UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM U-3A-2/A
Amendment No. 1 to
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
From the Provisions of the
Public Utility Holding Company Act of 1935
VECTREN CORPORATION
VECTREN UTILITY HOLDINGS, INC.
hereby file with the Securities and Exchange Commission, pursuant to Rule 2,
this Amendment No. 1 to its statement filed April 17, 2003, claiming exemption
as a holding company from the provisions of the Public Utility Holding Company
Act of 1935. This amendment is submits consolidating financial statements and
financial data schedule of each filing entity:
Exhibit A
A consolidating statement of income of Vectren and subsidiary companies and
Vectren Utility Holdings, Inc. and subsidiary companies for the year ended
December 31, 2002, together with a consolidating balance sheet as of December
31, 2002, are annexed hereto as Exhibit A.
Exhibit B
A consolidated financial data schedule of Vectren and subsidiary companies and
Vectren Utility Holdings, Inc. and subsidiary companies as of and for the year
ended December 31, 2002 is annexed hereto as Exhibit B.
SIGNATURES
Each of the above named Claimants has caused this Amendment No. 1 to be duly
executed on its behalf by its authorized officer on this 17th day of April 2003.
VECTREN CORPORATION
VECTREN UTILITY HOLDINGS, INC.
(Names of Claimant)
By /s/ Ronald E. Christian
--------------------------------------
Ronald E. Christian
Senior Vice President, General Counsel,
and Secretary Vectren Corporation and
Vectren Utility Holdings, Inc.
Exhibit A
Page 1 of 6
Vectren Corporation and Subsidiary Companies
Consolidating Statement of Income
For the Year Ended December 31, 2002
(In millions)
VUHI Nonregulated Other Vectren Adjust. Vectren
Consolidated Operations Operations Corporation & Elimin. Consolidated
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OPERATING REVENUES:
Gas utility $ 909.0 $ - $ - $ - $ - $ 909.0
Electric utility 608.1 - - - - 608.1
Energy services and other - 352.3 23.3 - (88.4) 287.2
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Total operating revenues 1,517.1 352.3 23.3 - (88.4) 1,804.3
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OPERATING EXPENSES:
Cost of gas sold 571.8 - - - (0.6) 571.2
Fuel for electric generation 81.6 - - - - 81.6
Purchased electric energy 296.3 - - - - 296.3
Cost of energy services and other - 311.5 - - (62.1) 249.4
Other operating 220.6 26.3 1.3 0.6 (25.8) 223.0
Depreciation and amortization 96.8 8.6 13.9 0.3 - 119.6
Taxes other than income taxes 50.8 1.2 (0.1) - - 51.9
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Total operating expenses 1,317.9 347.6 15.1 0.9 (88.5) 1,593.0
--------------------------------------------------------------------------------------------------------
OPERATING INCOME 199.2 4.7 8.2 (0.9) 0.1 211.3
OTHER INCOME:
Equity in earnings of
unconsolidated affiliates (1.8) 10.9 - - - 9.1
Equity in earnings of
consolidated affiliates - 0.1 - 118.0 (118.1) -
Other - net 6.9 6.0 9.7 (1.5) (9.6) 11.5
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Total other income 5.1 17.0 9.7 116.5 (127.7) 20.6
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Interest expense 66.1 9.1 12.6 0.5 (9.8) 78.5
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INCOME BEFORE INCOME TAXES 138.2 12.6 5.3 115.1 (117.8) 153.4
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Income taxes 44.6 (6.9) (0.1) 1.3 - 38.9
Minority interest in subsidiary - 0.5 - - - 0.5
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NET INCOME $ 93.6 $ 19.0 $ 5.4 $113.8 $(117.8) $ 114.0
========================================================================================================
Exhibit A
Page 2 of 6
Vectren Utility Holdings, Inc. and Subsidiary Companies
Consolidating Statement of Income, Continued
For the Year Ended December 31, 2002
(In millions)
Indiana VUHI, Adjust VUHI
Gas SIGECO VEDO Inc. & Elimin Consolidated
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OPERATING REVENUES:
Gas utility $527.4 $ 85.5 $ 296.1 $ - $ - $ 909.0
Electric utility - 608.1 - - - 608.1
Energy services and other - - - - - -
--------------------------------------------------------------------------------------------------
Total operating revenues 527.4 693.6 296.1 - - 1,517.1
--------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Cost of gas sold 320.4 53.1 198.3 - - 571.8
Fuel for electric generation - 81.6 - - - 81.6
Purchased electric energy - 296.3 - - - 296.3
Cost of energy services and other - - - - - -
Other operating 79.0 97.4 43.9 0.3 - 220.6
Depreciation and amortization 40.7 45.1 11.0 - - 96.8
Taxes other than income taxes 15.1 11.8 24.0 - (0.1) 50.8
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Total operating expenses 455.2 585.3 277.2 0.3 (0.1) 1,317.9
