EX-99.15 OTH FIN ST 6 u1exh993nuei.txt NUEI FINANCIALS NU ENTERPRISES, INC. AND SUBSIDIARIES 3.1a PRO FORMA CONSOLIDATED BALANCE SHEET -- ASSETS AS OF JUNE 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Current Assets: Cash and cash equivalents $ 44,416 $ 0 a,c,e $ 44,416 Receivables, net 365,497 365,497 Accounts receivable from affiliated companies 145,479 145,479 Unbilled revenues 23,527 23,527 Taxes receivable 3,501 17,935 b,d,f 21,436 Notes receivable from affiliated companies 30,100 30,100 Fuel, materials and supplies, at average cost 12,336 12,336 Special deposits 118,073 118,073 Prepayments and other 239,697 239,697 ----------- ----------- ----------- 982,626 17,935 1,000,561 ----------- ----------- ----------- Property, Plant and Equipment: Competitive energy 840,657 560,000 e 1,400,657 Less: Accumulated depreciation 41,541 14,000 f 55,541 ----------- ----------- ----------- 799,116 546,000 1,345,116 Construction work in progress 19,892 19,892 ----------- ----------- ----------- 819,008 546,000 1,365,008 ----------- ----------- ----------- Deferred Debits and Other Assets: Other 219,357 219,357 ----------- ----------- ----------- 219,357 0 219,357 ----------- ----------- ----------- Total Assets $ 2,020,991 $ 563,935 $ 2,584,926 =========== =========== ===========
NU ENTERPRISES, INC. AND SUBSIDIARIES 3.1b PRO FORMA CONSOLIDATED BALANCE SHEET -- LIABILITIES AND CAPITALIZATION AS OF JUNE 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Current Liabilities: Notes payable to affiliated companies $ 113,000 $ 287,000 a $ 400,000 Long-term debt - current portion 32,659 32,659 Accounts payable 371,223 371,223 Accounts payable to affiliated companies 21,878 21,878 Accrued interest 8,642 23,837 b,d 32,479 Other 199,015 199,015 ----------- ----------- ----------- 746,417 310,837 1,057,254 ----------- ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 45,854 2,800 f 48,654 Other 6,916 6,916 ----------- ----------- ----------- 52,770 2,800 55,570 ----------- ----------- ----------- Capitalization: Long-Term Debt 664,137 273,000 c 937,137 ----------- ----------- ----------- Common Shareholders' Equity: Capital surplus, paid in 667,340 667,340 Accumulated deficit (109,673) (22,702) (132,375) ----------- ----------- ----------- Common Shareholders' Equity 557,667 (22,702) 534,965 ----------- ----------- ----------- Total Capitalization 1,221,804 250,298 1,472,102 ----------- ----------- ----------- Total Liabilities and Capitalization $ 2,020,991 $ 563,935 $ 2,584,926 =========== =========== ===========
NU ENTERPRISES, INC. AND SUBSIDIARIES 3.2a PRO FORMA CONSOLIDATED STATEMENT OF INCOME FOR THE 12 MONTHS ENDED JUNE 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $ 2,311,180 $ $ 2,311,180 ----------- ----------- ----------- Operating Expenses: Purchased power, net interchange power and capacity 1,955,314 1,955,314 Depreciation and amortization 19,238 14,000 f 33,238 Taxes other than income taxes 13,629 13,629 Other 287,454 287,454 ----------- ----------- ----------- Total operating expenses 2,275,635 14,000 2,289,635 ----------- ----------- ----------- Operating Income/(Loss) 35,545 (14,000) 21,545 Interest and Financing Costs 45,046 23,837 b,d 68,883 Other Income, Net 4,028 4,028 ----------- ----------- ----------- Loss Before Income Tax Expense/(Benefit) (5,473) (37,837) (43,310) Income Tax Expense/(Benefit) 807 (15,135) b,d,f (14,328) ----------- ----------- ----------- Net Loss $ (6,280) $ (22,702) $ (28,982) =========== =========== ===========
NU ENTERPRISES, INC. AND SUBSIDIARIES 3.2b PRO FORMA CONSOLIDATED STATEMENT OF ACCUMULATED DEFICIT AS OF JUNE 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ (103,393) $ $ (103,393) Net loss (6,280) (22,702) (28,982) ---------- ------------ ----------- Balance at end of period $ (109,673) $ (22,702) $ (132,375) ========== ============ ===========
NU ENTERPRISES, INC. AND SUBSIDIARIES 3.2c PRO FORMA CONSOLIDATED CAPITALIZATION AS OF JUNE 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt* $ 664,137 $ 273,000 $ 937,137 Common shareholders' equity 557,667 (22,702) 534,965 ----------- ----------- ----------- Total Capitalization $ 1,221,804 $ 250,298 $ 1,472,102 =========== =========== ===========
*Does not include current portion NU ENTERPRISES, INC. AND SUBSIDIARIES 3.2d PRO FORMA ADJUSTMENTS TO CONSOLIDATED FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash and cash equivalents 287,000 Notes payable to affiliated companies 287,000 To record notes payable to affiliated companies to finance additional EWG investments. b) Interest and financing costs 5,955 Taxes receivable 2,382 Accrued interest 5,955 Income tax expense/(benefit) 2,382 To record interest expense associated with notes payable to affiliated companies and related tax effect. c) Cash and cash equivalents 273,000 Long-term debt 273,000 To record issuance of long-term debt to finance additional EWG investments. d) Interest and financing costs 17,882 Taxes receivable 7,153 Accrued interest 17,882 Income tax expense/(benefit) 7,153 To record interest expense associated with long-term debt issued and related tax effect. e) Property, plant and equipment - competitive energy 560,000 Cash and cash equivalents 560,000 To record additional EWG investment. f) Depreciation and amortization expense 14,000 Taxes receivable 8,400 Income tax expense/(benefit) - deferred 2,800 Accumulated depreciation 14,000 Income tax expense/(benefit) - current 8,400 Accumulated deferred income taxes 2,800 To record depreciation expense associated with additional EWG investment and related tax effects.