortgage loans held for sale................... Commodity contract assets................. 643,363 620,351 23,012 Unrecovered gas costs... Broker margin deposits.. (39,407) (38,780) (627) Prepayments............. 805 240 622 (57) Net assets held for sale................... Other................... 3,964 11 63 3,843 47 ---------- --------- -------- ------- -------- -------- ------ ------ Total current assets... 973,708 (121,132) 88,448 11,968 854,918 138,636 870 ---------- --------- -------- ------- -------- -------- ------ ------ Investments: Loans receivable, net... Investments in affiliates............. (23,749) 23,749 Available for sale securities............. Nuclear decommissioning trust funds............ Investment in real estate................. Other................... 23,232 23,140 92 ---------- --------- -------- ------- -------- -------- ------ ------ Total net investments.. 23,232 (23,749) 23,749 23,140 92 ---------- --------- -------- ------- -------- -------- ------ ------ Property, plant and equipment: Property, plant and equipment.............. 4,898 4,898 Less accumulated depreciation, depletion and amortization....... 163 163 ---------- --------- -------- ------- -------- -------- ------ ------ Property, plant and equipment, net........ 4,735 4,735 ---------- --------- -------- ------- -------- -------- ------ ------ Deferred charges and other assets: Goodwill, net........... Regulatory assets, net.. Prepaid pension costs... Other, net.............. 64,701 13,714 46,256 4,639 91 1 ---------- --------- -------- ------- -------- -------- ------ ------ Total deferred charges and other assets...... 64,701 13,714 46,256 4,639 91 1 ---------- --------- -------- ------- -------- -------- ------ ------ Total Assets............ $1,066,376 $(144,881) $112,197 $48,822 $901,174 $143,275 $1,053 $4,736 ========== ========= ======== ======= ======== ======== ====== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 188 VIRGINIA POWER SERVICES, INC. CONSOLIDATING BALANCE SHEET--(Continued) As of December 31, 2000 (Thousands)
Virginia Virginia Power Virginia Virginia Power Services Power Virginia Power Consolidating Power Energy Energy Nuclear VP Services, Inc. Entries and Services, Evantage, Marketing, Corp, Services Property, Consolidated Adjustments Inc. Inc. Inc. Inc. Company Inc. -------------- ------------- --------- --------- ---------- -------- -------- --------- Current liabilities: Securities due within one year.............. Short-term debt........ Accounts payable, trade................. $ 383,210 $(120,405) $ 88,349 $20,539 $272,491 $119,559 $2,669 $ 8 Accrued interest....... Accrued payroll........ 1,071 939 132 Accrued taxes.......... 4,150 (43) (93) 3,423 714 218 (69) Commodity contract liabilities........... 598,484 575,307 23,177 Other.................. (602) (727) 36 34 55 ---------- --------- -------- ------- -------- -------- ------ ------ Total current liabilities........... 986,313 (121,132) 88,306 20,482 852,194 143,450 3,074 (61) ---------- --------- -------- ------- -------- -------- ------ ------ Long term debt......... ---------- --------- -------- ------- -------- -------- ------ ------ Deferred credits and other liabilities: Deferred income taxes.. 1,692 1,449 231 2 10 Deferred investment tax credits............... Other.................. 54,480 11,060 38,010 5,295 115 ---------- --------- -------- ------- -------- -------- ------ ------ Total deferred credits and other liabilities........... 56,172 11,060 39,459 5,526 117 10 ---------- --------- -------- ------- -------- -------- ------ ------ Total Liabilities...... 1,042,485 (121,132) 88,306 31,542 891,653 148,976 3,191 (51) ---------- --------- -------- ------- -------- -------- ------ ------ Minority interest...... Obligated mandatorily redeemable preferred securities of subsidiary trusts..... Preferred stock not subject to mandatory redemption............ Common shareholders' equity: Common Stock........... 33,442 (33,194) 33,442 17,545 10,000 1 750 4,898 Other paid in capital.. Accumulated other comprehensive income.. Retained earnings...... (9,551) 9,445 (9,551) (265) (479) (5,702) (2,888) (111) ---------- --------- -------- ------- -------- -------- ------ ------ Total common shareholders' equity................ 23,891 (23,749) 23,891 17,280 9,521 (5,701) (2,138) 4,787 ---------- --------- -------- ------- -------- -------- ------ ------ Total Liabilities and shareholders' equity.. $1,066,376 $(144,881) $112,197 $48,822 $901,174 $143,275 $1,053 $4,736 ========== ========= ======== ======= ======== ======== ====== ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 189 VIRGINIA POWER SERVICES, INC. CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 2000 (Thousands)
