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Previous: NORTHEAST UTILITIES SYSTEM, U-1/A, EX-27, 2000-11-22 |
Next: NORTHEAST UTILITIES SYSTEM, U-1/A, EX-99.3, 2000-11-22 |
NORTHEAST UTILITIES AND SUBSIDIARIES
1.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 9,282,584 $ $ 9,282,584
Gas and other 842,077 842,077
----------- ---------- -----------
10,124,661 0 10,124,661
Less: Accumulated provision
for depreciation 6,431,583 6,431,583
----------- ---------- -----------
3,693,078 0 3,693,078
Unamortized PSNH acquisition costs 310,228 310,228
Construction work in progress 183,916 183,916
Nuclear fuel, net 124,262 124,262
----------- ---------- -----------
Total net utility plant 4,311,484 0 4,311,484
----------- ---------- -----------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 739,107 739,107
Investments in regional nuclear
generating companies, at equity 81,849 81,849
Other, at cost 119,318 119,318
----------- ---------- -----------
940,274 0 940,274
----------- ---------- -----------
Current Assets:
Cash and cash equivalents 301,636 1,129,000 a 1,430,636
Investment in securitizable assets 65,929 65,929
Receivables, net 488,432 488,432
Unbilled revenues 87,913 87,913
Fuel, materials and supplies,
at average cost 171,566 171,566
Recoverable energy costs,
net - current portion 108,305 108,305
Prepayments and other 223,930 223,930
----------- ---------- -----------
1,447,711 1,129,000 2,576,711
----------- ---------- -----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 2,133,679 2,133,679
Income taxes, net 615,432 615,432
Deferred costs - nuclear plants 71,142 71,142
Unrecovered contractual obligations 328,886 328,886
Recoverable energy costs, net 194,904 194,904
Other 150,722 150,722
Unamortized debt expense 36,480 36,480
Goodwill and other
purchased intangible assets 336,570 336,570
Other 194,959 194,959
----------- ---------- -----------
4,062,774 0 4,062,774
----------- ---------- -----------
Total Assets $ 10,762,243 $ 1,129,000 $ 11,891,243
=========== ========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 743,404 $ $ 743,404
Capital surplus, paid in 1,102,334 1,102,334
Deferred contribution plan -
employee stock ownership plan (121,381) (121,381)
Retained earnings 639,973 (56,803) a 583,170
Accumulated other
comprehensive income 1,524 1,524
----------- ---------- -----------
Total common stockholders' equity 2,365,854 (56,803) 2,309,051
Preferred stock not subject to
mandatory redemption 136,200 136,200
Preferred stock subject to
mandatory redemption 15,000 15,000
Long-term debt 2,211,019 2,211,019
----------- ---------- -----------
Total capitalization 4,728,073 (56,803) 4,671,270
----------- ---------- -----------
Minority Interest in Consolidated Subsidiary 100,000 100,000
----------- ---------- -----------
Obligations Under Capital Leases 60,220 60,220
----------- ---------- -----------
Current Liabilities:
Notes payable to banks 1,104,000 1,329,000 a 2,433,000
Long-term debt and preferred
stock - current portion 479,834 (200,000) a 279,834
Obligations under capital
leases - current portion 111,496 111,496
Accounts payable 547,509 547,509
Accrued taxes 142,890 (37,868) a 105,022
Accrued interest 37,050 94,671 a 131,721
Other 109,502 109,502
----------- ---------- -----------
2,532,281 1,185,803 3,718,084
----------- ---------- -----------
Deferred Credits and Other
Long-term Liabilities:
Accumulated deferred income taxes 1,699,169 1,699,169
Accumulated deferred investment
tax credits 142,359 142,359
Decommissioning obligation - Millstone 1 662,209 662,209
Deferred contractual obligations 326,582 326,582
Other 511,350 511,350
----------- ---------- -----------
3,341,669 0 3,341,669
----------- ---------- -----------
Total Capitalization and Liabilities $ 10,762,243 $ 1,129,000 $ 11,891,243
=========== ========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 5,186,570 $ $ 5,186,570
---------- ---------- ----------
Operating Expenses:
Operation -
Fuel, purchased and net
interchange power 2,624,662 2,624,662
Other 853,393 853,393
Maintenance 268,402 268,402
Depreciation 254,519 254,519
Amortization of regulatory assets, net 576,826 576,826
Federal and state income taxes 235,206 235,206
Taxes other than income taxes 249,557 249,557
Gain on sale of utility plant (308,903) (308,903)
---------- ---------- ----------
Total operating expenses 4,753,662 0 4,753,662
---------- ---------- ----------
Operating Income 432,908 0 432,908
---------- ---------- ----------
Other Income/(Loss):
Equity in earnings of regional nuclear
generating and transmission companies 5,057 5,057
Nuclear related costs (86,754) (86,754)
Other, net (33,728) (33,728)
Minority interest in loss of subsidiary (9,300) (9,300)
Income taxes 90,787 37,868 a 128,655
---------- ---------- ----------
Other (loss)/income, net (33,938) 37,868 3,930
---------- ---------- ----------
Income before interest charges 398,970 37,868 436,838
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 233,451 233,451
Other interest 49,727 94,671 a 144,398
Deferred interest - nuclear plants (6,091) (6,091)
---------- ---------- ----------
Interest charges, net 277,087 94,671 371,758
---------- ---------- ----------
Net Income $ 121,883 $ (56,803) $ 65,080
========== =========== ===========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 579,449 $ $ 579,449
Net income 121,883 (56,803) a 65,080
Cash dividends on preferred stock (19,546) (19,546)
Cash dividends on common stock (41,813) (41,813)
---------- ---------- ----------
Balance at end of period $ 639,973 $ (56,803) $ 583,170
========== ========== ==========
</TABLE>
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 2,211,019 $ $ 2,211,019
Preferred stock not subject
to mandatory redemption* 136,200 136,200
Preferred stock subject
to mandatory redemption* 15,000 15,000
Common stock equity 2,365,854 (56,803) a 2,309,051
----------- ------------ ------------
Total Capitalization $ 4,728,073 $ (56,803) $ 4,671,270
=========== ============ ============
</TABLE>
*Does not include current portion
NORTHEAST UTILITIES AND SUBSIDIARIES
1.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 1,129,000
Other interest 94,671
Accrued taxes 37,868
Long-term debt - current portion 200,000
Notes payable to banks 1,329,000
Accrued interest 94,671
Income taxes 37,868
To record summary entry for NU consolidated.
