Aquila Reports Third Quarter Net Loss, as Expected; Slight Improvements in Utility Operations Offset by Weather; Conference Call and Webcast Are Today at 9:30 a.m. Eastern.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo. -- Aquila Aquila, in the Bible Aquila (ăk`wĭlə, əkwĭl`ə), in the New Testament, Christian of Jewish origin from Pontus who lived at Rome. He and his wife, Prisca or Priscilla, were friendly to Paul. , Inc. (NYSE NYSE See: New York Stock Exchange :ILA ILA abbr. insulinlike activity ) today reported a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss of $.44 per share for the third quarter of 2004, or net loss of $116.4 million, compared to a loss of $.87 per fully diluted share, or net loss of $169.9 million, in the 2003 third quarter. The per-share results reflect the issuance of 46.0 million common shares and 13.8 million mandatorily convertible securities in late August 2004. Sales for this year's quarter totaled $322.4 million, compared to $322.0 million a year earlier. "We're we're Contraction of we are. we're we are continuing to make significant progress toward completion of Aquila's comprehensive repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. ," said Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a C. Green, chairman and chief executive officer. "In the last three months we settled most of our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. natural gas contracts, had a successful equity offering, and continued to see our credit profile and cash flow improve." "Our main focus today is on our core utility operations in seven states," Green said. "Those businesses have opportunities to increase their rate base and earnings as we make further investments in service infrastructure. Our liquidity is adequate to provide the utilities with working capital and still continue to pay down other obligations." The 2004 third quarter results included a net pretax loss pretax loss A loss reported before tax benefits are considered. on asset sales and other charges of $114.5 million, primarily related to the termination of three long-term natural gas contracts. Net loss on sale of assets was $90.9 million in the 2003 quarter. In addition, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. declined by more than 7 percent compared to a year earlier. For the nine months ended September September: see month. 30, 2004, the company reported a fully diluted loss of $.96 per share, or a net loss of $211.5 million. Results for the first nine months of 2003 were a fully diluted loss of $1.55 per share, or a net loss of $302.4 million. Sales totaled $1.21 billion in both periods. Domestic Utilities Domestic Utilities reported earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income (EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). ) of $50.7 million in the third quarter of 2004, compared to $45.5 million in the third quarter of 2003. Gross profit rose $5.9 million, reflecting electric rate increases in Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. and Colorado Colorado, state, United StatesColorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. . The Missouri increase of $37.5 million per year went into effect in April 2004, and the Colorado increase of $8.2 million per year became effective in September 2004. An increase in electric customers produced $1.8 million of additional margin, and costs for fuel and purchased power were $1.6 million lower than in the same period of 2003. These improvements in margin were partly offset by $8.1 million as a result of lower electric volumes due to unfavorable weather and other variances. Regulated gas margins decreased $.5 million in the 2004 third quarter compared to a year earlier. In June June: see month. 2004, the company filed for a rate increase totaling $19.2 million for its electric territories in Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). in order to recover infrastructure improvements and increased maintenance and operating costs operating costs npl → gastos mpl operacionales . Hearings are expected to be concluded in December December: see month. 2004 with rates effective in February 2005. On November 1, 2004, Aquila filed a request for a $6.2 million natural gas rate increase in Kansas to recover gas system improvements as well as increased maintenance and operating costs. If approved, the new gas rates would go into effect in the early fall of 2005. Merchant Services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or Merchant Services recorded a loss before interest and taxes of $178.8 million for the 2004 third quarter, compared to a loss of $156.4 million for the 2003 quarter. Gross loss for the third quarter was $52.7 million in 2004 compared to a gross loss of $49.0 million in 2003. This year's third quarter loss reflects the settlement of price risk management assets and liabilities associated with three long-term gas contracts, resulting in approximately $29.2 million of non-cash losses related to the discounting of Aquila's remaining trading portfolio; margin losses of $17.7 million related to reversal of margins previously recognized under long-term gas contracts and to payments for replacement gas when the company terminated those contracts. In addition, Merchant Services realized margin losses of $3.9 million resulting from the difference between revenue recognized on remaining long-term gas contracts and the net cost of gas delivered under the contracts; and