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OPERATING INCOME 72.2 108.3 18.9 (0.3) 0.1 199.2
OTHER INCOME:
Equity in earnings of
unconsolidated affiliates - - - (1.8) - (1.8)
Equity in earnings of
consolidated affiliates 5.9 - - 95.3 (101.2) -
Other - net 0.9 4.8 0.4 27.3 (26.5) 6.9
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Total other income 6.8 4.8 0.4 120.8 (127.7) 5.1
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Interest expense 32.4 23.2 8.0 28.0 (25.5) 66.1
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INCOME BEFORE INCOME TAXES 46.6 89.9 11.3 92.5 (102.1) 138.2
--------------------------------------------------------------------------------------------------
Income taxes 12.1 30.6 4.0 (1.1) (1.0) 44.6
Minority interest in subsidiary - - 5.9 - (5.9) -
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NET INCOME $ 34.5 $ 59.3 $ 1.4 $ 93.6 $ (95.2) $ 93.6
==================================================================================================
Exhibit A
Page 3 of 6
Vectren Corporation and Subsidiary Companies
Consolidating Balance Sheet
As of December 31, 2002
(In millions)
VUHI Nonregulated Other Vectren Adjust Vectren
ASSETS Consolidated Operations Operations Corporation & Elimin Consolidated
------
-------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 10.5 $ 15.4 $ 0.1 $ (0.9) $ - $ 25.1
Accounts receivable, less reserves 131.8 22.3 0.1 0.2 - 154.4
Receivables from other
Vectren companies 56.2 31.6 73.2 78.5 (239.5) -
Accrued unbilled revenues 112.7 3.4 - - - 116.1
Inventories 56.0 6.8 - - - 62.8
Recoverable fuel and
natural gas costs 22.1 - - - - 22.1
Prepayments and other
current assets 86.5 2.6 0.1 3.8 - 93.0
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Total current assets 475.8 82.1 73.5 81.6 (239.5) 473.5
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Utility Plant:
Original cost 3,037.2 - - - (0.1) 3,037.1
Less: accumulated depreciation
and amortization 1,389.0 - - - - 1,389.0
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Net utility plant 1,648.2 - - - (0.1) 1,648.1
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Investments in unconsolidated
affiliates 2.4 150.9 - - - 153.3
Investments in consolidated
affiliates - 0.4 - 894.8 (895.2) -
Other investments 21.9 101.7 - 0.7 - 124.3
Notes receivable from
other Vectren companies - - 113.0 - (113.0) -
Non-utility property, net 8.7 78.8 130.6 9.9 - 228.0
Goodwill, net 202.2 - - - - 202.2
Regulatory assets 75.2 - - - - 75.2
Other assets 4.9 5.7 0.8 18.7 (8.2) 21.9
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TOTAL ASSETS $2,439.3 $ 419.6 $ 317.9 $1,005.7 $(1,256.0) $2,926.5
===============================================================================================================
Exhibit A
Page 4 of 6
Vectren Utility Holdings, Inc. and Subsidiary Companies
Consolidating Balance Sheet
As of December 31, 2002
(In millions)
Indiana VUHI, Adjust VUHI
ASSETS Gas SIGECO VEDO Inc. & Elimin Consolidated
------ --------------------------------------------------------------------
Current Assets:
Cash and cash equivalents $ 3.7 $ 2.2 $ 4.3 $ 0.3 $ - $ 10.5
Accounts receivable, less reserves 48.4 50.4 31.9 1.1 - 131.8
Receivables from other
Vectren companies 10.7 18.0 19.1 166.8 (158.4) 56.2
Accrued unbilled revenues 53.2 33.0 26.5 - - 112.7
Inventories 13.3 39.7 3.0 - - 56.0
Recoverable fuel and natural
gas costs 10.3 9.6 2.2 - - 22.1
Prepayments and other current assets 37.1 5.9 43.2 0.3 - 86.5
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Total current assets 176.7 158.8 130.2 168.5 (158.4) 475.8
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Utility Plant:
Original cost 1,148.6 1,526.1 362.5 - - 3,037.2
Less: accumulated depreciation
and amortization 492.7 728.8 167.5 - - 1,389.0
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Net utility plant 655.9 797.3 195.0 - - 1,648.2
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Investments in unconsolidated
affiliates 220.4 0.1 - 2.3 (220.4) 2.4
Investments in consolidated
affiliates - - - 802.4 (802.4) -
Other investments 2.5 10.0 0.6 8.8 - 21.9
Notes receivable from
other Vectren companies - - - 344.0 (344.0) -
Non-utility property, net 0.3 3.6 1.6 3.2 - 8.7
Goodwill, net - 5.6 196.6 - - 202.2
Regulatory assets 18.1 49.9 2.3 4.9 - 75.2
Other assets 4.2 0.4 0.3 - - 4.9
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TOTAL ASSETS $1,078.1 $1,025.7 $ 526.6 $1,334.1 $(1,525.2) $2,439.3
===========================================================================================================
Exhibit A
Page 5 of 6
Vectren Corporation and Subsidiary Companies
Consolidating Balance Sheet
As of December 31, 2002
(In millions)
VUHI Nonregulated Other Vectren Adjust Vectren
