EX-99 4 june2015brokers.htm FINANCIAL REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 Converted by EDGARwiz

EXHIBIT 99.2





EVERSOURCE ENERGY AND SUBSIDIARIES

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

(Thousands of Dollars)

2015 

 

2014 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

Cash and Cash Equivalents

$

 36,469 

 

$

 38,703 

 

 

Receivables, Net

 

 903,578 

 

 

 856,346 

 

 

Unbilled Revenues

 

 205,155 

 

 

 211,758 

 

 

Taxes Receivable

 

 117,792 

 

 

 337,307 

 

 

Fuel, Materials and Supplies

 

 289,561 

 

 

 349,664 

 

 

Regulatory Assets

 

709,660 

 

 

 672,493 

 

 

Marketable Securities

 

 124,830 

 

 

 124,173 

 

 

Prepayments and Other Current Assets

 

 62,884 

 

 

 102,021 

Total Current Assets

 

 2,449,929 

 

 

 2,692,465 

 

 

 

 

 

 

 

 

Property, Plant and Equipment, Net

 

 19,079,189 

 

 

 18,647,041 

 

 

 

 

 

 

 

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

 

Regulatory Assets

 

 4,016,684 

 

 

 4,054,086 

 

 

Goodwill

 

 3,519,401 

 

 

 3,519,401 

 

 

Marketable Securities

 

 497,919 

 

 

 515,025 

 

 

Other Long-Term Assets

 

 316,817 

 

 

 349,957 

Total Deferred Debits and Other Assets

 

 8,350,821 

 

 

 8,438,469 

 

 

 

 

 

 

 

 

Total Assets

$

 29,879,939 

 

$

 29,777,975 

 

 

 

 

 

 

 

 

LIABILITIES AND CAPITALIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Notes Payable

$

 953,700 

 

$

 956,825 

 

Long-Term Debt - Current Portion

 

 278,883 

 

 

 245,583 

 

Accounts Payable

 

 598,716 

 

 

 868,231 

 

Regulatory Liabilities

 

 208,510 

 

 

 235,022 

 

Accumulated Deferred Income Taxes

 

 203,375 

 

 

 160,288 

 

Other Current Liabilities

 

 595,801 

 

 

 668,432 

Total Current Liabilities

 

 2,838,985 

 

 

 3,134,381 

 

 

 

 

 

 

 

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

  

Accumulated Deferred Income Taxes

 

 4,606,159 

 

 

 4,467,473 

 

Regulatory Liabilities

 

 510,807 

 

 

 515,144 

 

Derivative Liabilities

 

 380,966 

 

 

 409,632 

 

Accrued Pension, SERP and PBOP

 

 1,636,769 

 

 

 1,638,558 

 

Other Long-Term Liabilities

 

 875,985 

 

 

 874,387 

Total Deferred Credits and Other Liabilities

 

 8,010,686 

 

 

 7,905,194 

 

 

 

 

 

 

 

 

Capitalization:

 

 

 

 

 

 

Long-Term Debt

 

 8,689,647 

 

 

 8,606,017 

 

 

 

 

 

 

 

 

 

Noncontrolling Interest - Preferred Stock of Subsidiaries

 

 155,568 

 

 

 155,568 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

  Common Shareholders' Equity:

 

 

 

 

 

 

 

Common Shares

 

 1,669,167 

 

 

 1,666,796 

 

  

Capital Surplus, Paid In

 

 6,253,411 

 

 

 6,235,834 

 

 

Retained Earnings

 

 2,644,485 

 

 

 2,448,661 

 

 

Accumulated Other Comprehensive Loss

 

 (72,033)

 

 

 (74,009)

 

 

Treasury Stock

 

 (309,977)

 

 

 (300,467)

 

Common Shareholders' Equity

 

 10,185,053 

 

 

 9,976,815 

Total Capitalization

 

 19,030,268 

 

 

 18,738,400 

 

 

 

 

 

 

 

 

Total Liabilities and Capitalization

$

 29,879,939 

 

$

 29,777,975 

 

 

 

 

 

 

 

 

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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.  


 




EVERSOURCE ENERGY 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)

2015 

 

2014 

 

2015 

 

2014 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

$

 1,817,061 

 

$

 1,677,614 

 

$

 4,330,491 

 

$

 3,968,204 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Purchased Power, Fuel and Transmission

 

 685,118 

 

 

 624,211 

 

 

 1,847,167 

 

 

 1,602,362 

 

Operations and Maintenance

 

 316,641 

 

 

 373,234 

 

 

 650,024 

 

 

 724,922 

 

Depreciation

 

 163,668 

 

 

 152,207 

 

 

 327,505 

 

 

 303,014 

 

Amortization of Regulatory (Liabilities)/Assets, Net

 

 (1,166)

 

 

 (3,542)

 

 

 59,438 

 

 

 54,356 

 

Energy Efficiency Programs

 

 101,850 

 

 

 102,711 

 

 

 248,452 

 

 

 241,536 

 

Taxes Other Than Income Taxes

 

 138,935 

 

 

 134,803 

 

 

 288,415 

 

 

 280,335 

 

 

