Duke-Energy 04 Stat_Supplement

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Duke-Energy 04 Stat_Supplement

  1. 1. CONTENTS 2 CONSOLIDATED DATA 28 FIELD SERVICES 2 Financial Highlights 29 Segment Earnings Before Interest and Taxes from Continuing Operations 3 Earnings Before Interest and Taxes from Continuing Operations by Business Segment 30 Segment Balance Sheets 4 Consolidating Statement of Operations 32 Operating Statistics 5 Consolidated Statements of Operations 33 DUKE ENERGY NORTH AMERICA 6 Consolidating Balance Sheet 34 Segment Earnings Before Interest and Taxes from Continuing Operations 8 Consolidated Balance Sheets 35 Segment Balance Sheets 10 Consolidated Statements of Cash Flows 37 Operating Statistics 11 Capital and Investment Expenditures by Business Segment 38 INTERNATIONAL ENERGY 12 Long-Term Debt 39 Segment Earnings Before Interest and Taxes 15 Preferred and Preference Stock without from Continuing Operations Sinking Fund Requirements 40 Segment Balance Sheets 16 Capitalization 42 Operating Statistics 17 FRANCHISED ELECTRIC 43 CRESCENT RESOURCES 18 Segment Earnings Before Interest and Taxes 44 Segment Earnings Before Interest and Taxes 19 Segment Balance Sheets from Continuing Operations 21 Operating Statistics 45 Segment Balance Sheets 47 Operating Statistics 23 NATURAL GAS TRANSMISSION 24 Segment Earnings Before Interest and Taxes 25 Segment Balance Sheets 27 Operating Statistics Contents
  2. 2. Duke Energy Corporation FINANCIAL HIGHLIGHTS Years ended December 31 2004 2003 2002 2001 2000 (In millions, except per share amounts) COMMON STOCK DATA a Earnings (loss) per share (from continuing operations) $ 1.31 Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.13) $ 1.53 $ 2.59 $ 2.42 $ 1.27 Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.13) $ 1.53 $ 2.57 $ 2.41 Earnings (loss) per share (from discontinued operations) $ 0.28 Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.17) $ (0.31) $ (0.01 ) $ (0.03) $ 0.27 Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.17) $ (0.31) $ (0.01) $ (0.03) Earnings (loss) per share (before cumulative effect of change in accounting principle) $ 1.59 Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.30) $ 1.22 $ 2.58 $ 2.39 $ 1.54 Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.30) $ 1.22 $ 2.56 $ 2.38 Earnings (loss) per share $ 1.59 Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.48) $ 1.22 $ 2.45 $ 2.39 $ 1.54 Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.48) $ 1.22 $ 2.44 $ 2.38 957 Shares outstanding at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 911 895 777 739 931 Weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 903 836 767 736 $1,065 Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,051 $ 938 $ 871 $ 828 $ 1.10 Dividends paid (per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.10 $ 1.10 $ 1.10 $ 1.10 $17.18 Book value (per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.09 $16.70 $16.33 $ 13.60 Historical Reference b Market price (per share) $26.16 High . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21.57 $40.00 $47.74 $ 44.97 $18.85 Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.21 $16.42 $32.22 $ 23.19 $25.33 Close . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.45 $19.54 $39.26 $ 42.63 a Amounts prior to 2001 were restated to reflect the two-for-one common stock split effective January 26, 2001. b As of 2001, data reflects the intra-day high and low stock price. 2 Consolidated Data
  3. 3. Duke Energy Corporation EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS BY BUSINESS SEGMENT Consolidated Earnings (Loss) EBIT Interest Expense, from Continuing Franchised Natural Gas Field Duke Energy International Minority Interest Operations before Electric Transmission Services North America Energy Crescent Expense & Other Income Taxes (In millions) 2004 QUARTERS ENDED $ (558 )a March 31 . . . . . . . . . . . . . . . $ 424 $ 398 $ 91 $ 29 $ 60 $ (347 ) $ 97 June 30 . . . . . . . . . . . . . . . . 338 311 95 (37 ) 68 87 (321) 541 Sept 30 . . . . . . . . . . . . . . . . 453 265 66 (17 ) 64 43 (345) 529 Dec 31 . . . . . . . . . . . . . . . . 252 336 128 77 61 50 (299) 605 Total . . . . . . . . . . . . . . . . . . $1,467 $1,310 $380 $ (535 ) $222 $240 $(1,312) $ 1,772 2003 QUARTERS ENDED $ 587 March 31 . . . . . . . . . . . . . . . $ 454 $ 423 $ 29 $ 23 $ 40 $ 1 $ (383) 597 June 30 . . . . . . . . . . . . . . . . 316 306 55 211 91 21 (403) (17) Sept 30 . . . . . . . . . . . . . . . . 