|
PPL CORPORATION AND SUBSIDIARY COMPANIES
CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) |
|
Consolidated Balance Sheet
(Millions of Dollars)
|
|
March 31, 2002 |
Dec. 31, 2001 (a) |
| Assets |
|
|
|
Current assets |
$2,074 |
$2,338 |
|
Investments |
1,041 |
1,031 |
|
Property, plant and equipment – net |
|
|
|
Transmission and distribution |
2,653 |
2,591 |
|
Generation |
2,466 |
2,464 |
|
General and intangible |
312 |
310 |
|
Construction work in progress |
262 |
181 |
|
Nuclear fuel and other leased property |
116 |
127 |
|
Electric utility plant |
5,809 |
5,673 |
|
Gas and oil utility plant |
199 |
197 |
|
Other property |
104 |
103 |
|
6,112 |
5,973 |
|
Recoverable transition costs |
2,119 |
2,172 |
|
Regulatory and other assets |
1,022 |
1,060 |
|
Total assets |
$12,368 |
$12,574 |
|
|
|
|
Liabilities and Equity |
|
|
|
Current liabilities |
$1,882 |
$1,838 |
|
Long-term debt (less current portion) |
4,937 |
5,081 |
|
Deferred income taxes and ITC |
1,504 |
1,449 |
|
Liability for above market NUG purchases |
409 |
493 |
|
Other noncurrent liabilities |
876 |
911 |
|
Minority interest |
39 |
38 |
|
Company-obligated mandatorily redeemable securities |
825 |
825 |
|
Preferred stock |
82 |
82 |
|
Earnings reinvested |
967 |
1,023 |
|
Other common equity |
1,683 |
1,670 |
|
Treasury stock |
(836) |
(836) |
|
Total liabilities and equity |
$12,368 |
$12,574 |
|
Consolidated Income Statement |
|
(Millions of Dollars) |
| |
3 Months Ended March 31 |
12 Months Ended March 31 |
|
2002 |
2001(a) |
2002 |
2001(a) |
|
|
|
|
|
|
Operating Revenues |
|
|
|
|
|
Retail electric and gas |
$847 |
$956 |
$3,248 |
$3,278 |
|
Wholesale energy marketing and trading |
275 |
468 |
1,519 |
2,086 |
|
Energy-related businesses |
153 |
142 |
667 |
472 |
|
1,275 |
1,566 |
5,434 |
5,836 |
|
Operating Expenses |
|
|
|
|
|
Fuel and purchased power |
405 |
583 |
1,950 |
2,436 |
|
Other operation and maintenance |
253 |
238 |
1,039 |
986 |
|
Amortization of recoverable transition costs |
53 |
71 |
233 |
235 |
|
Depreciation |
62 |
66 |
250 |
259 |
|
Energy-related businesses |
126 |
113 |
585 |
418 |
|
Taxes, other than income |
51 |
41 |
165 |
166 |
|
Other charges |
|
|
|
|
| Write-down of international energy projects |
6 |
0 |
342 |
0 |
|
Cancellation of generation projects |
0 |
0 |
150 |
0 |
|
956 |
1,112 |
4,714 |
4,500 |
|
Operating income |
319 |
454 |
720 |
1,336 |
|
Other income - net |
5 |
6 |
11 |
(8) |
| Income before interest, income taxes and minority interest |
324 |
460 |
731 |
1,328 |
|
Interest expense |
97 |
104 |
380 |
392 |
|
Income taxes |
62 |
126 |
197 |
338 |
|
Minority interest |
1 |
2 |
(3) |
5 |
|
Income before extraordinary item |
164 |
228 |
157 |
593 |
|
Extraordinary items (net of tax) |
0 |
0 |
0 |
11 |
|
Income before cumulative effect of a change in accounting principle |
164 |
228 |
157 |
604 |
| Cumulative effect of a change in accounting principle (net of tax) |
(150) |
0 |
(140) |
0 |
| Income before dividends on preferred securities |
14 |
228 |
17 |
604 |
|
Dividends – preferred securities |
17 |
6 |
63 |
26 |
|
Net Income (loss) |
($3) |
$222 |
($46) |
$578 |
|
|
|
|
|
|
Earnings per share of common stock – basic |
|
|
|
|
|
Income from core operations |
$1.03 |
$1.53 |
$3.75 |
$3.83 |
|
Unusual items |
(1.05) |
0.00 |
(4.06) |
0.16 |
|
Net Income (loss) |
($0.02) |
$1.53 |
($0.31) |
$3.99 |
|
|
|
|
|
|
Earnings per share of common stock – diluted |
|
|
|
|
|
Income from core operations |
$1.03 |
$1.52 |
$3.74 |
$3.81 |
|
Unusual items |
(1.05) |
0.00 |
(4.05) |
0.16 |
|
Net income (loss) |
($0.02) |
$1.52 |
($0.31) |
$3.97 |
|
|
|
|
|
|
Average shares outstanding (thousands) |
|
|
|
|
| Basic |
146,753 |
145,317 |
146,342 |
144,746 |
| Diluted |
147,091 |
146,245 |
146,835 |
145,409 |
(a) Certain amounts have been reclassified to conform to the current year presentation.
Key Indicators
Financial
|
12 Months Ended
March 31, 2002 |
12 Months Ended
March 31, 2001 |
|
Dividends declared per share |
$1.155 |
$1.06 |
|
Book value per share (a) |
$12.33 |
$13.75 |
|
Market price per share (a) |
$39.6100 |
$43.9600 |
|
Dividend yield (a) |
2.9% |
2.4% |
|
Dividend payout ratio – diluted (b) |
31% |
28% |
|
Price/earnings ratio – diluted (a) (b) |
10.6 |
11.5 |
|
Return on average common equity (b) |
24.34% |
30.39% |
|
|
|
| (a) End of period |
|
|
| (b) Based on earnings from core operations |
|
|
| Operating-Domestic Energy |
3 Months Ended March 31 |
12 Months Ended March 31 |
|
PPL Corp.
(millions of kwh) |
2002 |
2001 |
Percent
Change |
2002 |
2001 |
Percent
Change |
|
|
|
|
|
|
|
|
|
Retail |
|
|
|
|
|
|
|
Delivered (a) |
9,126 |
9,881 |
-7.6% |
33,853 |
34,305 |
-1.3% |
|
Supplied |
9,651 |
10,552 |
-8.5% |
36,492 |
38,446 |
-5.1% |
|
|
|
|
|
|
|
|
Wholesale |
|
|
|
|
|
|
|
East |
4,937 |
5,244 |
-5.9% |
18,817 |
27,060 |
-30.5% |
|
West |
|
|
|
|
|
|
|
Montana Power (b) |
1,366 |
1,199 |
13.9% |
4,885 |
4,954 |
-1.4% |
|
Other |
1,294 |
1,026 |
26.1% |
4,109 |
4,363 |
-5.8% |
| (a) |
Electricity delivered to retail customers represents the kwh delivered to customers within PPL Electric Utilities Corp.’s service territory. |
| (b) |
Energy sold to Montana Power for resale to retail customers under power sale agreements that expire on or before June 30, 2002. |
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