EX-99.15 OTH FIN ST 4 u1sexh991nuparfinan.txt NU CONSOL. FINANCIALS NORTHEAST UTILITIES AND SUBSIDIARIES 1.1a 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 $ 57,028 $ 0 a,c,e $ 57,028 Investments in securitizable assets 146,532 146,532 Receivables, net 626,435 626,435 Unbilled revenues 93,294 93,294 Fuel, materials and supplies, at average cost 124,060 124,060 Special deposits 87,982 87,982 Derivative assets 174,250 174,250 Prepayments and other 118,094 118,094 ----------- ----------- ----------- 1,427,675 0 1,427,675 ----------- ----------- ----------- Property, Plant and Equipment: Electric utility 5,305,546 5,305,546 Gas utility 697,130 697,130 Competitive energy 877,396 560,000 e 1,437,396 Other 209,993 209,993 ----------- ---------- ----------- 7,090,065 560,000 7,650,065 Less: Accumulated depreciation 2,542,716 14,000 f 2,556,716 ----------- ----------- ----------- 4,547,349 546,000 5,093,349 Construction work in progress 323,995 323,995 ----------- ----------- ----------- 4,871,344 546,000 5,417,344 ----------- ----------- ----------- Deferred Debits and Other Assets: Regulatory assets 2,993,305 2,993,305 Goodwill and other purchased intangible assets, net 344,063 344,063 Prepaid pension 344,496 344,496 Other 438,833 438,833 ----------- ----------- ----------- 4,120,697 0 4,120,697 ----------- ----------- ----------- Total Assets $10,419,716 $ 546,000 $10,965,716 =========== =========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.1b 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 banks $ 63,000 $ 287,000 a $ 350,000 Long-term debt - current portion 58,345 58,345 Accounts payable 652,984 652,984 Accrued taxes 31,680 (17,935) b,d,f 13,745 Accrued interest 41,153 23,837 b,d 64,990 Derivative liabilities 107,278 107,278 Other 228,459 228,459 ----------- ----------- ----------- 1,182,899 292,902 1,475,801 ----------- ----------- ----------- Rate Reduction Bonds 1,816,998 1,816,998 ----------- ----------- ----------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,407,194 2,800 f 1,409,994 Accumulated deferred investment tax credits 104,562 104,562 Deferred contractual obligations 334,883 334,883 Other 777,003 777,003 ----------- ----------- ----------- 2,623,642 2,800 2,626,442 ----------- ----------- ----------- Capitalization: Long-Term Debt 2,465,483 273,000 c 2,738,483 ----------- ----------- ----------- Preferred Stock - Nonredeemable 116,200 116,200 ----------- ----------- ----------- Common Shareholders' Equity: Common shares 749,582 749,582 Capital surplus, paid in 1,105,241 1,105,241 Deferred contribution plan - employee stock ownership plan (80,170) (80,170) Retained earnings 798,796 (22,702) 776,094 Accumulated other comprehensive income 1,789 1,789 Treasury stock (360,744) (360,744) ----------- ----------- ----------- Common Shareholders' Equity 2,214,494 (22,702) 2,191,792 ----------- ----------- ----------- Total Capitalization 4,796,177 250,298 5,046,475 ----------- ----------- ----------- Total Liabilities and Capitalization $10,419,716 $ 546,000 $10,965,716 =========== =========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2a 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 $ 5,935,911 $ $ 5,935,911 ----------- ----------- ----------- Operating Expenses: Operation - Fuel, purchased and net interchange power 3,635,655 3,635,655 Other 776,836 776,836 Maintenance 251,899 251,899 Depreciation 200,001 14,000 f 214,001 Amortization 508,253 508,253 Taxes other than income taxes 223,494 223,494 Gain on sale of utility plant (187,672) (187,672) ----------- ----------- ----------- Total operating expenses 5,408,466 14,000 5,422,466 ----------- ----------- ----------- Operating Income/(Loss) 527,445 (14,000) 513,445 Interest Expense: Interest on long-term debt 240,683 17,882 d 258,565 Other interest 17,004 5,955 b 22,959 ----------- ----------- ----------- Interest expense, net 257,687 23,837 281,524 ----------- ----------- ----------- Other Income, Net 57,501 57,501 ----------- ----------- ----------- Income Before Income Tax Expense/(Benefit) 327,259 (37,837) 289,422 Income Tax Expense/(Benefit) 130,017 (15,135) b,d,f 114,882 ----------- ----------- ----------- Income Before Preferred Dividends of Subsidiaries 197,242 (22,702) 174,540 Preferred Dividends of Subsidiaries 5,559 5,559 ----------- ----------- ----------- Net Income/(Loss) $ 191,683 $ (22,702) $ 168,981 =========== =========== ===========
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2b PRO FORMA CONSOLIDATED STATEMENT OF RETAINED EARNINGS 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 $ 678,593 $ $ 678,593 Net income/(loss) 191,683 (22,702) 168,981 Cash dividends on common stock (71,480) (71,480) ----------- ----------- ------------ Balance at end of period $ 798,796 (22,702) $ 776,094 =========== =========== ============
NORTHEAST UTILITIES AND SUBSIDIARIES 1.2c 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* $ 2,465,483 $ 273,000 $ 2,738,483 Preferred stock - nonredeemable 116,200 116,200 Common shareholders' equity 2,214,494 (22,702) 2,191,792 ----------- ----------- ----------- Total Capitalization $ 4,796,177 $ 250,298 $ 5,046,475 =========== =========== ===========
*Does not include current portion NORTHEAST UTILITIES AND SUBSIDIARIES 1.2d PRO FORMA ADJUSTMENTS TO CONSOLIDATED FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit a) Cash and cash equivalents 287,000 Notes payable to banks 287,000 To record issuance of short-term debt to finance additional EWG investments. b) Other interest 5,955 Accrued taxes 2,382 Accrued interest 5,955 Income tax expense/(benefit) 2,382 To record interest expense associated with short-term debt issued 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 on long-term debt 17,882 Accrued taxes 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 expense 14,000 Accrued taxes 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.