436 280 52 (411 )b 44 40 (458) (2,877) Dec 31 . . . . . . . . . . . . . . . . . 197 308 51 (3,164 )c 40 72 (381 ) $(1,710) Total . . . . . . . . . . . . . . . . . . $1,403 $1,317 $187 $(3,341 ) $215 $134 $(1,625 ) 2002 QUARTERS ENDED $ 538 March 31 . . . . . . . . . . . . . . . $ 384 $ 266 $ 36 $ 54 $ 49 $ 2 $ (253) 715 June 30 . . . . . . . . . . . . . . . . 388 313 43 196 61 23 (309) 357 Sept 30 . . . . . . . . . . . . . . . . 575 288 21 (107 ) (31) 16 (405 ) 296 Dec 31 . . . . . . . . . . . . . . . . . 248 294 48 26 23 117 (460 ) $ 1,906 Total . . . . . . . . . . . . . . . . . . $1,595 $1,161 $148 $ 169 $102 $158 $(1,427) 2001 QUARTERS ENDED $ 873 March 31 . . . . . . . . . . . . . . . $ 459 $ 175 $124 $ 384 $ 56 $ 3 $ (328 ) 667 June 30 . . . . . . . . . . . . . . . . 358 141 84 272 61 31 (280) 1,264 Sept 30 . . . . . . . . . . . . . . . . 607 142 70 654 52 50 (311 ) 343 Dec 31 . . . . . . . . . . . . . . . . . 202 149 55 177 67 83 (390 ) $ 3,147 Total . . . . . . . . . . . . . . . . . . $1,626 $ 607 $333 $ 1,487 $236 $167 $(1,309 ) a Includes an approximate $360 million charge associated with the sale of DENA’s Southeast Plants b Includes a $254 million goodwill writeoff c Includes $2,903 million of impairments (related to DENA’s plants and redesignation of power contracts to mark-to-market) 3 Consolidated Data
  4. 4. Duke Energy Corporation CONSOLIDATING STATEMENT OF OPERATIONS Year Ended Natural December 31, Franchised Gas Field Duke Energy International Eliminations/ 2004 (In millions) Electric Transmission Services North America Energy Crescent Other Adjustments OPERATING REVENUES a $14,275 Non-regulated electric, natural gas, natural gas liquids and other . . . . . . . . . $ — $ — $10,104 $2,294 $619 $437 $1,144 $(323 ) 5,111 Regulated electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,069 — — 67 — — — (25 ) 3,117 Regulated natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,290 — — — — — (173 ) 22,503 Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,069 3,290 10,104 2,361 619 437 1,144 (521 ) OPERATING EXPENSES 11,335 Natural gas and petroleum products purchased . . . . . . . . . . . . . . . . . . . . . — 758 8,614 1,398 4 — 946 (385 ) 3,568 Operation, maintenance and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,264 701 550 419 164 343 264 (137 ) 2,098 Fuel used in electric generation and purchased power . . . . . . . . . . . . . . . . 1,206 — — 665 228 — — (1 ) 1,851 Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 863 418 298 173 58 2 39 — 539 Property and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 156 47 34 8 6 8 — 65 Impairment and other related charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 22 1 — 42 — — 19,456 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,613 2,033 9,531 2,690 462 393 1,257 (523 ) GAINS ON SALES OF INVESTMENTS IN COMMERCIAL AND MULTI-FAMILY REAL ESTATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 192 — — — — 192 — — GAINS (LOSSES) ON SALES OF OTHER ASSETS, NET . . . . . . . . . . . . . . . (225 ) 3 17 2 (248 ) (3 ) — 4 — OPERATING INCOME (LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,014 1,459 1,274 575 (577 ) 154 236 (109 ) 2 OTHER INCOME AND EXPENSES 161 Equity in earnings of unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . — 25 60 5 51 3 17 — (4 ) Gains (Losses) on sales and impairments of equity investments . . . . . . . . . . — 16 (23 ) — 2 — 1 — 145 Other income and expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 17 — 7 25 — 14 74 302 Total other income and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 58 37 12 78 3 32 74 MINORITY INTEREST EXPENSE (BENEFIT) b . . . . . . . . . . . . . . . . . . . . . . — 22 232 (30 ) 10 (1 ) — EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS (EBIT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,467 $1,310 $ 380 $ (535 ) $222 $240 $ (77) INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 MINORITY INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195 EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES . . 1,772 INCOME TAX EXPENSE FROM CONTINUING OPERATIONS . . . . . . . . . . . 540 INCOME FROM CONTINUING OPERATIONS . . . . . . . . . . . . . . . . . . . . . . 1,232 DISCONTINUED OPERATIONS (10 ) Net operating loss, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268 Net gain on dispositions, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . INCOME FROM DISCONTINUED OPERATIONS . . . . . . . . . . . . . . . . . . . . 258 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,490 DIVIDENDS AND PREMIUMS ON REDEMPTION OF PREFERRED AND PREFERENCE STOCK . . . . . . . . . . . . . . . . . . . . . . . . 9 EARNINGS AVAILABLE FOR COMMON STOCKHOLDERS . . . . . . . . . . . . . $ 1,481 a Presentation does not reflect certain immaterial reclassifications that were made in the Form 10-Q for the quarter ended March 31, 2005. b Includes minority interest expense (benefit) related to EBIT and excludes minority interest expense (benefit) related to interest and taxes. 4 Consolidated Data