NORTHEAST UTILITIES PARENT
2.1 PRO FORMA BALANCE SHEET
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Other Property and Investments:
Investments in subsidiary
companies, at equity $ 2,867,678 $ $ 2,867,678
Investments in transmission
companies, at equity 16,320 16,320
Other, at cost 54 54
----------- ----------- -----------
2,884,052 0 2,884,052
Current Assets:
Cash 10,000 237,000 a 247,000
Notes receivable from
affiliated companies 73,200 73,200
Notes and accounts receivable 553 553
Accounts receivable from
affiliated companies 1,664 1,664
Prepayments 22,311 22,311
----------- ----------- -----------
107,728 237,000 344,728
Deferred Charges:
Unamortized debt expense 12 12
Other 5,182 5,182
----------- ----------- -----------
5,194 0 5,194
----------- ----------- -----------
Total Assets $ 2,996,974 $ 237,000 $ 3,233,974
=========== =========== ===========
Capitalization:
Common stock $ 743,404 $ $ 743,404
Capital surplus, paid in 1,102,334 1,102,334
Deferred benefit plan - ESOP (121,381) (121,381)
Retained earnings 639,973 (12,698) b 627,275
Accumulated other
comprehensive income 1,524 1,524
---------- ---------- -----------
Total common stockholder's equity 2,365,854 (12,698) 2,353,156
Long-term debt 132,000 132,000
---------- ---------- -----------
Total capitalization 2,497,854 (12,698) 2,485,156
---------- ---------- -----------
Current Liabilities:
Notes payable to banks 426,000 237,000 a 663,000
Accounts payable 3,509 3,509
Accounts payable to
affiliated companies 5,190 5,190
Long-term debt - current portion 20,000 20,000
Accrued taxes 7,361 (8,466) b (1,105)
Accrued interest 3,842 21,164 b 25,006
Accrued Con Edison/Northeast
Utilities merger fees 3,007 3,007
Other 7 7
---------- ---------- -----------
468,916 249,698 718,614
---------- ---------- -----------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 5,298 5,298
Other deferred credits 24,906 24,906
---------- ---------- -----------
30,204 0 30,204
---------- ---------- -----------
Total Capitalization and Liabilities $ 2,996,974 $ 237,000 $ 3,233,974
========== ========== ===========
</TABLE>
NORTHEAST UTILITIES PARENT
2.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 0 $ $ 0
---------- ---------- ----------
Operating Expenses:
Operation expense 32,074 32,074
Federal and state income taxes (26) (26)
Taxes other than income taxes 75 75
---------- ---------- ----------
Total operating expenses 32,123 0 32,123
---------- ---------- ----------
Operating Loss (32,123) 0 (32,123)
---------- ---------- ----------
Other Income:
Equity in earnings of subsidiaries 149,639 149,639
Equity in earnings of
transmission companies 2,522 2,522
Other, net 3,475 3,475
Income taxes 6,833 8,466 b 15,299
---------- ---------- ----------
Other income, net 162,469 8,466 170,935
---------- ---------- ----------
Income before interest charges 130,346 8,466 138,812
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 13,831 13,831
Other interest 14,178 21,164 b 35,342
---------- ---------- ----------
Interest charges 28,009 21,164 49,173
---------- ---------- ----------
Net Income $ 102,337 $ (12,698) $ 89,639
========== ========== ==========
</TABLE>
NORTHEAST UTILITIES PARENT
2.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 579,449 $ $ 579,449
Net income 102,337 (12,698) b 89,639
Cash dividends on common shares (41,813) (41,813)
---------- ---------- ----------
Balance at end of period $ 639,973 $ (12,698) $ 627,275
========== =========== ===========
</TABLE>
NORTHEAST UTILITIES PARENT
2.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 132,000 $ $ 132,000
Common stock equity 2,365,854 (12,698) b 2,353,156
----------- ----------- -----------
Total Capitalization $ 2,497,854 $ (12,698) $ 2,485,156
=========== =========== ===========
</TABLE>
*Does not include current portion.
NORTHEAST UTILITIES PARENT
2.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 237,000
Notes payable to banks 237,000
To record the issuance of
additional short-term debt.
b) Other interest 21,164
Accrued taxes 8,466
Accrued interest 21,164
Income taxes 8,466
To record interest expense
associated with increased level
of short-term debt and related
tax effect.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 5,701,883 $ $ 5,701,883
Less: Accumulated provision
for depreciation 4,172,959 4,172,959
---------- ---------- ----------
1,528,924 0 1,528,924
Construction work in progress 95,737 95,737
Nuclear fuel, net 77,887 77,887
---------- ---------- ----------
Total net utility plant 1,702,548 0 1,702,548
---------- ---------- ----------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 535,111 535,111
Investments in regional nuclear
generating companies, at equity 54,789 54,789
Other, at cost 30,000 30,000
---------- ---------- ----------
619,900 0 619,900
---------- ---------- ----------
Current Assets:
Cash 10,549 285,000 a 295,549
Investment in securitizable assets 65,929 65,929
Notes receivable from
affiliated companies 36,700 36,700
Receivables, net 29,216 29,216
Accounts receivable from
affiliated companies 96,856 96,856
Fuel, materials and supplies,
at average cost 38,092 38,092
Prepayments and other 201,210 201,210
---------- ---------- ----------
478,552 285,000 763,552
---------- ---------- ----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 1,148,682 1,148,682
Income taxes, net 387,343 387,343
Unrecovered contractual obligations 219,240 219,240
Recoverable energy costs, net 86,302 86,302
Other 65,318 65,318
Unamortized debt expense 15,190 15,190
Other 41,458 41,458
---------- ---------- ----------
1,963,533 0 1,963,533
---------- ---------- ----------
Total Assets $ 4,764,533 $ 285,000 $ 5,049,533
========== ========== ==========
</TABLE>
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 75,849 $ $ 75,849
Capital surplus, paid in 414,955 414,955
Retained earnings 192,311 (13,988) b 178,323
Accumulated other
comprehensive income 416 416
---------- ---------- ----------
Total common stockholder's equity 683,531 (13,988) 669,543
Preferred stock not subject to
mandatory redemption 116,200 116,200
Long-term debt 1,066,669 1,066,669
---------- ---------- ----------
Total capitalization 1,866,400 (13,988) 1,852,412
---------- ---------- ----------
Minority Interest in Consolidated Subsidiary 100,000 100,000
---------- ---------- ----------
Obligations Under Capital Leases 50,032 50,032
---------- ---------- ----------
Current Liabilities:
Notes payable to banks 90,000 285,000 a 375,000
Long-term debt and preferred
stock - current portion 160,000 160,000
Obligations under capital
leases - current portion 88,381 88,381
Accounts payable 179,391 179,391
Accounts payable to affiliated companies 72,653 72,653
Accrued taxes 37,286 (9,325) b 27,961
Accrued interest 13,810 23,313 b 37,123
Other 24,344 24,344
---------- ---------- ----------
665,865 298,988 964,853
