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File No. 70-9449
SECURITIES AND EXCHANGE COMMISSION
450 FIFTH STREET, N.W.
WASHINGTON, D.C. 20549
__________________________________________
AMENDMENT NO.2 TO FORM U-1 DECLARATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
____________________________________________
Cinergy Corp.
139 East Fourth Street
Cincinnati, Ohio 45202
(Name of company filing this statement
and address of principal executive offices)
Cinergy Corp.
(Name of top registered holding company parent)
William L. Sheafer
Vice President and Treasurer
Cinergy Corp.
(address above)
(Name and address of agent of service)
The Commission is requested to direct all notices, orders and
communications in this matter to:
George Dwight II/Senior Counsel William T. Baker, Jr.
Cinergy Corp. Thelen Reid & Priest LLP
139 East Fourth Street, 25 Atrium 2 40 West 57th Street
Cincinnati, Ohio 45202 New York, New York 10019
513-287-2643 212-603-2106
513-287-3810 (fax) 212-603-2182 (fax)
[email protected] [email protected]
1. The fourth paragraph of Item 3 of the declaration as previously
amended is hereby deleted in its entirety and replaced by the following:
At September 30, 1997, the most recent period for which financia l
statement information was evaluated in the 100% Order, Cinergy's
consolidated capitalization consisted of 44.1% equity and 55.9%
debt; at such date, Cinergy's pro f orma consolidated capitalization,
taking into account the entire amount of non-recourse debt allocable
to Cinergy's ownership interest in EWGs and FUCOs (i.e., $949 million)
was 38.2% equity and 61.8% debt. As shown in Exhibit H filed
herewith, Cinergy's consolidated capitalization at December 31, 1998
consisted of 42% equity and 58% debt; also as shown in Exhibit H, even
if the entire amount of then-outstanding non-recourse debt of EWGs and
FUCOs allocable to Cinergy's ownership interest therein were
consolidated (i.e., $1.2 billion), equity would still comprise 35.5%
of the overall capital structure. The proposed transactions would
have no impact on Cinergy's capitalization.
2. The following financial statements are filed herewith:
FS-1 Cinergy Pro Forma Consolidated Financial Statements,
dated December 31, 1998
FS-2 Cinergy Pro Forma Financial Statements, dated December
31, 1998
FS-3 Cinergy Consolidated Financial Data Schedule (included
as part of electronic submission only)
FS-4 Cinergy Financial Data Schedule (included as part of
electronic submission only)
<PAGE>
SIGNATURE
Pursuant to the requirements of the Act, the undersigned company
has duly caused this statement to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: April 20, 1999
CINERGY CORP.
By: /s/William L. Sheafer
Vice President & Treasurer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> OPUR1
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS, CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED
STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 6,344,449
<OTHER-PROPERTY-AND-INVEST> 574,401
<TOTAL-CURRENT-ASSETS> 1,930,706
<TOTAL-DEFERRED-CHARGES> 970,767
<OTHER-ASSETS> 478,472
<TOTAL-ASSETS> 10,298,795
<COMMON> 1,587
<CAPITAL-SURPLUS-PAID-IN> 1,595,237
<RETAINED-EARNINGS> 944,407
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,541,231
0
92,640
<LONG-TERM-DEBT-NET> 2,604,467
<SHORT-TERM-NOTES> 903,700
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 136,000
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 4,020,757
<TOT-CAPITALIZATION-AND-LIAB> 10,298,795
<GROSS-OPERATING-REVENUE> 5,876,294
<INCOME-TAX-EXPENSE> 117,187
<OTHER-OPERATING-EXPENSES> 5,309,865
<TOTAL-OPERATING-EXPENSES> 5,427,052
<OPERATING-INCOME-LOSS> 449,242
<OTHER-INCOME-NET> 61,830
<INCOME-BEFORE-INTEREST-EXPEN> 511,072
<TOTAL-INTEREST-EXPENSE> 243,587
<NET-INCOME> 267,485
6,517
<EARNINGS-AVAILABLE-FOR-COMM> 260,968
<COMMON-STOCK-DIVIDENDS> 284,703
<TOTAL-INTEREST-ON-BONDS> 183,849
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 1.65
<EPS-DILUTED> 1.65
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR1
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS, CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED
STATEMENTS OF CASH FLOWS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 0
<OTHER-PROPERTY-AND-INVEST> 3,225,112
<TOTAL-CURRENT-ASSETS> 19,867
<TOTAL-DEFERRED-CHARGES> 0
<OTHER-ASSETS> 43,529
<TOTAL-ASSETS> 3,288,508
<COMMON> 1,587
<CAPITAL-SURPLUS-PAID-IN> 1,595,237
<RETAINED-EARNINGS> 944,407
<TOTAL-COMMON-STOCKHOLDERS-EQ> 2,541,231
0
0
<LONG-TERM-DEBT-NET> 199,912
<SHORT-TERM-NOTES> 505,000
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 0
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 42,365
<TOT-CAPITALIZATION-AND-LIAB> 3,288,508
<GROSS-OPERATING-REVENUE> 0
<INCOME-TAX-EXPENSE> (18,687)
<OTHER-OPERATING-EXPENSES> 7,425
<TOTAL-OPERATING-EXPENSES> (11,262)
<OPERATING-INCOME-LOSS> 11,262
<OTHER-INCOME-NET> 287,624
<INCOME-BEFORE-INTEREST-EXPEN> 298,886
<TOTAL-INTEREST-EXPENSE> 37,918
<NET-INCOME> 260,968
0
<EARNINGS-AVAILABLE-FOR-COMM> 260,968
<COMMON-STOCK-DIVIDENDS> 284,703
<TOTAL-INTEREST-ON-BONDS> 2,206
<CASH-FLOW-OPERATIONS> 0
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
FINANCIAL STATEMENTS
TWELVE MONTHS ENDED DECEMBER 31, 1998
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-1/File No. 70-9449
CINERGY CORP. CONSOLIDATED
(Unaudited)
Pages 1 through 5
Note:
Pro forma adjustments are not included with the following financial statements
since the authorization requested herein does not have a material effect on the
components of the financial statements presented.
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 1998
(unaudited)
(dollars in thousands)
ASSETS
Current Assets
<S> <C>
Cash and temporary cash investments $ 100,154
Restricted deposits 3,587
Notes receivable 64
Accounts receivable less accumulated provision
for doubtful accounts of $25,622 at December 31, 1998 580,305
Materials, supplies, and fuel - at average cost 202,747
Prepayments and other 74,849
Energy risk management assets 969,000
-----------
1,930,706
Utility Plant - Original Cost
In service
Electric 9,222,261
Gas 786,188
Common 186,364
10,194,813
Accumulated depreciation 4,040,247
6,154,566
Construction work in progress 189,883
Total utility plant 6,344,449
Other Assets
Regulatory assets 970,767
Investments in unconsolidated subsidiaries 574,401
Other 478,472
2,023,640
$10,298,795
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31, 1998
(unaudited)
(dollars in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C>
Current Liabilities
Accounts payable $ 668,860
Accrued taxes 228,347
Accrued interest 51,679
Notes payable and other short-term obligations 903,700
Long-term debt due within one year 136,000
Energy risk management liabilities 1,117,146
Other 93,376
------------
3,199,108
Non-Current Liabilities
Long-term debt 2,604,467
Deferred income taxes 1,091,075
Unamortized investment tax credits 156,757
Accrued pension and other postretirement benefit costs 315,147
Other 298,370
4,465,816
Total liabilities 7,664,924
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption 92,640
Common Stock Equity
Common stock - $.01 par value; authorized shares -
600,000,000; outstanding shares - 158,664,532
at December 31, 1998 1,587
Paid-in capital 1,595,237
Retained earnings 945,214
Accumulated other comprehensive loss (807)
-----------
Total common stock equity 2,541,231
$10,298,795
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED
DECEMBER 31, 1998
(unaudited)
(in thousands, except per share amounts)
<S> <C>
Operating Revenues
Electric $4,747,235
Gas 1,060,664
Other 68,395
5,876,294
Operating Expenses
Fuel and purchased and exchanged power 2,846,323
Gas purchased 857,010
Other operation and maintenance 1,006,382
Depreciation and amortization 325,515
Taxes other than income taxes 274,635
-----------
5,309,865
Operating Income 566,429
Equity in Earnings of Unconsolidated Subsidiaries 51,484
Other Income and (Expenses) - Net 10,346
Interest 243,587
Income Before Taxes 384,672
Income Taxes 117,187
Preferred Dividend Requirements of Subsidiaries 6,517
Net Income $ 260,968
Average Common Shares Outstanding 158,238
Earnings Per Common Share $1.65
Earnings Per Common Share - Assuming Dilution $1.65
Dividends Declared Per Common Share $1.80
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
CONSOLIDATED STATEMENT OF CHANGES IN COMMON STOCK EQUITY
