TAG Immobilien (TG:TEG)
Historical Stock Chart
From Jul 2019 to Jul 2024
INTEGRYS ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS
OF INCOME (Unaudited) Three Months Ended Six Months Ended
June 30 June 30
(Millions, except per share data) 2007 2006 2007 2006
Nonregulated revenue $1,649.9 $1,125.8 $3,426.7 $2,682.4
Utility revenue 711.8 349.5 1,681.6 788.6
Total revenues 2,361.7 1,475.3 5,108.3 3,471.0
Nonregulated cost of fuel, natural
gas, and purchased power 1,650.9 1,072.0 3,314.6 2,543.6
Utility cost of fuel, natural gas,
and purchased power 420.2 171.4 1,072.0 440.5
Operating and maintenance expense 251.9 120.4 438.6 238.5
Depreciation and amortization
expense 50.6 29.3 90.8 56.5
Taxes other than income taxes 22.0 14.6 43.1 29.2
Operating income (loss) (33.9) 67.6 149.2 162.7
Miscellaneous income 21.6 14.5 33.9 23.2
Interest expense (42.6) (22.4) (79.0) (40.7)
Minority interest - 1.2 0.1 2.4
Other expense (21.0) (6.7) (45.0) (15.1)
Income (loss) before taxes (54.9) 60.9 104.2 147.6
Provision (benefit) for income taxes (15.3) 19.0 26.6 46.4
Income (loss) from continuing
operations (39.6) 41.9 77.6 101.2
Discontinued operations, net of tax 24.0 (6.2) 47.0 (4.6)
Income (loss) before preferred
stock dividends of subsidiary (15.6) 35.7 124.6 96.6
Preferred stock dividends of
subsidiary 0.8 0.8 1.6 1.6
Income (loss) available for common
shareholders ($16.4) $34.9 $123.0 $95.0
Average shares of common stock
Basic 76.0 42.2 66.8 41.2
Diluted 76.0 42.2 67.1 41.3
Earnings (loss) per common share -
- basic
Income (loss) from continuing
operations ($0.53) $0.97 $1.14 $2.42
Discontinued operations, net of
tax $0.31 ($0.14) $0.70 ($0.11)
Earnings (loss) per common share
-- basic ($0.22) $0.83 $1.84 $2.31
Earnings (loss) per common share -
- diluted
Income (loss) from continuing
operations ($0.53) $0.97 $1.13 $2.41
Discontinued operations, net of
tax $0.31 ($0.14) $0.70 ($0.11)
Earnings (loss) per common share
-- diluted ($0.22) $0.83 $1.83 $2.30
Dividends per common share declared $0.660 $0.565 $1.243 $1.130
INTEGRYS ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) June 30 December 31
(Millions) 2007 2006
Assets
Cash and cash equivalents $31.7 $23.2
Restricted cash - 22.0
Accounts receivable - net of reserves
of $69.9 and $17.0, respectively 1,190.2 1,037.3
Accrued unbilled revenues 208.8 184.8
Inventories 651.7 456.3
Current assets from risk management
activities 898.5 1,068.6
Deferred income taxes 13.2 -
Assets held for sale 828.4 6.1
Other current assets 129.2 129.1
Current assets 3,951.7 2,927.4
Property, plant, and equipment, net of
accumulated depreciation of $2,584.0 and
$1,427.8, respectively 4,325.0 2,534.8
Regulatory assets 1,241.2 417.8
Long-term assets from risk management
activities 419.5 308.2
Goodwill 946.8 303.9
Pension assets 89.4 -
Other 406.8 369.6
Total assets $11,380.4 $6,861.7
Liabilities and Shareholders' Equity
Short-term debt $865.6 $722.8
Current portion of long-term debt 54.9 26.5
Accounts payable 1,154.0 949.4
Current liabilities from risk
management activities 899.8 1,001.7
Deferred income taxes - 3.1
Liabilities held for sale 46.3 -
Other current liabilities 434.6 202.9
Current liabilities 3,455.2 2,906.4
Long-term debt 2,142.7 1,287.2
Deferred income taxes 536.6 97.6
Deferred investment tax credits 38.9 13.6
Regulatory liabilities 304.3 301.7
Environmental remediation liabilities 637.3 95.8
Pension and postretirement benefit
obligations 384.6 188.6
Long-term liabilities from risk
management activities 367.9 264.7
Asset retirement obligations 136.7 10.1
Other 153.1 111.3
Long-term liabilities 4,702.1 2,370.6
Commitments and contingencies
Preferred stock of subsidiary with no
mandatory redemption 51.1 51.1
Common stock equity 3,172.0 1,533.6
Total liabilities and shareholders' equity $11,380.4 $6,861.7
INTEGRYS ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited) Six Months Ended
(Millions) June 30
2007 2006
Operating Activities
Net income before preferred stock
dividends of subsidiary $124.6 $96.6
Adjustments to reconcile net income to net
cash provided by operating activities
Discontinued operations, net of tax (47.0) 4.6
Depreciation and amortization 90.8 56.5
Recovery of Kewaunee outage expenses 5.1 6.3
Refund of non-qualified decommissioning
trust (27.3) (30.0)
Recoveries and refunds of other regulatory
assets and liabilities 17.9 13.0
Unrealized gains on nonregulated energy
contracts (6.7) (33.0)
Pension and postretirement expense 35.4 25.7
Pension and postretirement funding (4.4) (2.7)
Deferred income taxes and investment tax
credit 18.2 8.0
Gains due to settlement of contracts pursuant
to the merger with PEC (4.0) -
Gain on the sale of interest in Guardian
Pipeline, LLC - (6.2)
