EX-99.I 3 ex99-1.txt UNAUDITED CONSOLIDATED FINANCIAL INFO Exhibit 99.1 PPL CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) CONSOLIDATED BALANCE SHEET (MILLIONS OF DOLLARS) DEC. 31, 2001 DEC. 31, 2000 ------------- ------------- ASSETS Current Assets $2,466 $1,937 Investments 1,037 1,161 Property, plant and equipment - net Transmission and distribution 2,692 2,841 Generation 2,518 2,177 General and intangible 317 293 Construction work in progress 209 261 Nuclear fuel and other leased property 127 123 --------- --------- Electric utility plant 5,863 5,695 Gas and oil utility plant 197 178 Other property 77 75 ---------- ---------- 6,137 5,948 Recoverable transition costs 2,174 2,425 Regulatory and other assets 805 889 ---------- ---------- Total assets $12,619 $12,360 ======= ======= LIABILITIES AND EQUITY Current liabilities $2,081 $2,511 Long-term debt (less current portion) 4,992 4,467 Deferred income taxes and ITC 1,420 1,412 Liability for above market NUG purchases 494 581 Other noncurrent liabilities 830 976 Minority interest 38 54 Company-obligated mandatorily redeemable securities 825 250 Preferred stock 82 97 Earnings reinvested 1,023 999 Other common equity 1,670 1,849 Treasury stock (836) (836) ----------- ---------- Total liabilities and equity $12,619 $12,360 ======= ======= 6
CONSOLIDATED INCOME STATEMENT (MILLIONS OF DOLLARS) 3 MONTHS ENDED DEC. 31 12 MONTHS ENDED DEC. 31 ---------------------- ----------------------- 2001 2000(A) 2001 2000(A) -------- ----------- ------ ------- OPERATING REVENUES Retail electric and gas $791 $860 $3,357 $3,167 Wholesale energy marketing and trading 352 507 1,712 2,080 Energy-related businesses 169 138 656 436 --------- ---------- -------- -------- 1,312 1,505 5,725 5,683 --------- ---------- -------- -------- OPERATING EXPENSES Fuel and purchased power 461 570 2,128 2,461 Other operation and maintenance 239 315 1,024 966 Amortization of recoverable transition costs 60 68 251 227 Depreciation 64 65 254 261 Other 191 159 727 566 -------- ------- --- --- 1,015 1,177 4,384 4,481 -------- ------- ----- ------ OPERATING INCOME 297 328 1,341 1,202 ------- ------ ----- ----- OTHER INCOME AND (DEDUCTIONS) Write-down of International Energy Projects (336) (336) Cancellation of Generation Projects (150) (150) Other 1 (23) 17 (15) ------- ------- -------- -------- (485) (23) (469) (15) ------- ------- ------- -------- INCOME (LOSS) BEFORE INTEREST, INCOME TAXES AND MINORITY INTEREST (188) 305 872 1,187 Interest expense 109 102 392 376 Income taxes 14 79 261 294 Minority interest (6) 0 (2) 4 ------- -------- ----- ------- INCOME (LOSS) BEFORE EXTRAORDINARY ITEMS (305) 124 221 513 Extraordinary items (net of tax) 0 11 0 11 -------- -------- ------- ------ INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE (305) 135 221 524 Cumulative effect of a change in accounting principle (net of tax) 10 0 10 0 ------ ----- ------- ------ INCOME (LOSS) BEFORE DIVIDENDS ON PREFERRED SECURITIES (295) 135 231 524 Dividends - preferred securities 17 7 52 26 -------- -------- -- ------- NET INCOME (LOSS) AVAILABLE FOR COMMON STOCK ($312) $128 $179 $498 ====== ====== ==== ====== EARNINGS PER SHARE OF COMMON STOCK - BASIC Income from core operations $0.87 $0.88 $4.24 $3.29 Unusual items (3.00) 0.00 (3.01) 0.16 ------ ------ ----- ---- Net Income (loss) available for common ($2.13) $0.88 $1.23 $3.45 stock ====== ===== ===== ===== EARNINGS PER SHARE OF COMMON STOCK - DILUTED Income from core operations $0.87 $0.87 $4.22 $3.28 Unusual items (2.99) 0.00 (3.00) 0.16 ------ ------ ----- ------ Net Income (loss) available for common ($2.12) $0.87 $1.22 $3.44 stock ====== ===== ===== ===== AVERAGE SHARES OUTSTANDING (THOUSANDS) Basic 146,483 144,906 145,974 144,350 Diluted 146,804 145,822 146,614 144,782
(a) Certain amounts have been reclassified to conform to the current year presentation. 7 KEY INDICATORS FINANCIAL 12 MONTHS ENDED 12 MONTHS ENDED DEC. 31, 2001 DEC. 31, 2000 ------------- ------------- Dividends declared per share $1.06 $1.06 Book value per share (a) $12.67 $13.87 Market price per share (a) $34.8500 $45.1880 Dividend yield 3.0% 2.3% Dividend payout ratio - diluted (b) 25% 32% Price/earnings ratio - diluted (b) 8.3 13.8 Return on average common equity (b) 28.80% 27.14% (a) End of period (b) Based on earnings from core operations
OPERATING - DOMESTIC ENERGY 3 MONTHS ENDED DEC. 31 12 MONTHS ENDED DEC. 31 ---------------------- ----------------------- PPL CORP. (millions of kwh) PERCENT PERCENT 2001 2000 CHANGE 2001 2000 CHANGE ---- ---- ------ ---- ---- ------ Retail Delivered (a) 7,934 8,281 -4.2% 34,610 33,907 2.1% Supplied 8,652 9,370 -7.7% 37,551 37,758 -0.5% Wholesale East 4,769 6,246 -23.6% 19,125 31,585 -39.4% West Montana Power (b) 1,201 1,253 -4.2% 4,717 5,096 -7.4% Other 1,112 1,069 4.0% 3,841 4,244 -9.5%
(a) Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corp.'s service territory. (b) Energy sold to Montana Power for retail customers under power sale agreements that expire on or before June 30, 2002.