Exhibit 99.2
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Millions, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 315.9 | $ | 292.3 | ||||
Electric utility | 149.5 | 139.4 | ||||||
Nonutility | 235.2 | 172.9 | ||||||
Total operating revenues | 700.6 | 604.6 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 157.2 | 137.1 | ||||||
Cost of fuel and purchased power | 50.2 | 44.7 | ||||||
Cost of nonutility revenues | 86.4 | 59.5 | ||||||
Other operating | 215.6 | 173.2 | ||||||
Depreciation and amortization | 66.2 | 63.6 | ||||||
Taxes other than income taxes | 18.2 | 16.6 | ||||||
Total operating expenses | 593.8 | 494.7 | ||||||
OPERATING INCOME | 106.8 | 109.9 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Equity in (losses) of unconsolidated affiliates | (6.7 | ) | (7.6 | ) | ||||
Other income - net | 2.9 | 3.3 | ||||||
Total other income (expense) | (3.8 | ) | (4.3 | ) | ||||
INTEREST EXPENSE | 23.5 | 24.0 | ||||||
INCOME BEFORE INCOME TAXES | 79.5 | 81.6 | ||||||
INCOME TAXES | 29.7 | 30.3 | ||||||
NET INCOME | $ | 49.8 | $ | 51.3 | ||||
AVERAGE COMMON SHARES OUTSTANDING | 82.2 | 82.0 | ||||||
DILUTED COMMON SHARES OUTSTANDING | 82.3 | 82.0 | ||||||
EARNINGS PER SHARE OF COMMON STOCK | ||||||||
BASIC | $ | 0.61 | $ | 0.63 | ||||
DILUTED | $ | 0.61 | $ | 0.62 |
VECTREN UTILITY HOLDINGS | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||
(Millions - Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
OPERATING REVENUES: | ||||||||
Gas utility | $ | 315.9 | $ | 292.3 | ||||
Electric utility | 149.5 | 139.4 | ||||||
Other | 0.1 | 0.4 | ||||||
Total operating revenues | 465.5 | 432.1 | ||||||
OPERATING EXPENSES: | ||||||||
Cost of gas sold | 157.2 | 137.1 | ||||||
Cost of fuel and purchased power | 50.2 | 44.7 | ||||||
Other operating | 86.8 | 79.9 | ||||||
Depreciation and amortization | 48.4 | 48.6 | ||||||
Taxes other than income taxes | 17.5 | 15.9 | ||||||
Total operating expenses | 360.1 | 326.2 | ||||||
OPERATING INCOME | 105.4 | 105.9 | ||||||
OTHER INCOME - NET | 1.8 | 2.2 | ||||||
INTEREST EXPENSE | 17.9 | 17.7 | ||||||
INCOME BEFORE INCOME TAXES | 89.3 | 90.4 | ||||||
INCOME TAXES | 34.2 | 34.4 | ||||||
NET INCOME | $ | 55.1 | $ | 56.0 |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Millions - Unaudited) | ||||||||
As of | ||||||||
March 31, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash & cash equivalents | $ | 12.1 | $ | 19.5 | ||||
Accounts receivable - less reserves of $7.3 & | ||||||||
$6.8, respectively | 300.0 | 216.7 | ||||||
Accrued unbilled revenues | 129.8 | 185.0 | ||||||
Inventories | 123.5 | 158.6 | ||||||
Recoverable fuel & natural gas costs | 10.2 | 25.3 | ||||||
Prepayments & other current assets | 42.1 | 73.3 | ||||||
Total current assets | 617.7 | 678.4 | ||||||
Utility Plant | ||||||||
Original cost | 5,225.0 | 5,176.8 | ||||||
Less: accumulated depreciation & amortization | 2,086.3 | 2,057.2 | ||||||
Net utility plant | 3,138.7 | 3,119.6 | ||||||
Investments in unconsolidated affiliates | 71.8 | 78.1 | ||||||
Other utility & corporate investments | 35.0 | 34.6 | ||||||
Other nonutility investments | 25.2 | 24.9 | ||||||
Nonutility plant - net | 608.1 | 598.0 | ||||||
Goodwill - net | 262.3 | 262.3 | ||||||
Regulatory assets | 244.2 | 252.7 | ||||||
Other assets | 37.8 | 40.5 | ||||||
TOTAL ASSETS | $ | 5,040.8 | $ | 5,089.1 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 158.3 | $ | 180.6 | ||||
