FUNDS FROM OPERATIONS - SIERRA PACIFIC RESOURCES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
(Dollars in thousands) | |||||||
Sierra Pacific Resources | |||||||
Funds From Operations (FFO) | Year ended December 31, | ||||||
2006 | 2005 | 2004 | 2003 | ||||
Net Income (Loss) Applicable to Common Stock | $ 277,451 | $ 82,237 | $ 28,571 | $ (140,529) | |||
Non-Cash items included in net income | |||||||
Depreciation and amortization | 228,875 | 214,662 | 205,922 | 191,259 | |||
Deferred taxes and deferred investment tax credit | 136,026 | 41,609 | 33,690 | (50,724) | |||
AFUDC (Debt and Equity) | (35,345) | (45,013) | (14,535) | (17,717) | |||
Deferred Energy Costs Disallowed | - | - | 1,586 | 90,964 | |||
Goodwill Impairment | - | - | 11,695 | - | |||
Early retirement and severance amortization | - | - | - | 2,786 | |||
Unrealized loss on derivative instrument | - | - | - | 46,065 | |||
Impairment of assets of subsidiary | - | - | 10,997 | 32,911 | |||
Loss (Gain) on Sale of Discontinued Operations | - | - | (2,506) | 9,555 | |||
Plant Costs disallowed | - | - | 47,092 | - | |||
Reinstatement of deferred energy costs | (178,825) | - | - | - | |||
Carrying Charge on Lenzie Plant | (33,440) | - | - | - | |||
Gain on Sale of Investment | (62,927) | - | - | - | |||
Other | 24,650 | (219) | 23,453 | (12,489) | |||
Funds from Operations (Before Deferred Energy Costs) | 356,465 | 293,276 | 345,965 | 152,081 | |||
Amortization Deferred energy costs - electric | 166,821 | 188,221 | 265,418 | 250,134 | |||
Amortization Deferred energy costs - gas | 6,234 | 1,446 | 3,242 | 13,095 | |||
Deferral of energy costs - electric plus terminated suppliers | (45,996) | (23,063) | (147,589) | (179,826) | |||
Deferral of energy costs - gas | 436 | (2,519) | (7,480) | 2,592 | |||
Payment to terminating supplier | (65,368) | - | (61,129) | - | |||
Proceeds from claim on terminating supplier | 41,365 | - | - | - | |||
Adjusted Funds from Operations | $ 459,957 | $ 457,361 | $ 398,427 | $ 238,076 | |||
Long-term Debt | 4,001,542 | 3,817,122 | 4,081,281 | 3,579,674 | |||
Current maturities of long term debt plus short-term borrowings | 8,348 | 58,909 | 8,491 | 263,636 | |||
Total Debt | $ 4,009,890 | $ 3,876,031 | $ 4,089,772 | $ 3,843,310 | |||
Preferred Stock | - | 50,000 | 50,000 | 50,000 | |||
Net interest expense | 311,088 | 284,927 | 307,546 | 368,258 | |||
AFUDC | 17,119 | 24,691 | 8,587 | 5,976 | |||
Adjusted Interest Expense | $ 328,207 | $ 309,618 | $ 316,133 | $ 374,234 | |||
Debt/Funds from operations | 11.25x | 13.22x | 11.82x | 25.27x | |||
Debt/adjusted FFO | 8.72x | 8.47x | 10.26x | 16.14x | |||
Funds from Operations Interest Coverage | 2.09x | 1.95x | 2.09x | 1.41x | |||
Adjusted Funds From Operations Interest Coverage | 2.40x | 2.48x | 2.26x | 1.64x | |||
Common shareholders equity | $ 2,622,297 | $ 2,060,154 | $ 1,498,616 | $ 1,435,394 | |||
Total Capitalization (including current maturities of long-term debt) | $ 6,632,187 | $ 5,986,185 | $ 5,638,388 | $ 5,328,704 | |||
Debt/Capitalization | 60.46% | 64.75% | 72.53% | 72.12% |
FUNDS FROM OPERATIONS - NEVADA POWER COMPANY
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||
(Dollars in thousands) | ||||||||
Nevada Power Company | ||||||||
Funds From Operations (FFO) | Year ended December 31, | |||||||
2006 | 2005 | 2004 | 2003 | |||||
Net Income | $ 224,540 | $ 132,734 | $ 104,312 | $ 19,277 | ||||
Non-Cash items included in net income | ||||||||
Depreciation and amortization | 141,585 | 124,098 | 118,841 | 109,655 | ||||
Deferred taxes and deferred investment tax credit | 107,392 | 86,910 | 57,066 | 2,710 | ||||
AFUDC (Debt and Equity) | (23,369) | (41,870) | (9,968) | (5,545) | ||||
Deferred Energy Costs Disallowed | - | - | 1,586 | 45,964 | ||||
Reinstatement of Deferred Energy Costs | (178,825) | - | - | - | ||||
Carrying Charge on Lenzie Plant | (33,440) | - | - | - | ||||
Other | 3,394 | (7,453) | (44,149) | (8,962) | ||||