(dollars in thousands)
(unaudited)
Accumulated
Other Total Total
Common Paid-in Retained Comprehensive Comprehensive Common Stock
Stock Capital Earnings Loss Income Equity
Twelve Months Ended December 31, 1998
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1998 $1,577 $1,573,064 $ 967,420 $(2,861) $2,539,200
Comprehensive income
Net income 260,968 $260,968 260,968
Other comprehensive income, net of tax
effect of $(1,813)
Foreign currency translation adjustment 2,160 2,160
Minimum pension liability adjustment 2,054 (106) (106)
--------
Other comprehensive income total 2,054
--------
Comprehensive income total $263,022
Issuance of 919,874 shares of common
stock - net 10 30,225 30,235
Treasury shares purchased (3) (15,426) (15,429)
Treasury shares reissued 3 7,325 7,328
Dividends on common stock (284,703) (284,703)
Other 49 1,529 1,578
------- ---------- ---------- ------- ----------
Balance at December 31, 1998 $1,587 $1,595,237 $ 945,214 $ (807) $2,541,231
</TABLE>
FINANCIAL STATEMENTS
TWELVE MONTHS ENDED DECEMBER 31, 1998
U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-1/File No. 70-9449
CINERGY CORP.
(Unaudited)
Pages 1 through 5
Note:
Pro forma adjustments are not included with the following financial statements
since the authorization requested herein does not have a material effect on the
components of the financial statements presented.
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
BALANCE SHEET
AT DECEMBER 31, 1998
(unaudited)
(dollars in thousands)
ASSETS
Current Assets
<S> <C>
Cash and temporary cash investments $ 10,970
Notes receivable from affiliated companies 3,870
Accounts receivable - net 899
Accounts receivable from affiliated companies 2,086
Prepayments and other 2,042
----------
19,867
Other Assets
Investments in consolidated subsidiaries 3,231,965
Investments in unconsolidated subsidiaries (6,853)
Other 43,529
3,268,641
$3,288,508
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
BALANCE SHEET
AT DECEMBER 31, 1998
(unaudited)
(dollars in thousands)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
<S> <C>
Notes payable $ 505,000
Accounts Payable 42,142
----------
547,142
Non-Current Liabilities
Long-term debt 199,912
Other 223
200,135
Common Stock Equity
Common stock - $.01 par value; authorized shares -
600,000,000; outstanding shares -
158,664,532 at December 31, 1998 1,587
Paid-in capital 1,595,237
Retained earnings 945,214
Accumulated other comprehensive loss (807)
----------
Total common stock equity 2,541,231
$3,288,508
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
STATEMENT OF INCOME
TWELVE MONTHS ENDED
DECEMBER 31, 1998
(unaudited)
(dollars in thousands, except per share amounts)
Operating Expenses
<S> <C>
Other operation and maintenance $ 6,980
Taxes other than income taxes 445
--------
7,425
Operating Loss (7,425)
Equity in Subsidiaries 298,659
Equity in Earnings of Unconsolidated Subsidiaries (2,913)
Other Income and (Expenses) - Net (8,122)
Interest 37,918
Income Before Taxes 242,281
Income Taxes (18,687)
Net Income $260,968
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CINERGY CORP.
STATEMENT OF CHANGES IN COMMON STOCK EQUITY
(dollars in thousands)
(unaudited)
Accumulated
Other Total Total
Common Paid-in Retained Comprehensive Comprehensive Common Stock
Stock Capital Earnings Loss Income Equity
Twelve Months Ended December 31, 1998
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1998 $1,577 $1,573,064 $ 967,420 $(2,861) $2,539,200
Comprehensive income
Net income 260,968 $260,968 260,968
Other comprehensive income, net of
tax effect of $(1,813)
Foreign currency translation adjustment 2,160 2,160
Minimum pension liability adjustment 2,054 (106) (106)
--------
Other comprehensive income total 2,054
--------
Comprehensive income total $263,022
Issuance of 919,874 shares of common
stock - net 10 30,225 30,235
Treasury shares purchased (3) (15,426) (15,429)
Treasury shares reissued 3 7,325 7,328
Dividends on common stock (284,703) (284,703)
Other 49 1,529 1,578
------ ---------- --------- ------- ----------
Balance at December 31, 1998 $1,587 $1,595,237 $ 945,214 $ (807) $2,541,231
</TABLE>
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