Gain on the sale of WPS ESI Gas Storage. LLC - (9.0)
Gain on the sale of partial interest in
synthetic fuel operation (1.4) (3.5)
Equity income, net of dividends 1.6 5.8
Other (2.6) 15.4
Changes in working capital
Receivables, net 548.5 375.6
Inventories (57.2) (168.1)
Other current assets 62.6 3.0
Accounts payable (249.0) (384.7)
Other current liabilities (154.5) (1.1)
Net cash provided by (used for) operating
activities 350.6 (27.8)
Investing Activities
Capital expenditures (155.0) (153.6)
Proceeds from the sale of property, plant and
equipment 2.3 2.4
Purchase of equity investments and
other acquisitions (34.9) (41.5)
Proceeds on the sale of interest in
Guardian Pipeline, LLC - 38.5
Proceeds on the sale of WPS ESI Gas
Storage, LLC - 19.9
Cash paid for transaction costs
pursuant to the merger with PEC (13.8) -
Acquisition of natural gas operations
in Michigan and Minnesota, net of
liabilities assumed 1.7 (317.9)
Restricted cash for repayment of
long-term debt 22.0 -
Restricted cash for acquisition - (333.3)
Transmission interconnection (23.9) (1.8)
Other 6.4 2.1
Net cash used for investing
activities (195.2) (785.2)
Financing Activities
Short-term debt, net (66.3) 738.0
Gas loans, net (7.5) (43.1)
Repayment of long-term debt (25.0) (1.4)
Payment of dividends
Preferred stock (1.6) (1.6)
Common stock (76.9) (46.7)
Issuance of common stock 25.2 151.9
Other 2.1 0.3
Net cash provided by (used for) financing
activities (150.0) 797.4
Change in cash and cash equivalents -
continuing operations 5.4 (15.6)
Change in cash and cash equivalents -
discontinued operations
Net cash provided by operating
activities 40.1 23.1
Net cash provided by (used for)
investing activities (37.0) (17.7)
Change in cash and cash equivalents 8.5 (10.2)
Cash and cash equivalents at beginning of
period 23.2 27.7
Cash and cash equivalents at end of period $31.7 $17.5
Diluted Earnings Per Share Information - Non-GAAP Financial Information
Non-GAAP Financial Information
Integrys Energy Group prepares financial statements in accordance with accounting principles generally accepted in the United States (GAAP). Along with this information, we disclose and discuss diluted earnings per share (EPS) from continuing operations - adjusted, which is a non-GAAP measure. Management uses the measure in its internal performance reporting and for reports to the Board of Directors. We disclose this measure in our quarterly earnings releases, on investor conference calls, and during investor conferences and related events. Management believes that diluted EPS from continuing operations - adjusted is a useful measure for providing investors with additional insight into our operating performance because it eliminates the effects of certain items that are not comparable from one period to the next. Therefore, this measure allows investors to better compare our financial results from period to period. The presentation of this additional information is not meant to be considered in isolation or as a substitute for our results of operations prepared and presented in conformance with GAAP.
Actual Quarter and Year-to-Date for Periods Ended June 30, 2007 and 2006
Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
Diluted EPS from continuing
operations $(0.53) $0.97 $1.13 $2.41
Diluted EPS from discontinued
operations 0.31 (0.14) 0.70 (0.11)
Total Diluted EPS $(0.22) $0.83 $1.83 $2.30
Average Shares of Common Stock -
Diluted 76.0 42.2 67.1 41.3
Information on Special Items:
Diluted earnings per share from continuing operations, as adjusted for special items and their financial impact on diluted earnings per share from continuing operations for the three and six months ended June 30, 2007 and 2006 are as follows:
Diluted EPS from continuing
operations $(0.53) $0.97 $1.13 $2.41
Adjustments (net of taxes):
Asset sales (gains)/losses 0.00 (0.22) 0.00 (0.22)
External transition costs related to
MGUC and MERC acquisitions 0.00 0.06 0.01 0.12
Integrys Energy Services power
contract in Maine liquidated in 2005 0.00 0.02 0.00 0.05
External transition costs related to
Peoples Energy merger 0.02 0.00 0.03 0.00
Impacts of purchase accounting
adjustments due to Peoples Energy
merger 0.04 0.00 0.07 0.00
Synfuel - realized and unrealized oil
option gains, tax credits, production
costs, premium amortization, deferred
gain recognition, and royalties 0.20 (0.20) (0.06) (0.44)
Diluted EPS from continuing
operations - adjusted $(0.27) $0.63 $1.18 $1.92
Weather impact - regulated utilities
(as compared to normal)
Electric impact -
favorable/(unfavorable) $0.01 $(0.04) $0.00 $(0.07)
Natural gas impact -
favorable/(unfavorable) (0.02) (0.04) (0.09) (0.09)
Total weather impact $(0.01) $(0.08) $(0.09) $(0.16)
Diluted Earnings Per Share Information - Non-GAAP Financial Information
