The Laclede Group, Inc.
File No. 1-16681
FORM U-3A-2
Statement by Holding Company Claiming Exemption
Under Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
THE LACLEDE GROUP, INC.
(name of company)
hereby files with the Securities and Exchange Commission, pursuant
to Rule 2, its statement claiming exemption as a holding company from the
provisions of the Public Utility Holding Company Act of 1935, and submits
the following information:
1. Name, state of organization, location and nature of business
of claimant and every subsidiary thereof, other than any exempt wholesale
generator (EWG) or foreign utility company in which claimant directly or
indirectly holds an interest.
The Laclede Group, Inc., a Missouri corporation incorporated October 18,
2000, is a holding company that directly or indirectly holds interests in
the following subsidiaries, each of whom is organized under the laws of the
State of Missouri, except for SM&P Utility Resources, Inc., acquired January
28, 2002 and incorporated under the laws of the State of Indiana and Laclede
Capital Trust I, a Delaware statutory trust:
a. Laclede Gas Company, a public utility that was incorporated
in 1857. Its service area includes the City of St. Louis,
St. Louis County, the City of St. Charles and parts of
St. Charles County, the town of Arnold, and parts of
Jefferson, Franklin, St. Francois, Ste. Genevieve, Iron,
Madison and Butler Counties, all in Missouri.
b. Laclede Pipeline Company, which operates a propane pipeline
that connects Laclede Gas' propane storage facilities in
St. Louis County, Missouri to propane supply terminal
facilities located at Wood River and Cahokia, Illinois.
Laclede Gas vaporizes the propane to supplement its natural
gas supply and meet the peak demands on its distribution
system.
c. Laclede Investment LLC, which invests in other enterprises
and has made loans to several joint ventures engaged in real
estate development.
d. Laclede Energy Resources, Inc., a wholly owned subsidiary of
Laclede Investment, which engages in non-utility efforts to
market natural gas and related activities.
e. Laclede Gas Family Services, Inc., a wholly owned subsidiary
of Laclede Energy Resources, which is a registered insurance
agency in the State of Missouri, that promotes the sale of
insurance-related products.
f. Laclede Development Company, which participates in real
estate developments, primarily through joint ventures.
g. Laclede Venture Corp., a wholly owned subsidiary of Laclede
Development, which offers services for the compression of
natural gas to third parties who desire to use or to sell
compressed natural gas in vehicles.
h. Laclede Energy Services, Inc., which provides energy
management services.
i. SM&P Utility Resources, Inc., which is in the underground
locating and marking service business.
j. Laclede Capital Trust I, which is a Delaware statutory
trust.
The business address of the claimant and each of its
subsidiaries, except Laclede Energy Resources, Inc. and SM&P Utility
Resources, Inc., is:
720 Olive Street
St. Louis, MO 63101
The business address of Laclede Energy Resources, Inc. is:
68 N. Elam
St. Louis, MO 63088
The business address of SM&P Utility Resources, Inc. is:
11455 N. Meridian Street, Suite 200
Carmel, IN 46032
2. A brief description of the properties of claimant and each
of its subsidiary public utility companies used for the generation,
transmission and distribution of electric energy for sale, or for the
production, transmission, and distribution of natural or manufactured gas,
indicating the location of principal generating plants, transmission lines,
producing fields, gas manufacturing plants, and electric and gas
distribution facilities, including all such properties which are outside the
State in which claimant and its subsidiaries are organized and all
transmission or pipelines which deliver or receive electric energy or gas at
the borders of such State.
The Claimant's properties consist primarily of the utility
properties of Laclede Gas. Laclede Gas' properties consist primarily of
natural gas distribution systems and related facilities and local offices
all in the State of Missouri. As of December 31, 2002, Laclede Gas had a
natural gas storage field in Missouri designed to provide annual withdrawals
of approximately 5.5 million MMBtus of gas based on the inventory level that
Laclede Gas plans to maintain; a contractual right to store approximately
23.1 Bcf of natural gas in Louisiana and a liquefied propane storage cavern
that has a natural gas equivalent of approximately 3 Bcf.
3. The following information for the last calendar year with
respect to claimant and each of its subsidiary public utility companies.
a. Number of kwh. of electric energy sold (at retail or
wholesale), and mcf. of natural gas or manufactured gas distributed
at retail.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None 78,148,987 Mcf.
b. Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in which
each such company is organized.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None. None
c. Number of kwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which each
such company is organized, or at the State line.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None 13,499,229 Mcf
d. Number of kwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each such
company is organized or at the State line.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None. 100,435,306 Mcf.
4. The following information for the reporting period with
respect to claimant and each interest it holds directly or indirectly in
an EWG or a foreign utility company, stating monetary amounts in United
States dollars:
a. Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy for
sale or for the distribution at retail of natural or manufactured
gas.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None None
b. Name of each system company that holds an interest in such
EWG or foreign utility company and description of the interest held.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None None
c. Type and amount of capital invested, directly or indirectly,
by the holding company claiming exemption; any direct or indirect
guarantee of the security of the EWG or foreign utility company by
the holding company claiming exemption; and any debt or other
financial obligation for which there is recourse, directly or
indirectly, to the holding company claiming exemption or another
system company, other than the EWG or foreign utility company.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None None
d. Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None. None
e. Identify any service, sales or construction contract(s)
between the EWG or foreign utility company and a system company,
and describe the services to be rendered or goods sold and fees
or revenues under such agreement(s).
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None. None.
EXHIBIT A
A consolidating statement of income and surplus of the claimant and
its subsidiary companies for the last calendar year, together with a
consolidating balance sheet of claimant and its subsidiary companies as of
the close of such calendar year.