net margin losses of $9.0 million related to fixed capacity payments that entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Aquila to generate power at merchant power plants owned by others but brought minimal revenue because of current conditions in the generation market. Operating expense decreased $7.8 million in the 2004 third quarter primarily due to reduced legal and other investigation fees, lower surety An individual who undertakes an obligation to pay a sum of money or to perform some duty or promise for another in the event that person fails to act. surety n. payments as a result of settling three long-term gas contracts, and reduced staffing needs to manage remaining trading positions and non-regulated generating assets. In the 2004 third quarter, Aquila recorded pretax losses of $117.2 million on the termination of three long-term gas supply contracts. In September 2003, the company recorded an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss of $87.9 million to write down its equity investments in independent power plants to their estimated fair value, which was less than their carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. . Corporate and Other In the third quarter of 2004, Corporate and Other had earnings before interest and taxes of $3.6 million, compared to a loss before interest and taxes of $8.8 million in the 2003 quarter. A $2.3 million gain was recorded in the 2004 quarter related to the fair value adjustment of the Everest Connections subsidiary's target-based put rights liability. Certain shareholders of Everest Connections have the option to sell their share interests to Aquila if Everest does not meet certain financial and operational performance measures (target-based put rights) as of December 31, 2004. If the target-based put rights were exercised, Aquila would be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to purchase up to 4.0 million and 4.75 million share interests at a price of $1.00 and $1.10, respectively, for a total potential cost of $9.2 million. In the 2003 third quarter, Aquila had a $3.0 million loss on sale of assets, consisting of a $4.0 million impairment charge related to its utility investment in the United Kingdom partly offset by a $1.0 million gain on the sale of its Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. businesses. Aquila's equity in earnings decreased $1.9 million in the 2004 quarter compared to the 2003 quarter due to the sale of its investments in Australia in May and July 2003. Other income increased $7.2 million, mainly due to $11.9 million of foreign currency gains realized in connection with the wind-down of Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. merchant subsidiaries. This increase was partially offset by $8.7 million of prepayment penalties Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. and fees that Aquila paid in connection with the early retirement of its $430 million three-year secured term loan. Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. Aquila reports as discontinued operations the results of its Canadian utility businesses, which it sold in May 2004, and its two consolidated independent power plants, which it sold in March 2004. Total income from discontinued operations, net of tax, for the third quarter of 2004 was $.1 million, which did not impact results per fully diluted share, compared to a loss of $25.7 million or $.13 per share a year earlier. The 2003 results included a net loss on sale of assets resulting from a $47.5 million impairment charge to write down the two consolidated independent power plants to their estimated fair value less selling costs. Also in 2003, other income (expense) included $9.0 million in charges related to Canadian foreign currency transactions. Discontinued operations had no income tax expense in the 2004 third quarter, compared to income tax expense of $8.1 million in the 2003 quarter. Income Tax Benefit Aquila's income tax benefit for the third quarter of 2004 increased by $29.0 million compared to a year earlier. The increase was primarily the result of tax benefits not being recognized on certain 2003 losses as a result of valuation allowances provided. Net Loss on Sale of Assets and Other Charges Aquila recorded a net pretax loss on sale of assets and other charges of $114.5 million in the third quarter of 2004 primarily as the result of terminating long-term natural gas contracts. In the third quarter of 2003, Aquila had a total net pretax loss on sale of assets of $90.9 million. Data for both periods is shown below:
Three Months Ended
September 30,
-------------------
In millions 2004 2003
------------------------------------------------ -------- -------
Merchant Services:
Long-term gas contract terminations $117.2 $--
Aries power project and tolling agreement (.4) --
Independent power plants -- 87.9
------------------------------------------------ -------- -------
Total Merchant Services (116.8) 87.9
------------------------------------------------ -------- -------
Corporate and Other:
Midlands Electricity -- 4.0
Australia -- (1.0)
Other (2.3) --
------------------------------------------------ -------- -------
Total Corporate and Other (2.3) 3.0
------------------------------------------------ -------- -------
Total net loss on sale of assets and other
charges $114.5 $90.9
================================================ ======== =======
