EX-99.3 OTHER FIN ST 8 wmecoproforma51.txt WMECO BAL. SHEET WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.1 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 ------ Current Assets: Cash and cash equivalents $ 123 $ 107,100 a $ 107,223 Receivables, net 42,203 42,203 Accounts receivable from affiliated companies 6,369 6,369 Unbilled revenues 8,944 8,944 Fuel, materials and supplies, at average cost 1,821 1,821 Prepayments and other 1,470 1,470 ---------- ---------- ---------- 60,930 107,100 168,030 ---------- ---------- ---------- Property, Plant and Equipment: Electric utility 590,153 590,153 Less: Accumulated depreciation 195,804 195,804 ---------- ---------- ---------- 394,349 - 394,349 Construction work in progress 11,860 11,860 ---------- ---------- ---------- 406,209 - 406,209 ---------- ---------- ---------- Deferred Debits and Other Assets: Regulatory assets 283,702 283,702 Prepaid pension 67,516 67,516 Other 18,304 18,304 ---------- ---------- ---------- 369,522 - 369,522 ---------- ---------- ---------- Total Assets $ 836,661 $ 107,100 $ 943,761 ========== ========== ==========
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. LIABILITIES AND CAPITALIZATION ------------------------------ Current Liabilities: Notes payable to banks $ 7,000 $ 107,100 a $ 114,100 Notes payable to affiliated companies 85,900 85,900 Accounts payable 17,730 17,730 Accounts payable to affiliated companies 6,233 6,233 Accrued taxes 4,334 (923) b 3,411 Accrued interest 2,059 2,308 b 4,367 Other 8,005 8,005 ---------- ---------- ---------- 131,261 108,485 239,746 ---------- ---------- ---------- Rate Reduction Bonds 142,742 142,742 ---------- ---------- ---------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 222,065 222,065 Accumulated deferred investment tax credits 3,662 3,662 Deferred contractual obligations 63,767 63,767 Other 13,213 13,213 ---------- ---------- ---------- 302,707 - 302,707 ---------- ---------- ---------- Capitalization: Long-Term Debt 101,991 101,991 ---------- ---------- ---------- Common Stockholder's Equity: Common stock 10,866 10,866 Capital surplus, paid in 69,712 69,712 Retained earnings 77,476 (1,385) b 76,091 Accumulated other comprehensive loss (94) (94) ---------- ---------- ---------- Common Stockholder's Equity 157,960 (1,385) 156,575 ---------- ---------- ---------- Total Capitalization 259,951 (1,385) 258,566 ---------- ---------- ---------- Total Liabilities and Capitalization $ 836,661 $ 107,100 $ 943,761 ========== ========== ==========
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2 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 $ 369,487 $ $ 369,487 ---------- ---------- ---------- Operating Expenses: Operation - Fuel, purchased and net interchange power 181,485 181,485 Other 49,039 49,039 Maintenance 14,499 14,499 Depreciation 14,381 14,381 Amortization of regulatory assets, net 39,712 39,712 Taxes other than income taxes 10,688 10,688 ---------- ---------- ---------- Total operating expenses 309,804 - 309,804 ---------- ---------- ---------- Operating Income 59,683 - 59,683 Interest Expense: Interest on long-term debt 2,942 2,942 Interest on rate reduction bonds 9,587 9,587 Other interest 1,857 2,308 b 4,165 ---------- ---------- ---------- Interest expense, net 14,386 2,308 16,694 ---------- ---------- ---------- Other Loss), Net (850) (850) ---------- ---------- ---------- Income Before Income Tax Expense 44,447 (2,308) 42,139 Income Tax Expense 6,765 (923) b 5,842 ---------- ---------- ---------- Net Income/(Loss) $ 37,682 $ (1,385) $ 36,297 ========== ========== ==========
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2 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 $ 55,422 $ $ 55,422 Net income 37,682 (1,385) b 36,297 Cash dividends on common stock (16,009) (16,009) Allocation of benefits - ESOP 381 381 ---------- ---------- ---------- Balance at end of period $ 77,476 $ (1,385) $ 76,091 ========== ========== ==========
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2 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* $ 101,991 $ $ 101,991 Common stockholder's equity 157,960 (1,385) b 156,575 ---------- ---------- ---------- Total Capitalization $ 259,951 $ (1,385) $ 258,566 ========== ========== ==========
*Does not include current portion. WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY 5.2 PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash 107,100 Notes payable to banks 107,100 To record the issuance of additional short-term debt. b) Other interest 2,308 Accrued taxes 923 Accrued interest 2,308 Income tax expense 923 To record interest expense associated with increased level of short-term debt and related tax effect.