Virginia Virginia Virginia Virginia Power Virginia Power Power Power Services, Consolidating Power Energy Services Nuclear VP Inc. Entries and Services, Evantage, Marketing, Energy Services Property, Consolidated Adjustments Inc. Inc. Inc. Corp, Inc. Company Inc. ------------ ------------- --------- --------- ---------- ---------- -------- --------- Operating Revenue: Regulated sales Electric............... $ 5 $ -- $ -- $ 5 $ -- $ -- $ -- $ -- Gas.................... Nonregulated sales Electric............... Gas.................... Gas transportation and storage................ Oil and gas production.. Other................... 4,029 774 12,272 (9,522) 505 ------- ------ ------- ------ ------- ------- ------- ----- Total.................. 4,034 779 12,272 (9,522) 505 ------- ------ ------- ------ ------- ------- ------- ----- Expenses: Fuel, net............... (5) (59) 54 Purchased power capacity, net.......... Purchased gas, net...... Liquids, capacity and other products purchased.............. Restructuring and other acquisition related costs.................. Other operation and maintenance............ 12,574 95 1,830 8,340 (111) 2,412 8 Depreciation, depletion and amortization....... 162 162 Other taxes............. 222 4 171 47 ------- ------ ------- ------ ------- ------- ------- ----- Total.................. 12,953 95 1,775 8,511 (57) 2,459 170 ------- ------ ------- ------ ------- ------- ------- ----- Income from Operations............ (8,919) (95) (996) 3,761 (9,465) (1,954) (170) Other Income............ 725 5,809 (5,808) 587 94 16 27 ------- ------ ------- ------ ------- ------- ------- ----- Income before interest and income taxes...... (8,194) 5,809 (5,903) (409) 3,855 (9,449) (1,927) (170) ------- ------ ------- ------ ------- ------- ------- ----- Interest and related charges: Interest charges........ Preferred dividends and distributions of subsidiary trusts...... ------- ------ ------- ------ ------- ------- ------- ----- Total.................. ------- ------ ------- ------ ------- ------- ------- ----- Income before provision for income tax, minority interest, extraordinary item and cumulative effect of a change in accounting principle............. (8,194) 5,809 (5,903) (409) 3,855 (9,449) (1,927) (170) Income taxes............ (2,324) (33) (144) 2,309 (3,732) (665) (59) ------- ------ ------- ------ ------- ------- ------- ----- Minority interests...... Income before extraordinary item and cumulative effect of a change in accounting principle............. (5,870) 5,809 (5,870) (265) 1,546 (5,717) (1,262) (111) Extraordinary item, net.................... Cumulative effect of a change in accounting principle, net......... ------- ------ ------- ------ ------- ------- ------- ----- Net Income............. $(5,870) $5,809 $(5,870) $ (265) $ 1,546 $(5,717) $(1,262) $(111) ======= ====== ======= ====== ======= ======= ======= =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 190 VIRGINIA POWER SERVICES, INC. CONSOLIDATING STATEMENT OF COMMON SHAREHOLDERS' EQUITY As of December 31, 2000 (Thousands)
Virginia Virginia Virginia Power Power Power Virginia Power Consolidating Energy Services Nuclear VP Services, Inc. Entries and Virginia Power Evantage, Marketing, Energy Services Property, Consolidated Adjustments Services, Inc. Inc. Inc. Corp, Inc. Company Inc. -------------- ------------- -------------- --------- ---------- ---------- -------- --------- Balance at December 31, 1999................... $ 8,819 $ -- $ 204 $ -- $ 9,475 $ 16 $ (876) $ -- ------- -------- ------- ------- ------- ------- ------- ------ Issuance of stock--CNG acquisition........... Issuance of stock through public offering.............. Issuance of stock through employee, executive loan and direct stock purchase plans................. Stock repurchase and retirement............ Premium income equity securities............ Other common stock activity.............. 22,442 (33,194) 33,193 17,545 4,898 Comprehensive income... (5,870) 5,809 (5,870) (265) 1,546 (5,717) (1,262) (111) Dividends and other adjustments........... (1,500) 3,636 (3,636) (1,500) ------- -------- ------- ------- ------- ------- ------- ------ Balance at December 31, 2000................... $23,891 $(23,749) $23,891 $17,280 $ 9,521 $(5,701) $(2,138) $4,787 ======= ======== ======= ======= ======= ======= ======= ======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 191 VIRGINIA POWER SERVICES, INC. CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2000 (Thousands)
