EX-99 4 p1231200110q99.htm 12-31-2001 10-Q EXHIBIT 99 12-31-2001 10-Q Exhibit 99

EXHIBIT 99



PacifiCorp
Pro Forma Financial Information



The Company has received approval from the Federal Energy Regulatory Commission ("FERC") and the state utility commissions where approval is required to implement an internal corporate restructuring. As a part of the restructuring, all of the PacifiCorp common stock held by NA General Partnership has been transferred to PacifiCorp Holdings, Inc. ("PHI"), a direct, wholly owned subsidiary of NA General Partnership.

The transfer facilitates the further separation of the Company's non-utility operations from its regulated utility operations. In connection with the restructuring, the Company intends to transfer its ownership of PacifiCorp Group Holdings Company ("Holdings"), a directly owned subsidiary of the Company, to PHI in February 2002.

The Company's unaudited pro forma condensed consolidated financial statements give effect to the transfer of Holdings as if such transaction had occurred, for the statements of consolidated (loss) income for the year ended March 31, 2001, and for the nine months ended December 31, 2001, as of April 1, 2000 and for the consolidated balance sheet as of December 31, 2001. The effect of the transfer on the consolidated financial statements of PacifiCorp is to eliminate the assets, liabilities and results of operations of Holdings and its subsidiaries and to reduce the equity of PacifiCorp by the amount of its investment in Holdings.

These unaudited pro forma condensed consolidated financial statements should be read in conjunction with the financial statements and notes in the Company's 2001 Annual Report on Form 10-K. The pro forma information shown is not necessarily indicative of the results that would have been reported had such events actually occurred on the dates specified, nor is it indicative of the Company's future results.





















1

 

Pro Forma Condensed Consolidated Statement of Income
For the Year Ended March 31, 2001
(Millions of Dollars)
(Unaudited)

 

       Historical        

  


Consolidated
PacifiCorp

PacifiCorp
Group
Holdings Co.

Eliminations
of Affiliated
Amounts


PacifiCorp
Pro Forma


REVENUES


$5,056.7 


$ (498.8)


$      - 


$4,557.9 


EXPENSES
  Purchased power
  Other operations and maintenance
  Depreciation and amortization
  Administrative and general
  Taxes, other than income taxes
  TOTAL

Other operating income
Loss on sale of Australia
  electric operation



2,636.0 
1,196.2 
429.0 
200.8 
  100.3 
4,562.3 

30.6 

 (184.2)



(157.6)
(169.5)
(39.9)
(72.3)
   (2.8)
(442.1)

- 

  184.2 



- 
- 
- 
- 
      - 
- 

- 

      - 



2,478.4 
1,026.7 
389.1 
128.5 
   97.5 
4,120.2 

30.6 

      - 


INCOME FROM OPERATIONS


  340.8 


  127.5 


      - 


  468.3 


INTEREST EXPENSE AND OTHER
  Interest expense
  Interest capitalized
  ScottishPower merger costs
  Other (income)/expense - net
  TOTAL



290.4 
(12.9)
9.3 
  (38.2)
  248.6 



(46.6)
- 
- 
   41.6 
   (5.0)



8.9 
- 
- 
   (8.9)
      - 



252.7 
(12.9)
9.3 
   (5.5)
  243.6 


Income from continuing operations
  before income taxes
Income tax expense



92.2 
  180.4 



132.5 
  (89.2)



- 
      - 



224.7 
   91.2 


(LOSS) INCOME FROM CONTINUING
  OPERATIONS



$  (88.2)



$  221.7 



$      - 



$  133.5 




















2

Pro Forma Condensed Consolidated Statement of Income
For the Nine Months Ended December 31, 2001
(Millions of Dollars)
(Unaudited)

 

       Historical        

  


Consolidated
PacifiCorp

PacifiCorp
Group
Holdings Co.

Eliminations
of Affiliated
Amounts


PacifiCorp
Pro Forma


REVENUES


$3,410.6 


$  (11.9)


$      - 


$3,398.7 


EXPENSES
  Purchased power
  Other operations and maintenance
  Depreciation and amortization
  Administrative and general
  Taxes, other than income taxes
  Unrealized gain on SFAS No.
    133 - derivative instruments
  TOTAL

Other operating income

Gain on sale of operating assets



1,854.4 
797.6 
301.4 
186.0 
66.7 

 (174.0)
3,032.1 

21.1 

   38.7 



- 
(2.2)
(1.7)
(4.2)
(0.1)

      - 
   (8.2)

- 

  (38.7)



- 
- 
- 
- 
- 

      - 
      - 

- 

      - 



1,854.4 
795.4 
299.7 
181.8 
66.6 

 (174.0)
3,023.9 

21.1 

      - 


INCOME FROM OPERATIONS


  438.3 


  (42.4)


      - 


  395.9 


INTEREST EXPENSE AND OTHER
  Interest expense
  Interest capitalized
  Other (income)/expense - net
  TOTAL



164.1 
(5.1)
  (26.8)
  132.2 



(0.3)
- 
   40.1 
   39.8 



5.4 
- 
   (5.4)
      - 



169.2 
(5.1)
    7.9 
  172.0 


Income from continuing operations
  before income taxes
Income tax expense



306.1 
  125.6 



(82.2)
  (37.0)



- 
      - 



223.9 
   88.6 


INCOME FROM CONTINUING OPERATIONS


$  180.5 


$  (45.2)


$      - 


$  135.3 




















3

Pro Forma Condensed Consolidated Balance Sheet
December 31, 2001
(Millions of Dollars)
(Unaudited)

 

       Historical        

    
 


Consolidated
PacifiCorp

PacifiCorp
Group
Holdings Co.

Eliminations
of Affiliated
Balances


PacifiCorp
Pro Forma


ASSETS
  Current Assets
  Property, Plant and Equipment
  Accumulated Depreciation
    and Amortization
  Other Assets

    Total Assets



$ 1,615.9 
12,930.5 

(5,014.4)
 1,984.8 

$11,516.8 



$  (892.0)
(9.5)

2.8 
  (257.2)

$(1,155.9)



$    0.1 
- 

- 
      - 

$    0.1 



$   724.0 
12,921.0 

(5,011.6)
 1,727.6 

$10,361.0 


LIABILITIES, REDEEMABLE
  PREFERRED STOCK AND
  SHAREHOLDERS' EQUITY
  Current Liabilities
  Deferred Credits
  Long-Term Debt
  Guaranteed Preferred
    Beneficial Interests in
    Company's Junior
    Subordinated Debentures
  Preferred Stock Subject to
    Mandatory Redemption
  Preferred Stock
  Common Equity

    Total Liabilities,
      Redeemable Preferred Stock
      and Shareholders' Equity





$ 1,302.0 
2,757.9 
3,559.8 



341.5 

74.1 
41.3 
 3,440.2 



$11,516.8 





$  (330.6)
(184.6)
- 



- 

- 
- 
  (640.7)



$(1,155.9)





$    0.1 
- 
- 



- 

- 
- 
      - 



$    0.1 





$   971.5 
2,573.3 
3,559.8 



341.5 

74.1 
41.3 
 2,799.5 



$10,361.0 



















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