---------- ---------- ----------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 1,000,571 1,000,571
Accumulated deferred investment
tax credits 103,418 103,418
Decommissioning obligation - Millstone 1 568,088 568,088
Deferred contractual obligations 216,936 216,936
Other 193,223 193,223
---------- ---------- ----------
2,082,236 0 2,082,236
---------- ---------- ----------
Total Capitalization and Liabilities $ 4,764,533 $ 285,000 $ 5,049,533
========== ========== ==========
</TABLE>
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 2,712,350 $ $ 2,712,350
---------- ---------- ----------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 1,275,443 1,275,443
Other 445,159 445,159
Maintenance 161,855 161,855
Depreciation 146,862 146,862
Amortization of regulatory assets, net 401,248 401,248
Federal and state income taxes 163,251 163,251
Taxes other than income taxes 156,774 156,774
Gain on sale of utility plant (286,952) (286,952)
---------- ---------- ----------
Total operating expenses 2,463,640 0 2,463,640
---------- ---------- ----------
Operating Income 248,710 0 248,710
---------- ---------- ----------
Other Income/(Loss):
Equity in earnings of regional
nuclear generating companies 1,517 1,517
Nuclear related costs (64,911) (64,911)
Other, net (23,674) (23,674)
Minority interest in loss of subsidiary (9,300) (9,300)
Income taxes 40,753 9,325 b 50,078
---------- ---------- ----------
Other loss, net (55,615) 9,325 (46,290)
---------- ---------- ----------
Income before interest charges 193,095 9,325 202,420
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 108,367 108,367
Other interest 8,947 23,313 b 32,260
---------- ---------- ----------
Interest charges, net 117,314 23,313 140,627
---------- ---------- ----------
Net Income $ 75,781 $ (13,988) $ 61,793
========== ========== ==========
</TABLE>
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 152,968 $ $ 152,968
Net income 75,781 (13,988) b 61,793
Cash dividends on preferred stock (11,005) (11,005)
Cash dividends on common stock (25,000) (25,000)
ESOP contribution (433) (433)
---------- ---------- ----------
Balance at end of period $ 192,311 $ (13,988) $ 178,323
========== ========== ==========
</TABLE>
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 1,066,669 $ $ 1,066,669
Preferred stock not subject
to mandatory redemption* 116,200 116,200
Common stock equity 683,531 (13,988) b 669,543
---------- ---------- ----------
Total Capitalization $ 1,866,400 $ (13,988) $ 1,852,412
========== ========== ==========
</TABLE>
*Does not include current portion.
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES
3.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 285,000
Notes payable to banks 285,000
To record the issuance of
additional short-term debt.
b) Other interest 23,313
Accrued taxes 9,325
Accrued interest 23,313
Income taxes 9,325
To record interest expense
associated with increased level
of short-term debt and related
tax effect.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 1,965,698 $ $ 1,965,698
Less: Accumulated provision
for depreciation 695,628 695,628
------------ ------------ ------------
1,270,070 0 1,270,070
Unamortized acquisition costs 310,228 310,228
Construction work in progress 22,403 22,403
Nuclear fuel, net 1,259 1,259
------------ ------------ ------------
Total net utility plant 1,603,960 0 1,603,960
------------ ------------ ------------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 7,261 7,261
Investments in regional nuclear
generating companies and
subsidiary company, at equity 18,409 18,409
Other, at cost 3,009 3,009
------------ ------------ ------------
28,679 0 28,679
------------ ------------ ------------
Current Assets:
Cash and cash equivalents 218,126 225,000 a 443,126
Receivables, net 71,393 71,393
Accounts receivable from
affiliated companies 5,976 5,976
Taxes receivable from
affiliated companies 3,245 3,245
Accrued utility revenues 51,025 51,025
Fuel, materials and supplies,
at average cost 32,876 32,876
Recoverable energy costs -
current portion 108,732 108,732
Prepayments and other 31,161 31,161
------------ ------------ ------------
522,534 225,000 747,534
------------ ------------ ------------
Deferred Charges:
Regulatory assets:
Recoverable energy costs 102,496 102,496
Income taxes, net 155,242 155,242
Deferred costs - nuclear plant 91,654 91,654
Unrecovered contractual obligations 51,760 51,760
Other 3,011 3,011
Deferred receivable from
affiliated company 8,112 8,112
Unamortized debt expense 11,635 11,635
Other 8,920 8,920
------------ ------------ ------------
432,830 0 432,830
------------ ------------ ------------
Total Assets $ 2,588,003 $ 225,000 $ 2,813,003
============ ============ ============
</TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 1 $ $ 1
Capital surplus, paid in 424,825 424,825
Retained earnings 348,917 (11,043) b 337,874
Accumulated other
comprehensive income 1,074 1,074
------------ ------------ ------------
Total common stockholder's equity 774,817 (11,043) 763,774
Long-term debt 516,485 516,485
------------ ------------ ------------
Total capitalization 1,291,302 (11,043) 1,280,259
------------ ------------ ------------
Obligations Under Seabrook Power
Contracts and Other Capital Leases 579,005 579,005
------------ ------------ ------------
Current Liabilities:
Notes payable to banks 0 225,000 a 225,000
Long-term debt and preferred
stock - current portion 25,000 25,000
Obligations under Seabrook Power
Contracts and other capital
leases - current portion 108,499 108,499
Accounts payable 36,961 36,961
Accounts payable to affiliated companies 43,837 43,837
Accrued taxes 61,408 (7,362) b 54,046
Accrued interest 6,175 18,405 b 24,580
Accrued pension benefits 43,591 43,591
Other 8,305 8,305
------------ ------------ ------------
333,776 236,043 569,819
------------ ------------ ------------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 247,546 247,546
Accumulated deferred investment
tax credits 12,008 12,008
Deferred contractual obligations 51,760 51,760
Deferred revenue from
affiliated company 8,112 8,112
Other 64,494 64,494
------------ ------------ ------------
383,920 0 383,920
------------ ------------ ------------
Total Capitalization and Liabilities $ 2,588,003 $ 225,000 $ 2,813,003
============ ============ ============
</TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 1,242,101 $ $ 1,242,101
------------ ------------ ------------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 775,260 775,260
Other 133,254 133,254
Maintenance 48,463 48,463
Depreciation 46,786 46,786
Amortization of regulatory assets, net 45,921 45,921
Federal and state income taxes 40,477 40,477
Taxes other than income taxes 42,528 42,528
------------ ------------ ------------
Total operating expenses 1,132,689 0 1,132,689
