EX-99.9 10 0010.txt FINANCIALS - CONNECTICUT LIGHT & POWER Exhibit 99.9 THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES PRO FORMA BALANCE SHEET -- ASSETS AS OF SEPTEMBER 30, 2000 Unaudited (Thousands of Dollars)
PRO FORMA ADJUSTMENTS PRO FORMA --------------------- GIVING YANKEE SHORT-TERM EFFECT TO PER BOOK MERGER SECURITIZATION DEBT ADJUSTMENTS ------------- ------------ ------------- ------------ ------------ Utility Plant, at cost: Electric $ 5,722,708 $ $ $ $ 5,722,708 Less: Accumulated provision for depreciation 4,202,763 4,202,763 ------------- ------------ ------------- ------------ ------------ 1,519,945 0 0 0 1,519,945 Construction work in progress 112,624 112,624 Nuclear fuel, net 73,520 73,520 ------------- ------------ ------------- ------------ ------------ Total net utility plant 1,706,089 0 0 0 1,706,089 ------------- ------------ ------------- ------------ ------------ Other Property and Investments: Nuclear decommissioning trusts, at market 549,373 549,373 Investments in regional nuclear generating companies, at equity 55,907 55,907 Other, at cost 30,882 30,882 ------------- ------------ ------------- ------------ ------------ 636,162 0 0 0 636,162 ------------- ------------ ------------- ------------ ------------ Current Assets: Cash 5,242 (5,242)[1] 372,013 [14] 372,013 Investment in securitizable assets 62,635 62,635 Notes receivable from affiliated companies 80,400 80,400 Receivables, net 36,232 71,758 [2] 107,990 Accounts receivable from affiliated companies 135,821 135,821 Fuel, materials and supplies, at average cost 40,206 40,206 Prepayments and other 197,864 197,864 ------------- ------------ ------------- ------------ ------------ 558,400 0 66,516 372,013 996,929 ------------- ------------ ------------- ------------ ------------ Deferred Charges: Regulatory assets: Recoverable nuclear costs 1,128,135 1,128,135 Income taxes, net 377,209 377,209 Unrecovered contractual obligations 177,257 177,257 Recoverable energy costs, net 85,445 85,445 Other 66,213 1,011,679 [3] 1,077,892 Unamortized debt expense 14,977 4,783 [4] 19,760 Other 34,486 34,486 ------------- ------------ ------------- ------------ ------------ 1,883,722 0 1,016,462 0 2,900,184 ------------- ------------ ------------- ------------ ------------ Total Assets $ 4,784,373 $ 0 $ 1,082,978 $ 372,013 $ 6,239,364 ============= ============ ============= ============ ============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES PRO FORMA BALANCE SHEET -- CAPITALIZATION AND LIABILITIES AS OF SEPTEMBER 30, 2000 Unaudited (Thousands of Dollars)
PRO FORMA ADJUSTMENTS PRO FORMA --------------------- GIVING YANKEE SHORT-TERM EFFECT TO PER BOOK MERGER SECURITIZATION DEBT ADJUSTMENTS ------------- ------------ ------------- ------------ ------------ Capitalization: Common stock $ 75,849 $ $ $ $ 75,849 Capital surplus, paid in 412,993 412,993 Retained earnings 208,816 (18,259) 190,557 Accumulated other comprehensive income 802 802 ------------- ------------ ------------- ------------ ------------ Total common stockholder's equity 698,460 0 0 (18,259) 680,201 Preferred stock not subject to mandatory redemption 116,200 116,200 Long-term debt 1,069,615 (86,284)[5] 983,331 ------------- ------------ ------------- ------------ ------------ Total capitalization 1,884,275 0 (86,284) (18,259) 1,779,732 ------------- ------------ ------------- ------------ ------------ Minority Interest in Consolidated Subsidiary 100,000 (100,000)[5] 0 ------------- ------------ ------------- ------------ ------------ Obligations Under Capital Leases 42,459 42,459 ------------- ------------ ------------- ------------ ------------ Rate Reduction Bond Obligation 0 1,450,000 [6] 1,450,000 ------------- ------------ ------------- ------------ ------------ Current Liabilities: Notes payable to banks 110,000 (107,013)[5] 372,013 [14] 375,000 Long-term debt and preferred stock - current portion 160,000 (145,483)[5] 14,517 Obligations under capital leases - current portion 90,023 90,023 Accounts payable 155,217 155,217 Accounts payable to affiliated companies 123,167 123,167 Accrued taxes 70,166 (6,585)[7] (12,172)[15] 51,409 Accrued interest 16,652 71,758 [8] 30,431 [15] 118,841 Other 29,065 29,065 ------------- ------------ ------------- ------------ ------------ 754,290 0 (187,323) 390,272 957,239 ------------- ------------ ------------- ------------ ------------ Deferred Credits and Other Long-Term Liabilities: Accumulated deferred income taxes 980,728 6,585 [9] 987,313 Accumulated deferred investment tax credits 101,594 101,594 Decommissioning obligation - Millstone 1 592,552 592,552 Deferred contractual obligations 167,698 167,698 Other 160,777 160,777 ------------- ------------ ------------- ------------ ------------ 2,003,349 0 6,585 0 2,009,934 ------------- ------------ ------------- ------------ ------------ Total Capitalization and Liabilities $ 4,784,373 $ 0 $ 1,082,978 $ 372,013 $ 6,239,364 ============= ============ ============= ============ ============
THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES PRO FORMA INCOME STATEMENT FOR THE 12 MONTHS ENDED SEPTEMBER 30, 2000 Unaudited (Thousands of Dollars)
