EX-99.3 OTHER FIN ST 10 hwpproformas71.txt HWP BAL. SHEET HOLYOKE WATER POWER COMPANY AND SUBSIDIARY 7.1 PRO FORMA BALANCE SHEET -- ASSETS AS OF DECEMBER 31, 2002 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Assets: ------ Cash $ 79 $ 5,000 a $ 5,079 Notes receivable from affiliated companies 2,100 2,100 Receivables, net 64 64 Accounts receivable from affiliated companies 3,465 3,465 Fuel, materials, and supplies, at average cost 7,361 7,361 ------- ------- ------- 13,069 5,000 18,069 ------- ------- ------- Property, Plant and Equipment Competitive energy 36,728 36,728 Less: Accumulated provision for depreciation 33,507 33,507 ------- ------- ------- 3,221 0 3,221 Construction work in progress 2,042 2,042 ------- ------- ------- 5,263 0 5,263 ------- ------- ------- Deferred Debits and Other Assets Deferred financing costs 717 717 Prepaid pension 2,688 2,688 Other 2,060 2,060 ------- ------- ------- 5,465 0 5,465 ------- ------- ------- Total Assets $23,797 $ 5,000 $28,797 ======= ======= =======
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. LIABILITIES AND CAPITALIZATION ------------------------------ Notes payable to banks $ - $ - a $ 5,000 Accounts payable 1,847 1,847 Accounts payable to affiliated companies 1,512 1,512 Accrued taxes (718) (45) b (763) Accrued interest - 113 b 113 Other 34 34 ------- ------- ------- 2,675 5,068 7,743 ------- ------- ------- Deferred Credits and Other Liabilities Accumulated deferred income taxes 1,685 1,685 Other 3,613 3,613 ------- ------- ------- 5,298 - 5,298 ------- ------- ------- Long-term debt 9,600 9,600 ------- ------- ------- Capitalization: Common stock 2,400 2,400 Capital surplus, paid in 5,969 5,969 Accumulated defecit (2,145) (68) b (2,213) ------- ------- ------- Total common stockholder's equity 6,224 (68) 6,156 ------- ------- ------- Total capitalization 6,224 (68) 6,156 ------- ------- ------- Total Liabilities and Capitalization $23,797 $ 5,000 $28,797 ======= ======= =======
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY 7.2 PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED DECEMBER 31, 2002 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $38,246 $ $38,246 ------- ------- ------- Operating Expenses: Operation Energy and purchased capacity costs 25,473 25,473 Other 5,976 5,976 Maintenance 3,903 3,903 Depreciation 652 652 Taxes other than income taxes 2,055 2,055 ------- ------- ------- Total operating expenses 38,059 - 12,586 ------- ------- ------- Operating Income 187 - 25,660 ------- ------- ------- Interest Expense, net (250) (113) b (137) ------- ------- ------- Other Loss, net (1,433) (1,433) ------- ------- ------- Loss Before Income Tax Benefit (1,496) (113) (1,609) ------- ------- ------- Income Tax Benefit (556) (45) b (601) ------- ------- ------- Net Loss $ (940) $ (68) $(1,008) ======= ======= =======
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY 7.2 PRO FORMA STATEMENT OF ACCUMULATED DEFICIT FOR THE 12 MONTHS ENDED DECEMBER 31, 2002 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $(1,233) $ $(1,233) Net income/(loss) (940) (68) b (1,008) Allocation of Benefits - ESOP 28 28 ------- ------- ------- Balance at end of period $(2,145) $ (68) $(2,213) ======= ======= =======
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY 7.2 PRO FORMA CAPITAL STRUCTURE AS OF DECEMBER 31, 2002 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt $ 9,600 $ $ 9,600 Common stockholder's equity 6,224 (68) b 6,156 -------- ------- ------- Total Capitalization $15,824 $ (68) $15,756 ======= ======= =======
HOLYOKE WATER POWER COMPANY AND SUBSIDIARY 7.2 PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash 5,000 Notes payable to banks 5,000 To record the issuance of additional short-term debt. b) Other interest 113 Accrued taxes 45 Accrued interest 113 Income tax benefit 45 To record interest expense associated with increased level of short-term debt and related tax effect.