------------ ------------ ------------
Operating Income 109,412 0 109,412
------------ ------------ ------------
Other Income/(Loss):
Equity in earnings of regional
nuclear generating companies
and subsidiary company 1,096 1,096
Other, net 7,152 7,152
Income taxes (4,900) 7,362 b 2,462
------------ ------------ ------------
Other income, net 3,348 7,362 10,710
------------ ------------ ------------
Income before interest charges 112,760 7,362 120,122
------------ ------------ ------------
Interest Charges:
Interest on long-term debt 42,254 42,254
Other interest 590 18,405 b 18,995
------------ ------------ ------------
Interest charges, net 42,844 18,405 61,249
------------ ------------ ------------
Net Income $ 69,916 $ (11,043) $ 58,873
=========== =========== ===========
</TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 284,463 $ $ 284,463
Net income 69,916 (11,043) b 58,873
Cash dividends on preferred stock (5,300) (5,300)
ESOP contribution (162) (162)
------------ ------------ ------------
Balance at end of period $ 348,917 $ (11,043) $ 337,874
========== =========== ===========
</TABLE>
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 516,485 $ $ 516,485
Common stock equity 774,817 (11,043) b 763,774
------------ ------------ ------------
Total Capitalization $ 1,291,302 $ (11,043) $ 1,280,259
=========== ============ ============
</TABLE>
*Does not include current portion.
PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE
4.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash and cash equivalents 225,000
Notes payable to banks 225,000
To record the issuance of
additional short-term debt.
b) Other interest 18,405
Accrued taxes 7,362
Accrued interest 18,405
Income taxes 7,362
To record interest expense
associated with increased
level of short-term debt and
related tax effect.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 1,107,972 $ $ 1,107,972
Less: Accumulated provision
for depreciation 787,571 787,571
---------- ---------- ----------
320,401 0 320,401
Construction work in progress 17,221 17,221
Nuclear fuel, net 18,073 18,073
---------- ---------- ----------
Total net utility plant 355,695 0 355,695
---------- ---------- ----------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 148,815 148,815
Investments in regional nuclear
generating companies, at equity 14,814 14,814
Other, at cost 6,155 6,155
---------- ---------- ----------
169,784 0 169,784
---------- ---------- ----------
Current Assets:
Cash 112 132,000 a 132,112
Notes receivable from
affiliated companies 9,600 9,600
Receivables, net 32,879 32,879
Accounts receivable from
affiliated companies 14,473 14,473
Accrued utility revenues 11,975 11,975
Fuel, materials and supplies,
at average cost 1,580 1,580
Prepayments and other 51,331 51,331
---------- ---------- ----------
121,950 132,000 253,950
---------- ---------- ----------
Deferred Charges:
Regulatory assets:
Recoverable nuclear costs 262,287 262,287
Income taxes, net 52,124 52,124
Unrecovered contractual obligations 57,886 57,886
Recoverable energy costs, net 11,577 11,577
Other 43,738 43,738
Unamortized debt expense 1,674 1,674
Other 5,362 5,362
---------- ---------- ----------
434,648 0 434,648
---------- ---------- ----------
Total Assets $ 1,082,077 $ 132,000 $ 1,214,077
========== ========== ==========
</TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 14,752 $ $ 14,752
Capital surplus, paid in 93,880 93,880
Retained earnings 51,289 (6,479) b 44,810
Accumulated other
comprehensive income 160 160
---------- ---------- ----------
Total common stockholder's equity 160,081 (6,479) 153,602
Preferred stock not subject to
mandatory redemption 20,000 20,000
Preferred stock subject to
mandatory redemption 15,000 15,000
Long-term debt 198,004 198,004
---------- ---------- ----------
Total capitalization 393,085 (6,479) 386,606
---------- ---------- ----------
Obligations Under Capital Leases 8,327 8,327
---------- ---------- ----------
Current Liabilities:
Notes payable to banks 118,000 132,000 a 250,000
Long-term debt and preferred
stock - current portion 1,500 1,500
Obligations under capital
leases - current portion 20,505 20,505
Accounts payable 23,244 23,244
Accounts payable to affiliated companies 4,963 4,963
Accrued taxes 19,812 (4,319) b 15,493
Accrued interest 4,653 10,798 b 15,451
Other 16,387 16,387
---------- ---------- ----------
209,064 138,479 347,543
---------- ---------- ----------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 223,616 223,616
Accumulated deferred investment
tax credits 18,255 18,255
Decommissioning obligation - Millstone 1 133,261 133,261
Deferred contractual obligations 57,886 57,886
Other 38,583 38,583
---------- ---------- ----------
471,601 0 471,601
---------- ---------- ----------
Total Capitalization and Liabilities $ 1,082,077 $ 132,000 $ 1,214,077
========== ========== ==========
</TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 457,216 $ $ 457,216
---------- ---------- ----------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 218,453 218,453
Other 78,130 78,130
Maintenance 38,541 38,541
Depreciation 17,653 17,653
Amortization of regulatory assets, net 42,556 42,556
Federal and state income taxes 19,437 19,437
Taxes other than income taxes 18,884 18,884
Gain on sale of utility plant (21,918) (21,918)
---------- ---------- ----------
Total operating expenses 411,736 0 411,736
---------- ---------- ----------
Operating Income 45,480 0 45,480
---------- ---------- ----------
Other Income/(Loss):
Equity in earnings of regional
nuclear generating companies 401 401
Nuclear related costs (20,843) (20,843)
Other, net (2,140) (2,140)
Income taxes 13,672 4,319 b 17,991
---------- ---------- ----------
Other loss, net (8,910) 4,319 (4,591)
---------- ---------- ----------
Income before interest charges 36,570 4,319 40,889
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 19,970 19,970
Other interest 8,740 10,798 b 19,538
---------- ---------- ----------
Interest charges, net 28,710 10,798 39,508
---------- ---------- ----------
Net Income $ 7,860 $ (6,479) $ 1,381
========== ========== ==========
</TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 46,763 $ $ 46,763
Net income 7,860 (6,479) b 1,381
Cash dividends on preferred stock (3,241) (3,241)
ESOP contribution (93) (93)
---------- ---------- ----------
Balance at end of period $ 51,289 $ (6,479) $ 44,810
========== ========== ==========
</TABLE>
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 198,004 $ $ 198,004
Preferred stock not subject
to mandatory redemption* 20,000 20,000
Preferred stock subject
to mandatory redemption* 15,000 15,000
Common stock equity 160,081 (6,479) b 153,602
---------- ---------- ----------
Total Capitalization $ 393,085 $ (6,479) $ 386,606
========== ========== ==========
</TABLE>
*Does not include current portion.
