CINergy (CIN) 8-K Results of Operations and Financial Condition

CINERGY CORP. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)	Schedule 2
	September 30			December 31
	2005			2004
ASSETS
Current Assets
Cash and cash equivalents	$	165,831		$	164,541
Notes receivable, current	81,622			214,513
Accounts receivable less accumulated provision for doubtful accounts of $4,489 at September 30, 2005, and $5,514 at December 31, 2004	1,482,068			1,061,140
Fuel, emission allowances, and supplies	607,925			444,750
Prepayments and other	567,113			174,624
Energy risk management current assets	1,260,255			381,146
Total current assets	4,164,814			2,440,714
Property, Plant, and Equipment - at Cost
Utility plant in service	10,642,931			10,076,468
Construction work in progress	398,130			333,687
Total utility plant	11,041,061			10,410,155
Non-regulated property, plant, and equipment	4,853,947			4,700,009
Accumulated depreciation	5,447,931			5,180,699
Net property, plant, and equipment	10,447,077			9,929,465
Other Assets
Regulatory assets	1,021,277			1,030,333
Investments in unconsolidated subsidiaries	486,795			513,675
Energy risk management non-current assets	397,471			138,787
Notes receivable, non-current	177,127			193,857
Other investments	128,581			125,367
Goodwill and intangible assets	152,342			132,752
Restricted funds held in trust	277,400			358,006
Other	213,323			119,361
Total other assets	2,854,316			2,612,138
Total Assets	$	17,466,207		$	14,982,317
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	2,142,077		$	1,348,576
Accrued taxes	266,459			216,804
Accrued interest	69,504			54,473
Notes payable and other short-term obligations	1,198,670			958,910
Long-term debt due within one year	349,012			219,967
Energy risk management current liabilities	1,419,332			310,741
Other	141,448			171,188
Total current liabilities	5,586,502			3,280,659
Non-current Liabilities
Long-term debt	4,022,076			4,227,741
Deferred income taxes	1,445,371			1,597,120
Unamortized investment tax credits	93,070			99,723
Accrued pension and other postretirement benefit costs	652,409			688,277
Regulatory liabilities	578,520			557,419
Energy risk management non-current liabilities	420,326			127,340
Other	195,230			225,298
Total non-current liabilities	7,407,002			7,522,918
Total Liabilities	12,993,504			10,803,577
Cumulative Preferred Stock of Subsidiaries
Not subject to mandatory redemption	31,743			62,818
Common Stock Equity
Common stock - $0.01 par value; authorized shares - 600,000,000; issued shares - 199,280,386 at September 30, 2005 and 187,653,506 at December 31, 2004; outstanding shares - 199,139,968 at September 30, 2005 and 187,524,229 at December 31, 2004	1,993			1,877
Treasury shares at cost - 140,418 at September 30, 2005, and 129,277 shares at December 31, 2004	(4,776		)	(4,336		)
Paid-in capital	2,969,103			2,559,715
Retained earnings	1,534,752			1,613,340
Accumulated other comprehensive income (loss)	(60,112		)	(54,674		)
Total common stock equity	4,440,960			4,115,922
Total Liabilities and Equity	$	17,466,207		$	14,982,317

Note: Prior year data has been reclassified to conform with current year presentation.