Liquidity The most significant activity impacting Aquila's working capital is the purchase of natural gas for the company's gas utility customers. Aquila could experience significant working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. during peak winter heating months due to higher natural gas consumption, potential periods of high natural gas prices, and the current requirement to prepay pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. certain gas commodity suppliers and
pipeline transportation companies.The company anticipates using the combination of its recently completed $110 million, 364-day unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, $125 million revolving credit facility secured by accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , and cash on hand to meet its peak winter working capital requirements. Collateral As of September 30, 2004, Aquila had posted collateral in the form of cash or cash-collateralized letters of credit for the following:
In millions September 30,
2004
----------------------------------------------------- ---------------
Trading positions $126.8
St. Paul/Travelers deposit for APEA II gas contract 136.5
Utility cash collateral requirements 76.4
Elwood tolling contract 37.8
Insurance and other 28.2
----------------------------------------------------- ---------------
Total Funds on Deposit $405.7
===================================================== ===============
Collateral requirements for Aquila's remaining trading positions will fluctuate based on movements in commodity prices and its portfolio position, and are expected to be returned to the company as the trading positions settle in the future. The company is also required to post collateral to certain commodity and pipeline transportation vendors. The amount fluctuates based on natural gas prices and projected volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. deliveries. The return of this collateral depends on Aquila achieving a stronger credit profile. Aquila has been required to post collateral related to its Elwood tolling contract until the company either successfully restructures the contract or obtains investment-grade investment-grade Of, relating to, or being a bond suitable for purchase by institutions under the prudent man rule. Investment-grade is restricted to those bonds graded BBB and above by Standard & Poor's and graded Baa3 and above by Moody's. ratings from certain major rating agencies. Aquila will not be required to post any additional collateral related to this contract. On August 18, 2004, Standard & Poor's upgraded Aquila's senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating from CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. + to B-. On September 13, 2004, Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. upgraded the company's senior unsecured debt rating from Caa1 to B2. However, these actions had no impact on Aquila's liquidity or collateral position. Long-Term Gas Obligations In the third quarter of 2004, Aquila terminated three contracts representing 75 percent of the company's long-term natural gas supply contract obligations. On July 30, the company reached an agreement with the Municipal Gas Authority of Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by (MGAM MGAM Multimedia Games ) on the termination of Aquila's long-term natural gas supply contract with MGAM, which was guaranteed by St. Paul St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery Travelers. As a result, Aquila was required to pay St. Paul Travelers and MGAM approximately $92.6 million under the liquidated damages Monetary compensation for a loss, detriment, or injury to a person or a person's rights or property, awarded by a court judgment or by a contract stipulation regarding breach of contract. and other provisions of the gas supply contract and termination agreement. On August 13, Aquila reached an agreement with American Public Energy Agency (APEA APEA Alaska Public Employees Association APEA Australian Petroleum Exploration Association APEA Applicant Prepared Environmental Assessment APEA Association for Petroleum and Explosives Administration (UK) ) on the termination of the company's APEA III and APEA IV long-term gas supply contracts with APEA, which were guaranteed by two subsidiaries of the Chubb Group of Insurance Companies. As a result, Aquila was required to pay Chubb and APEA approximately $488.2 million under the liquidated damages and other provisions of the gas supply contract and termination agreement. Aquila recorded a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charge of $117.2 million, or $73.2 million after tax, on the termination of these three contracts. The company expects to terminate the APEA II contract and record an additional pretax loss of approximately $42.4 million in the fourth quarter of 2004. Negotiations with APEA regarding a final settlement agreement are in progress. In addition, in the 2004 third quarter the realization of the price risk management assets and liabilities associated with the terminated long-term gas contracts, and the related commodity hedges that were terminated, resulted in non-cash mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. losses of $29.2 million. The losses were primarily related to the discounting of the company's trading portfolio, $11.7 million for margin recorded on these contracts, and $6.0 million of replacement gas payments under the contracts' termination provisions. Aquila expects to record