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<PAGE> 1
Exhibit FS-1
CONECTIV AND SUBSIDIARIES
ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2000
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
PRO FORMA
ACTUAL ADJUSTMENTS PRO FORMA
------ ----------- ---------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents $92,074 $351,426 (1) $443,500
Accounts receivable 961,073 961,073
Allowance for Doubtful Accounts (24,801) (24,801)
Inventories, at average cost
Fuel (coal, oil and gas) 62,977 62,977
Materials and supplies 56,598 56,598
Deferred energy supply costs 2,480 2,480
Prepaid New Jersey Sales and Excise Taxes 13,624 13,624
Other prepayments 22,769 22,769
Deferred income taxes, net 28,644 28,644
-------------- ---------------- ----------------
1,215,438 351,426 1,566,864
-------------- ---------------- ----------------
INVESTMENTS
Investment in leveraged leases 54,964 54,964
Funds held by trustee 188,636 188,636
Other investments 89,563 89,563
-------------- ---------------- ----------------
333,163 - 333,163
-------------- ---------------- ----------------
PROPERTY, PLANT AND EQUIPMENT
Electric generation 1,586,906 1,000,000 (1) 2,586,906
Electric transmission and distribution 2,695,890 2,695,890
Gas transmission and distribution 269,244 269,244
Other electric and gas facilities 393,641 393,641
Telecommunications, thermal systems, and other
property, plant, and equipment 255,132 255,132
-------------- ---------------- ----------------
5,200,813 1,000,000 6,200,813
Less: Accumulated depreciation 2,221,782 2,221,782
-------------- ---------------- ----------------
Net plant in service 2,979,031 1,000,000 3,979,031
Construction work-in-progress 322,182 322,182
Leased nuclear fuel, at amortized cost 56,156 56,156
Goodwill, net 347,088 347,088
-------------- ---------------- ----------------
3,704,457 1,000,000 4,704,457
-------------- ---------------- ----------------
DEFERRED CHARGES AND OTHER ASSETS
Recoverable stranded costs, net 1,000,252 1,000,252
Deferred recoverable income taxes 89,169 89,169
Unrecovered purchased power costs 18,097 18,097
Unrecovered New Jersey state excise tax 13,497 13,497
Deferred debt refinancing costs 21,217 21,217
Deferred other postretirement benefit costs 30,605 30,605
Prepaid pension costs 61,673 61,673
Unamortized debt expense 26,633 26,633
License fees 22,300 22,300
Other 51,859 51,859
-------------- ---------------- ----------------
1,335,302 - 1,335,302
-------------- ---------------- ----------------
TOTAL ASSETS $6,588,360 $1,351,426 $7,939,786
============== ================ ================
</TABLE>
<PAGE> 2
Exhibit FS-1
CONECTIV AND SUBSIDIARIES
ACTUAL AND PRO FORMA CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2000
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
PRO FORMA
ACTUAL ADJUSTMENTS PRO FORMA
------ ----------- ---------
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CURRENT LIABILITIES
Short-term debt $715,394 $1,351,426 (1) $2,066,820
Long-term debt due within one year 43,043 43,043
Variable rate demand bonds 158,430 158,430
Accounts payable 524,824 524,824
Taxes accrued 76,889 76,889
Interest accrued 47,067 47,067
Dividends payable 26,753 26,753
Deferred energy supply costs 46,847 46,847
Current capital lease obligation 27,987 27,987
Above-market purchased energy contracts
and other electric restructuring liabilities 33,004 33,004
Other 99,541 99,541
-------------- --------------- -------------
1,799,779 1,351,426 3,151,205
-------------- --------------- -------------
DEFERRED CREDITS AND OTHER LIABILITIES
Other postretirement benefits obligation 93,867 93,867
Deferred income taxes, net 778,782 778,782
Deferred investment tax credits 69,979 69,979
Regulatory liability for New Jersey income tax benefit 49,262 49,262
Above-market purchased energy contracts
and other electric restructuring liabilities 109,030 109,030
Deferred gain on termination of purchased energy contract 74,968 74,968
Long-term capital lease obligation 29,177 29,177
Other 53,315 53,315
-------------- --------------- -------------
1,258,380 - 1,258,380
-------------- --------------- -------------
CAPITALIZATION
Common stock: $0.01 per share par value;
150,000,000 shares authorized; shares outstanding - -
82,862,850 actual and pro forma 830 830
Class A common stock: $0.01 per share par value;
10,000,000 shares authorized; shares outstanding - -
5,742,315 actual and pro forma 57 57
Additional paid-in capital - - common stock 1,030,258 1,030,258
Additional paid-in capital - - Class A common stock 93,738 93,738
Retained earnings 35,240 35,240
Treasury shares, at cost:
116,233 shares actual and pro forma (2,392) (2,392)
Unearned compensation (1,530) (1,530)
Accumulated other comprehensive income 248 248
-------------- --------------- -------------
Total common stockholders' equity 1,156,449 - 1,156,449
Preferred stock of subsidiaries:
Not subject to mandatory redemption 95,933 95,933
Subject to mandatory redemption 188,950 188,950
Long-term debt 2,088,869 2,088,869
-------------- --------------- -------------
3,530,201 - 3,530,201
-------------- --------------- -------------
-------------- --------------- -------------
TOTAL CAPITALIZATION AND LIABILITIES $6,588,360 $1,351,426 $7,939,786
============== =============== =============
</TABLE>
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