PRO FORMA ADJUSTMENTS PRO FORMA --------------------- GIVING YANKEE SHORT-TERM EFFECT TO PER BOOK MERGER SECURITIZATION DEBT ADJUSTMENTS ------------- ------------ ------------- ------------ ------------ Operating Revenues $ 2,793,144 $ $ 71,758 [2] $ $ 2,864,902 ------------- ------------ ------------- ------------ ------------ Operating Expenses: Operation -- Fuel, purchased and net interchange power 1,427,996 0 [10] 1,427,996 Other 429,412 0 [11] 429,412 Maintenance 149,207 149,207 Depreciation 121,507 121,507 Amortization of regulatory assets, net 390,410 390,410 Federal and state income taxes 168,046 0 [12] 168,046 Taxes other than income taxes 144,357 144,357 Gain on sale of utility plant (286,477) (286,477) ------------- ------------ ------------- ------------ ------------ Total operating expenses 2,544,458 0 0 0 2,544,458 ------------- ------------ ------------- ------------ ------------ Operating Income 248,686 0 71,758 0 320,444 ------------- ------------ ------------- ------------ ------------ Other Income/(Loss): Equity in earnings of regional nuclear generating companies 2,857 2,857 Nuclear related costs (53,858) (53,858) Other, net (20,783) (20,783) Minority interest in loss of subsidiary (9,300) (9,300) Income taxes 34,726 0 [13] 12,172 [15] 46,898 ------------- ------------ ------------- ------------ ------------ Other (loss)/income, net (46,358) 0 0 12,172 (34,186) ------------- ------------ ------------- ------------ ------------ Income before interest charges 202,328 0 71,758 12,172 286,258 ------------- ------------ ------------- ------------ ------------ Interest Charges: Interest on long-term debt 99,167 71,758 [8] 170,925 Other interest 9,344 30,431 [15] 39,775 ------------- ------------ ------------- ------------ ------------ Interest charges, net 108,511 0 71,758 30,431 210,700 ------------- ------------ ------------- ------------ ------------ Net Income $ 93,817 $ 0 $ 0 $ (18,259) $ 75,558 ============= ============ ============= ============ ============
[1] - See adjustments a, b, d, e, and g. [2] - See adjustments j and l. [3] - See adjustments c and h. [4] - See adjustment f. [5] - See adjustment d. [6] - See adjustment a. [7] - See adjustments b, e, i, j, k, and l. [8] - See adjustments i and k. [9] - See adjustments c, f, g, and h. [10] - See adjustments g and h. [11] - See adjustments b, c, e, and f. [12] - See adjustments b, c, e, f, g, and h. [13] - See adjustments i, j, k, and l. [14] - See adjustment m. [15] - See adjustment n. THE CONNECTICUT LIGHT AND POWER COMPANY AND SUBSIDIARIES PRO FORMA ADJUSTMENTS TO FINANCIAL STATEMENTS (Thousands of Dollars) Debit Credit SECURITIZATION ADJUSTMENTS: a) Cash 1,450,000 Rate reduction bond obligation 1,450,000 To record the issuance of rate reduction bonds. b) Operating expenses -- operation -- other 11,679 Accrued taxes 4,672 Cash 11,679 Federal and state income taxes 4,672 To record issuance expenses associated with securitization and related tax effect. c) Regulatory assets -- other 11,679 Federal and state income taxes 4,672 Operating expenses -- operation -- other 11,679 Accumulated deferred income taxes 4,672 To record deferral of issuance expenses associated with securitization and related tax effect. d) Notes payable to banks 107,013 Minority interest in consolidated subsidiary 100,000 Long-term debt and preferred stock - current portion 145,483 Long-term debt 86,284 Cash 438,780 To record the use of securitization proceeds to retire short-term and long-term debt. e) Operating expenses -- operation -- other 4,783 Accrued taxes 1,913 Cash 4,783 Federal and state income taxes 1,913 To record the associated costs and premiums of retiring debt. f) Unamortized debt expense 4,783 Federal and state income taxes 1,913 Operating expenses -- operation -- other 4,783 Accumulated deferred income taxes 1,913 To record deferral of debt retirement costs and related tax effect. g) Fuel, purchased and net interchange power 1,000,000 Accumulated deferred income taxes 400,000 Cash 1,000,000 Federal and state income taxes 400,000 To record the buyout of IPP contracts and related tax effect. h) Regulatory assets -- other 1,000,000 Federal and state income taxes 400,000 Fuel, purchased and net interchange power 1,000,000 Accumulated deferred income taxes 400,000 To record the deferral of IPP buyout costs and related tax effect. i) Interest on long-term debt 108,750 Accrued taxes 43,500 Accrued interest 108,750 Income taxes 43,500 To record interest expense on rate reduction bonds and related tax effect. j) Receivables, net 108,750 Income taxes 43,500 Operating revenues 108,750 Accrued taxes 43,500 To record deferral of interest expense on rate reduction bonds and related tax effect. k) Accrued interest 36,992 Income taxes 14,797 Interest on long-term debt 36,992 Accrued taxes 14,797 To record decrease in interest costs associated with debt repurchase and the related tax effect. l) Operating revenues 36,992 Accrued taxes 14,797 Receivables, net 36,992 Income taxes 14,797 To record deferral of decrease in interest costs on debt repurchased and related tax effect. SHORT-TERM DEBT ADJUSTMENTS: m) Cash 372,013 Notes payable to banks 372,013 To record the issuance of additional short-term debt. n) Other interest 30,431 Accrued taxes 12,172 Accrued interest 30,431 Income taxes 12,172 To record interest expense associated with increased level of short-term debt and related tax effect.