EX-99 4 june2013brokers.htm BROKER'S STATEMENT Converted by EDGARwiz


EXHIBIT 99.2




NORTHEAST UTILITIES AND SUBSIDIARIES

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2013 

 

2012 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and Cash Equivalents

$

 36,055 

 

$

 45,748 

 

Receivables, Net

 

 789,410 

 

 

 792,822 

 

Unbilled Revenues

 

 193,534 

 

 

 216,040 

 

Fuel, Materials and Supplies

 

 280,600 

 

 

 267,713 

 

Regulatory Assets

 

 577,010 

 

 

 705,025 

 

Prepayments and Other Current Assets

 

 174,484 

 

 

 199,947 

Total Current Assets

 

 2,051,093 

 

 

 2,227,295 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 16,931,448 

 

 

 16,605,010 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

Regulatory Assets

 

 4,817,305 

 

 

 5,132,411 

 

Goodwill

 

 3,519,401 

 

 

 3,519,401 

 

Marketable Securities

 

 501,876 

 

 

 400,329 

 

Derivative Assets

 

 89,309 

 

 

 90,612 

 

Other Long-Term Assets

 

 286,460 

 

 

 327,766 

Total Deferred Debits and Other Assets

 

 9,214,351 

 

 

 9,470,519 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

$

 28,196,892 

 

$

 28,302,824 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2013 

 

2012 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Notes Payable

$

 794,500 

 

$

 1,120,196 

 

Long-Term Debt - Current Portion

 

 888,346 

 

 

 763,338 

 

Accounts Payable

 

 532,036 

 

 

 764,350 

 

Regulatory Liabilities

 

 216,422 

 

 

 134,115 

 

Other Current Liabilities

 

 650,206 

 

 

 861,691 

Total Current Liabilities

 

 3,081,510 

 

 

 3,643,690 

 

 

 

 

 

 

 

 

Rate Reduction Bonds

 

 -   

 

 

 82,139 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  

Accumulated Deferred Income Taxes

 

 3,745,144 

 

 

 3,463,347 

 

Regulatory Liabilities

 

 511,737 

 

 

 540,162 

 

Derivative Liabilities

 

 788,929 

 

 

 882,654 

 

Accrued Pension, SERP and PBOP

 

 1,956,726 

 

 

 2,130,497 

 

Other Long-Term Liabilities

 

 899,270 

 

 

 967,561 

Total Deferred Credits and Other Liabilities

 

 7,901,806 

 

 

 7,984,221 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

Long-Term Debt

 

 7,651,396 

 

 

 7,200,156 

 

 

 

 

 

 

 

 

 

Noncontrolling Interest - Preferred Stock of Subsidiaries

 

 155,568 

 

 

 155,568 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

  Common Shareholders' Equity:

 

 

 

 

 

 

 

Common Shares

 

 1,664,833 

 

 

 1,662,547 

 

  

Capital Surplus, Paid In

 

 6,176,366 

 

 

 6,183,267 

 

 

Retained Earnings

 

 1,969,755 

 

 

 1,802,714 

 

 

Accumulated Other Comprehensive Loss

 

 (69,469)

 

 

 (72,854)

 

 

Treasury Stock

 

 (334,873)

 

 

 (338,624)

 

Common Shareholders' Equity

 

 9,406,612 

 

 

 9,237,050 

Total Capitalization

 

 17,213,576 

 

 

 16,592,774 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 28,196,892 

 

$

 28,302,824 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

(Thousands of Dollars, Except Share Information)

2013 

 

2012 

 

2013 

 

2012 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,635,862 

 

$

 1,628,684 

 

$

 3,630,885 

 

$

 2,728,307 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

 488,302 

 

 

 542,014 

 

 

 1,236,111 

 

 

 937,358 

 

Operations and Maintenance

 

 357,169 

 

 

 529,977 

 

 

 703,261 

 

 

 791,940 

 

Depreciation

 

 159,553 

 

 

 144,485 

 

 

 314,530 

 

 

 225,324 

 

Amortization of Regulatory Assets, Net

 

 54,574 

 

 

 25,590 

 

 

 108,623 

 

 

 31,016 

 

Amortization of Rate Reduction Bonds

 

 8,082 

 

 

 40,752 

 

 

 42,581 

 

 

 59,100 

 

Energy Efficiency Programs

 

 94,142 

 

 

 73,489 

 

 

 199,913 

 

 

 110,762 

 

Taxes Other Than Income Taxes

 

 123,464 

 

 

 112,862 

 

 

 256,345 

 

 

 198,899 

 

 

 

Total Operating Expenses

 

 1,285,286 

 

 

 1,469,169 

 

 

 2,861,364 

 

 

 2,354,399 

Operating Income

 

 350,576 

 

 

 159,515 

 

 