Accounts payable to affiliated companies | 41.0 | 29.7 | ||||||
Accrued liabilities | 195.1 | 198.8 | ||||||
Short-term borrowings | 193.6 | 278.8 | ||||||
Current maturities of long-term debt | 257.6 | 106.4 | ||||||
Total current liabilities | 845.6 | 794.3 | ||||||
Long-term Debt - Net of Current Maturities | 1,401.9 | 1,553.4 | ||||||
Deferred Income Taxes & Other Liabilities | ||||||||
Deferred income taxes | 654.5 | 637.2 | ||||||
Regulatory liabilities | 370.2 | 364.2 | ||||||
Deferred credits & other liabilities | 219.4 | 213.9 | ||||||
Total deferred credits & other liabilities | 1,244.1 | 1,215.3 | ||||||
Common Shareholders' Equity | ||||||||
Common stock (no par value) – issued & outstanding | ||||||||
82.3 and 82.2 shares, respectively | 703.0 | 700.5 | ||||||
Retained earnings | 850.4 | 829.9 | ||||||
Accumulated other comprehensive (loss) | (4.2 | ) | (4.3 | ) | ||||
Total common shareholders' equity | 1,549.2 | 1,526.1 | ||||||
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 5,040.8 | $ | 5,089.1 |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Millions - Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 49.8 | $ | 51.3 | ||||
Adjustments to reconcile net income to cash from operating activities: | ||||||||
Depreciation & amortization | 66.2 | 63.6 | ||||||
Deferred income taxes & investment tax credits | 14.2 | 13.7 | ||||||
Equity in losses of unconsolidated affiliates | 6.7 | 7.6 | ||||||
Provision for uncollectible accounts | 2.4 | 2.3 | ||||||
Expense portion of pension & postretirement benefit cost | 2.2 | 2.7 | ||||||
Other non-cash charges - net | 3.5 | 1.9 | ||||||
Changes in working capital accounts: | ||||||||
Accounts receivable & accrued unbilled revenues | (30.5 | ) | 58.1 | |||||
Inventories | 35.1 | 4.7 | ||||||
Recoverable/refundable fuel & natural gas costs | 15.1 | 5.5 | ||||||
Prepayments & other current assets | 31.3 | 30.4 | ||||||
Accounts payable, including to affiliated companies | (16.2 | ) | (66.1 | ) | ||||
Accrued liabilities | 3.0 | 2.4 | ||||||
Unconsolidated affiliate dividends | 0.2 | — | ||||||
Employer contributions to pension & postretirement plans | (3.4 | ) | (4.9 | ) | ||||
Changes in noncurrent assets | 4.8 | 0.8 | ||||||
Changes in noncurrent liabilities | 1.1 | (5.2 | ) | |||||
Net cash flows from operating activities | 185.5 | 168.8 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from: | ||||||||
Long-term debt, net of issuance costs | — | 99.5 | ||||||
Dividend reinvestment plan & other common stock issuances | 2.3 | 1.6 | ||||||
Requirements for: | ||||||||
Dividends on common stock | (29.2 | ) | (28.7 | ) | ||||
Retirement of long-term debt | (0.4 | ) | (1.5 | ) | ||||
Net change in short-term borrowings | (85.2 | ) | (152.4 | ) | ||||
Net cash flows from financing activities | (112.5 | ) | (81.5 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from investing activities | 0.3 | 5.5 | ||||||
Requirements for: | ||||||||
Capital expenditures, excluding AFUDC equity | (80.4 | ) | (87.2 | ) | ||||
Other investments | (0.3 | ) | — | |||||
Net cash flows from investing activities | (80.4 | ) | (81.7 | ) | ||||
Net change in cash & cash equivalents | (7.4 | ) | 5.6 | |||||
Cash & cash equivalents at beginning of period | 19.5 | 8.6 | ||||||
Cash & cash equivalents at end of period | $ | 12.1 | $ | 14.2 |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
