EXHIBIT 99-3
PRO FORMA UTILITY ONLY FINANCIAL INFORMATION
On April 24, 1996, MidAmerican Energy Company's (the Company)
shareholders approved a proposal to form MidAmerican Energy Holdings Company
(Holding Company) as the holding company for the Company, MidAmerican Capital
Company (MidAmerican Capital) and Midwest Capital Group, Inc. (Midwest Capital).
The transaction is structured as a share exchange with each share of Company
common stock being exchanged for one share of Holding Company common stock. All
regulatory approvals have been obtained and it is managements's intention to
complete the transaction on or about December 1, 1996. The Pro Forma Utility
Only information reflects the planned dividend by the Company of all the shares
of stock of MidAmerican Capital and Midwest Capital to Holding Company.
EXHIBIT 99.3
MIDAMERICAN ENERGY COMPANY
SELECTED PROFORMA UTILITY ONLY FINANCIAL DATA
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Twelve Nine Nine
Months Months Months
Ended Ended Ended Year Ended December 31,
Sept. 30, Sept. 30, Sept 30, ----------------------------------------------------------
1996 1996 1995 1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
Income Statement Data:
Revenues ............................ $1,588,339 $1,194,529 $1,160,425 $1,554,235 $1,513,675 $1,541,959 $1,420,714 $1,442,350
Operating Income .................... 339,101 273,486 239,023 304,638 263,943 272,144 216,888 278,487
Net Income From Continuing Operations 145,923 117,923 104,489 132,489 121,145 133,888 86,713 123,042
Earnings Applicable to Common Stock
from continuing operations ........ 137,356 111,175 98,249 124,430 110,594 125,521 77,978 113,334
Ratios of Earnings to Fixed Charges(a) 3.72 N/A N/A 3.39 3.30 3.40 2.34 2.92
Ratios of Earnings to Fixed
Charges and Preferred Dividend
Requirements (a) 3.21 N/A N/A 2.96 2.75 2.95 2.06 2.54
Supplemental Ratios of Earnings to
Fixed Charges (a)(b) .............. 3.61 N/A N/A 3.28 3.16 3.25 2.24 2.80
Supplemental Ratios of Earnings to
Fixed Charges and Preferred ....... 3.13 N/A N/A 2.88 2.66 2.85 1.99 2.45
Dividend Requirements (a)(b)
December 31,
Sept. 30, Sept 30, ----------------------------------------------------------
1996 1995 1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ---------- ---------- ----------
Balance Sheet Data:
Total assets (e) ...................... $3,640,769 $3,944,292 $3,973,595 $3,879,847 $3,832,569 $3,583,705 $3,463,331
Long-term obligations (c) ......... 1,110,063 1,110,799 1,110,525 1,109,617 1,051,144 1,075,245 1,077,514
Power purchase obligation (d) ..... 125,729 137,809 125,729 137,809 151,485 146,150 150,838
Short-term borrowings ............. 160,063 135,700 184,800 124,500 160,800 110,600 52,500
Preferred stock:
Not subject to mandatory redemption 77,534 89,955 89,945 89,955 109,871 74,242 74,291
Subject to mandatory redemption ... 50,000 50,000 50,000 50,000 50,000 48,625 79,200
Common stock equity (e)............... 973,804 1,231,588 1,225,715 1,204,112 1,180,510 1,159,676 1,128,858
(a) For purposes of computing the ratios of earnings to fixed charges and
preferred dividend requirements, "earnings" consist of net income before
interest charges and preferred dividend requirements, plus income taxes,
plus the estimated interest componenet of rentals. "Earnings" also include
allowances for borrowed and other funds used during construction. Fixed
charges consist of interest charges, the estimated interest component of
rentals. Preferred dividend requirements are the pre-tax dividend
requirements on preferred stock.
(b) The supplemental ratios have been calculated including obligations under
the long-term power purchase contract with the Nebraska Public Power
District relating to Cooper Nuclear Station.
(c) Includes long-term debt due within one year.
(d) Includes Power purchse obligation due within one year.
(e) Pro forma Common Equity and Total Assets as of 9/30/96 reflect the dividend
of the net assets of MidAmerican Capital Company and Midwest Capital Group
Inc. to the Holding Company as if the dividend had occurred at 9/30/96.