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Previous: CONSOLIDATED EDISON INC, U-1/A, EX-99.1, 2001-01-16 |
Next: CONSOLIDATED EDISON INC, U-1/A, EX-99.3, 2001-01-16 |
Exhibit 99.2
NORTHEAST UTILITIES AND SUBSIDIARIES
PRO FORMA BALANCE SHEET -- ASSETS
AS OF SEPTEMBER 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO FORMA ADJUSTMENTS PRO FORMA
--------------------- GIVING
YANKEE SHORT-TERM EFFECT TO
PER BOOK MERGER SECURITIZATION DEBT ADJUSTMENTS
----------- ------- -------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Utility Plant, at cost:
Electric $ 9,314,090 $ $ $ $ 9,314,090
Gas and other 847,856 847,856
----------- ------- ---------- ---------- -----------
10,161,946 0 0 0 10,161,946
Less: Accumulated provision
for depreciation 6,493,571 6,493,571
----------- ------- ---------- ---------- -----------
3,668,375 0 0 0 3,668,375
Unamortized PSNH acquisition costs 303,123 303,123
Construction work in progress 206,513 206,513
Nuclear fuel, net 118,550 118,550
----------- ------- ---------- ---------- -----------
Total net utility plant 4,296,561 0 0 0 4,296,561
----------- ------- ---------- ---------- -----------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 762,686 762,686
Investments in regional nuclear
generating companies, at equity 83,284 83,284
Other, at cost 139,694 139,694
----------- ------- ---------- ---------- -----------
985,664 0 0 0 985,664
----------- ------- ---------- ---------- -----------
Current Assets:
Cash and cash equivalents 237,972 353,329[2]/[5] 1,431,173[3] 2,022,474
Investment in securitizable assets 62,635 62,635
Receivables, net 479,957 115,012[2] 594,969
Unbilled revenues 72,003 72,003
Fuel, materials and supplies,
at average cost 171,253 171,253
Recoverable energy costs,
net - current portion 109,882 109,882
Prepayments and other 226,863 226,863
----------- ------- ---------- ---------- -----------
1,360,565 0 468,341 1,431,173 3,260,079
----------- ------- ---------- ---------- -----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 2,096,234 2,096,234
Income taxes, net 598,942 598,942
Deferred costs - nuclear plants 50,287 50,287
Unrecovered contractual obligations 265,375 265,375
Recoverable energy costs, net 197,349 197,349
Other 152,814 1,244,074[2] 1,396,888
Unamortized debt expense 33,524 5,657[2] 39,181
Goodwill and other
purchased intangible assets 336,221 (3,557)[1] 332,664
Other 191,844 191,844
----------- ------- ---------- ---------- -----------
3,922,590 (3,557) 1,249,731 0 5,168,764
----------- ------- ---------- ---------- -----------
Total Assets $10,565,380 $(3,557) $1,718,072 $1,431,173 $13,711,068
=========== ======= ========== ========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF SEPTEMBER 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO FORMA ADJUSTMENTS PRO FORMA
--------------------- GIVING
YANKEE SHORT-TERM EFFECT TO
PER BOOK MERGER SECURITIZATION DEBT ADJUSTMENTS
----------- ------- -------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Capitalization:
Common stock $ 743,480 $ $ 0[2]/[4] $ $ 743,480
Capital surplus, paid in 1,094,996 0[2]/[4] 1,094,996
Deferred contribution plan -
employee stock ownership plan (118,554) (118,554)
Retained earnings 691,164 (8,463)[1] (71,190) 611,511
Accumulated other
comprehensive income 2,699 2,699
----------- ------- ---------- ---------- -----------
Total common stockholders' equity 2,413,785 (8,463) 0 (71,190) 2,334,132
Preferred stock not subject to
mandatory redemption 136,200 (20,000)[2] 116,200
Preferred stock subject to
mandatory redemption 15,000 (15,000)[2] 0
Long-term debt 2,042,929 (138,784)[2] 1,904,145
----------- ------- ---------- ---------- -----------
Total capitalization 4,607,914 (8,463) (173,784) (71,190) 4,354,477
----------- ------- ---------- ---------- -----------
Minority Interest in Consolidated Subsidiary 100,000 (100,000)[2] 0
----------- ------- ---------- ---------- -----------
Obligations Under Capital Leases 50,619 0[2]/[5] 50,619
----------- ------- ---------- ---------- -----------
Rate Reduction Bond Obligation 0 2,188,000[2] 2,188,000
----------- ------- ---------- ---------- -----------
Current Liabilities:
Notes payable to banks** 1,127,338 (139,173)[2] 1,431,173[3] 2,419,338
Long-term debt and preferred
stock - current portion 539,900 (171,983)[2] 367,917
Obligations under capital
leases - current portion 113,101 0[2]/[5] 113,101
Accounts payable 481,411 481,411
Accrued taxes 144,282 (3,270)[1] (12,693)[2] (47,459)[3] 80,860
Accrued interest 46,760 8,176[1] 115,012[2] 118,649[3] 288,597
Other 121,259 121,259
----------- ------- ---------- ---------- -----------
2,574,051 4,906 (208,837) 1,502,363 3,872,483
----------- ------- ---------- ---------- -----------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 1,674,587 12,693[2] 1,687,280
Accumulated deferred investment
tax credits 156,002 156,002
Decommissioning obligation - Millstone 1 683,234 683,234
Deferred contractual obligations 255,816 255,816
Other 463,157 463,157
----------- ------- ---------- ---------- -----------
3,232,796 0 12,693 0 3,245,489
----------- ------- ---------- ---------- -----------
Total Capitalization and Liabilities $10,565,380 $(3,557) $1,718,072 $1,431,173 $13,711,068
=========== ======= ========== ========== ===========
</TABLE>
** Includes $430 million of short-term debt for Northeast Generation Company
which is not jurisdictional to the SEC because it has EWG status.
