EX-99 2 0002.txt NORTHEAST UTILITIES AND SUBSIDIARIES FINANCIAL REPORTS March 21, 2001 NORTHEAST UTILITIES AND SUBSIDIARIES ------------------------------------ FINANCIAL REPORT ----------------
Three Months Ended Twelve Months Ended December 31, December 31, ---------------------------- --------------------------- 2000 2000 (Restated) 1999 (Restated) 1999 ------------ ------------- ------------- ------------- (Thousands of Dollars, except share information) Operating Revenues............................. $ 1,497,379 $ 1,148,736 $ 5,876,620 $ 4,471,251 ============= ============= ============= ============= (Loss)/Earnings for common shares: Before extraordinary loss, net of taxes..... $ 52,959 $ (15,674) $ 205,295 $ 34,216 Extraordinary (loss), net of tax benefits of $169,562............................... (233,881) - (233,881) - ------------- ------------- ------------- ------------- Total Net (Loss)/Income.................... $ (180,922) $ (15,674) $ (28,586) $ 34,216 ============= ============= ============= ============= Fully Diluted (Loss)/Earnings Per Common Share: Before extraordinary loss, net of taxes...... $ 0.36 $ (0.12) $ 1.45 $ 0.26 Extraordinary (loss), net of taxes........... (1.62) - (1.65) - ------------- ------------- ------------- ------------- Total Fully Diluted (Loss)/Earnings $ (1.26) $ (0.12) $ (0.20) $ 0.26 Per Common Share........................... ============= ============= ============= ============= Common Shares Outstanding (fully diluted)...... 144,109,003 131,706,611 141,967,216 132,031,573 ============= ============= ============= ============= The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Twelve Months Ended December 31, December 31, --------------------------- --------------------------- 2000 2000 (Restated) 1999 (Restated) 1999 ------------- ------------- ------------- ------------- (Thousands of Dollars, except share information) Operating Revenues............................. $ 1,497,379 $ 1,148,736 $ 5,876,620 $ 4,471,251 ------------- ------------- ------------- ------------- Operating Expenses: Operation - Fuel, purchased and net interchange power.... 817,911 437,025 3,321,226 1,898,314 Other........................................ 222,125 280,004 850,192 855,917 Maintenance................................... 74,547 67,223 255,884 340,419 Depreciation.................................. 62,307 57,598 239,798 302,305 Amortization of regulatory assets, net........ 87,679 378,514 276,139 596,437 Federal and state income taxes................ 58,579 68,927 230,031 180,883 Taxes other than income taxes................. 59,730 59,254 238,587 261,353 Gain on sale of utility plant................. - (287,672) - (308,914) ------------- ------------- ------------- ------------- Total operating expenses............... 1,382,878 1,060,873 5,411,857 4,126,714 ------------- ------------- ------------- ------------- Operating Income............................... 114,501 87,863 464,763 344,537 ------------- ------------- ------------- ------------- Other Income/(Loss): Equity in earnings of regional nuclear generating and transmission companies..... 6,846 (853) 14,586 5,034 Nuclear related costs........................ 1,437 (50,010) (17,907) (71,066) Other, net................................... (12,633) (23,111) (1,689) (30,855) Minority interest in loss of subsidiary...... (2,325) (2,325) (9,300) (9,300) Income taxes................................. 23,322 43,277 68,306 82,272 ------------- ------------- ------------- ------------- Other income/(loss), net............... 16,647 (33,022) 53,996 (23,915) ------------- ------------- ------------- ------------- Income before interest charges......... 131,148 54,841 518,759 320,622 ------------- ------------- ------------- ------------- Interest Charges: Interest on long-term debt................... 44,560 62,525 200,697 258,093 Other interest............................... 30,890 2,780 98,605 5,558 ------------- ------------- ------------- ------------- Interest charges, net.................. 75,450 65,305 299,302 263,651 ------------- ------------- ------------- ------------- Income after interest charges.......... 55,698 (10,464) 219,457 56,971 Preferred Dividends of Subsidiaries............ 2,739 5,210 14,162 22,755 ------------- ------------- ------------- ------------- Income/(loss) before extraordinary loss, net of taxes........................... $ 52,959 $ (15,674) $ 205,295 $ 34,216 Extraordinary (loss), net of tax benefits of $169,562............................. (233,881) - (233,881) - ------------- ------------- ------------- ------------- Net (Loss)/Income.............................. $ (180,922) $ (15,674) $ (28,586) $ 34,216 ============= ============= ============= ============= Fully Diluted (Loss)/Earnings Per Common Share: Before extraordinary loss, net of taxes...... $ 0.36 $ (0.12) $ 1.45 $ 0.26 Extraordinary (loss), net of taxes........... (1.62) - (1.65) - ------------- ------------- ------------- ------------- Total Fully Diluted (Loss)/Earnings Per Common Share........................... $ (1.26) $ (0.12) $ (0.20) $ 0.26 ============= ============= ============= ============= Common Shares Outstanding (fully diluted)...... 144,109,003 131,706,611 141,967,216 132,031,573 ============= ============= ============= ============= The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
Note: The ratio of earnings to fixed charges at December 31, 2000, is 2.21x. NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