Actual 2006 with 2007 and 2008 Potential 2007 Potential 2008
Forecasts Diluted Diluted
EPS Ranges EPS Ranges
Actual Low High Low High
2006 Scenario Scenario Scenario Scenario
Diluted EPS from continuing
operations $3.50 $2.49 $2.59 $3.67 $3.89
Diluted EPS from discontinued
operations 0.17 1.04 1.39 - -
Total Diluted EPS $3.67 $3.53 $3.98 $3.67 $3.89
Average Shares of Common
Stock - Diluted 42.4 71.8 71.8 76.7 76.7
Information on Special Items:
Diluted earnings per share from continuing operations, as adjusted for special items and their financial impact on the actual 2006 diluted earnings per share from continuing operations and the 2007 and 2008 diluted earnings per share from continuing operations guidance are as follows:
Diluted EPS from
continuing operations $3.50 $2.49 $2.59 $3.67 $3.89
Adjustments (net of taxes):
Asset sales (gains)/losses (0.22) (0.01) (0.01) - -
External transition costs
related to MGUC and MERC
acquisitions 0.27 - - - -
Integrys Energy Services power
contract in Maine liquidated in 0.09 0.01 0.01 - -
2005
External transition costs
related to Peoples Energy
merger 0.03 0.26 0.26 0.16 0.16
Impacts of purchase accounting
adjustments due to Peoples
Energy merger 0.00 0.13 0.13 0.08 0.08
Synfuel - realized and unrealized
oil option gains, tax credits,
production costs, premium
amortization, deferred gain
recognition, and royalties (0.47) (0.28) (0.28) - -
Diluted EPS from continuing
operations - adjusted $3.20 $2.60 $2.70 $3.91 $4.13
Weather impact - regulated utilities
(as compared to normal)
Electric impact -
favorable/(unfavorable) $(0.05) $ - $ - $ - $ -
Natural gas impact -
favorable/(unfavorable) (0.13) (0.08) (0.08)
Total weather impact $(0.18) $(0.08) $(0.08) $ - $ -
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2006
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Ended
Regulated Electric Utility
Segment
Revenues $256.4 $262.4 $315.0 $265.6 $1,099.4
year-over-year change 5.1% 9.2% 5.5% 4.4% 6.0%
Fuel and purchased power
costs 125.7 118.8 163.5 143.0 551.0
Margins 130.7 143.6 151.5 122.6 548.4
year-over-year change -20.0% -10.8% 2.0% 2.2% -7.5%
margins/revenues 51.0% 54.7% 48.1% 46.2% 49.9%
Operating and maintenance
expense(2) 69.8 69.8 63.4 62.3 265.3
Depreciation and
amortization 19.2 19.6 19.7 20.0 78.5
Taxes other than income 10.5 10.3 10.2 10.6 41.6
Operating Income 31.2 43.9 58.2 29.7 163.0
year-over-year change -24.5% N/M(1) 17.8% N/M(1) 107.1%
Income available for
common shareholders $15.5 $23.4 $31.0 $15.6 $85.5
Sales in kilowatt-hours 3,829.3 3,777.0 4,221.5 4,097.5 15,925.3
year-over-year change 4.0% -0.7% 0.3% 3.2% 1.7%
Residential 793.6 697.9 847.9 805.4 3,144.8
Commercial and
industrial 2,085.7 2,065.5 2,291.1 2,202.9 8,645.2
Resale 938.3 1,005.1 1,073.0 1,076.7 4,093.1
Other 11.7 8.5 9.5 12.5 42.2
Notes:
(1) Not meaningful
(2) External costs to achieve
allocated (related to the
merger with PEC) N/A N/A N/A N/A N/A
Regulated Natural Gas Utility
Segment
Revenues $193.0 $95.6 $91.1 $297.2 $676.9
year-over-year change 10.5% 6.5% 26.9% 60.0% 29.7%
Purchased gas costs 148.2 62.0 58.1 225.5 493.8
Margins 44.8 33.6 33.0 71.7 183.1
year-over-year change -3.2% 42.4% 71.9% 102.0% 47.0%
margins/revenues 23.2% 35.1% 36.2% 24.1% 27.0%
Operating and maintenance
expense(3)(4) 24.0 31.5 30.2 35.6 121.3
Depreciation and
amortization 5.5 7.5 9.8 9.9 32.7
Taxes other than income 1.7 2.7 4.1 3.3 11.8
Operating Income 13.6 (8.1) (11.1) 22.9 17.3
year-over-year change -44.5% N/M(1) 184.6% 133.7% -41.9%
Income available for common
shareholders $6.7 $(7.5) $(11.0) $9.5 $(2.3)
Total throughput in
therms(5)(6) 266.9 194.9 275.0 530.5 1,267.3
year-over-year change -13.5% 19.9% 113.8% 133.3% 53.2%
Residential(5)(6) 97.8 47.6 32.8 173.3 351.5
Commercial and
industrial(5)(6) 58.5 21.5 22.8 87.8 190.6
Interruptible(5)(6) 6.3 7.0 7.5 19.3 40.1
Interdepartmental(5)(6) 4.5 4.4 8.9 9.8 27.6
Transport(5),(6) 99.8 114.4 203.0 240.3 657.5
Notes:
(3) External transition costs
associated with the
integration of MGUC
and MERC $4.1 $4.1 $2.3 $1.3 $11.8
(4) External costs to achieve
allocated (related to
the merger with PEC) N/A N/A N/A N/A N/A
(5) Throughput in therms related
to MGUC and MERC
Residential N/A 17.6 17.8 99.1 134.5
Commercial and industrial N/A 7.8 10.8 47.5 66.1
Interruptible N/A - 2.9 12.7 15.6
Transport N/A 40.7 135.1 149.4 325.2
Total N/A 66.1 166.6 308.7 541.4
(6) Throughput in therms
related to Peoples Gas
and North Shore Gas
Residential N/A N/A N/A N/A N/A
Commercial and industrial N/A N/A N/A N/A N/A
Interruptible N/A N/A N/A N/A N/A
Transport N/A N/A N/A N/A N/A
Total N/A N/A N/A N/A N/A
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2007
1st Qtr 2nd Qtr YTD