WESTERN MASSACHUSETTS ELECTRIC COMPANY AND SUBSIDIARY
5.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 132,000
Notes payable to banks 132,000
To record the issuance of
additional short-term debt.
b) Other interest 10,798
Accrued taxes 4,319
Accrued interest 10,798
Income taxes 4,319
To record interest expense
associated with increased
level of short-term debt and
related tax effect.
NORTH ATLANTIC ENERGY CORPORATION
6.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 727,014 $ $ 727,014
Less: Accumulated provision
for depreciation 210,626 210,626
------------ ------------ ------------
516,388 0 516,388
Construction work in progress 10,243 10,243
Nuclear fuel, net 27,043 27,043
------------ ------------ ------------
Total net utility plant 553,674 0 553,674
------------ ------------ ------------
Other Property and Investments:
Nuclear decommissioning
trusts, at market 47,920 47,920
------------ ------------ ------------
47,920 0 47,920
------------ ------------ ------------
Current Assets:
Cash 0 60,000 a, c, d 60,000
Notes receivable from
affiliated companies 17,500 17,500
Accounts receivable from
affiliated companies 22,325 22,325
Taxes receivable 4,038 4,038
Materials and supplies,
at average cost 13,506 13,506
Prepayments and other 1,534 1,534
------------ ------------ ------------
58,903 60,000 118,903
------------ ------------ ------------
Deferred Charges:
Regulatory assets:
Deferred costs - Seabrook 56,675 56,675
Income taxes, net 29,737 29,737
Recoverable energy costs 1,594 1,594
Unamortized debt expense 1,298 1,298
Prepaid property tax 1,792 1,792
Other 20 20
------------ ------------ ------------
91,116 0 91,116
------------ ------------ ------------
Total Assets $ 751,613 $ 60,000 $ 811,613
============ ============ ============
</TABLE>
NORTH ATLANTIC ENERGY CORPORATION
6.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 1 $ $ 1
Capital surplus, paid in 160,999 160,999
Retained earnings 1,777 (3,539) b, e (1,762)
------------ ------------ ------------
Total common stockholder's equity 162,777 (3,539) 159,238
Long-term debt 65,000 65,000
------------ ------------ ------------
Total capitalization 227,777 (3,539) 224,238
------------ ------------ ------------
Current Liabilities:
Notes payable to banks 0 260,000 a, c 260,000
Long-term debt - current portion 270,000 (200,000) d 70,000
Accounts payable 15,061 15,061
Accounts payable to affiliated companies 370 370
Accrued taxes 0 (2,359) b, e (2,359)
Accrued interest 1,438 5,898 b, e 7,336
Other 396 396
------------ ------------ ------------
287,265 63,539 350,804
------------ ------------ ------------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 203,484 203,484
Deferred obligation to
affiliated company 8,112 8,112
Other 24,975 24,975
------------ ------------ ------------
236,571 0 236,571
------------ ------------ ------------
Total Capitalization and Liabilities $ 751,613 $ 60,000 $ 811,613
============ ============ ============
</TABLE>
NORTH ATLANTIC ENERGY CORPORATION
6.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 272,259 $ $ 272,259
------------ ------------ ------------
Operating Expenses:
Operation --
Fuel 16,563 16,563
Other 38,800 38,800
Maintenance 10,168 10,168
Depreciation 27,612 27,612
Amortization of regulatory assets, net 85,332 85,332
Federal and state income taxes 34,837 34,837
Taxes other than income taxes 11,156 11,156
------------ ------------ ------------
Total operating expenses 224,468 0 224,468
------------ ------------ ------------
Operating Income 47,791 0 47,791
------------ ------------ ------------
Other Income/(Loss):
Deferred Seabrook return -
other funds 3,285 3,285
Other, net (6,843) (6,843)
Income taxes 23,166 2,359 b, e 25,525
------------ ------------ ------------
Other income, net 19,608 2,359 21,967
------------ ------------ ------------
Income before interest charges 67,399 2,359 69,758
------------ ------------ ------------
Interest Charges:
Interest on long-term debt 41,434 41,434
Other interest (820) 5,898 b, e 5,078
Deferred Seabrook return -
borrowed funds (6,091) (6,091)
------------ ------------ ------------
Interest charges, net 34,523 5,898 40,421
------------ ------------ ------------
Net Income $ 32,876 $ (3,539) $ 29,337
=========== =========== ===========
</TABLE>
NORTH ATLANTIC ENERGY CORPORATION
6.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 25,900 $ $ 25,900
Net income 32,876 (3,539) b, e 29,337
Cash dividends on common stock (56,999) (56,999)
------------ ------------ ------------
Balance at end of period $ 1,777 $ (3,539) $ (1,762)
============ =========== ===========
</TABLE>
NORTH ATLANTIC ENERGY CORPORATION
6.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 65,000 $ $ 65,000
Common stock equity 162,777 (3,539) b, e 159,238
------------ ------------ ------------
Total Capitalization $ 227,777 $ (3,539) $ 224,238
=========== ============ ============
</TABLE>
*Does not include current portion.