  5. 5. Duke Energy Corporation CONSOLIDATED STATEMENTS OF OPERATIONS Years ended December 31 2004 2003 2002 2001 (In millions) OPERATING REVENUES a $14,275 Non-regulated electric, natural gas, natural gas liquids and other .............................................................. $14,178 $8,780 $11,879 5,111 Regulated electric ................................................................................................................................ 4,960 4,880 5,088 3,117 Regulated natural gas .......................................................................................................................... 2,942 2,200 922 22,503 Total operating revenues........................................................................................................................ 22,080 15,860 17,889 OPERATING EXPENSES 11,335 Natural gas and petroleum products purchased ...................................................................................... 11,419 5,360 6,865 3,568 Operation, maintenance and other.......................................................................................................... 3,796 3,304 3,706 2,098 Fuel used in electric generation and purchased power .............................................................................. 2,075 2,191 2,022 1,851 Depreciation and amortization................................................................................................................ 1,792 1,506 1,252 539 Property and other taxes........................................................................................................................ 526 533 430 65 Impairment and other related charges .................................................................................................... 2,956 364 — Impairments of goodwill ........................................................................................................................ — 254 — 36 19,456 Total operating expenses........................................................................................................................ 22,818 13,258 14,311 GAINS ON SALES OF INVESTMENTS IN COMMERCIAL AND MULTI-FAMILY REAL ESTATE ...................... 192 84 106 106 (LOSSES) GAINS ON SALES OF OTHER ASSETS, NET............................................................................ (225 ) (199 ) 32 238 OPERATING INCOME (LOSS)................................................................................................................ 3,014 (853 ) 2,740 3,922 OTHER INCOME AND EXPENSES 161 Equity in earnings of unconsolidated affiliates .......................................................................................... 123 218 164 (4 ) (Losses) Gains on sales and impairments of equity investments ................................................................ 279 32 — 145 Other income and expenses, net ............................................................................................................ 182 129 147 302 Total other income and expenses............................................................................................................ 584 379 311 INTEREST EXPENSE............................................................................................................................ 1,349 1,380 1,097 760 MINORITY INTEREST EXPENSE b ........................................................................................................ 195 61 116 326 EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ...................................... 1,772 (1,710 ) 1,906 3,147 INCOME TAX EXPENSE (BENEFIT) FROM CONTINUING OPERATIONS.................................................... 540 (707 ) 611 1,149 INCOME (LOSS) FROM CONTINUING OPERATIONS .............................................................................. 