Exhibit 99.3
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
|
| June 30 |
| December 31 |
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ASSETS |
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|
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Current Assets |
|
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|
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Cash and temporary cash investments |
| $ | 249,016 |
| $ | 200,112 |
|
Restricted deposits |
| 3,609 |
| 3,092 |
| ||
Notes receivable |
| 78,112 |
| 135,873 |
| ||
Accounts receivable less accumulated provision for doubtful accounts of $11,447 at June 30, 2003, and $16,368 at December 31, 2002 |
| 1,163,652 |
| 1,280,810 |
| ||
Materials, supplies and fuel - at average cost |
| 321,247 |
| 319,454 |
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Prepayments and other |
| 121,168 |
| 107,086 |
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Energy risk management current assets |
| 401,054 |
| 464,028 |
| ||
Total current assets |
| 2,337,858 |
| 2,510,455 |
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|
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Property, Plant, and Equipment - at Cost |
|
|
|
|
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Utility plant in service |
| 9,374,785 |
| 8,641,351 |
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Construction work in progress |
| 349,212 |
| 469,300 |
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Total utility plant |
| 9,723,997 |
| 9,110,651 |
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Non-regulated property, plant, and equipment |
| 4,310,498 |
| 4,616,754 |
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Accumulated depreciation |
| 5,246,376 |
| 5,157,040 |
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Net property, plant, and equipment |
| 8,788,119 |
| 8,570,365 |
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Other Assets |
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Regulatory assets |
| 1,015,024 |
| 1,022,696 |
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Investments in unconsolidated subsidiaries |
| 453,906 |
| 417,188 |
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Energy risk management non-current assets |
| 151,159 |
| 162,773 |
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Other investments |
| 173,203 |
| 163,851 |
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Other |
| 361,902 |
| 312,435 |
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Total other assets |
| 2,155,194 |
| 2,078,943 |
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|
|
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Assets of Discontinued Operations |
| 7,187 |
| 147,265 |
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|
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|
|
|
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Total Assets |
| $ | 13,288,358 |
| $ | 13,307,028 |
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LIABILITIES AND EQUITY |
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Current Liabilities |
|
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|
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Accounts payable |
| $ | 1,102,251 |
| $ | 1,318,379 |
|
Accrued taxes |
| 191,864 |
| 258,613 |
| ||
Accrued interest |
| 69,767 |
| 62,244 |
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Notes payable and other short-term obligations |
| 409,269 |
| 667,973 |
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Long-term debt due within one year |
| 387,038 |
| 176,000 |
| ||
Energy risk management current liabilities |
| 384,885 |
| 407,710 |
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Other |
| 130,165 |
| 105,026 |
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Total current liabilities |
| 2,675,239 |
| 2,995,945 |
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|
|
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Non-current Liabilities |
|
|
|
|
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Long-term debt |
| 3,977,446 |
| 4,011,568 |
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Deferred income taxes |
| 1,508,123 |
| 1,458,171 |
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Unamortized investment tax credits |
| 113,489 |
| 118,095 |
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Accrued pension and other post-retirement benefit costs |
| 660,922 |
| 626,167 |
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Energy risk management non-current liabilities |
| 156,946 |
| 143,991 |
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Other |
| 206,466 |
| 179,767 |
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Total non-current liabilities |
| 6,623,392 |
| 6,537,759 |
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Liabilities of Discontinued Operations |
| 8,877 |
| 108,833 |
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|
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Total Liabilities |
| 9,307,508 |
| 9,642,537 |
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Preferred Trust Securities |
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Company obligated mandatorily redeemable preferred trust securities of subsidiary holding solely debt securities of the company |
| 309,216 |
| 308,187 |
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Cumulative Preferred Stock of Subsidiaries |
|
|
|
|
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Not subject to mandatory redemption |
| 62,818 |
| 62,828 |
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Common Stock Equity |
|
|
|
|
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Common stock - $0.01 par value; |
| 1,769 |
| 1,687 |
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Paid-in capital |
| 2,135,968 |
| 1,918,136 |
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Retained earnings |
| 1,495,502 |
| 1,403,453 |
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Accumulated other comprehensive income |
| (24,423 | ) | (29,800 | ) | ||
Total common stock equity |
| 3,608,816 |
| 3,293,476 |
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Total Liabilities and Equity |
| $ | 13,288,358 |
| $ | 13,307,028 |
|
Note: Prior year’s data has been reclassified to conform with current year’s presentation.