NORTH ATLANTIC ENERGY CORPORATION
6.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 60,000
Notes payable to banks 60,000
To record the issuance of
additional short-term debt.
b) Other interest 4,908
Accrued taxes 1,963
Accrued interest 4,908
Income taxes 1,963
To record interest expense
associated with increased level of
short-term debt and related tax effect.
c) Cash 200,000
Notes payable to banks 200,000
To record the issuance of
additional short-term debt to
refinance $200 million in
debt maturities.
d) Long-term debt - current portion 200,000
Cash 200,000
To record payment of $200 million
in debt maturities.
e) Other interest 990
Accrued taxes 396
Accrued interest 990
Income taxes 396
To record incremental interest
on short-term debt refinancing.
HOLYOKE WATER POWER COMPANY
7.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 100,444 $ $ 100,444
Less: Accumulated provision
for depreciation 47,462 47,462
------------ ------------ ------------
52,982 0 52,982
Construction work in progress 1,126 1,126
------------ ------------ ------------
Total net utility plant 54,108 0 54,108
------------ ------------ ------------
Other Property and Investments:
Nonutility property, at cost 3,474 3,474
Other investments, at cost 2 2
------------ ------------ ------------
3,476 0 3,476
------------ ------------ ------------
Current Assets:
Cash 155 5,000 a 5,155
Notes receivable from
affiliated companies 13,300 13,300
Accounts receivable 1,063 1,063
Accounts receivable from
affiliated companies 6,478 6,478
Taxes receivable 184 184
Fuel, materials and supplies,
at average cost 6,341 6,341
Prepayments and other 859 859
------------ ------------ ------------
28,380 5,000 33,380
------------ ------------ ------------
Deferred Charges:
Unamortized debt expense 775 775
Other 320 320
------------ ------------ ------------
1,095 0 1,095
------------ ------------ ------------
Total Assets $ 87,059 $ 5,000 $ 92,059
============ ============ ============
</TABLE>
HOLYOKE WATER POWER COMPANY
7.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 2,400 $ $ 2,400
Capital surplus, paid in 6,000 6,000
Retained earnings 12,417 (268) b 12,149
Accumulated other
comprehensive income (5) (5)
------------ ------------ ------------
Total common stockholder's equity 20,812 (268) 20,544
Long-term debt 38,300 38,300
------------ ------------ ------------
Total capitalization 59,112 (268) 58,844
------------ ------------ ------------
Current Liabilities:
Notes payable to banks 0 5,000 a 5,000
Accounts payable 2,296 2,296
Accounts payable to affiliated companies 3,207 3,207
Accrued taxes 171 (179) b (8)
Accrued interest 279 447 b 726
Other 249 249
------------ ------------ ------------
6,202 5,268 11,470
------------ ------------ ------------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 14,188 14,188
Other 7,557 7,557
------------ ------------ ------------
21,745 0 21,745
------------ ------------ ------------
Total Capitalization and Liabilities $ 87,059 $ 5,000 $ 92,059
============ ============ ============
</TABLE>
HOLYOKE WATER POWER COMPANY
7.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 59,280 $ $ 59,280
------------ ------------ ------------
Operating Expenses:
Operation --
Energy and purchased capacity costs 33,193 33,193
Other 7,625 7,625
Maintenance 5,124 5,124
Depreciation 1,884 1,884
Amortization of regulatory assets, net 1,770 1,770
Federal and state income taxes 1,239 1,239
Taxes other than income taxes 4,793 4,793
------------ ------------ ------------
Total operating expenses 55,628 0 55,628
------------ ------------ ------------
Operating Income 3,652 0 3,652
------------ ------------ ------------
Other Income:
Other, net 168 168
Income taxes, net 2,897 179 b 3,076
------------ ------------ ------------
Other income 3,065 179 3,244
------------ ------------ ------------
Income before interest charges 6,717 179 6,896
------------ ------------ ------------
Interest Charges:
Interest on long-term debt 2,502 2,502
Other interest (20) 447 b 427
------------ ------------ ------------
Interest charges 2,482 447 2,929
------------ ------------ ------------
Net Income $ 4,235 $ (268) $ 3,967
=========== =========== ===========
</TABLE>
HOLYOKE WATER POWER COMPANY
7.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 13,193 $ $ 13,193
Net income 4,235 (268) b 3,967
Cash dividends on common stock (5,000) (5,000)
ESOP contribution (11) (11)
------------ ------------ ------------
Balance at end of period $ 12,417 $ (268) $ 12,149
========== =========== ===========
</TABLE>
HOLYOKE WATER POWER COMPANY
7.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt* $ 38,300 $ $ 38,300
Common stock equity 20,812 (268) b 20,544
------------ ------------ ------------
Total Capitalization $ 59,112 $ (268) $ 58,844
=========== ============ ============
</TABLE>
*Does not include current portion.
HOLYOKE WATER POWER COMPANY
7.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 5,000
Notes payable to banks 5,000
To record the issuance of
additional short-term debt.
b) Other interest 447
Accrued taxes 179
Accrued interest 447
Income taxes 179
To record interest expense
associated with increased
level of short-term debt and
related tax effect.