HIGHLIGHTS | ||||||||
(millions, except per share amounts) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
REPORTED EARNINGS: | ||||||||
Utility Group | ||||||||
Gas Utility Services | $ | 38.1 | $ | 37.5 | ||||
Electric Utility Services | 14.6 | 15.6 | ||||||
Other Operations | 2.4 | 2.9 | ||||||
Total Utility Group | 55.1 | 56.0 | ||||||
Nonutility Group | ||||||||
Infrastructure Services | 6.9 | 3.0 | ||||||
Energy Services | (1.4 | ) | (1.7 | ) | ||||
Coal Mining | (6.0 | ) | (0.3 | ) | ||||
Energy Marketing - ProLiance | (4.6 | ) | (5.9 | ) | ||||
Other Businesses | (0.3 | ) | 0.1 | |||||
Total Nonutility Group | (5.4 | ) | (4.8 | ) | ||||
Corporate and Other | 0.1 | 0.1 | ||||||
Vectren Consolidated | $ | 49.8 | $ | 51.3 | ||||
EARNINGS PER SHARE | ||||||||
Utility Group | $ | 0.67 | $ | 0.69 | ||||
Nonutility Group, excluding ProLiance | (0.01 | ) | 0.01 | |||||
ProLiance | (0.05 | ) | (0.07 | ) | ||||
Corporate and Other | — | — | ||||||
Reported EPS | $ | 0.61 | $ | 0.63 | ||||
VECTREN CORPORATION | ||||||
AND SUBSIDIARY COMPANIES | ||||||
SELECTED GAS DISTRIBUTION | ||||||
OPERATING STATISTICS | ||||||
(Unaudited) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2013 | 2012 | |||||
GAS UTILITY REVENUES (Millions): | ||||||
Residential Margin | 91.5 | 90.4 | ||||
Commercial Margin | 29.0 | 27.4 | ||||
Industrial Margin | 17.3 | 15.8 | ||||
Other Margin | 3.0 | 3.4 | ||||
Regulatory Expense Recovery Mechanisms | 17.9 | 18.2 | ||||
Total Gas Utility Margin | 158.7 | 155.2 | ||||
Cost of Gas Sold | 157.2 | 137.1 | ||||
Total Gas Utility Revenue | 315.9 | 292.3 | ||||
GAS SOLD & TRANSPORTED (MMDth): | ||||||
Residential | 38.6 | 28.8 | ||||
Commercial | 16.5 | 12.0 | ||||
Industrial | 31.0 | 27.8 | ||||
86.1 | 68.6 | |||||
AVERAGE GAS CUSTOMERS | ||||||
Residential | 913,395 | 908,740 | ||||
Commercial | 84,970 | 83,654 | ||||
Industrial | 1,675 | 1,655 | ||||
1,000,040 | 994,049 | |||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||
Heating Degree Days (Ohio) | 107 | % | 82 | % |
VECTREN CORPORATION | ||||||||
AND SUBSIDIARY COMPANIES | ||||||||
SELECTED ELECTRIC | ||||||||
OPERATING STATISTICS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
ELECTRIC UTILITY REVENUES (Millions): | ||||||||
Residential Margin | $ | 36.3 | $ | 33.8 | ||||
Commercial Margin | 24.4 | 23.9 | ||||||
Industrial Margin | 26.1 | 26.6 | ||||||
Other Margin | 0.8 | 0.8 | ||||||
Regulatory Expense Recovery Mechanisms | 2.5 | 0.7 | ||||||
Wholesale and Transmission | 9.2 | 8.9 | ||||||
Total Electric Utility Margin | 99.3 | 94.7 | ||||||
Cost of Fuel & Purchased Power | 50.2 | 44.7 | ||||||
Total Electric Utility Revenue | $ | 149.5 | $ | 139.4 | ||||
ELECTRICITY SOLD (GWh): | ||||||||
Residential | 372.2 | 338.4 | ||||||
Commercial | 299.1 | 292.7 | ||||||
Industrial | 659.3 | 681.7 | ||||||
Other Sales - Street Lighting | 5.8 | 5.9 | ||||||
Total Retail | 1,336.4 | 1,318.7 | ||||||
Wholesale | 76.4 | 48.7 | ||||||
1,412.8 | 1,367.4 | |||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||
Residential | 123,708 | 123,290 | ||||||
Commercial | 18,354 | 18,251 | ||||||
Industrial | 115 | 115 | ||||||
Other | 36 | 33 | ||||||
142,213 | 141,689 | |||||||
YTD WEATHER AS A PERCENT OF NORMAL: | ||||||||
Cooling Degree Days (Indiana) | N/A | N/A | ||||||
Heating Degree Days (Indiana) | 101 | % | 71 | % |