Exhibit 99(a)
SUMMARIZED PRO FORMA FINANCIAL INFORMATION
RELATED TO THE FORMATION OF A HOLDING COMPANY
Pro Forma
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BGE Constellation
Consolidated Pro Forma BGE Energy Group
Historical Adjustments(1) Consolidated(1) Consolidated
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(In Millions, Except Per Share Amounts)
BALANCE SHEETS -- AS OF
MARCH 31, 1999 (Unaudited)
ASSETS
Current assets $ 1,348.0 $ (698.7) $ 649.3 $ 1,348.0
Investments and other assets 1,707.4 (1,335.7) 371.7 1,707.4
Net utility plant 5,640.0 - 5,640.0 5,640.0
Deferred charges 588.2 (7.4) 580.8 588.2
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TOTAL ASSETS $ 9,283.6 $ (2,041.8) $ 7,241.8 $ 9,283.6
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LIABILITIES AND CAPITALIZATION
Current liabilities $ 1,212.9 $ (499.6) $ 713.3 $ 1,212.9
Deferred credits and other liabilities 1,739.0 (290.3) 1,448.7 1,739.0
Capitalization
Long-term debt 3,135.9 (627.3) 2,508.6 3,135.9
Preference stock not subject to
mandatory redemption 190.0 - 190.0 190.0
Common Shareholders' Equity 3,005.8 (624.6) 2,381.2 3,005.8
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TOTAL CAPITALIZATION 6,331.7 (1,251.9) 5,079.8 6,331.7
---------------- ------------------ ------------------ ----------------
TOTAL LIABILITIES AND
CAPITALIZATION $ 9,283.6 $ (2,041.8) $ 7,241.8 $ 9,283.6
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STATEMENTS OF INCOME --
THREE MONTHS ENDED
MARCH 31, 1999 (Unaudited)
Total revenues $ 932.3 $ (223.4) $ 708.9 $ 932.3
Total expenses other than interest
and income taxes 734.2 (180.6) 553.6 734.2
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Income from operations 198.1 (42.8) 155.3 198.1
Other income (expense) (0.8) 4.1 3.3 (0.8)
Net interest expense 61.2 (13.6) 47.6 61.2
Preference stock dividends of BGE - - - 3.4 (2)
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Income before income taxes 136.1 (25.1) 111.0 132.7
Income taxes 49.9 (10.0) 39.9 49.9
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Net income 86.2 $ (15.1) $ 71.1 82.8
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Preference stock dividends 3.4 $ 3.4 (2) -
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Earnings applicable to common stock $ 82.8 $ 82.8
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Earnings per common share $ 0.55 $ 0.55
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(1) Reflects the transfer of Constellation Enterprises, Inc. and its
subsidiaries from BGE to Constellation Energy in connection with the
formation of the holding company.
(2) Reflects dividends associated with BGE preference stock as a charge
against retained earnings for BGE and as a charge against net income for
Constellation Energy.