EX-99.3 OTHER FIN ST 7 psnhproforma41.txt PSNH BAL. SHEET PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES 4.1 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 $ 5,319 $100,000 a $ 105,319 Receivables, net 68,204 68,204 Accounts receivable from affiliated companies 9,667 9,667 Unbilled revenues 32,004 32,004 Notes receivable from affiliated companies 23,000 23,000 Fuel, materials and supplies, at average cost 49,182 49,182 Prepayments and other 10,032 10,032 ---------- -------- ---------- 197,408 100,000 297,408 ---------- -------- ---------- Property, Plant and Equipment: Electric utility 1,431,710 1,431,710 Other 6,195 6,195 ---------- -------- ---------- 1,437,905 - 1,437,905 Less: Accumulated depreciation 715,736 715,736 ---------- -------- ---------- 722,169 - 722,169 Construction work in progress 50,547 50,547 ---------- -------- ---------- 722,716 - 722,716 ---------- -------- ---------- Deferred Debits and Other Assets: Regulatory assets 859,871 859,871 Other 92,280 92,280 ---------- -------- ---------- 952,151 - 952,151 ---------- -------- ---------- Total Assets $1,922,275 $100,000 $2,022,275 ========== ======== ==========
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. LIABILITIES AND CAPITALIZATION: Notes payable to banks $ - $100,000 a $ 100,000 Obligations under Seabrook Power Contracts and other capital leases - current portion 206 206 Accounts payable 54,588 54,588 Accounts payable to affiliated companies 4,008 4,008 Accrued taxes 65,317 (862) b 64,455 Accrued interest 11,333 2,155 b 13,488 Overcollections on rate reduction bonds 25,555 25,555 Other 12,468 12,468 ---------- -------- ---------- 173,475 101,293 274,768 ---------- -------- ---------- Rate Reduction Bonds 510,841 510,841 ---------- -------- ---------- Obligations under Seabrook Power Contracts and Other Capital Leases 986 986 ---------- -------- ---------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 359,910 359,910 Accumulated deferred investment tax credits 2,680 2,680 Deferred contractual obligations 56,165 56,165 Accrued pension 37,933 37,933 Other 51,170 51,170 ---------- -------- ---------- 507,858 - 507,858 ---------- -------- ---------- Capitalization: Long-Term Debt 407,285 407,285 ---------- -------- ---------- Common Stockholder's Equity: Common stock - - Capital surplus, paid in 126,937 126,937 Retained earnings 194,998 (1,293) b 193,705 Accumulated other comprehensive (loss)/income (105) (105) ---------- -------- ---------- Common Stockholder's Equity 321,830 (1,293) 320,537 ---------- -------- ---------- Total Capitalization 729,115 (1,293) 727,822 ---------- -------- ---------- Total Liabilities and Capitalization $1,922,275 $100,000 $2,022,275 ========== ======== ==========
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES 4.2 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 $1,046,738 $(1,123) $1,046,738 ----------- ------- ---------- Operating Expenses: Operation - Fuel, purchased and net interchange power 387,987 387,987 Other 126,506 126,506 Maintenance 64,146 64,146 Depreciation 40,941 40,941 Amortization of regulatory assets, net 238,960 238,960 Taxes other than income taxes 34,226 34,226 ----------- -------- ---------- Total operating expenses 892,766 - 892,766 ----------- -------- ---------- Operating Income 153,972 - 153,972 Interest Expense: Interest on long-term debt 16,752 16,752 Interest on rate reduction bonds 30,499 30,499 Other interest 1,874 2,155 b 4,029 ----------- ------- ---------- Interest expense, net 49,125 2,155 51,280 ----------- ------- ---------- Other (Loss)/Income, Net (1,671) (1,671) ----------- ------- ---------- Income Before Income Tax Expense 103,176 (2,155) 101,021 Income Tax Expense 40,279 (862) b 39,417 ----------- ------- ---------- Net Income/(Loss) 62,897 (1,293) 61,604 =========== ======= ==========
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES 4.2 PRO FORMA STATEMENT OF RETAINED EARNINGS 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 $176,419 $ $176,419 Net income 62,897 (1,293) b 61,604 Cash dividends on common stock (45,000) (45,000) Allocation of benefits - ESOP 682 682 -------- ------- -------- Balance at end of period $194,998 $(1,293) $193,705 ======== ======= ========
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES 4.2 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* $407,285 $ $407,285 Common stockholders' equity 321,830 (1,293) b 320,537 -------- ------- -------- Total Capitalization $729,115 $(1,293) $727,822 ======== ======= ========
*Does not include current portion. PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE AND SUBSIDIARIES 4.2 PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash 100,000 Notes payable to banks 100,000 To record the issuance of additional short-term debt. b) Other interest 2,155 Accrued taxes 862 Accrued interest 2,155 Income tax expense 862 To record interest expense associated with increased level of short-term debt and related tax effect.