additional margin losses of $17.5 million in connection with the termination of APEA II in the fourth quarter of 2004. Conference Call, Webcast and Additional Information Today at 9:30 a.m. Eastern Time, Aquila will host a conference call and webcast in which senior executives will review 2004 third quarter results. Participants will be Chief Executive Officer Richard C. Green, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Keith Stamm and Chief Financial Officer Rick Dobson dob·son n. See hellgrammite. [Probably from the name Dobson.] Noun 1. dobson - large brown aquatic larva of the dobsonfly; used as fishing bait hellgrammiate . To access the live webcast via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , go to Aquila's website at www.aquila.com and click on "Investor Information" and then the link to the webcast. Listeners should allow at least five minutes to register and access the presentation. For those unable to listen to the live broadcast, online replays will be available for two weeks at the same location on the website ("Investor Information"), beginning approximately two hours after the presentation. Replay also will be available by telephone through November 11 at 800-405-2236 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and at 303-590-3000 for international callers. Callers need to enter the access code 11012130 when prompted. The company filed its third quarter report on Form 10-Q Form 10-Q See 10-Q. yesterday. The report and other current and historical financial information are available at www.aquila.com. Click on "Annual/Quarterly Reports" in the "Investor Information" section. Based in Kansas City, Missouri Kansas City is the largest city in the state of Missouri. It encompasses parts of Jackson, Clay, Cass, and Platte counties and is the anchor city of the Kansas City Metropolitan Area, the second largest in Missouri, which includes counties in both Missouri and Kansas. , Aquila operates electricity and natural gas distribution utilities serving customers in Colorado, Iowa, Kansas, Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , Minnesota, Missouri and Nebraska. The company also owns and operates power generation assets. At September 30, 2004, Aquila had total assets of $5.3 billion. More information is available at www.aquila.com. "EBIT" Aquila uses the term "earnings before interest and taxes (EBIT)" as a performance measure for segment financial analysis. The term is not meant to be considered an alternative to net income or cash flows from operating activities, which are determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . In addition, the term may not be comparable to similarly titled measures used by other companies.
AQUILA, INC.
Consolidated Statements of Income
3 Mos. Ended 9 Mos. Ended
Sept. 30, Sept. 30,
------------------------------- ----------------- -------------------
In millions, except per share
amounts 2004 2003 2004 2003
------------------------------- -------- -------- --------- ---------
Sales $322.4 $322.0 $1,210.9 $1,212.2
Cost of sales 190.9 193.3 845.1 826.1
------------------------------- -------- -------- --------- ---------
Gross profit 131.5 128.7 365.8 386.1
------------------------------- -------- -------- --------- ---------
Operating expenses:
Operating expenses 112.8 122.2 364.4 403.9
Restructuring charges -- .6 .9 27.7
Net loss on sale of assets
and other charges 114.5 90.9 136.2 191.7
Depreciation and
amortization expense 37.5 38.6 112.3 123.8
------------------------------- -------- -------- --------- ---------
Total operating expenses 264.8 252.3 613.8 747.1
------------------------------- -------- -------- --------- ---------
Other income (expense):
Equity in earnings of
investments -- (.1) 2.1 61.0
Other income 8.8 4.0 14.8 67.3
------------------------------- -------- -------- --------- ---------
Total other income (expense) 8.8 3.9 16.9 128.3
------------------------------- -------- -------- --------- ---------
Earnings (loss) before interest
and taxes (124.5) (119.7) (231.1) (232.7)
------------------------------- -------- -------- --------- ---------
Interest expense 71.6 75.1 199.4 206.9
------------------------------- -------- -------- --------- ---------
Loss from continuing operations
before income taxes (196.1) (194.8) (430.5) (439.6)
Income tax benefit (79.6) (50.6) (162.3) (125.7)
------------------------------- -------- -------- --------- ---------
Loss from continuing operations (116.5) (144.2) (268.2) (313.9)
Earnings (loss) from
discontinued operations, net
of tax .1 (25.7) 56.7 11.5
------------------------------- -------- -------- --------- ---------
Net loss $(116.4) $(169.9) $(211.5) $(302.4)
=============================== ======== ======== ========= =========
Weighted average shares
outstanding - diluted (a) 260.5 195.1 217.3 194.6
------------------------------- -------- -------- --------- ---------
Loss per share from continuing
operations - diluted $(.44) $(.74) $(1.22) $(1.61)
Earnings (loss) per share from
discontinued operations -
diluted -- (.13) .26 .06
------------------------------- -------- -------- --------- ---------
Net loss per share - diluted $(.44) $(.87) $(.96) $(1.55)
=============================== ======== ======== ========= =========
(a) Weighted average shares outstanding increased in the three and
nine months ended September 30, 2004, as a result of the issuance of
46.0 million shares and 13.8 million mandatorily convertible
securities on August 24, 2004.