1,232 (1,003 ) 1,295 1,998 DISCONTINUED OPERATIONS Net operating loss, net of tax .............................................................................................................. (10 ) (27 ) (261 ) (4 ) Net gain (loss) on dispositions, net of tax.............................................................................................. 268 (131 ) — — INCOME (LOSS) FROM DISCONTINUED OPERATIONS .......................................................................... 258 (158 ) (261 ) (4 ) INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE .................... 1,490 (1,161 ) 1,034 1,994 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX AND MINORITY INTEREST — (162 ) — (96 ) NET INCOME (LOSS) .......................................................................................................................... 1,490 (1,323 ) 1,034 1,898 DIVIDENDS AND PREMIUMS ON REDEMPTION OF PREFERRED AND PREFERENCE STOCK .................. 9 15 13 14 EARNINGS (LOSS) AVAILABLE FOR COMMON STOCKHOLDERS ............................................................ $1,481 $(1,338 ) $1,021 $1,884 a Presentation does not reflect certain immaterial reclassifications that were made in the Form 10-Q for the quarter ended March 31, 2005. b Minority Interest Expense includes dividends of $55 million in 2003, $108 million in 2002 and $108 million in 2001 related to trust preferred securities. 5 Consolidated Data
  6. 6. Duke Energy Corporation CONSOLIDATING BALANCE SHEET - ASSETS Natural December 31, Franchised Gas Field Duke Energy International Eliminations/ 2004 Electric Transmission Services North America Energy Crescent Other Adjustments (In millions) CURRENT ASSETS $ 533 Cash and cash equivalents . . . . . . . . . . . . . . . $ 14 $ (44 ) $ 59 $ 57 $ 301 $ 25 $ 124 $ (3 ) 1,319 Short-term investments . . . . . . . . . . . . . . . . . . 185 — 265 1 — — 868 — 3,237 Receivables, net . . . . . . . . . . . . . . . . . . . . . . . 1,015 638 1,300 446 603 95 (265 ) (595 ) 942 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 324 74 98 34 — 7 — 40 Assets held for sale . . . . . . . . . . . . . . . . . . . . . — — — 18 22 — — — Unrealized gains on mark-to-market 962 and hedging transactions . . . . . . . . . . . . . . . . — 7 59 868 — — 30 (2 ) 938 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 45 17 338 18 — 105 402 7,971 Total current assets . . . . . . . . . . . . . . . . . . . . . 1,632 970 1,774 1,826 978 120 869 (198 ) INVESTMENTS AND OTHER ASSETS 1,292 Investments in unconsolidated affiliates . . . . . . . — 772 157 152 167 20 24 — Investments and advances in (from) subsidiaries 12,439 10,983 10,832 4,275 (79 ) 772 22,621 (61,843 ) — 1,374 Nuclear decommissioning trust funds . . . . . . . . 1,374 — — — — — — — 4,148 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,398 498 — 245 7 — — 232 Notes receivable . . . . . . . . . . . . . . . . . . . . . . . — 57 — 52 68 55 — — Unrealized gains (losses) on mark-to-market 1,379 and hedging transactions . . . . . . . . . . . . . . . . 2 — (9 ) 1,294 — — 92 — 84 Assets held for sale . . . . . . . . . . . . . . . . . . . . . — — 37 47 — — — — Investments in residential, commercial and 1,128 multi-family real estate, net . . . . . . . . . . . . . . — — — — — 1,104 24 — 1,896 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077 (10 ) 96 45 198 9 481 — 11,533 Total investments and other assets . . . . . . . . . . 14,892 15,200 11,611 5,865 599 1,967 23,242 (61,843 ) PROPERTY, PLANT AND EQUIPMENT 46,806 Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,950 13,309 6,146 3,917 2,189 — 295 — 13,300 Less accumulated depreciation and amortization 7,830 2,521 1,890 548 371 — 140 — 33,506 Net property, plant and equipment . . . . . . . . . . 13,120 10,788 4,256 3,369 1,818 — 155 — REGULATORY ASSETS AND DEFERRED DEBITS 297 Deferred debt expense . . . . . . . . . . . . . . . . . . . 231 53 — — — — 13 — 1,269 Regulatory asset related to income taxes . . . . . . 376 893 — — — — — — 894 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701 185 — 4 — — 7 (3 ) 2,460 Total regulatory assets and deferred debits . . . . 1,308 1,131 — 4 — — 20 (3 ) TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . 55,470 30,952 28,089 17,641 11,064 3,395 2,087 24,286 (62,044 ) (12,753 ) (10,983 ) (10,831 ) (4,327 ) (66 ) (772 ) (22,457 ) 62,189 — Intercompany balances . . . . . . . . . . . . . . . . . . REPORTABLE SEGMENT ASSETS . . . . . . . . . . $55,470 $18,199 $17,106 $ 6,810 $6,737 $3,329 $1,315 $ 1,829 $ 145 6 Consolidated Data
