EX-99 4 march2012brokers.htm BROKER'S STATEMENT Converted by EDGARwiz

EXHIBIT 99.2



NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 283,379 

 

$

 6,559 

 

Receivables, Net

 

 485,770 

 

 

 488,002 

 

Unbilled Revenues

 

 135,887 

 

 

 175,207 

 

Fuel, Materials and Supplies

 

 219,091 

 

 

 248,958 

 

Regulatory Assets

 

 241,902 

 

 

 255,144 

 

Marketable Securities

 

 62,700 

 

 

 70,970 

 

Prepayments and Other Current Assets

 

 94,737 

 

 

 112,632 

Total Current Assets

 

 1,523,466 

 

 

 1,357,472 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 10,613,199 

 

 

 10,403,065 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 3,214,208 

 

 

 3,267,710 

 

Goodwill

 

 287,591 

 

 

 287,591 

 

Marketable Securities

 

 74,050 

 

 

 60,311 

 

Derivative Assets

 

 94,258 

 

 

 98,357 

 

Other Long-Term Assets

 

 171,582 

 

 

 172,560 

Total Deferred Debits and Other Assets

 

 3,841,689 

 

 

 3,886,529 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 15,978,354 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

































NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

  Notes Payable to Banks

$

 660,000 

 

$

 317,000 

  Long-Term Debt - Current Portion

 

267,286 

 

 

 331,582 

  Accounts Payable

 

 412,884 

 

 

 633,282 

  Regulatory Liabilities

 

 149,755 

 

 

 167,844 

  Derivative Liabilities

 

 108,253 

 

 

 107,558 

  Other Current Liabilities

 

 369,503 

 

 

 390,416 

Total Current Liabilities

 

1,967,681 

 

 

 1,947,682 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 94,357 

 

 

 112,260 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  Accumulated Deferred Income Taxes

 

 1,923,266 

 

 

 1,868,316 

  Regulatory Liabilities

 

 248,314 

 

 

 266,145 

  Derivative Liabilities

 

 924,308 

 

 

 959,876 

  Accrued Pension, SERP and PBOP

 

 1,241,433 

 

 

 1,326,037 

  Other Long-Term Liabilities

 

 414,004 

 

 

 420,011 

Total Deferred Credits and Other Liabilities

 

 4,751,325 

 

 

 4,840,385 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

  Long-Term Debt

 

 4,977,131 

 

 

 4,614,913 

 

 

 

 

 

 

 

 

   Noncontrolling Interest in Consolidated Subsidiary:

 

 

 

 

 

 

Preferred Stock Not Subject to Mandatory Redemption

 

 116,200 

 

 

 116,200 

 

 

 

 

 

 

 

 

   Equity:

 

 

 

 

 

 

Common Shareholders' Equity:

 

 

 

 

 

 

  Common Shares

 

 981,592 

 

 

 980,264 

 

  Capital Surplus, Paid In

 

 1,801,752 

 

 

 1,797,884 

 

  Retained Earnings

 

 1,698,553 

 

 

 1,651,875 

 

  Accumulated Other Comprehensive Loss

 

 (68,822)

 

 

 (70,686)

 

  Treasury Stock

 

 (344,774)

 

 

 (346,667)

   Common Shareholders' Equity

 

 4,068,301 

 

 

 4,012,670 

   Noncontrolling Interests

 

 3,359 

 

 

 2,956 

  Total Equity

 

 4,071,660 

 

 

 4,015,626 

Total Capitalization

 

 9,164,991 

 

 

 8,746,739 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 15,978,354 

 

$

 15,647,066 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

































NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

Three Months Ended March 31,

 

(Thousands of Dollars, Except Share Information)

2012 

 

2011 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,099,623 

 

$

 1,235,251 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

Fuel, Purchased and Net Interchange Power

 

 398,013 

 

 

 474,109 

 

Other Operating Expenses

 

 225,958 

 

 

 251,978 

 

Maintenance

 

 69,826 

 

 

 67,764 

 

Depreciation

 

 80,839 

 

 

 73,951 

 

Amortization of Regulatory Assets, Net

 

 6,209 

 

 

 34,407 

 

Amortization of Rate Reduction Bonds

 

 18,347 

 

 