LIABILITIES AND SHAREHOLDERS' EQUITY Consolidated Operations Operations Corporation & Elimin Consolidated
------------------------------------ --------------------------------------------------------------------------
Current Liabilities:
Accounts payable $ 74.3 $ 24.8 $ 0.6 $ 2.0 $ - $ 101.7
Accounts payable to affiliated companies 85.6 0.8 - - - 86.4
Payables to other Vectren companies 63.0 9.4 6.0 68.4 (146.8) -
Accrued liabilities 85.2 6.5 0.8 27.3 0.1 119.9
Short-term borrowings 239.1 2.6 157.8 - - 399.5
Short-term borrowings to
other Vectren companies - 121.6 - - (121.6) -
Long-term debt subject to tender 26.6 - - - - 26.6
Current maturities of long-term debt 39.8 - - - - 39.8
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Total current liabilities 613.6 165.7 165.2 97.7 (268.3) 773.9
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Long-term debt, net of current
maturities 841.2 - 113.0 - - 954.2
Long-term debt, net of current
maturities to other Vectren
companies - 84.0 - - (84.0) -
Deferred Credits and Other Liabilities:
Deferred income taxes 173.7 38.9 - (15.4) (1.7) 195.5
Deferred credits and other liabilities 82.2 1.1 - 54.1 (6.6) 130.8
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Total deferred credits
and other liabilities 255.9 40.0 - 38.7 (8.3) 326.3
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Minority Interest in Subsidiary - 1.9 - - - 1.9
Cumulative Redeemable Preferred
Stock of Subsidiary 0.3 - - - - 0.3
Common Shareholders' Equity:
Common stock 385.7 87.1 5.8 349.9 (478.5) 350.0
Retained earnings 342.1 40.3 33.9 531.0 (416.9) 530.4
Accumulated other comprehensive income 0.5 0.6 - (11.6) - (10.5)
-------------------------------------------------------------------------------------------------------------------
Total common shareholders' equity 728.3 128.0 39.7 869.3 (895.4) 869.9
-------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $2,439.3 $ 419.6 $ 317.9 $1,005.7 $(1,256.0) $2,926.5
===================================================================================================================
Exhibit A
Page 6 of 6
Vectren Utility Holdings, Inc. and Subsidiary Companies
Consolidating Balance Sheet
As of December 31, 2002
(In millions)
Indiana VUHI, Adjust VUHI
LIABILITIES AND SHAREHOLDER'S EQUITY Gas SIGECO VEDO Inc. & Elimin Consolidated
------------------------------------ -------------------------------------------------------------------
Current Liabilities:
Accounts payable $ 33.7 $ 25.2 $ 12.4 $ 3.0 $ - $ 74.3
Accounts payable to affiliated companies 47.3 10.0 27.9 0.4 - 85.6
Payables to other Vectren companies 39.9 15.2 7.8 1.7 (1.6) 63.0
Accrued liabilities 29.0 30.8 22.5 3.6 (0.7) 85.2
Short-term borrowings - - - 239.1 - 239.1
Short-term borrowings to
other Vectren companies 108.2 39.4 - 8.5 (156.1) -
Long-term debt subject to tender - 26.6 - - - 26.6
Current maturities of long-term debt 38.8 1.0 - - - 39.8
--------------------------------------------------------------------------------------------------------------
Total current liabilities 296.9 148.2 70.6 256.3 (158.4) 613.6
--------------------------------------------------------------------------------------------------------------
Long-term debt, net of current maturities 228.5 264.2 - 348.5 - 841.2
Long-term debt, net of current maturities
to other Vectren companies 147.2 86.6 110.2 - (344.0) -
Deferred Credits and Other Liabilities:
Deferred income taxes 45.6 112.0 17.0 (0.9) - 173.7
Deferred credits and other liabilities 37.9 40.9 1.5 1.9 - 82.2
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Total deferred credits
and other liabilities 83.5 152.9 18.5 1.0 - 255.9
--------------------------------------------------------------------------------------------------------------
Minority Interest in Subsidiary - - 220.4 - (220.4) -
Cumulative Redeemable Preferred - 0.3 - - - 0.3
Stock of Subsidiary
Common Shareholder's Equity:
Common stock 243.0 103.3 115.0 385.7 (461.3) 385.7
Retained earnings 79.0 270.2 (8.1) 342.1 (341.1) 342.1
Accumulated other comprehensive income - - - 0.5 - 0.5
--------------------------------------------------------------------------------------------------------------
Total common shareholder's equity 322.0 373.5 106.9 728.3 (802.4) 728.3
--------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDER'S
EQUITY $1,078.1 $1,025.7 $ 526.6 $1,334.1 $(1,525.2) $2,439.3
==============================================================================================================
Exhibit B
Item No. Caption Heading (in millions)
Vectren Corporation and Subsidiary Companies
1. Total Assets $ 2,926.5
2. Total Operating Revenues $ 1,804.3
3. Net Income $ 114.0
Vectren Utility Holdings, Inc. and Subsidiary Companies
1. Total Assets $ 2,439.3
2. Total Operating Revenues $ 1,517.1
3. Net Income $ 93.6