  7. 7. Duke Energy Corporation CONSOLIDATING BALANCE SHEET - LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY Natural December 31, Franchised Gas Field Duke Energy International Eliminations/ 2004 Electric Transmission Services North America Energy Crescent Other Adjustments (In millions) CURRENT LIABILITIES $ 2,414 Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 444 $ 209 $ 1,175 $ 546 $ 35 $ (1 ) $ 203 $ (197 ) 68 Notes payable and commercial paper . . . . . . . . — 213 — — — — 146 (291 ) 273 Taxes accrued (prepaid) . . . . . . . . . . . . . . . . . . 9 231 75 (475 ) 212 9 (338 ) 550 287 Interest accrued . . . . . . . . . . . . . . . . . . . . . . . 75 87 59 14 1 1 67 (17 ) 30 Liabilities associated with assets held for sale . . — — — 5 25 — — — 1,832 Current maturities of long-term debt and preferred stock 506 157 607 121 61 11 369 — Unrealized losses on mark-to-market and 819 hedging transactions . . . . . . . . . . . . . . . . . . . — 3 84 542 — — 191 (1) 1,815 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 425 275 332 53 147 154 82 7,538 Total current liabilities . . . . . . . . . . . . . . . . . . . 1,381 1,325 2,275 1,085 387 167 792 126 LONG-TERM DEBT 16,932 Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . 5,646 5,396 1,649 75 513 23 3,630 — Intercompany debt . . . . . . . . . . . . . . . . . . . . . 10 3,178 — 3,452 — — 7,463 (14,103 ) — 16,932 Total long-term debt . . . . . . . . . . . . . . . . . . . . 5,656 8,574 1,649 3,527 513 23 11,093 (14,103 ) DEFERRED CREDITS AND OTHER LIABILITIES 5,228 Deferred income taxes . . . . . . . . . . . . . . . . . . . 2,223 1,980 933 549 96 — (264 ) (289 ) 154 Investment tax credit . . . . . . . . . . . . . . . . . . . . 154 — — — — — — — Unrealized losses (gains) on mark-to-market 971 and hedging transactions . . . . . . . . . . . . . . . . 22 — (27 ) 886 — — 90 — 14 Liabilities associated with assets held for sale . . — — — 14 — — — — 1,926 Asset retirement obligations . . . . . . . . . . . . . . . 1,864 6 55 1 — — — — 4,646 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,211 639 56 41 56 28 656 (41 ) 12,939 Total deferred credits and other liabilities . . . . . 7,474 2,625 1,017 1,491 152 28 482 (330 ) MINORITY INTERESTS . . . . . . . . . . . . . . . . . . — 1,486 354 850 94 132 59 (3 ) — PREFERRED AND PREFERENCE STOCK WITHOUT SINKING FUND REQUIREMENTS . . — 134 — — — — — 134 — COMMON STOCKHOLDERS’ EQUITY 11,252 Common stock . . . . . . . . . . . . . . . . . . . . . . . . 11,252 3 1 120 124 1 11,253 (11,502 ) Additional paid-in capital . . . . . . . . . . . . . . . . . — 9,393 9,190 5,614 2,974 545 454 (28,170 ) — 4,539 Retained earnings (deficit) . . . . . . . . . . . . . . . . 5,189 4,761 2,589 (1,115 ) (415 ) 1,264 (569 ) (7,165 ) — 650 Accumulated other comprehensive income (loss) 1,054 70 248 (472 ) — 650 (900 ) 16,441 Total common stockholders’ equity . . . . . . . . . . 16,441 15,211 11,850 4,867 2,211 1,810 11,788 (47,737 ) TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY . . . . . . . . . . . . . . 55,470 30,952 28,089 17,641 11,064 3,395 2,087 24,286 (62,044 ) (12,753 ) (10,983 ) (10,831 ) (4,327 ) (66 ) (772 ) (22,457 ) 62,189 — Intercompany balances . . . . . . . . . . . . . . . . . . REPORTABLE SEGMENT LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY . . . . . . . $18,199 $17,106 $ 6,810 $6,737 $3,329 $1,315 $ 1,829 $ 145 $55,470 7 Consolidated Data
  8. 8. Duke Energy Corporation CONSOLIDATED BALANCE SHEETS - ASSETS December 31 2004 2003 2002 2001 2000 (In millions) CURRENT ASSETS $ 533 Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 397 $ 382 $ 290 $ 622 1,319 Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 763 492 — — 3,237 Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,953 4,861 5,301 8,648 942 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941 971 863 659 40 Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361 — — — 962 Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . . . 1,566 2,144 2,326 11,038 938 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694 887 667 1,466 7,971 Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,675 9,737 9,447 22,433 INVESTMENTS AND OTHER ASSETS 1,292 Investments in unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,398 2,015 1,480 1,387 1,374 Nuclear decommissioning trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 708 716 717 4,148 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,962 3,747 1,730 1,566 232 Notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 589 576 462 1,379 Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . . . 1,857 2,480 3,117 4,218 84 Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,444 — — — 1,128 Investments in residential, commercial and multi-family real estate, net . . . . . . . . 1,353 1,440 1,253 1,150 1,896 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,137 1,645 1,612 1,447 11,533 Total investments and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,336 12,624 10,484 10,947 PROPERTY, PLANT AND EQUIPMENT 46,806 Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,987 47,368 38,345 33,501 13,300 Less accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 12,139 11,266 9,936 9,075 33,506 Net property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,848 36,102 28,409 24,426 REGULATORY ASSETS AND DEFERRED DEBITS 297 Deferred debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 263 203 208 1,269 Regulatory asset related to income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,152 936 510 506 894 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939 460 571 756 2,460 Total regulatory assets and deferred debits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,366 1,659 1,284 1,470 TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $55,470 $57,225 $60,122 $49,624 $59,276 8 Consolidated Data
  9. 9. Duke Energy Corporation CONSOLIDATED BALANCE SHEETS - LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY December 31 2004 2003 2002 2001 2000 (In millions) CURRENT LIABILITIES $ 2,414 Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,317 $ 3,637 $ 4,231 $ 7,733 68 Notes payable and commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 915 1,603 1,826 273 Taxes accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 156 443 261 287 Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 310 239 208 30 Liabilities associated with assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . 651 — — — 1,832 Current maturities of long-term debt and preferred stock . . . . . . . . . . . . . . . . . 1,200 1,331 274 470 819 Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . . 1,283 1,918 1,519 11,070 1,815 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,849 1,770 2,146 1,769 7,538 Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,748 10,037 10,455 23,337 LONG-TERM DEBT, Including debt to affiliates of $876 at 2003 . . . . . . . . . . 16,932 20,622 20,221 12,321 10,717 DEFERRED CREDITS AND OTHER LIABILITIES 5,228 Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,120 4,834 4,307 3,851 154 Investment tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 176 189 211 971 Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . . 1,754 1,548 2,212 3,581 14 Liabilities associated with assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . 737 — — — 1,926 Asset retirement obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,707 — — — 4,646 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,789 4,893 3,564 3,435 12,939 Total deferred credits and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,272 11,451 10,272 11,078 GUARANTEED PREFERRED BENEFICIAL INTERESTS IN SUBORDINATED NOTES OF DUKE ENERGY CORPORATION OR SUBSIDIARIES . . . . . . . . . . — — 1,408 1,407 1,406 MINORITY INTERESTS IN FINANCING SUBSIDIARY . . . . . . . . . . . . . . . . . . — — — 1,025 1,025 MINORITY INTERESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,486 1,701 1,904 1,221 1,410 PREFERRED AND PREFERENCE STOCK Preferred and preference stock with sinking fund requirements a . . . . . . . . . . . — — 23 25 38 134 Preferred and preference stock without sinking fund requirements . . . . . . . . . . 134 134 209 209 134 Total preferred and preference stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 157 234 247 COMMON STOCKHOLDERS’ EQUITY 11,252 Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,519 9,236 6,217 4,797 4,539 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,060 6,417 6,292 5,379 650 Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . 169 (709 ) 180 (120 ) 16,441 Total common stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,748 14,944 12,689 10,056 TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY . . . . . . . . . . . $55,470 $57,225 $60,122 $49,624 $59,276 a Reclassified to Long-Term Debt as a result of the adoption of Statement of Financial Accounting Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity” which was effective July 1, 2003. 9 Consolidated Data

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