 17,282 

 

Taxes Other Than Income Taxes

 

 86,038 

 

 

 88,403 

 

 

Total Operating Expenses

 

 885,230 

 

 

 1,007,894 

Operating Income

 

 214,393 

 

 

 227,357 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

Interest on Long-Term Debt

 

 59,968 

 

 

 57,399 

 

Interest on Rate Reduction Bonds

 

 1,431 

 

 

 2,578 

 

Other Interest

 

 5,048 

 

 

 (1,428)

 

 

Interest Expense

 

 66,447 

 

 

 58,549 

Other Income, Net

 

 8,773 

 

 

 10,313 

Income Before Income Tax Expense

 

 156,719 

 

 

 179,121 

Income Tax Expense

 

 55,964 

 

 

 63,537 

Net Income

 

 100,755 

 

 

 115,584 

Net Income Attributable to Noncontrolling Interests

 

 1,493 

 

 

 1,429 

Net Income Attributable to Controlling Interests

$

 99,262 

 

$

 114,155 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

 0.56 

 

$

 0.64 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.29 

 

$

 0.28 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

Basic

 

 178,055,716 

 

 

 177,188,207 

 

Diluted

 

 178,437,453 

 

 

 177,480,996 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

































NORTHEAST UTILITIES AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(Thousands of Dollars)

2012 

 

2011 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 100,755 

 

$

 115,584 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Bad Debt Expense

 

 3,657 

 

 

 4,947 

 

 

 Depreciation

 

 80,839 

 

 

 73,951 

 

 

 Deferred Income Taxes

 

 52,474 

 

 

 52,429 

 

 

 Pension, SERP and PBOP Expense

 

 42,268 

 

 

 34,163 

 

 

 Pension and PBOP Contributions

 

 (98,910)

 

 

 (5,932)

 

 

 Regulatory (Under)/Over Recoveries, Net

 

 (28,352)

 

 

 44,420 

 

 

 Amortization of Regulatory Assets, Net

 

 6,209 

 

 

 34,407 

 

 

 Amortization of Rate Reduction Bonds

 

 18,347 

 

 

 17,282 

 

 

 Derivative Assets and Liabilities

 

 (1,770)

 

 

 (3,651)

 

 

 Other

 

 (7,371)

 

 

 (1,776)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 29,276 

 

 

 8,199 

 

 

 Fuel, Materials and Supplies

 

 30,108 

 

 

 42,990 

 

 

 Taxes Receivable/Accrued, Net

 

 11,758 

 

 

 18,312 

 

 

 Accounts Payable

 

 (190,232)

 

 

 (29,278)

 

 

 Other Current Assets and Liabilities, Net

 

 (40,240)

 

 

 (33,281)

Net Cash Flows Provided by Operating Activities

 

 8,816 

 

 

 372,766 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (304,294)

 

 

 (236,689)

 

Proceeds from Sales of Marketable Securities

 

 40,947 

 

 

 38,646 

 

Purchases of Marketable Securities

 

 (41,570)

 

 

 (39,230)

 

Other Investing Activities

 

 2,448 

 

 

 328 

Net Cash Flows Used in Investing Activities

 

 (302,469)

 

 

 (236,945)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (52,104)

 

 

 (48,588)

 

Cash Dividends on Preferred Stock

 

 (1,390)

 

 

 (1,390)

 

Increase/(Decrease) in Short-Term Debt

 

 343,000 

 

 

 (78,000)

 

Issuance of Long-Term Debt

 

 300,000 

 

 

 - 

 

Retirements of Rate Reduction Bonds

 

 (17,903)

 

 

 (16,868)

 

Other Financing Activities

 

 (1,130)

 

 

 989 

Net Cash Flows Provided by/(Used in) Financing Activities

 

 570,473 

 

 

 (143,857)

Net Increase/(Decrease) in Cash and Cash Equivalents

 

 276,820 

 

 

 (8,036)

Cash and Cash Equivalents - Beginning of Period

 

 6,559 

 

 

 23,395 

Cash and Cash Equivalents - End of Period

$

 283,379 

 

$

 15,359 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The data contained in this report is preliminary and is unaudited.  This report is being submitted for the sole purpose of providing information to present shareholders about Northeast Utilities and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.