Exhibit FS-2
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<CAPTION> PRO FORMA BALANCE SHEET
CINERGY CORP.
PRO FORMA BALANCE SHEET
As of June 30, 2000
(unaudited)
(dollars in thousands)
<S> <C> <C> <C>
ASSETS
Pro Forma
Actual Adjustments Pro Forma
Current Assets
Cash and cash equivalents $ 5,142 $ 1,271,875 $ 1,277,017
Accounts receivable less accumulated provision
for doubtful accounts of $0 at June 30, 2000,
and $0 at December 31, 1999 517 517
Accounts receivable from affiliated companies 540,567 540,567
Prepayments and other 1,016 1,016
Total Current Assets 547,242 1,271,875 1,819,117
Other Assets
Investments in consolidated subsidiaries 2,882,015 2,882,015
Investments in unconsolidated subsidiaries (4,100) (4,100)
Other 21,102 21,102
Total Other Assets 2,899,017 - 2,899,017
Total Assets $ 3,446,259 $ 1,271,875 $ 4,718,134
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<CAPTION> PRO FORMA BALANCE SHEET
CINERGY CORP.
PRO FORMA BALANCE SHEET
As of June 30, 2000
(unaudited)
(dollars in thousands)
<S> <C> <C> <C>
LIABILITIES AND SHAREHOLDERS' EQUITY
Pro Forma
Actual Adjustments Pro Forma
Current Liabilities
Accounts payable $ 14 $ - $ 14
Accounts payable to affiliated companies 14,354 14,354
Accrued taxes (189) (189)
Accrued interest 3,406 3,406
Notes payable and other short-term obligations 284,500 284,500
Total Current Liabilities 302,085 - 302,085
Non-Current Liabilities
Long-term debt 399,701 399,701
Deferred income taxes (438) (438)
Other 363 363
Total Non-Current Liabilities 399,626 - 399,626
Total Liabilities 701,711 - 701,711
Common Stock Equity
Common stock - $.01 par value; authorized
shares - 600,000,000; outstanding shares -
158,923,399 at June 30, 2000, and
December 31, 1999 1,589 500 2,089
Paid-in capital 1,612,572 1,271,375 2,883,947
Retained earnings 1,135,703 1,135,703
Accumulated other comprehensive income (loss) (5,316) (5,316)
Total Common Stock Equity 2,744,548 1,271,875 4,016,423
Total Liabilities and Shareholders' Equity $3,446,259 $1,271,875 $4,718,134
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<CAPTION> PRO FORMA STATEMENT OF INCOME
CINERGY CORP.
PRO FORMA STATEMENT OF INCOME
For the twelve months ended June 30, 2000
(unaudited)
(in thousands, except per share amounts)
<S> <C> <C> <C>
Pro Forma
Actual Adjustments Pro Forma
Operating Expenses
Operation and maintenance $ 8,252 $ - $ 8,252
Taxes other than income taxes 625 625
Total Operating Expenses 8,877 - 8,877
Operating Income (Loss) (8,877) - (8,877)
Equity in Earnings of Consolidated
Subsidiaries 441,430 441,430
Equity in Earnings of Unconsolidated
Subsidiaries 2,753 2,753
Miscellaneous - Net 28,235 28,235
Interest 39,357 39,357
433,061 - 433,061
Income Before Taxes 424,184 - 424,184
Income Taxes (6,708) (6,708)
Net Income $ 430,892 $ - $ 430,892
Average Common Shares Outstanding 158,923 50,000 208,923
Earnings Per Common Share
Net income $2.71 $2.06
Earnings Per Common Share - Assuming Dilution
Net income $2.70 $2.06
Dividends Declared Per Common Share $1.80 $1.80
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CINERGY CORP.
Pro Forma Journal Entries to Give Effect to
Issuance of Additional 50 Million Shares of Common Stock
(in thousands, except per share amounts)
Entry No. 1
Cash and cash equivalents $1,271,875
Common Stock - $.01 par value $500
Paid-in capital $1,271,375
To record issuance of additional 50 million shares of Cinergy common stock at
June 30, 2000 at a closing price of $25.4375 per share.