Funds from Operations (Before Deferred Energy Costs) | 241,277 | 294,419 | 227,688 | 163,099 | ||||
Amortization Deferred energy costs | 120,499 | 131,471 | 228,765 | 204,610 | ||||
Deferral of energy costs plus terminated suppliers | (46,086) | (31,219) | (112,992) | (131,591) | ||||
Payment to terminating supplier | (37,410) | - | (50,311) | - | ||||
Proceeds from claim on terminating supplier | 26,391 | - | - | - | ||||
Adjusted Funds from Operations | $ 304,671 | $ 394,671 | $ 293,150 | $ 236,118 | ||||
Long-term Debt | 2,380,139 | 2,214,063 | 2,275,690 | 1,899,709 | ||||
Current maturities of long term debt | 5,948 | 6,509 | 6,091 | 135,570 | ||||
Total Debt | $ 2,386,087 | $ 2,220,572 | $ 2,281,781 | $ 2,035,279 | ||||
Net interest expense | 176,612 | 134,657 | 137,388 | 190,472 | ||||
AFUDC | 11,614 | 23,187 | 5,738 | 2,700 | ||||
Adjusted Interest Expense | $ 188,226 | $ 157,844 | $ 143,126 | $ 193,172 | ||||
Debt/Funds from operations | 9.89x | 7.54x | 10.02x | 12.48x | ||||
Debt/adjusted FFO | 7.83x | 5.63x | 7.78x | 8.62x | ||||
Funds from Operations Interest Coverage | 2.28x | 2.87x | 2.59x | 1.84x | ||||
Adjusted Funds From Operations Interest Coverage | 2.62x | 3.50x | 3.05x | 2.22x | ||||
Common shareholders equity | $ 2,172,198 | $ 1,762,089 | $ 1,436,788 | $ 1,174,645 | ||||
Total Capitalization (including current maturities of long-term debt) | $ 4,558,285 | $ 3,982,661 | $ 3,718,569 | $ 3,209,924 | ||||
Debt/Capitalization | 52.35% | 55.76% | 61.36% | 63.41% |
FUNDS FROM OPERATIONS - SIERRA PACIFIC POWER COMPANY
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||
(Dollars in thousands) | |||||||
Sierra Pacific Power Company | |||||||
Funds From Operations (FFO) | Year ended December 31, | ||||||
2006 | 2005 | 2004 | 2003 | ||||
Net Income | $ 57,709 | $ 52,074 | $ 18,577 | $ (23,275) | |||
Non-Cash items included in net income | |||||||
Depreciation and amortization | 87,279 | 90,569 | 86,806 | 81,514 | |||
Deferred taxes and deferred investment tax credit | (39,361) | 209 | 11,640 | (23,676) | |||
AFUDC (Debt and Equity) | (11,976) | (3,143) | (4,567) | (6,196) | |||
Deferred Energy Costs Disallowed | - | - | - | 45,000 | |||
Early retirement and severance amortization | - | - | - | 2,786 | |||
Plant Costs disallowed | - | - | 47,092 | - | |||
Other | 16,935 | 318 | 474 | (5,203) | |||
Funds from Operations (Before Deferred Energy Costs) | 110,586 | 140,027 | 160,022 | 70,950 | |||
Amortization Deferred energy costs - electric | 46,322 | 56,750 | 36,653 | 45,524 | |||
Amortization Deferred energy costs - gas | 6,234 | 1,446 | 3,241 | 13,095 | |||
Deferral of energy costs - electric plus terminated suppliers | 90 | 8,156 | (34,598) | (48,236) | |||
Deferral of energy costs - gas | 436 | (2,519) | (7,480) | 2,592 | |||
Payment to terminating supplier | (27,958) | - | (10,818) | - | |||
Proceeds from claim on terminating supplier | 14,974 | - | - | - | |||
Adjusted Funds from Operations | $ 150,684 | $ 203,860 | $ 147,020 | $ 73,107 | |||
Long-term Debt | 1,070,858 | 941,804 | 994,309 | 912,800 | |||
Current maturities of long term debt plus short-term borrowings | 2,400 | 52,400 | 2,400 | 108,400 | |||
Total Debt | $ 1,073,258 | $ 994,204 | $ 996,709 | $ 1,021,200 | |||
Preferred Stock | - | 50,000 | 50,000 | 50,000 | |||
Net interest expense | 71,506 | 69,067 | 62,831 | 96,093 | |||
AFUDC | 5,505 | 1,504 | 2,849 | 3,276 | |||
Adjusted Interest Expense | $ 77,011 | $ 70,571 | $ 65,680 | $ 99,369 | |||
Debt/Funds from operations | 9.71x | 7.10x | 6.23x | 14.39x | |||
Debt/adjusted FFO | 7.12x | 4.88x | 6.78x | 13.97x | |||
Funds from Operations Interest Coverage | 2.44x | 2.98x | 3.44x | 1.71x | |||
Adjusted Funds From Operations Interest Coverage | 2.96x | 3.89x | 3.24x | 1.74x | |||
Common shareholders equity | $ 884,737 | $ 727,777 | $ 705,395 | $ 593,771 | |||
Total Capitalization (including current maturities of long-term debt) | $ 1,957,995 | $ 1,771,981 | $ 1,752,104 | $ 1,664,971 | |||
Debt/Capitalization | 54.81% | 56.11% | 56.89% | 61.33% |