Regulated Electric Utility Segment
Revenues $299.2 $305.2 $604.4
year-over-year change 16.7% 16.3% 16.5%
Fuel and purchased power costs 150.3 160.4 310.7
Margins $148.9 $144.8 $293.7
year-over-year change 13.9% 0.8% 7.1%
margins/revenues 49.8% 47.4% 48.6%
Operating and maintenance
expense(2) 83.9 83.5 167.4
Depreciation and amortization 20.2 20.4 40.6
Taxes other than income 10.9 10.7 21.6
Operating Income 33.9 30.2 64.1
year-over-year change 8.7% -31.2% -14.6%
Income available for common
shareholders $16.5 $15.0 31.5
Sales in kilowatt-hours 3,935.5 3,908.3 7,843.8
year-over-year change 2.8% 3.5% 3.1%
Residential 838.6 723.5 1,562.1
Commercial and industrial 2,103.2 2,162.5 4,265.7
Resale 981.7 1,013.8 1,995.5
Other 12.0 8.5 20.5
Notes:
(1) Not meaningful
(2) External costs to achieve allocated
(related to the merger with PEC) $4.8 $0.8 $5.6
Regulated Natural Gas Utility
Segment
Revenues $681.8 $417.8 $1,099.6
year-over-year change 253.3% 337.0% 281.0%
Purchased gas costs 509.9 $273.2 $783.1
Margins 171.9 144.6 316.5
year-over-year change 283.7% 330.4% 303.7%
margins/revenues 25.2% 34.6% 28.8%
Operating and maintenance
expense(3),(4) 75.9 114.9 190.8
Depreciation and amortization 16.7 26.8 43.5
Taxes other than income 6.6 8.6 15.2
Operating Income 72.7 (5.7) 67.0
year-over-year change 434.6% -29.6% 1118.2%
Income available for common
shareholders $35.2 $(4.0) $31.2
Total throughput in therms(5)(6) 1,014.7 637.1 1,651.8
year-over-year change 280.2% 226.9% 257.7%
Residential(5)(6) 437.7 213.1 650.8
Commercial and
industrial(5)(6) 177.1 66.0 243.1
Interruptible(5)(6) 23.7 8.2 31.9
Interdepartmental(5)(6) 5.0 9.7 14.7
Transport(5)(6) 371.2 340.1 711.3
Notes:
(3) External transition costs
associated with the integration
of MGUC and MERC $0.5 $ - $0.5
(4) External costs to achieve
allocated (related to the merger
with PEC) $2.0 $0.4 $2.4
(5) Throughput in therms related
to MGUC and MERC
Residential 161.3 28.5 189.8
Commercial and industrial 82.9 16.5 99.4
Interruptible 17.5 3.6 21.1
Transport 147.8 111.2 259.0
Total 409.5 159.8 569.3
(6) Throughput in therms related
to Peoples Gas and North Shore
Gas
Residential 164.2 151.4 315.6
Commercial and industrial 32.9 31.2 64.1
Interruptible - - -
Transport 116.5 152.9 269.4
Total 313.6 335.5 649.1
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2006
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Ended
Nonregulated Segment -
Integrys Energy
Services
Nonregulated revenues $1,557.8 $1,130.4 $1,160.9 $1,310.0 $5,159.1
year-over-year change 48.5% 14.0% -14.6% -31.6% -2.9%
Nonregulated cost of
fuel, natural gas,
and purchased power 1,478.4 1,076.1 1,139.1 1,284.4 4,978.0
Margins 79.4 54.3 21.8 25.6 181.1
year-over-year
change 90.4% 67.6% -53.2% -45.9% 7.8%
Margins/Revenues 5.1% 4.8% 1.9% 2.0% 3.5%
Margin Detail:
- Electric and other
margin 41.1 40.1 (9.4) (11.3) 60.5
- Natural gas margin 38.3 14.2 31.2 36.9 120.6
Margins 79.4 54.3 21.8 25.6 181.1
Operating and
maintenance
expense(7) 20.5 16.6 17.0 27.4 81.5
Depreciation and
amortization 2.4 2.3 2.3 2.4 9.4
Taxes other than
income 2.3 1.4 1.4 2.1 7.2
Operating Income 54.2 34.0 1.1 (6.3) 83.0
year-over-year
change 180.8% 365.8% -94.4% N/M(1) 32.8%
Income available for
common shareholders $37.1 $13.4 $21.1 $0.7 $72.3
Gross Volumes
(includes
transactions both
physically and
financially
settled)(8)
- Wholesale electric
sales volumes in
kilowatt-hours 13,345.7 12,206.6 15,476.7 17,765.9 58,794.9
- Retail electric
sales volumes in
kilowatt-hours 1,139.1 1,304.8 1,989.7 2,120.5 6,554.1
- Wholesale natural
gas sales volumes in
billion cubic feet 106.4 87.7 100.7 107.4 402.2
- Retail natural gas
sales volumes in
billion cubic feet 73.7 78.4 76.7 85.7 314.5
Physical Volumes
(includes only
transactions settled
physically)(8)
- Wholesale electric
sales volumes in
kilowatt-hours 264.7 200.2 207.7 295.6 968.2
- Retail electric
sales volumes in
kilowatt-hours 931.6 1,035.2 1,266.0 1,332.8 4,565.6
- Wholesale natural
gas sales volumes in
billion cubic feet 100.9 81.9 95.9 94.8 373.5
- Retail natural gas
sales volumes in
billion cubic feet 69.5 61.8 61.2 71.5 264.0
Notes:
(7)External costs to
achieve allocated
(related to the
merger with PEC) N/A N/A N/A N/A N/A
(8)Gross Volumes from
nonregulated
marketing operations
of Peoples Energy
- Wholesale electric
sales volumes in
kilowatt-hours N/A N/A N/A N/A N/A
- Retail electric
sales volumes in
kilowatt-hours N/A N/A N/A N/A N/A
- Wholesale natural
gas sales volumes in
billion cubic feet N/A N/A N/A N/A N/A
- Retail natural gas
sales volumes in
billion cubic feet N/A N/A N/A N/A N/A
(8)Physical Volumes
from nonregulated
marketing operations
of Peoples Energy
- Wholesale electric
sales volumes in
kilowatt-hours N/A N/A N/A N/A N/A