NORTHEAST NUCLEAR ENERGY COMPANY
8.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Electric $ 38,575 $ $ 38,575
Less: Accumulated provision
for depreciation 15,287 15,287
------------ ------------ ------------
23,288 0 23,288
Construction work in progress 1,437 1,437
------------ ------------ ------------
Total net utility plant 24,725 0 24,725
------------ ------------ ------------
Current Assets:
Cash 383 75,000 a 75,383
Accounts receivable 1,684 1,684
Accounts receivable from
affiliated companies 41,978 41,978
Taxes receivable 1,382 1,382
Materials and supplies 73,316 73,316
Prepayments and other 4,760 4,760
------------ ------------ ------------
123,503 75,000 198,503
------------ ------------ ------------
Deferred Charges:
Regulatory assets:
Unamortized loss on reacquired debt 244 244
Accumulated deferred income taxes 39,431 39,431
Deferred decommissioning costs - Millstone 1 34,803 34,803
Other 8,624 8,624
------------ ------------ ------------
83,102 0 83,102
------------ ------------ ------------
Total Assets $ 231,330 $ 75,000 $ 306,330
============ ============ ============
</TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
8.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 15 $ $ 15
Capital surplus, paid in 15,350 15,350
Retained earnings 1,524 (4,019) b (2,495)
Accumulated other
comprehensive income (121) (121)
------------ ------------ ------------
Total common stockholder's equity 16,768 (4,019) 12,749
------------ ------------ ------------
Total capitalization 16,768 (4,019) 12,749
------------ ------------ ------------
Current Liabilities:
Notes payable to banks 0 75,000 a 75,000
Notes payable to
affiliated companies 25,300 25,300
Accounts payable 39,841 39,841
Accounts payable to affiliated companies 9,583 9,583
Obligations under capital
leases - current portion 1,640 1,640
Accrued taxes 418 (2,679) b (2,261)
Accrued interest 0 6,698 b 6,698
Accrued pension benefits 72,594 72,594
Millstone 3 funding liability 35,935 35,935
Other 8,830 8,830
------------ ------------ ------------
194,141 79,019 273,160
------------ ------------ ------------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred investment
tax credits 1,012 1,012
Deferred credit - SFAS 109 9,452 9,452
Other 9,957 9,957
------------ ------------ ------------
20,421 0 20,421
------------ ------------ ------------
Total Capitalization and Liabilities $ 231,330 $ 75,000 $ 306,330
============ ============ ============
</TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
8.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 383,630 $ $ 383,630
------------ ------------ ------------
Operating Expenses:
Operation 250,748 250,748
Maintenance 112,303 112,303
Depreciation 1,543 1,543
Federal and state income taxes 1,019 1,019
Taxes other than income taxes 12,497 12,497
------------ ------------ ------------
Total operating expenses 378,110 0 378,110
------------ ------------ ------------
Operating Income 5,520 0 5,520
------------ ------------ ------------
Other (Loss)/Income:
Other, net (735) (735)
Income taxes 0 2,679 b 2,679
------------ ------------ ------------
Other (loss)/income, net (735) 2,679 1,944
------------ ------------ ------------
Income before interest charges 4,785 2,679 7,464
------------ ------------ ------------
Interest Charges:
Interest on long-term debt 981 981
Other interest 2,065 6,698 b 8,763
------------ ------------ ------------
Interest charges 3,046 6,698 9,744
------------ ------------ ------------
Net Income/(Loss) $ 1,739 $ (4,019) $ (2,280)
=========== =========== ===========
</TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
8.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period $ 1,785 $ $ 1,785
Net income/(loss) 1,739 (4,019) b (2,280)
Cash dividends on common stock (2,000) (2,000)
------------ ------------ ------------
Balance at end of period $ 1,524 $ (4,019) $ (2,495)
========== =========== ===========
</TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
8.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Common stock equity $ 16,768 $ (4,019) b $ 12,749
------------ ------------ ------------
Total Capitalization $ 16,768 $ (4,019) $ 12,749
=========== ============ ============
</TABLE>
NORTHEAST NUCLEAR ENERGY COMPANY
8.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 75,000
Notes payable to banks 75,000
To record the issuance of
additional short-term debt.
b) Other interest 6,698
Accrued taxes 2,679
Accrued interest 6,698
Income taxes 2,679
To record interest expense
associated with increased level of
short-term debt and related tax effect.
YANKEE ENERGY SYSTEM, INC. PARENT
9.1 PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Other Property and Investments:
Investments in subsidiary companies $ 480,125 $ $ 480,125
---------- ---------- ----------
480,125 0 480,125
---------- ---------- ----------
Current Assets:
Cash 89 25,000 a 25,089
Notes receivable from
affiliated companies 24,016 24,016
Accounts receivable from
affiliated companies 312 312
---------- ---------- ----------
24,417 25,000 49,417
---------- ---------- ----------
Total Assets $ 504,542 $ 25,000 $ 529,542
========== ========== ==========
<S> <C> <C> <C>
Capitalization:
Capital surplus, paid in $ 469,903 $ $ 469,903
Retained earnings (886) (1,107) b (1,993)
---------- ---------- ----------
Total common stockholder's equity 469,017 (1,107) 467,910
---------- ---------- ----------
Total capitalization 469,017 (1,107) 467,910
---------- ---------- ----------
Current Liabilities:
Notes payable to banks 25,000 25,000 a 50,000
Accounts payable to affiliated companies 9,052 9,052
Notes payable to affiliated companies 2,250 2,250
Accrued taxes (697) (738) b (1,435)
Accrued interest 121 1,845 b 1,966
---------- ---------- ----------
35,726 26,107 61,833
---------- ---------- ----------
Deferred Credits and Other
Long-Term Liabilities:
Other deferred credits (201) (201)
---------- ---------- ----------
(201) 0 (201)
---------- ---------- ----------
Total Capitalization and Liabilities $ 504,542 $ 25,000 $ 529,542
========== ========== ==========
</TABLE>
YANKEE ENERGY SYSTEM, INC. PARENT
9.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 0 $ $ 0
---------- ---------- ----------
Operating Expenses:
Operation expense 6,052 6,052
---------- ---------- ----------
Total operating expenses 6,052 0 6,052
---------- ---------- ----------
Operating Loss (6,052) 0 (6,052)
---------- ---------- ----------
Other Income:
Other, net 8,678 8,678
Income taxes 290 738 b 1,028
---------- ---------- ----------
Other income, net 8,968 738 9,706
---------- ---------- ----------
Income before interest charges 2,916 738 3,654
---------- ---------- ----------
Interest Charges:
Other interest 1,538 1,845 b 3,383
---------- ---------- ----------
Interest charges, net 1,538 1,845 3,383
---------- ---------- ----------
Net Income $ 1,378 $ (1,107) $ 271
========== ========== ==========
</TABLE>
YANKEE ENERGY SYSTEM, INC. PARENT
9.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period* $ 0 $ $ 0
Net loss* (886) (1,107) b (1,993)
---------- ---------- ----------
Balance at end of period* $ (886)$ (1,107) $ (1,993)
========== ========== ==========
</TABLE>
*Retained earnings excludes the beginning balance, net income and cash
dividends on common stock of $29,152, $2,264 and $7,550, respectively, from
Yankee Energy System, Inc. Parent, prior to their merger with Northeast
Utilities on March 1, 2000.
YANKEE ENERGY SYSTEM, INC. PARENT
9.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Common stock equity $ 469,017 $ (1,107) b $ 467,910
---------- ---------- ----------
Total Capitalization $ 469,017 $ (1,107) $ 467,910
========== ========== ==========
</TABLE>
YANKEE ENERGY SYSTEM, INC. PARENT
9.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 25,000
Notes payable to banks 25,000
To record the issuance of
additional short-term debt.
b) Other interest 1,845
Accrued taxes 738
Accrued interest 1,845
Income taxes 738
To record interest expense
associated with increased
level of short-term debt and
related tax effect.