 

Total Operating Expenses

 

 1,405,046 

 

 

 1,383,624 

 

 

 3,421,001 

 

 

 3,206,525 

Operating Income

 

 412,015 

 

 

 293,990 

 

 

 909,490 

 

 

 761,679 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense:

 

 

 

 

 

 

 

 

 

 

 

 

Interest on Long-Term Debt

 

 88,021 

 

 

 87,491 

 

 

 175,735 

 

 

 174,868 

 

Other Interest

 

 4,238 

 

 

 5,004 

 

 

 11,367 

 

 

 7,603 

 

 

Interest Expense

 

 92,259 

 

 

 92,495 

 

 

 187,102 

 

 

 182,471 

Other Income, Net

 

 12,899 

 

 

 5,526 

 

 

 18,626 

 

 

 7,194 

Income Before Income Tax Expense

 

 332,655 

 

 

 207,021 

 

 

 741,014 

 

 

 586,402 

Income Tax Expense

 

 123,268 

 

 

 77,774 

 

 

 276,494 

 

 

 219,319 

Net Income

 

 209,387 

 

 

 129,247 

 

 

 464,520 

 

 

 367,083 

Net Income Attributable to Noncontrolling Interests

 

 1,880 

 

 

 1,880 

 

 

 3,759 

 

 

 3,759 

Net Income Attributable to Controlling Interest

$

 207,507 

 

$

 127,367 

 

$

 460,761 

 

$

 363,324 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Earnings Per Common Share

$

 0.65 

 

$

 0.40 

 

$

 1.45 

 

$

 1.15 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends Declared Per Common Share

$

 0.42 

 

$

 0.39 

 

$

 0.84 

 

$

 0.79 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 317,613,166 

 

 

 315,950,510 

 

 

 317,352,004 

 

 

 315,742,511 

 

Diluted

 

 318,559,568 

 

 

 317,112,801 

 

 

 318,525,378 

 

 

 317,002,461 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.   
































































































EVERSOURCE ENERGY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30,

(Thousands of Dollars)

2015 

 

2014 

 

 

 

 

 

 

 

 

Operating Activities:

 

 

 

 

 

 

Net Income

$

 464,520 

 

$

 367,083 

 

Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:

 

 

 

 

 

 

 

 Depreciation

 

 327,505 

 

 

 303,014 

 

 

 Deferred Income Taxes

 

 176,800 

 

 

 133,149 

 

 

 Pension, SERP and PBOP Expense

 

 48,432 

 

 

 47,558 

 

 

 Pension and PBOP Contributions

 

 (31,032)

 

 

 (40,640)

 

 

 Regulatory (Under)/Over Recoveries, Net

 

 (73,547)

 

 

 164,388 

 

 

 Amortization of Regulatory Assets, Net

 

 59,438 

 

 

 54,356 

 

 

 Proceeds from DOE Damages Claim, Net

 

 - 

 

 

 125,658 

 

 

 Other

 

 (48,247)

 

 

 (9,359)

 

Changes in Current Assets and Liabilities:

 

 

 

 

 

 

 

 Receivables and Unbilled Revenues, Net

 

 (123,984)

 

 

 (57,570)

 

 

 Fuel, Materials and Supplies

 

 60,044 

 

 

 26,633 

 

 

 Taxes Receivable/Accrued, Net

 

 214,577 

 

 

 (62,900)

 

 

 Accounts Payable

 

 (228,176)

 

 

 (112,954)

 

 

 Other Current Assets and Liabilities, Net

 

 9,226 

 

 

 (41,753)

Net Cash Flows Provided by Operating Activities

 

 855,556 

 

 

 896,663 

 

 

 

 

 

 

 

 

Investing Activities:

 

 

 

 

 

 

Investments in Property, Plant and Equipment

 

 (740,379)

 

 

 (724,043)

 

Proceeds from Sales of Marketable Securities

 

 427,990 

 

 

 256,309 

 

Purchases of Marketable Securities

 

 (408,242)

 

 

 (257,168)

 

Other Investing Activities

 

 4,821 

 

 

 3,473 

Net Cash Flows Used in Investing Activities

 

 (715,810)

 

 

 (721,429)

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

Cash Dividends on Common Shares

 

 (264,936)

 

 

 (237,161)

 

Cash Dividends on Preferred Stock

 

 (3,759)

 

 

 (3,759)

 

Decrease in Notes Payable

 

 (449,375)

 

 

 (213,000)

 

Issuance of Long-Term Debt

 

 750,000 

 

 

 650,000 

 

Retirements of Long-Term Debt

 

 (166,577)

 

 

 (376,650)

 

Other Financing Activities

 

 (7,333)

 

 

 (3,932)

Net Cash Flows Used in Financing Activities

 

 (141,980)

 

 

 (184,502)

Net Decrease in Cash and Cash Equivalents

 

 (2,234)

 

 

 (9,268)

Cash and Cash Equivalents - Beginning of Period

 

 38,703 

 

 

 43,364 

Cash and Cash Equivalents - End of Period

$

 36,469 

 

$

 34,096 

 

 

 

 

 

 

 

 

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 Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.