- Retail electric
sales volumes in
kilowatt-hours N/A N/A N/A N/A N/A
- Wholesale natural
gas sales volumes in
billion cubic feet N/A N/A N/A N/A N/A
- Retail natural gas
sales volumes in
billion cubic feet N/A N/A N/A N/A N/A
Nonregulated Segment - Holding Company and Other
American Transmission
Company (ATC)
Equity contributions
to ATC related to the
Wausau, WI to Duluth MN,
transmission line $16.1 $6.3 $- $- $22.4
Other equity contributions
to ATC 4.5 4.7 4.9 - 14.1
Percent ownership interest
in ATC 32.8% 32.7% 31.6% 30.7% 30.7%
After-tax equity earnings
recognized from the
investment in ATC 5.3 5.9 6.1 6.1 23.4
Income available for common
shareholders(9) $0.8 $5.6 $(1.6) $(4.5) $0.3
(9)External costs to achieve
allocated (related to
the merger with PEC) N/A N/A $0.5 $1.6 N/A
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2007
1st Qtr 2nd Qtr YTD
Nonregulated Segment - Integrys
Energy Services
Nonregulated revenues $1,775.4 $1,648.4 $3,423.8
year-over-year change 14.0% 45.8% 27.4%
Nonregulated cost of fuel, natural
gas, and purchased power 1,666.7 1,649.9 3,316.6
Margins 108.7 (1.5) 107.2
year-over-year change 36.9% -102.8% -19.8%
Margins/Revenues 6.1% -0.1% 3.1%
Margin Detail:
- Electric and other margin 72.3 (20.1) 52.2
- Natural gas margin 36.4 18.6 55.0
Margins 108.7 (1.5) 107.2
Operating and maintenance
expense(7) 31.6 44.3 75.9
Depreciation and amortization 2.8 2.8 5.6
Taxes other than income 2.7 1.7 4.4
Operating Income 71.6 (50.3) 21.3
year-over-year change 32.1% -247.9% -75.9%
Income available for common
shareholders $79.7 $(44.0) $35.7
Gross Volumes (includes
transactions both physically and
financially settled)(8)
- Wholesale electric sales volumes
in kilowatt-hours 26,070.7 29,412.1 55,482.8
- Retail electric sales volumes in
kilowatt-hours 2,487.0 3,467.5 5,954.5
- Wholesale natural gas sales
volumes in billion cubic feet 112.3 112.4 224.7
- Retail natural gas sales volumes
in billion cubic feet 111.9 87.4 199.3
Physical Volumes (includes only
transactions settled
physically)(8)
- Wholesale electric sales volumes
in kilowatt-hours 715.4 607.9 1,323.3
- Retail electric sales volumes in
kilowatt-hours 2,439.4 3,419.8 5,859.2
- Wholesale natural gas sales
volumes in billion cubic feet 97.9 105.5 203.4
- Retail natural gas sales volumes
in billion cubic feet 91.5 73.5 165.0
Notes:
(7)External costs to achieve
allocated (related to the merger
with PEC) $2.0 $1.2 $3.2
(8)Gross Volumes from nonregulated
marketing operations of Peoples
Energy
- Wholesale electric sales volumes
in kilowatt-hours - - -
- Retail electric sales volumes in
kilowatt-hours 507.6 1,366.1 1,873.7
- Wholesale natural gas sales
volumes in billion cubic feet 5.1 11.3 16.4
- Retail natural gas sales volumes
in billion cubic feet 6.8 7.9 14.7
(8)Physical Volumes from
nonregulated marketing operations
of Peoples Energy
- Wholesale electric sales volumes
in kilowatt-hours - - -
- Retail electric sales volumes in
kilowatt-hours 507.6 1,366.1 1,873.7
- Wholesale natural gas sales
volumes in billion cubic feet 4.9 11.2 16.1
- Retail natural gas sales volumes
in billion cubic feet 6.8 7.9 14.7
Nonregulated Segment - Holding Company and Other
American Transmission Company (ATC)
Equity contributions to ATC related
to the Wausau, WI to Duluth MN,
transmission line $12.0 $12.9 $24.9
Other equity contributions to ATC - - -
Percent ownership interest in ATC 31.3% 32.4% 32.4%
After-tax equity earnings recognized
from the investment in ATC 7.1 7.2 14.3
Income available for common
shareholders(9) $- $(6.2) $(6.2)
(9)External costs to achieve
allocated (related to the merger
with PEC) $(7.8) $- $(7.8)
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2006
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Ended
Other information:
Heating and Cooling Degree Days
- WPSC
Heating Degree Days - Actual 3,322 779 244 2,440 6,785
period-over-period change -11.1% -11.7% 114.0% -8.6% -8.3%
compared with normal -10.3% -21.6% 3.4% -10.6% -11.5%
Heating Degree Days - Normal 3,705 994 236 2,728 7,663
Cooling Degree Days - Actual - 123 395 3 521
period-over-period change N/M(1) -40.6% -3.9% -90.3% -19.7%
compared with normal N/M(1) -4.7% 14.8% N/M(1) 10.1%
Cooling Degree Days - Normal - 129 344 - 473
Heating Degree Days - MGUC
Heating Degree Days - Actual N/A 668 162 2,093 2,923
period-over-period change N/A N/A N/A N/A N/A
compared with normal N/A -24.6% -28.6% -8.3% -13.9%
Heating Degree Days - Normal N/A 886 227 2,282 3,395
Heating Degree Days - MERC
Heating Degree Days - Actual
(northern service territory) N/A N/A 169 3,033 3,202
Heating Degree Days - Normal
(northern service territory) N/A N/A 259 3,026 3,285
compared with normal N/A N/A -34.7% 0.2% -2.5%
Heating Degree Days - Actual