AQUILA, INC.
Earnings (Loss) Before Interest and Taxes (EBIT)
3 Months Ended
Sept. 30, Favorable
-------------------
In millions 2004 2003 (Unfavorable)
----------------------------------- --------- --------- -------------
Domestic Utilities $50.7 $45.5 $5.2
Merchant Services (178.8) (156.4) (22.4)
Corporate and Other:
International Networks .3 3.7 (3.4)
Communications 1.6 (1.0) 2.6
Quanta Services -- -- --
Corporate 1.7 (11.5) 13.2
----------------------------------- --------- --------- -------------
Total Corporate and Other 3.6 (8.8) 12.4
----------------------------------- --------- --------- -------------
Total EBIT (124.5) (119.7) (4.8)
Interest expense 71.6 75.1 3.5
----------------------------------- --------- --------- -------------
Loss from continuing operations
before income taxes $(196.1) $(194.8) $(1.3)
=================================== ========= ========= =============
9 Months Ended
Sept. 30, Favorable
-------------------
In millions 2004 2003 (Unfavorable)
----------------------------------- --------- --------- -------------
Domestic Utilities $123.7 $131.4 $(7.7)
Merchant Services (344.7) (391.0) 46.3
Corporate and Other:
International Networks .6 17.0 (16.4)
Communications 2.7 (6.6) 9.3
Quanta Services -- .3 (.3)
Corporate (13.4) 16.2 (29.6)
----------------------------------- --------- --------- -------------
Total Corporate and Other (10.1) 26.9 (37.0)
----------------------------------- --------- --------- -------------
Total EBIT (231.1) (232.7) 1.6
Interest expense 199.4 206.9 7.5
----------------------------------- --------- --------- -------------
Loss from continuing operations
before income taxes $(430.5) $(439.6) $ 9.1
=================================== ========= ========= =============
AQUILA, INC.
Consolidated Balance Sheets
In millions September 30, December 31,
2004 2003
------------------------------------------ ------------- ------------
ASSETS
Cash and cash equivalents $538.0 $601.7
Restricted cash 24.7 249.2
Funds on deposit 405.7 382.5
Accounts receivable, net 312.8 598.4
Price risk management assets 279.4 311.0
Other current assets 365.3 344.1
Current assets of discontinued operations -- 231.9
------------------------------------------ ------------- ------------
Total current assets 1,925.9 2,718.8
------------------------------------------ ------------- ------------
Property, plant and equipment, net 2,759.1 2,752.7
Investments in unconsolidated subsidiaries 2.1 312.9
Price risk management assets 292.6 492.6
Other assets 316.8 382.9
Non-current assets of discontinued
operations 8.6 1,059.2
------------------------------------------ ------------- ------------
Total Assets $5,305.1 $7,719.1
========================================== ============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt $172.2 $414.8
Short-term debt 220.0 --
Accounts payable 237.3 488.2
Price risk management liabilities 248.5 290.1
Other current liabilities 346.4 699.7
Current liabilities of discontinued
operations -- 368.5
------------------------------------------ ------------- ------------
Total current liabilities 1,224.4 2,261.3
------------------------------------------ ------------- ------------
Long-term debt, net 2,126.7 2,291.2
Deferred income taxes and credits 189.2 376.2
Price risk management liabilities 245.4 383.5
Long-term gas contracts, net 117.3 586.3
Other liabilities 183.7 273.9
Non-current liabilities of discontinued
operations -- 187.4
Common shareholders' equity 1,218.4 1,359.3
------------------------------------------ ------------- ------------
Total Liabilities and Shareholders' Equity $5,305.1 $7,719.1
========================================== ============= ============
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