NORTHEAST UTILITIES AND SUBSIDIARIES
PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED SEPTEMBER 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO FORMA ADJUSTMENTS PRO FORMA
--------------------- GIVING
YANKEE SHORT-TERM EFFECT TO
PER BOOK* MERGER SECURITIZATION DEBT ADJUSTMENTS
---------- ------- -------------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Operating Revenues $5,718,392 $ $115,012[2] $ $5,833,404
---------- ------- -------- -------- ----------
Operating Expenses:
Operation -
Fuel, purchased and net
interchange power 3,046,583 0[2] 3,046,583
Other 934,438 0[2] 934,438
Maintenance 251,570 251,570
Depreciation 245,055 245,055
Amortization of regulatory assets, net 566,975 3,557[1] 570,532
Federal and state income taxes 251,112 0[2] 251,112
Taxes other than income taxes 254,032 254,032
Gain on sale of utility plant (287,672) (287,672)
---------- ------- -------- -------- ----------
Total operating expenses 5,262,093 3,557 0 0 5,265,650
---------- ------- -------- -------- ----------
Operating Income 456,299 (3,557) 115,012 0 567,754
---------- ------- -------- -------- ----------
Other Income/(Loss):
Equity in earnings of regional nuclear
generating and transmission companies 6,887 6,887
Nuclear related costs (69,354) (69,354)
Other, net (11,921) (11,921)
Minority interest in loss of subsidiary (9,300) (9,300)
Income taxes 88,261 3,270[1] 0[2] 47,459[3] 138,990
---------- ------- -------- -------- ----------
Other income/(loss), net 4,573 3,270 0 47,459 55,302
---------- ------- -------- -------- ----------
Income before interest charges 460,872 (287) 115,012 47,459 623,056
---------- ------- -------- -------- ----------
Interest Charges:
Interest on long-term debt 218,661 115,012 333,673
Other interest 77,686 8,176[1] 118,649[3] 204,511
---------- ------- -------- -------- ----------
Interest charges, net 296,347 8,176 115,012 118,649 538,184
---------- ------- -------- -------- ----------
Preferred dividends of subsidiaries 16,633 16,633
---------- ------- -------- -------- ----------
Net Income $ 147,892 $(8,463) $ 0 $(71,190) $ 68,239
========== ======= ======== ======== ==========
</TABLE>
[1] - See adjustment a.
[2] - See adjustment b.
[3] - See adjustment c.
[4] - See adjustment d.
[5] - See adjustment e.
* - Includes income statement activity of Yankee Energy System for the 5 months
ended February 29, 2000.
<TABLE>
Debit Credit
----- ------
<S> <C> <C>
a) Amortization of regulatory assets, net 3,557
Other interest 8,176
Accrued taxes 3,270
Goodwill and other 3,557
Accrued interest 8,176
Income taxes 3,270
To record summary entry for
NU Consolidated - Yankee merger
adjustment.
b) Receivables, net 115,012
Regulatory assets -- other 1,244,074
Unamortized debt expense 5,657
Common stock 1
Capital surplus, paid in 269,999
Preferred stock not subject to
mandatory redemption 20,000
Preferred stock subject to
mandatory redemption 15,000
Long-term debt 138,784
Minority interest in
consolidated subsidiary 100,000
Obligations under capital leases 254,894
Notes payable to banks 139,173
Long-term debt and preferred
stock - current portion 171,983
Obligations under capital
leases -- current portion 94,645
Accrued taxes 12,693
Interest on long-term debt 115,012
Cash and cash equivalents (3,790)
Rate reduction bond obligation 2,188,000
Accrued interest 115,012
Accumulated deferred income taxes 12,693
Operating revenues 115,012
Fuel, purchased and
net interchange power -
Operating expenses --
operation -- other -
Federal and state income taxes -
Income taxes -
Investment in subsidiary companies 270,000
To record summary entry for
NU Consolidated - securitization.
c) Cash and cash equivalents 1,431,173
Other interest 118,649
Accrued taxes 47,459
Notes payable to bank 1,431,173
Accrued interest 118,649
Income taxes 47,459
To record summary entry for
NU Consolidated - short-term debt.
d) Investment in subsidiary companies 270,000
Common stock 1
Capital surplus, paid in 269,999
To eliminate impact of pro forma
adjustments on investment in subsidiary
companies from securitization.
e) Cash 349,539
Obligations under capital leases 254,894
Obligations under capital leases -
current portion 94,645
To eliminate impact of intercopmany lease
pay down from securitization.
</TABLE>
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