EX-99 4 exh994nufinan.txt NU COMBINED FINANCIALS NORTHEAST UTILITIES AND SUBSIDIARIES 1.4a PRO FORMA CONSOLIDATED BALANCE SHEET -- ASSETS AS OF SEPTEMBER 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Current Assets: Cash and cash equivalents $ 118,138 $ 0 a,c,e$ 118,138 Restricted cash - LMP costs 45,760 45,760 Special deposits 75,657 75,657 Investments in securitizable assets 215,592 215,592 Receivables, net 637,039 637,039 Unbilled revenues 95,498 95,498 Fuel, materials and supplies, at average cost 160,400 160,400 Derivative assets 103,768 103,768 Prepayments and other 81,556 81,556 --------------- --------------- --------------- 1,533,408 0 1,533,408 --------------- --------------- --------------- Property, Plant and Equipment: Electric utility 5,360,649 5,360,649 Gas utility 708,986 708,986 Competitive energy 886,478 560,000 e 1,446,478 Other 209,040 209,040 --------------- --------------- --------------- 7,165,153 560,000 7,725,153 Less: Accumulated depreciation 2,564,544 14,000 f 2,578,544 --------------- --------------- --------------- 4,600,609 546,000 5,146,609 Construction work in progress 374,691 374,691 --------------- --------------- --------------- 4,975,300 546,000 5,521,300 --------------- --------------- --------------- Deferred Debits and Other Assets: Regulatory assets 2,947,670 2,947,670 Goodwill and other purchased intangible assets, net 343,904 343,904 Prepaid pension 352,668 352,668 Other 445,418 445,418 --------------- --------------- --------------- 4,089,660 0 4,089,660 --------------- --------------- --------------- Total Assets $ 10,598,368 $ 546,000 $ 11,144,368 =============== =============== ===============
NORTHEAST UTILITIES AND SUBSIDIARIES 1.4b PRO FORMA CONSOLIDATED BALANCE SHEET -- LIABILITIES AND CAPITALIZATION AS OF SEPTEMBER 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Current Liabilities: Notes payable to banks $ 40,000 $ 287,000 a $ 327,000 Long-term debt - current portion 59,327 59,327 Accounts payable 787,024 787,024 Accrued taxes 68,816 (17,935)b,d,f 50,881 Accrued interest 57,820 23,837 b,d 81,657 Derivative liabilities 65,866 65,866 Other 205,501 205,501 --------------- --------------- --------------- 1,284,354 292,902 1,577,256 --------------- --------------- --------------- Rate Reduction Bonds 1,772,637 1,772,637 --------------- --------------- --------------- Deferred Credits and Other Liabilities: Accumulated deferred income taxes 1,362,713 2,800 f 1,365,513 Accumulated deferred investment tax credits 103,607 103,607 Deferred contractual obligations 321,197 321,197 Other 878,146 878,146 --------------- --------------- --------------- 2,665,663 2,800 2,668,463 --------------- --------------- --------------- Capitalization: Long-Term Debt 2,505,222 273,000 c 2,778,222 --------------- --------------- --------------- Preferred Stock - Nonredeemable 116,200 116,200 --------------- --------------- --------------- Common Shareholders' Equity: Common shares 750,492 750,492 Capital surplus, paid in 1,106,466 1,106,466 Deferred contribution plan - employee stock ownership plan (76,970) (76,970) Retained earnings 837,963 (22,702) 815,261 Accumulated other comprehensive loss (2,862) (2,862) Treasury stock (360,797) (360,797) --------------- --------------- --------------- Common Shareholders' Equity 2,254,292 (22,702) 2,231,590 --------------- --------------- --------------- Total Capitalization 4,875,714 250,298 5,126,012 --------------- --------------- --------------- Total Liabilities and Capitalization $ 10,598,368 $ 546,000 $ 11,144,368 =============== =============== ===============
NORTHEAST UTILITIES AND SUBSIDIARIES 1.4c PRO FORMA CONSOLIDATED STATEMENT OF INCOME FOR THE 12 MONTHS ENDED SEPTEMBER 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Operating Revenues $ 6,575,881 $ $ 6,575,881 --------------- --------------- --------------- Operating Expenses: Operation - Fuel, purchased and net interchange power 4,230,380 4,230,380 Other 817,286 817,286 Maintenance 239,315 239,315 Depreciation 199,933 14,000 f 213,933 Amortization 508,437 508,437 Taxes other than income taxes 229,078 229,078 Gain on sale of utility plant (187,626) (187,626) --------------- --------------- --------------- Total operating expenses 6,036,803 14,000 6,050,803 --------------- --------------- --------------- Operating Income/(Loss) 539,078 (14,000) 525,078 Interest Expense: Interest on long-term debt 236,750 17,882 d 254,632 Other interest 16,572 5,955 b 22,527 --------------- --------------- --------------- Interest expense, net 253,322 23,837 277,159 --------------- --------------- --------------- Other Income, Net 30,120 30,120 --------------- --------------- --------------- Income Before Income Tax Expense/(Benefit) 315,876 (37,837) 278,039 Income Tax Expense/(Benefit) 123,232 (15,135)b,d,f 108,097 --------------- --------------- --------------- Income Before Preferred Dividends of Subsidiaries 192,644 (22,702) 169,942 Preferred Dividends of Subsidiaries 5,559 5,559 --------------- --------------- --------------- Income/(Loss) Before Cumulative Effect of Accounting Chang 187,085 (22,702) 164,383 Cumulative Effect of Accounting Change (4,741) (4,741) --------------- --------------- --------------- Net Income/(Loss) $ 182,344 $ (22,702) $ 159,642 =============== =============== ===============
NORTHEAST UTILITIES AND SUBSIDIARIES 1.4d PRO FORMA CONSOLIDATED STATEMENT OF RETAINED EARNINGS AS OF SEPTEMBER 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Balance at beginning of period $ 727,204 $ $ 727,204 Net income/(loss) 182,344 (22,702) 159,642 Cash dividends on common stock (71,585) (71,585) --------------- --------------- --------------- Balance at end of period $ 837,963 $ (22,702) $ 815,261 =============== =============== ===============
NORTHEAST UTILITIES AND SUBSIDIARIES 1.4e PRO FORMA CONSOLIDATED CAPITALIZATION AS OF SEPTEMBER 30, 2003 Unaudited (Thousands of Dollars)
PRO FORMA GIVING PRO EFFECT FORMA TO PER BOOK ADJ. ADJ. Long-term debt* $ 2,505,222 $ 273,000 $ 2,778,222 Preferred stock - nonredeemable 116,200 116,200 Common shareholders' equity 2,254,292 (22,702) 2,231,590 --------------- --------------- --------------- Total Capitalization $ 4,875,714 $ 250,298 $ 5,126,012 =============== =============== ===============
*Does not include current portion NORTHEAST UTILITIES AND SUBSIDIARIES 1.4f 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.