Exhibit 99.3
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
|
| June 30 |
| December 31 |
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ASSETS |
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Current Assets |
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Cash and cash equivalents |
| $ | 173,818 |
| $ | 169,120 |
|
Restricted deposits |
| 88,498 |
| 92,813 |
| ||
Notes receivable, current |
| 125,177 |
| 189,854 |
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Accounts receivable less accumulated provision for doubtful accounts of $7,506 at June 30, 2004, and $7,884 at December 31, 2003 |
| 719,700 |
| 1,074,518 |
| ||
Fuel, emission allowances, and supplies |
| 401,310 |
| 357,625 |
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Energy risk management current assets |
| 425,196 |
| 305,058 |
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Prepayments and other |
| 84,578 |
| 53,609 |
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Total current assets |
| 2,018,277 |
| 2,242,597 |
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Property, Plant, and Equipment - at Cost |
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Utility plant in service |
| 9,986,311 |
| 9,732,123 |
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Construction work in progress |
| 244,831 |
| 275,459 |
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Total utility plant |
| 10,231,142 |
| 10,007,582 |
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Non-regulated property, plant, and equipment |
| 4,587,951 |
| 4,527,943 |
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Accumulated depreciation |
| 5,069,030 |
| 4,908,019 |
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Net property, plant, and equipment |
| 9,750,063 |
| 9,627,506 |
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Other Assets |
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Regulatory assets |
| 1,001,148 |
| 1,012,151 |
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Investments in unconsolidated subsidiaries |
| 509,453 |
| 494,520 |
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Energy risk management non-current assets |
| 137,944 |
| 97,334 |
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Notes receivable, non-current |
| 204,053 |
| 213,853 |
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Other investments |
| 140,514 |
| 184,044 |
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Goodwill and intangible assets |
| 61,463 |
| 45,349 |
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Other |
| 167,854 |
| 197,351 |
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Total other assets |
| 2,222,429 |
| 2,244,602 |
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Assets of Discontinued Operations |
| — |
| 4,501 |
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Total Assets |
| $ | 13,990,769 |
| $ | 14,119,206 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities |
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Accounts payable |
| $ | 1,026,920 |
| $ | 1,240,423 |
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Accrued taxes |
| 174,120 |
| 217,993 |
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Accrued interest |
| 67,892 |
| 68,952 |
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Notes payable and other short-term obligations |
| 496,337 |
| 351,412 |
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Long-term debt due within one year |
| 670,764 |
| 839,103 |
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Energy risk management current liabilities |
| 384,024 |
| 296,122 |
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Other |
| 110,822 |
| 107,438 |
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Total current liabilities |
| 2,930,879 |
| 3,121,443 |
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Non-current Liabilities |
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Long-term debt |
| 3,986,191 |
| 4,131,909 |
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Deferred income taxes |
| 1,609,726 |
| 1,557,981 |
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Unamortized investment tax credits |
| 104,357 |
| 108,884 |
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Accrued pension and other post-retirement benefit costs |
| 698,260 |
| 662,834 |
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Accrued cost of removal |
| 510,555 |
| 490,856 |
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Energy risk management non-current liabilities |
| 114,038 |
| 64,861 |
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Other |
| 223,944 |
| 205,344 |
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Total non-current liabilities |
| 7,247,071 |
| 7,222,669 |
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Liabilities of Discontinued Operations |
| — |
| 11,594 |
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Total Liabilities |
| 10,177,950 |
| 10,355,706 |
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Cumulative Preferred Stock of Subsidiaries |
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Not subject to mandatory redemption |
| 62,818 |
| 62,818 |
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Common Stock Equity |
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Common stock - $0.01 par value; authorized shares - 600,000,000; issued shares - 180,446,792 at June 30, 2004, and 178,438,369 at December 31, 2003; outstanding shares - 180,323,246 at June 30, 2004, and 178,336,854 at December 31, 2003 |
| 1,804 |
| 1,784 |
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Paid-in capital |
| 2,248,084 |
| 2,195,985 |
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Retained earnings |
| 1,543,883 |
| 1,551,003 |
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Treasury shares at cost - 123,546 shares at June 30, 2004, and 101,515 shares at December 31, 2003 |
| (3,966 | ) | (3,255 | ) | ||
Accumulated other comprehensive income (loss) |
| (39,804 | ) | (44,835 | ) | ||
Total common stock equity |
| 3,750,001 |
| 3,700,682 |
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Total Liabilities and Shareholders’ Equity |
| $ | 13,990,769 |
| $ | 14,119,206 |
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Note: Prior year data has been reclassified to conform with current year presentation.