(southern service territory) N/A N/A 378 3,213 3,591
Heating Degree Days - Normal
(southern service territory) N/A N/A 480 3,563 4,043
compared with normal N/A N/A -21.3% -9.8% -11.2%
Heating Degree Days - Peoples
Gas Light & Coke
Heating Degree Days - Actual
(for period from 02/21 - 06/30) N/A N/A N/A N/A N/A
Heating Degree Days - Normal
(for period from 02/21 - 06/30) N/A N/A N/A N/A N/A
compared with normal N/A N/A N/A N/A N/A
Heating Degree Days - North
Shore Gas
Heating Degree Days - Actual
(for period from 02/21 - 06/30) N/A N/A N/A N/A N/A
Heating Degree Days - Normal
(for period from 02/21 - 06/30) N/A N/A N/A N/A N/A
compared with normal N/A N/A N/A N/A N/A
Diluted Earnings per Share
Impact -
favorable/(unfavorable) - WPSC
Heating compared with prior year
Electric impact $(0.03) $(0.01) $- $(0.01) $(0.05)
Gas impact (0.05) (0.02) 0.02 (0.02) (0.07)
Heating compared with normal
Electric impact (0.03) (0.02) - (0.02) (0.07)
Gas impact (0.05) (0.04) - (0.04) (0.13)
Cooling compared with prior year
Electric impact - (0.11) (0.02) (0.02) (0.15)
Gas Impact - - - - -
Cooling compared with normal
Electric impact - (0.02) 0.04 - 0.02
Gas impact - - - - -
Diluted Earnings per Share
Impact -
favorable/(unfavorable) - MGUC
Heating compared with normal -
gas impact N/A $(0.01) $- $(0.01) (0.02)
Heating compared with prior year
- gas impact N/A N/A N/A N/A N/A
Diluted Earnings per Share
Impact -
favorable/(unfavorable) - MERC
Heating compared with normal -
gas impact N/A N/A $(0.01) $(0.02) $(0.03)
Diluted Earnings per Share
Impact -
favorable/(unfavorable) -
Peoples Gas Light & Coke
Heating compared with normal -
gas impact (for period from
02/21 - 06/30) N/A N/A N/A N/A N/A
Diluted Earnings per Share
Impact -
favorable/(unfavorable) - North
Shore Gas
Heating compared with normal -
gas impact (for period from
02/21 - 06/30) N/A N/A N/A N/A N/A
(10) Note that UPPCO weather information was not included in the above
table as it not have a significant impact on financial results.
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2007
1st Qtr 2nd Qtr YTD
Other information:
Heating and Cooling Degree Days -
WPSC
Heating Degree Days - Actual 3,552 850 4,402
period-over-period change 6.9% 9.1% 7.3%
compared with normal -3.9% -14.2% -6.1%
Heating Degree Days - Normal 3,696 991 4,687
Cooling Degree Days - Actual - 204 204
period-over-period change N/M(1) 65.9% 65.9%
compared with normal N/M(1) 46.8% 46.8%
Cooling Degree Days - Normal - 139 139
Heating Degree Days - MGUC
Heating Degree Days - Actual 3,141 758 3,899
period-over-period change N/A 13.5% N/A
compared with normal -1.9% -14.4% -4.6%
Heating Degree Days - Normal 3,203 886 4,089
Heating Degree Days - MERC
Heating Degree Days - Actual
(northern service territory) 3,827 754 4,581
Heating Degree Days - Normal
(northern service territory) 3,962 907 4,869
compared with normal -3.4% -16.9% -5.9%
Heating Degree Days - Actual
(southern service territory) 4,441 1,162 5,603
Heating Degree Days - Normal
(southern service territory) 4,590 1,254 5,844
compared with normal -3.2% -7.3% -4.1%
Heating Degree Days - Peoples Gas
Light & Coke
Heating Degree Days - Actual (for
period from 02/21 - 06/30) 925 677 1,602
Heating Degree Days - Normal (for
period from 02/21 - 06/30) 1,085 768 1,853
compared with normal -14.7% -11.8% -13.5%
Heating Degree Days - North Shore
Gas
Heating Degree Days - Actual (for
period from 02/21 - 06/30) 925 677 1,602
Heating Degree Days - Normal (for
period from 02/21 - 06/30) 1,085 768 1,853
compared with normal -14.7% -11.8% -13.5%
Diluted Earnings per Share Impact
- favorable/(unfavorable) - WPSC
Heating compared with prior year
Electric impact $0.01 - $0.01
Gas impact 0.02 0.01 0.03
Heating compared with normal
Electric impact (0.01) (0.01) (0.02)
Gas impact (0.02) (0.01) (0.03)
Cooling compared with prior year
Electric impact - 0.03 0.03
Gas Impact - - -
Cooling compared with normal
Electric impact - 0.02 0.02
Gas impact - - -
Diluted Earnings per Share Impact
- favorable/(unfavorable) - MGUC
Heating compared with normal -
gas impact - - -
Heating compared with prior year
- gas impact N/A - -
Diluted Earnings per Share Impact
- favorable/(unfavorable) - MERC
Heating compared with normal -
gas impact - - (0.01)
Diluted Earnings per Share Impact
- favorable/(unfavorable) -
Peoples Gas Light & Coke
Heating compared with normal -
gas impact (for period from
02/21 - 06/30) (0.04) (0.01) (0.04)
Diluted Earnings per Share Impact
- favorable/(unfavorable) -
North Shore Gas
Heating compared with normal -
gas impact (for period from
02/21 - 06/30) (0.01) - (0.01)
(10) Note that UPPCO weather information was not included in the above
table as it not have a significant impact on financial results.