December 31, ----------------------------- 2000 (Restated) 1999 ------------- ------------- (Thousands of Dollars) ASSETS ------ Utility Plant, at cost: Electric................................................ $ 9,370,176 $ 9,185,272 Gas and other........................................... 861,727 226,002 ------------- ------------- 10,231,903 9,411,274 Less: Accumulated provision for depreciation......... 7,041,279 6,088,310 ------------- ------------- 3,190,624 3,322,964 Unamortized PSNH acquisition costs...................... - 324,437 Construction work in progress........................... 228,330 177,504 Nuclear fuel, net....................................... 128,261 122,529 ------------- ------------- Total net utility plant.............................. 3,547,215 3,947,434 ------------- ------------- Other Property and Investments: Nuclear decommissioning trusts, at market............... 740,058 711,910 Investments in regional nuclear generating companies, at equity................................... 62,477 81,503 Other, at cost.......................................... 137,291 94,768 ------------- ------------- 939,826 888,181 ------------- ------------- Current Assets: Cash and cash equivalents............................... 200,017 255,154 Investments in securitizable assets..................... 98,146 107,620 Receivables, net........................................ 472,863 310,190 Unbilled revenues....................................... 121,090 75,728 Fuel, materials and supplies, at average cost........... 163,711 171,496 Recoverable energy costs, net - current portion......... - 73,721 Prepayments and other................................... 94,528 76,702 ------------- ------------- 1,150,355 1,070,611 ------------- ------------- Deferred Charges: Regulatory assets: Recoverable nuclear costs............................. 2,565,798 2,210,767 Income taxes, net..................................... 636,295 636,563 Deferred costs - nuclear plants....................... 29,000 111,588 Unrecovered contractual obligations................... 255,809 349,189 Recoverable energy costs, net......................... 332,490 228,166 Other................................................. 91,409 106,166 Unamortized debt expense................................ 33,475 39,192 Goodwill and other purchased intangible assets.......... 324,389 23,542 Prepaid pensions........................................ 139,546 669 Other .................................................. 171,542 75,984 ------------ ------------ 4,579,753 3,781,826 ------------ ------------ Total Assets.............................................. $ 10,217,149 $ 9,688,052 ============ ============ The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
NORTHEAST UTILITIES AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
December 31, ----------------------------- 2000 (Restated) 1999 ------------- ------------- (Thousands of Dollars) CAPITALIZATION AND LIABILITIES ------------------------------ Capitalization: Common shareholders' equity: Common shares*, $5 par value - authorized 225,000,000 shares; 148,781,861 shares issued and 143,820,405 shares outstanding in 2000 and 137,393,829 shares issued and 131,870,284 shares outstanding in 1999.................................. $ 693,345 $ 636,405 Capital surplus, paid in.............................. 927,059 776,290 Temporary equity from stock forward................... 215,000 215,000 Deferred contribution plan - employee stock ownership plan...................................... (114,463) (127,725) Retained earnings..................................... 495,873 581,817 Accumulated other comprehensive income................ 1,769 1,524 ------------- ------------- Total common shareholders' equity.............. 2,218,583 2,083,311 Preferred stock not subject to mandatory redemption..... 136,200 136,200 Preferred stock subject to mandatory redemption......... 15,000 121,289 Long-term debt.......................................... 2,029,593 2,372,341 ------------- ------------- Total capitalization........................... 4,399,376 4,713,141 ------------- ------------- Minority Interest in Consolidated Subsidiary.............. 100,000 100,000 ------------- ------------- Obligations Under Capital Leases.......................... 47,234 62,824 ------------- ------------- Current Liabilities: Notes payable to banks.................................. 1,309,977 278,000 Long-term debt and preferred stock - current portion.... 340,041 503,315 Obligations under capital leases - current portion...... 112,645 118,469 Accounts payable........................................ 538,983 347,321 Accrued taxes........................................... 54,088 158,684 Accrued interest........................................ 41,131 37,904 Other................................................... 144,931 126,768 ------------- ------------ 2,541,796 1,570,461 ------------- ------------ Deferred Credits and Other Long-term Liabilities: Accumulated deferred income taxes....................... 1,585,494 1,688,114 Accumulated deferred investment tax credits............. 153,155 140,407 Decommissioning obligation - Millstone 1................ 692,560 702,351 Deferred contractual obligations........................ 244,608 358,387 Other................................................... 452,926 352,367 ------------- ------------ 3,128,743 3,241,626 ------------- ------------ Total Capitalization and Liabilities...................... $ 10,217,149 $ 9,688,052 ============= ============= The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to present shareholders about the Northeast Utilities System and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
*Book value per share at December 31, 2000, is $15.43.