YANKEE GAS SERVICES COMPANY
10.1a PRO FORMA BALANCE SHEET -- ASSETS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Utility Plant, at cost:
Gas $ 602,847 $ $ 602,847
Less: Accumulated provision
for depreciation 237,655 237,655
---------- ---------- ----------
365,192 0 365,192
Construction work in progress 15,061 15,061
---------- ---------- ----------
Total net utility plant 380,253 0 380,253
---------- ---------- ----------
Other Property and Investments:
Other physical property 174 174
Other investments 120 120
---------- ---------- ----------
294 0 294
---------- ---------- ----------
Current Assets:
Cash 14 85,000 a 85,014
Notes receivable from
affiliated companies 2,250 2,250
Notes and accounts receivable 42,695 42,695
Accounts receivable from
affiliated companies 10,032 10,032
Fuel supplies 1,305 1,305
Other materials and supplies 1,670 1,670
Prepayments 9,170 9,170
Accrued utility revenues 17,270 17,270
Other 1,527 1,527
---------- ---------- ----------
85,933 85,000 170,933
---------- ---------- ----------
Deferred Charges:
Regulatory assets:
Deferred charge - SFAS 109 Asset 9,740 9,740
Deferred fuel costs (7,065) (7,065)
Other regulatory assets 40,293 40,293
Unamortized debt expense 1,334 1,334
Other deferred debits 337,382 337,382
---------- ---------- ----------
381,684 0 381,684
---------- ---------- ----------
Total Assets $ 848,164 $ 85,000 $ 933,164
========== ========== ==========
</TABLE>
YANKEE GAS SERVICES COMPANY
10.1b PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Capitalization:
Common stock $ 5 $ $ 5
Capital surplus, paid in 460,123 460,123
Retained earnings 366 (3,662) b (3,296)
---------- ---------- ----------
Total common stockholder's equity 460,494 (3,662) 456,832
Long-term debt 152,189 152,189
---------- ---------- ----------
Total capitalization 612,683 (3,662) 609,021
---------- ---------- ----------
Current Liabilities:
Notes payable to banks 15,000 85,000 a 100,000
Accounts payable 17,789 17,789
Accounts payable to affiliated companies 1,341 1,341
Sinking fund requirements/debt maturity 950 950
Accrued taxes 18,473 (2,441) b 16,032
Accrued interest 3,485 6,103 b 9,588
Refundable energy costs 427 427
Other current liabilities 4,765 4,765
---------- ---------- ----------
62,230 88,662 150,892
---------- ---------- ----------
Deferred Credits and Other
Long-Term Liabilities:
Accumulated deferred income taxes 82,199 82,199
Deferred credit - SFAS 109 5,083 5,083
Other deferred credits 83,363 83,363
---------- ---------- ----------
170,645 0 170,645
---------- ---------- ----------
Operating Reserves:
Injuries and damages 719 719
Medical insurance 1,887 1,887
---------- ---------- ----------
2,606 0 2,606
---------- ---------- ----------
Total Capitalization and Liabilities $ 848,164 $ 85,000 $ 933,164
========== ========== ==========
</TABLE>
YANKEE GAS SERVICES COMPANY
10.2a PRO FORMA INCOME STATEMENT
FOR THE 12 MONTHS ENDED JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Operating Revenues $ 304,842 $ $ 304,842
---------- ---------- ----------
Operating Expenses:
Operation --
Fuel, purchased and net
interchange power 150,855 150,855
Other 55,909 55,909
Maintenance 7,053 7,053
Depreciation 21,536 21,536
Federal and state income taxes 12,479 12,479
Taxes other than income taxes 26,553 26,553
---------- ---------- ----------
Total operating expenses 274,385 0 274,385
---------- ---------- ----------
Operating Income 30,457 0 30,457
---------- ---------- ----------
Other (Loss)/Income:
Other, net (2,961) (2,961)
Income taxes 1,842 2,441 b 4,283
---------- ---------- ----------
Other (loss)/income, net (1,119) 2,441 1,322
---------- ---------- ----------
Income before interest charges 29,338 2,441 31,779
---------- ---------- ----------
Interest Charges:
Interest on long-term debt 12,310 12,310
Interest on short-term loan 2,060 2,060
Other interest 1,004 6,103 b 7,107
AFUDC - borrowed funds - credit (453) (453)
---------- ---------- ----------
Interest charges, net 14,921 6,103 21,024
---------- ---------- ----------
Net Income $ 14,417 $ (3,662) $ 10,755
========== ========== ==========
</TABLE>
YANKEE GAS SERVICES COMPANY
10.2b PRO FORMA STATEMENT OF RETAINED EARNINGS
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Balance at beginning of period* $ 0 $ $ 0
Net income/(loss)* 366 (3,662) b (3,296)
---------- ---------- ----------
Balance at end of period* $ 366 $ (3,662) $ (3,296)
========== ========== ==========
</TABLE>
*Retained earnings excludes the beginning balance, net income and cash
dividends on common stock of $82,202, $14,051 and $7,496, respectively,
from the Yankee Gas Services Company prior to their merger with Northeast
Utilities on March 1, 2000.
YANKEE GAS SERVICES COMPANY
10.2c PRO FORMA CAPITAL STRUCTURE
AS OF JUNE 30, 2000
Unaudited
(Thousands of Dollars)
<TABLE>
<CAPTION>
PRO
FORMA
GIVING
PRO EFFECT
FORMA TO
PER BOOK ADJ. ADJ.
<S> <C> <C> <C>
Long-term debt $ 152,189 $ $ 152,189
Common stock equity 460,494 (3,662) b 456,832
---------- ---------- ----------
Total Capitalization $ 612,683 $ (3,662) $ 609,021
========== ========== ==========
</TABLE>
YANKEE GAS SERVICES COMPANY
10.2d PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS
(Thousands of Dollars)
Debit Credit
a) Cash 85,000
Notes payable to banks 85,000
To record the issuance of
additional short-term debt.
b) Other interest 6,103
Accrued taxes 2,441
Accrued interest 6,103
Income taxes 2,441
To record interest expense
associated with increased
level of short-term debt and
related tax effect.
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