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2006
Year
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Ended
Other information:
Capital Expenditures
Weston 4 $35.2 $41.7 $44.0 $26.0 $146.9
Other regulated utility
expenditures 28.7 45.8 54.4 60.7 189.6
Integrys Energy Services 1.1 1.1 3.3 - 5.5
Other N/A N/A N/A N/A N/A
Total Capital Expenditures $65.0 $88.6 $101.7 $86.7 $342.0
Impact of Synthetic Fuel
Activities on Results of
Operations
Nonregulated revenue:
Mark-to-market gains (losses) on
2006 oil options $6.0 $11.7 $(15.8) $(5.9) $(4.0)
Net realized gains on 2006 oil
options 2.0 - - 0.1 2.1
Mark-to-market gains (losses) on
2007 oil options 2.4 2.6 (2.2) (3.3) (0.5)
Miscellaneous income
Operating losses - synthetic
fuel facility (4.7) (8.2) (5.7) (5.3) (23.9)
Variable payments recognized 0.9 1.0 1.3 - 3.2
Royalty income recognized - - - - -
Deferred gain recognized 0.6 0.5 0.6 0.6 2.3
Interest recognized on fixed
note receivable 0.3 0.2 0.2 0.2 0.9
Minority Interest 1.2 1.2 1.4 - 3.8
Income (loss) before taxes and
tax credits related to
synthetic fuel activities 8.7 9.0 (20.2) (13.6) (16.1)
Estimated provision (benefit) for
income taxes (40%) 3.5 3.6 (8.1) (5.4) (6.4)
Income (loss) before tax credits
related to synthetic fuel
activities 5.2 5.4 (12.1) (8.2) (9.7)
Section 29/45K federal tax credits
recognized 4.5 3.1 12.4 9.5 29.5
Total impact on income available
for common shareholders $9.7 $8.5 $0.3 $1.3 $19.8
Statistics from the Oil and
Gas Production Segment
Earnings realized by the oil and
gas segment (most recorded as
discontinued operations) N/A N/A N/A N/A N/A
Total production - gas
equivalent (Mmcfe)(11) N/A N/A N/A N/A N/A
Daily average gas production
(MMcfd) N/A N/A N/A N/A N/A
Daily average oil production
(MBd) N/A N/A N/A N/A N/A
Daily average production - gas
equivalent (MMcfed)(11) N/A N/A N/A N/A N/A
Gas production as a percentage
of total production N/A N/A N/A N/A N/A
Gas average sales price ($/Mcf) N/A N/A N/A N/A N/A
Oil average sales price ($/Bbl) N/A N/A N/A N/A N/A
(11) Oil production is converted to gas equivalents based on a
conversion of six Mcf of gas per barrel of oil
Integrys Energy Group
Supplemental Quarterly Financial Highlights
(millions, except per share amounts and Integrys Energy Services natural
gas sales volumes)
2007
1st Qtr 2nd Qtr YTD
Other information:
Capital Expenditures
Weston 4 $21.0 21.4 42.4
Other regulated utility
expenditures 30.4 66.6 97.0
Integrys Energy Services 1.1 6.4 7.5
Other 5.1 3.0 8.1
Total Capital Expenditures $57.6 $97.4 $155.0
Impact of Synthetic Fuel
Activities on Results of
Operations
Nonregulated revenue:
Mark-to-market gains (losses)
on 2006 oil options $- $- $-
Net realized gains on 2006 oil
options - - -
Mark-to-market gains (losses)
on 2007 oil options 1.0 0.2 1.2
Miscellaneous income
Operating losses - synthetic
fuel facility (4.6) (5.0) (9.6)
Variable payments recognized 0.1 - 0.1
Royalty income recognized 0.1 (0.1) -
Deferred gain recognized 0.6 0.5 1.1
Interest recognized on fixed
note receivable 0.1 0.1 0.2
Minority Interest 0.1 (0.1) -
Income (loss) before taxes and
tax credits related to
synthetic fuel activities (2.6) (4.4) (7.0)
Estimated provision (benefit) for
income taxes (40%) 1.0 1.8 2.8
Income (loss) before tax
credits related to synthetic
fuel activities (1.6) (2.6) (4.2)
Section 29/45K federal tax
credits recognized 20.6 (12.6) 8.0
Total impact on income
available for common
shareholders $19.0 $(15.2) $3.8
Statistics from the Oil and Gas
Production Segment
Earnings realized by the oil and
gas segment (most recorded as
discontinued operations) $8.0 22.8 30.8
Total production - gas
equivalent (Mmcfe)(11) 2,768.0 6,579.1 9,347.4
Daily average gas production
(MMcfd) 64.4 66.1 65.6
Daily average oil production
(MBd) 1.4 1.0 1.1
Daily average production - gas
equivalent (MMcfed)(11) 72.9 72.3 72.5
Gas production as a percentage
