Exhibit 99.3
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
|
| March 31 |
| December 31 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current Assets |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 218,541 |
| $ | 169,120 |
|
Restricted deposits |
| 94,659 |
| 92,813 |
| ||
Notes receivable, current |
| 74,916 |
| 189,854 |
| ||
Accounts receivable less accumulated provision for doubtful accounts of $7,853 at March 31, 2004, and $7,884 at December 31, 2003 |
| 1,162,607 |
| 1,074,518 |
| ||
Fuel, emission allowances, and supplies |
| 275,372 |
| 357,625 |
| ||
Energy risk management current assets |
| 352,235 |
| 305,058 |
| ||
Prepayments and other |
| 88,022 |
| 53,609 |
| ||
Total current assets |
| 2,266,352 |
| 2,242,597 |
| ||
|
|
|
|
|
| ||
Property, Plant, and Equipment - at Cost |
|
|
|
|
| ||
Utility plant in service |
| 9,835,661 |
| 9,732,123 |
| ||
Construction work in progress |
| 279,782 |
| 275,459 |
| ||
Total utility plant |
| 10,115,443 |
| 10,007,582 |
| ||
Non-regulated property, plant, and equipment |
| 4,561,449 |
| 4,527,943 |
| ||
Accumulated depreciation |
| 4,994,540 |
| 4,908,019 |
| ||
Net property, plant, and equipment |
| 9,682,352 |
| 9,627,506 |
| ||
|
|
|
|
|
| ||
Other Assets |
|
|
|
|
| ||
Regulatory assets |
| 1,006,879 |
| 1,012,151 |
| ||
Investments in unconsolidated subsidiaries |
| 489,482 |
| 494,520 |
| ||
Energy risk management non-current assets |
| 113,921 |
| 97,334 |
| ||
Notes receivable, non-current |
| 209,001 |
| 213,853 |
| ||
Other investments |
| 188,950 |
| 184,044 |
| ||
Goodwill and other intangible assets |
| 53,041 |
| 45,349 |
| ||
Other |
| 197,351 |
| 197,351 |
| ||
Total other assets |
| 2,258,625 |
| 2,244,602 |
| ||
|
|
|
|
|
| ||
Assets of Discontinued Operations |
| 4,343 |
| 4,501 |
| ||
|
|
|
|
|
| ||
Total Assets |
| $ | 14,211,672 |
| $ | 14,119,206 |
|
|
|
|
|
|
| ||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
| ||
Current Liabilities |
|
|
|
|
| ||
Accounts payable |
| $ | 1,364,327 |
| $ | 1,240,423 |
|
Accrued taxes |
| 228,798 |
| 217,993 |
| ||
Accrued interest |
| 68,194 |
| 68,952 |
| ||
Notes payable and other short-term obligations |
| 236,936 |
| 351,412 |
| ||
Long-term debt due within one year |
| 729,793 |
| 839,103 |
| ||
Energy risk management current liabilities |
| 329,496 |
| 296,122 |
| ||
Other |
| 106,170 |
| 107,438 |
| ||
Total current liabilities |
| 3,063,714 |
| 3,121,443 |
| ||
|
|
|
|
|
| ||
Non-current Liabilities |
|
|
|
|
| ||
Long-term debt |
| 4,133,169 |
| 4,131,909 |
| ||
Deferred income taxes |
| 1,589,259 |
| 1,557,981 |
| ||
Unamortized investment tax credits |
| 106,616 |
| 108,884 |
| ||
Accrued pension and other post-retirement benefit costs |
| 681,916 |
| 662,834 |
| ||
Accrued cost of removal |
| 501,025 |
| 490,856 |
| ||
Energy risk management non-current liabilities |
| 88,221 |
| 64,861 |
| ||
Other |
| 209,094 |
| 205,344 |
| ||
Total non-current liabilities |
| 7,309,300 |
| 7,222,669 |
| ||
|
|
|
|
|
| ||
Liabilities of Discontinued Operations |
| 9,693 |
| 11,594 |
| ||
|
|
|
|
|
| ||
Total Liabilities |
| 10,382,707 |
| 10,355,706 |
| ||
|
|
|
|
|
| ||
Cumulative Preferred Stock of Subsidiaries |
|
|
|
|
| ||
Not subject to mandatory redemption |
| 62,818 |
| 62,818 |
| ||
|
|
|
|
|
| ||
Common Stock Equity |
|
|
|
|
| ||
Common stock - $0.01 par value; authorized shares - 600,000,000; issued shares - 179,665,285 at March 31, 2004, and 178,438,369 at December 31, 2003; outstanding shares - 179,544,917 at March 31, 2004, and 178,336,854 at December 31, 2003 |
| 1,797 |
| 1,784 |
| ||
Paid-in capital |
| 2,220,748 |
| 2,195,985 |
| ||
Retained earnings |
| 1,590,833 |
| 1,551,003 |
| ||
Treasury shares at cost - 120,368 shares at March 31, 2004, and 101,515 shares at December 31, 2003 |
| (3,862 | ) | (3,255 | ) | ||
Accumulated other comprehensive income (loss) |
| (43,369 | ) | (44,835 | ) | ||
Total common stock equity |
| 3,766,147 |
| 3,700,682 |
| ||
|
|
|
|
|
| ||
Total Liabilities and Shareholders’ Equity |
| $ | 14,211,672 |
| $ | 14,119,206 |
|
Note: Prior year’s data has been reclassified to conform with current year’s presentation.