 769,521 

 

 

 373,908 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

 85,999 

 

 

 86,925 

 

 

 171,294 

 

 

 146,892 

 

Interest on Rate Reduction Bonds

 

 (189)

 

 

 2,056 

 

 

 422 

 

 

 3,487 

 

Other Interest

 

 1,040 

 

 

 66 

 

 

 (8,610)

 

 

 5,116 

 

 

Interest Expense

 

 86,850 

 

 

 89,047 

 

 

 163,106 

 

 

 155,495 

Other Income, Net

 

 4,944 

 

 

 1,806 

 

 

 12,710 

 

 

 10,580 

Income Before Income Tax Expense

 

 268,670 

 

 

 72,274 

 

 

 619,125 

 

 

 228,993 

Income Tax Expense

 

 95,606 

 

 

 26,055 

 

 

 216,093 

 

 

 82,019 

Net Income

 

 173,064 

 

 

 46,219 

 

 

 403,032 

 

 

 146,974 

Net Income Attributable to Noncontrolling Interests

 

 2,043 

 

 

 1,880 

 

 

 3,922 

 

 

 3,373 

Net Income Attributable to Controlling Interest

$

 171,021 

 

$

 44,339 

 

$

 399,110 

 

$

 143,601 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Common Share

$

 0.54 

 

$

 0.15 

 

$

 1.27 

 

$

 0.60 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Common Share

$

 0.54 

 

$

 0.15 

 

$

 1.26 

 

$

 0.60 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.37 

 

$

 0.34 

 

$

 0.74 

 

$

 0.63 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 315,154,130 

 

 

 301,047,753 

 

 

 315,141,956 

 

 

 239,551,735 

 

Diluted

 

 315,962,619 

 

 

 301,816,884 

 

 

 315,982,578 

 

 

 240,127,169 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

(Thousands of Dollars)

2013 

 

2012 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 403,032 

 

$

 146,974 

 

Adjustments to Reconcile Net Income to Net Cash Flows

 

 

 

 

 

 

 

Provided by Operating Activities:

 

 

 

 

 

 

 

 Depreciation

 

 314,530 

 

 

 225,324 

 

 

 Deferred Income Taxes

 

 256,294 

 

 

 59,509 

 

 

 Pension, SERP and PBOP Expense

 

 97,671 

 

 

 97,378 

 

 

 Pension and PBOP Contributions

 

 (122,826)

 

 

 (164,294)

 

 

 Regulatory Underrecoveries, Net

 

 (4,793)

 

 

 (54,491)

 

 

 Amortization of Regulatory Assets, Net

 

 108,623 

 

 

 31,016 

 

 

 Amortization of Rate Reduction Bonds

 

 42,581 

 

 

 59,100 

 

 

 Other

 

 19,932 

 

 

 19,520 

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 (101,229)

 

 

 83,395 

 

 

 Fuel, Materials and Supplies

 

 10,964 

 

 

 40,695 

 

 

 Taxes Receivable/Accrued, Net

 

 (58,350)

 

 

 17,709 

 

 

 Accounts Payable

 

 (127,379)

 

 

 (176,533)

 

 

 Other Current Assets and Liabilities, Net

 

 (70,026)

 

 

 (64,899)

Net Cash Flows Provided by Operating Activities

 

 769,024 

 

 

 320,403 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (700,252)

 

 

 (690,376)

 

Proceeds from Sales of Marketable Securities

 

 342,251 

 

 

 132,580 

 

Purchases of Marketable Securities

 

 (424,096)

 

 

 (143,225)

 

Decrease/(Increase) in Special Deposits

 

 65,121 

 

 

 (11,852)

 

Other Investing Activities

 

 (843)

 

 

 23,126 

Net Cash Flows Used in Investing Activities

 

 (717,819)

 

 

 (689,747)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (232,069)

 

 

 (159,708)

 

Cash Dividends on Preferred Stock

 

 (3,922)

 

 

 (3,269)

 

(Decrease)/Increase in Short-Term Debt

 

 (720,500)

 

 

 558,500 

 

Issuance of Long-Term Debt

 

 1,350,000 

 

 

 300,000 

 

Retirements of Long-Term Debt

 

 (360,635)

 

 

 (267,699)

 

Retirements of Rate Reduction Bonds

 

 (82,139)

 

 

 (36,439)

 

Other Financing Activities

 

 (11,633)

 

 

 (117)

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

 

 (60,898)

 

 

 391,268 

Net (Decrease)/Increase in Cash and Cash Equivalents

 

 (9,693)

 

 

 21,924 

Cash and Cash Equivalents - Beginning of Period

 

 45,748 

 

 

 6,559 

Cash and Cash Equivalents - End of Period

$

 36,055 

 

$

 28,483 

 

 

 

 

 

 

 

 

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.