of total production 88% 91% 91%
Gas average sales price ($/Mcf) $6.9 $7.54 $7.4
Oil average sales price ($/Bbl) $56.3 $59.8 $58.5
(11) Oil production is converted to gas equivalents based on a
conversion of six Mcf of gas per barrel of oil
Integrys Energy Services
Supplemental Gross Margin Detail
(millions, except per unit margins and volumes delivered)
Quarter-to-date Year-to-date
2007 2006 Change 2007 2006 Change
Natural Gas
Retail
Realized margins(1) $6.5 $6.8 $(0.3) $34.0 $26.5 $7.5
Unrealized
gain/(loss)(2) 3.6 8.6 (5.0) (17.6) 13.7 (31.3)
Effect of purchase
accounting on
realized margins(3) (2.6) -- (2.6) (5.6) -- (5.6)
Effect of purchase
accounting on
unrealized
margins(3) 0.9 -- 0.9 2.8 -- 2.8
8.4 15.4 (7.0) 13.6 40.2 (26.6)
Wholesale
Realized margins(1) 12.1 12.7 (0.6) 26.0 24.5 1.5
Unrealized
gain/(loss)(2) (4.1) (13.9) 9.8 12.6 (12.2) 24.8
Effect of purchase
accounting on
realized margins(3) 2.0 -- 2.0 2.5 -- 2.5
Effect of purchase
accounting on
unrealized
margins(3) 0.2 -- 0.2 0.3 -- 0.3
10.2 (1.2) 11.4 41.4 12.3 29.1
Total Natural Gas
Margins 18.6 14.2 4.4 55.0 52.5 2.5
Electric and Other
Retail
Realized margins(1) 14.6 5.3 9.3 16.5 4.6 11.9
Unrealized
gain/(loss)(2) (31.7) (4.9) (26.8) 8.8 (8.7) 17.5
Effect of purchase
accounting on
realized margins(3) 8.4) -- (8.4) (12.1) -- (12.1)
Effect of purchase
accounting on
unrealized
margins(3) 1.9 -- 1.9 2.6 -- 2.6
(23.6) 0.4 (24.0) 15.8 (4.1) 19.9
Wholesale Trading
and Structured
Origination (4)
Realized margins(1) 23.7 30.4 (6.7) 39.2 45.1 (5.9)
Unrealized
gain/(loss)(2) (20.4) (5.0) (15.4) (4.0) 15.5 (19.5)
3.3 25.4 (22.1) 35.2 60.6 (25.4)
Oil option activity
Unrealized
gain/(loss) 0.2 14.3 (14.1) 1.2 24.7 (23.5)
Total Electric and
Other Margins (20.1) 40.1 (60.2) 52.2 81.2 (29.0)
Total Gross Margin $(1.5) $54.3 $(55.8) $107.2 $133.7 $(26.5)
Volumes Delivered (includes only transactions settled physically for the periods shown)
Retail Natural Gas
(in billion cubic
feet) 73.5 61.8 11.7 165.1 131.3 33.8
Realized per unit
margins ($ per
dekatherm) $0.09 $0.11 $(0.02) $0.21 $0.20 $0.01
Retail Electric (in
kilowatt hours) 3,419.8 1,035.2 2,384.6 5,859.3 1,966.8 3,892.5
Realized per unit
margins ($ per
megawatt hour) $4.27 $5.12 $(0.85) $2.82 $2.34 $0.48
Definitions
(1) Realized margins - Represents physical sales, net of physical
purchases and the cash settlement of financial contracts
(i.e. forwards, futures and swaps).
(2) Unrealized gain/(loss) - Represents the non-cash change in fair
value of contracts that are deemed to be derivative instruments
as defined by Financial Accounting Standards Board Statement
No. 133 "Accounting for Derivative Instruments". Mark-to-market
gain/loss is another frequently used term to describe this
activity.
(3) Effect of purchase accounting - Represents the attribution of
purchase price related to the contracts acquired via the Peoples
merger. The value of the contracts (calculated as of the merger
date) is reversed through gross margin in the month of
settlement. A portion of this impact runs through unrealized
gains and loss and another portion runs through realized
margins. Both are noncash impacts that are broken out above in
order to help reconcile to the 10Q year-over-year variance
discussion. This schedule excludes the amortization of
intangibles identified as part of the merger (i.e. customer
list) which is included in operating expenses.
(4) Wholesale Trading and Structured Origination - Captures our
proprietary trading activity, structured origination activity
and optimization of our plants and customer load. Variance
explanations are captured in three line items in the 10-Q (1)
Realized gains on structured origination contracts (2)
Liquidation of an electric supply contract in 2005 and (3) All
other wholesale electric operations.
DATASOURCE: Integrys Energy Group, Inc.
Web site: http://www.integrysgroup.com/