Virginia Virginia Power Virginia Virginia Power Services Power Virginia Power Consolidating Power Energy Energy Nuclear VP Services, Inc. Entries and Services, Evantage, Marketing, Corp, Services Property, Consolidated Adjustments Inc. Inc. Inc. Inc. Company Inc. -------------- ------------- --------- --------- ---------- -------- -------- --------- Net Income.............. $(5,870) $5,809 $(5,870) $(265) $1,546 $(5,717) $(1,262) $(111) ------- ------ ------- ----- ------ ------- ------- ----- Other comprehensive income, net of tax: Unrealized holding gains (losses) on investment securities............ Less: reclassification adjustment for gains (losses) realized in net income............ ------- ------ ------- ----- ------ ------- ------- ----- Unrealized gains (losses) on investment securities............ Foreign currency translation adjustment............ Minimum pension liability adjustment.. ------- ------ ------- ----- ------ ------- ------- ----- Other comprehensive income (Loss).......... ------- ------ ------- ----- ------ ------- ------- ----- Comprehensive Income.... $(5,870) $5,809 $(5,870) $(265) $1,546 $(5,717) $(1,262) $(111) ======= ====== ======= ===== ====== ======= ======= =====
The Notes to the Consolidated Financial Statements are an integral part of this statement. 192 VIRGINIA POWER SERVICES, INC. CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2000 (Thousands)
Virginia Virginia Virginia Power Power Power Virginia Power Consolidating Energy Services Nuclear VP Services, Inc. Entries and Virginia Power Evantage, Marketing, Energy Services Property, Consolidated Adjustments Services, Inc. Inc. Inc. Corp, Inc. Company Inc. -------------- ------------- -------------- --------- ---------- ---------- -------- --------- Cash flows from (used in) operating activities: Net income............. $ (5,870) $ 5,809 $ (5,870) $ (265) $ 1,546 $ (5,717) $(1,262) $ (111) Adjustments to reconcile net income to net cash from operating activities: Cumulative effect of a change in accounting principle............ Restructuring and other acquisition related costs........ DCI impairment losses............... Extraordinary item, net.................. Impairment of regulatory assets.... Gains on sales of subsidiaries......... Depreciation and amortization......... 162 162 Deferred income taxes................ (2,257) 1,420 (3,612) (75) 10 Deferred fuel expense.............. 8,397 8,397 Changes in current assets and liabilities: Accounts receivable... (209,727) 158 7,830 (180,395) (38,103) 783 Inventories........... (124) (1,700) 1,576 Unrecovered gas costs................ Purchase and origination of mortgages............ Proceeds from sale and principal collections of mortgages......... Accounts payable, trade................ 228,782 9 3,200 193,427 32,114 24 8 Accrued interest and taxes................ 3,223 (39) (93) 1,514 1,410 499 (68) Commodity contract assets and liabilities.......... (51,391) (51,391) Net assets held for sale................. Other................. 35,713 5 (2,618) 37,080 1,142 105 (1) --------- -------- -------- -------- --------- -------- ------- ------- Net cash flows from operating activities........... 6,908 5,809 (5,737) 8,054 1,501 (2,793) 74 --------- -------- -------- -------- --------- -------- ------- ------- Cash flow from (used in) investing activities: Plant construction and other property additions............ (4,898) (4,898) Acquisition of exploration and production assets.... Loan originations..... Repayments of loan originations......... Sale of businesses.... Sale of marketable securities........... Purchase of debt securities........... Acquisition of businesses........... Other investments..... 15,134 (15,134) Other................. (23,204) (23,140) (64) --------- -------- -------- -------- --------- -------- ------- ------- Net cash flow used in investing activities........... (28,102) 15,134 (15,134) (23,140) (64) (4,898) --------- -------- -------- -------- --------- -------- ------- ------- Cash flow from (used in) financing activities: Issuance of common stock................ Repurchase of common stock................ Issuance (repayment) of short term debt... Issuance of long term debt................. Repayment of long term debt................. Common dividend payments............. (1,500) 1,500 (1,500) (1,500) Other................. 22,443 (22,443) 22,443 17,545 4,898 --------- -------- -------- -------- --------- -------- ------- ------- Net cash flow from (used in) financing activities............ 20,943 (20,943) 20,943 17,545 (1,500) 4,898 --------- -------- -------- -------- --------- -------- ------- ------- Increase (decrease) in cash and cash equivalents........... (251) 72 2,459 1 (2,793) 10 Cash and cash equivalents at beginning of the year.................. 3,042 11 2,800 231 --------- -------- -------- -------- --------- -------- ------- ------- Cash and cash equivalents at end of the year.............. $ 2,791 $ -- $ 83 $ 2,459 $ 1 $ 7 $ 241 $ -- ========= ======== ======== ======== ========= ======== ======= =======
The Notes to the Consolidated Financial Statements are an integral part of this statement. 193 Exhibits
SEC Exhibit Reference Description of Exhibit --------- ---------------------- A. 1. Dominion Resources, Inc. Annual Report on Form 10-K is hereby incorporated by reference (File No. 1-8489). 2. Virginia Electric and Power Company Annual Report on Form 10-K is hereby incorporated by reference (1-2255) 3. Consolidated Natural Gas Company Annual Report on Form 10-K is hereby incorporated by reference (1-3196). B. 1. A copy of the charter, as amended, and copy of the by-laws, as amended, of Dominion Resources, Inc. and each subsidiary company thereof, unless otherwise indicated on the list filed herewith, are incorporated by reference to previous filings with the Commission, as shown on such list. C. 1. The indentures of Dominion Resources, Inc. are hereby incorporated by reference to previously filed material as indicated on the list (filed herewith). 2. Purchase and Sale Agreement, dated August 7, 2000, by and among Northeast Nuclear Energy Company, et al and Dominion Resources, Inc. (Exhibit 10(iii), Form 10-Q for the quarter ended June 30, 2000, File No. 1-8489, incorporated by reference). This transaction involving the purchase of Millstone Nuclear Power Station was completed effective March 31, 2001. D. Tax Allocation Agreement (filed herewith) E. Pursuant to Rule 16(c) under the Public Utility Holding Company Act of 1935, the annual report of the Iroquois Gas Transmission System, L.P., for the year ended December 31, 2000, is filed herewith as Exhibit E. F. Schedules supporting items of this report: 1. ITEM 1--Schedule of Investments (filed herewith) 2. ITEM 2--Schedule of Acquisitions, Redemptions, or Retirements of Systems Securities (filed herewith) 3. ITEM 5--Investment in Securities of Nonsystem Companies (filed herewith on Form SE) 4. ITEM 6--Dominion Resources, Inc. 2001 Proxy Statement, dated March 16, 2001 is hereby incorporated by reference. 5. ITEM 10--Schedule of utility plant and related depreciation accounts, together with schedules of other property or investments (filed herewith on Form SE) 6. Consent of Deloitte and Touche LLP (filed herewith) G. Financial Data Schedules are no longer applicable. H. 1. Organization charts showing the relationship of the exempt wholesale generators in which the system holds and interest to other system companies, is filed herewith as Attachment H-1 through H-3. 2. Organization chart showing the relationship of the foreign utility companies in which the system holds an interest to other system companies, are filed herewith as Attachment H-4. I. Financial statements of the exempt wholesale generators and foreign utility company are filed herewith as Attachments I-1 through I-4.
194 SIGNATURE The registrant has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized pursuant to the requirements of the Public Utility Holding Company Act of 1935, such company being a registered holding company. DOMINION RESOURCES, INC. _________________________________ (Registrant) /s/ Steven A. Rogers By: _________________________________ Steven A. Rogers Vice President, Controller and Principal Accounting Officer May 1, 2001 195