Exhibit 99.3
CINERGY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
|
| December 31 |
| December 31 |
| ||
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
ASSETS |
|
|
|
|
| ||
Current Assets |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 164,541 |
| $ | 169,120 |
|
Notes receivable, current |
| 214,513 |
| 189,854 |
| ||
Accounts receivable less accumulated provision for doubtful accounts of $5,514 at December 31, 2004, and $7,884 at December 31, 2003 |
| 1,061,140 |
| 1,074,518 |
| ||
Fuel, emission allowances, and supplies |
| 444,750 |
| 357,625 |
| ||
Energy risk management current assets |
| 381,146 |
| 305,058 |
| ||
Prepayments and other |
| 174,624 |
| 146,422 |
| ||
Total current assets |
| 2,440,714 |
| 2,242,597 |
| ||
|
|
|
|
|
| ||
Property, Plant, and Equipment - at Cost |
|
|
|
|
| ||
Utility plant in service |
| 10,076,468 |
| 9,732,123 |
| ||
Construction work in progress |
| 333,687 |
| 275,459 |
| ||
Total utility plant |
| 10,410,155 |
| 10,007,582 |
| ||
Non-regulated property, plant, and equipment |
| 4,700,009 |
| 4,527,943 |
| ||
Accumulated depreciation |
| 5,180,699 |
| 4,908,019 |
| ||
Net property, plant, and equipment |
| 9,929,465 |
| 9,627,506 |
| ||
|
|
|
|
|
| ||
Other Assets |
|
|
|
|
| ||
Regulatory assets |
| 1,030,333 |
| 1,029,242 |
| ||
Investments in unconsolidated subsidiaries |
| 513,675 |
| 494,520 |
| ||
Energy risk management non-current assets |
| 138,787 |
| 97,334 |
| ||
Notes receivable, non-current |
| 193,857 |
| 213,853 |
| ||
Other investments |
| 125,367 |
| 184,044 |
| ||
Goodwill and intangible assets |
| 60,502 |
| 45,349 |
| ||
Restricted funds held in trust |
| 358,006 |
| — |
| ||
Other |
| 191,611 |
| 180,260 |
| ||
Total other assets |
| 2,612,138 |
| 2,244,602 |
| ||
|
|
|
|
|
| ||
Assets of Discontinued Operations |
| — |
| 4,501 |
| ||
|
|
|
|
|
| ||
Total Assets |
| $ | 14,982,317 |
| $ | 14,119,206 |
|
|
|
|
|
|
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
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Current Liabilities |
|
|
|
|
| ||
Accounts payable |
| $ | 1,348,576 |
| $ | 1,240,423 |
|
Accrued taxes |
| 216,804 |
| 217,993 |
| ||
Accrued interest |
| 54,473 |
| 68,952 |
| ||
Notes payable and other short-term obligations |
| 958,910 |
| 351,412 |
| ||
Long-term debt due within one year |
| 219,967 |
| 839,103 |
| ||
Energy risk management current liabilities |
| 310,741 |
| 296,122 |
| ||
Other |
| 171,188 |
| 107,438 |
| ||
Total current liabilities |
| 3,280,659 |
| 3,121,443 |
| ||
|
|
|
|
|
| ||
Non-current Liabilities |
|
|
|
|
| ||
Long-term debt |
| 4,227,741 |
| 4,131,909 |
| ||
Deferred income taxes |
| 1,597,120 |
| 1,557,981 |
| ||
Unamortized investment tax credits |
| 99,723 |
| 108,884 |
| ||
Accrued pension and other post-retirement benefit costs |
| 688,277 |
| 662,834 |
| ||
Regulatory liabilities |
| 557,419 |
| 490,856 |
| ||
Energy risk management non-current liabilities |
| 127,340 |
| 64,861 |
| ||
Other |
| 225,298 |
| 205,344 |
| ||
Total non-current liabilities |
| 7,522,918 |
| 7,222,669 |
| ||
|
|
|
|
|
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Liabilities of Discontinued Operations |
| — |
| 11,594 |
| ||
|
|
|
|
|
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Total Liabilities |
| 10,803,577 |
| 10,355,706 |
| ||
|
|
|
|
|
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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 - 187,653,506 at December 31, 2004, and 178,438,369 at December 31, 2003; outstanding shares - 187,524,229 at December 31, 2004, and 178,336,854 at December 31, 2003 |
| 1,877 |
| 1,784 |
| ||
Treasury shares at cost - 129,277 shares at December 31, 2004, and 101,515 shares at December 31, 2003 |
| (4,336 | ) | (3,255 | ) | ||
Paid-in capital |
| 2,559,715 |
| 2,195,985 |
| ||
Retained earnings |
| 1,613,340 |
| 1,551,003 |
| ||
Accumulated other comprehensive income (loss) |
| (54,674 | ) | (44,835 | ) | ||
Total common stock equity |
| 4,115,922 |
| 3,700,682 |
| ||
|
|
|
|
|
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Total Liabilities and Equity |
| $ | 14,982,317 |
| $ | 14,119,206 |
|
Note: Prior year data has been reclassified to conform with current year presentation.