EXHIBIT B
An organizational chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding company
system.
None.
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officer on this 25th day of
February, 2003.
The Laclede Group, Inc.
By: /s/ Barry C. Cooper
------------------------------
Name: Barry C. Cooper
----------------------------
Title: Chief Financial Officer
---------------------------
Corporate Seal
Attest:
/s/ Mary C. Kullman
--------------------
Mary C. Kullman
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Mary C. Kullman
Corporate Secretary
720 Olive Street
Room 1517
St. Louis, MO 63101
Exhibit A
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2002
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede Laclede Laclede
The Laclede Laclede SM&P Utility Pipeline Development Investment,
Group, Inc. Gas Company Resources, Inc. Company Company LLC
----------- ----------- --------------- -------- ----------- -----------
ASSETS
Utility Plant $ - $ 998,768 $ - $ - $ - $ -
Less: Accumulated depreciation and
amortization - 398,724 - - - -
-------- ---------- ------- ------- ------- -------
Net Utility Plant - 600,044 - - - -
-------- ---------- ------- ------- ------- -------
Goodwill - - 27,462 - - -
-------- ---------- ------- ------- ------- -------
Other Property and Investments 333,282 27,380 11,245 2,799 4,373 736
-------- ---------- ------- ------- ------- -------
Current Assets:
Cash and cash equivalents 2,589 3,228 655 8 580 1,466
Notes Receivable 17,606 - 6,522 1,001 4,357 (788)
Accounts receivable - net 3,323 142,683 15,780 49 - 17,567
Materials, supplies, and merchandise - 4,582 - 38 - -
Natural gas stored underground for
current use - 78,578 - - - 25
Propane gas for current use - 14,698 - - - -
Prepayments and other - 7,627 2,430 - 45 3,777
Deferred income taxes - 10,459 - - - -
-------- ---------- ------- ------- ------- -------
Total Current Assets 23,518 261,855 25,387 1,096 4,982 22,047
-------- ---------- ------- ------- ------- -------
Deferred Charges:
Prepaid pension cost - 113,095 - - - -
Regulatory assets - 73,076 - - - -
Other 1,740 4,122 - - 25 -
-------- ---------- ------- ------- ------- -------
Total deferred charges 1,740 190,293 - - 25 -
-------- ---------- ------- ------- ------- -------
Total Assets $358,540 $1,079,572 $64,094 $ 3,895 $ 9,380 $22,783
======== ========== ======= ======= ======= =======
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 84,569 $ 82,579 $43,121 $ 300 $ 6,211 $ 9,140
Retained earnings (deficit) 211,259 188,949 1,265 3,441 1,970 (5,104)
Accumulated other comprehensive loss - (339) - - - -
-------- ---------- ------- ------- ------- -------
Total common stock equity 295,828 271,189 44,386 3,741 8,181 4,036
Redeemable preferred stock - Laclede Gas - 1,266 - - - -
Obligated mandatorily redeemable preferred
securities of subsidiary trust 46,400 - - - - -
Long-term debt (less sinking fund
requirements) - Laclede Gas - 259,566 - - - -
-------- ---------- ------- ------- ------- -------
Total Capitalization 342,228 532,021 44,386 3,741 8,181 4,036
-------- ---------- ------- ------- ------- -------
Current Liabilities:
Notes payable 15,690 181,041 - - - -
Accounts payable 744 68,121 7,079 212 413 17,841
Advance customer billings - 11,359 - - - -
Current portion of long-term debt - 25,000 - - - -
Taxes accrued (269) 11,914 (401) (151) 57 1,444
Unamortized purchased gas adjustment - 16,879 - - - -
Other 147 29,626 12,081 - - 120
-------- ---------- ------- ------- ------- -------
Total Current Liabilities 16,312 343,940 18,759 61 470 19,405
-------- ---------- ------- ------- ------- -------
Deferred Credits and Other Liabilities:
Deferred income taxes - 159,545 447 93 650 (727)
Unamortized investment tax credits - 5,551 - - - -
Pension and postretirement benefit costs - 16,391 - - - -
Other - 22,124 502 - 79 69
-------- ---------- ------- ------- ------- -------
Total Deferred Credits and Other
Liabilities - 203,611 949 93 729 (658)
-------- ---------- ------- ------- ------- -------
Total Capitalization and Liabilities $358,540 $1,079,572 $64,094 $ 3,895 $ 9,380 $22,783
======== ========== ======= ======= ======= =======
The Laclede
Laclede Group, Inc. and
Energy Laclede Capital Subsidiary
Services, Inc. Trust I Eliminations Companies
-------------- --------------- ------------ ---------------
ASSETS
Utility Plant $ - $ - $ - $ 998,768
Less: Accumulated depreciation and
amortization - - - 398,724
----- ------- --------- ----------
Net Utility Plant - - - 600,044
----- ------- --------- ----------
Goodwill - - - 27,462
----- ------- --------- ----------
Other Property and Investments - 46,400 (379,680) 46,535
----- ------- --------- ----------
Current Assets:
Cash and cash equivalents 316 - - 8,842
Notes Receivable - 144 (28,842) -
Accounts receivable - net 50 - (10,554) 168,898
Materials, supplies, and merchandise - - - 4,620
Natural gas stored underground for
current use - - - 78,603
Propane gas for current use - - - 14,698
Prepayments and other - - - 13,879
Deferred income taxes - - - 10,459
----- ------- --------- ----------
Total Current Assets 366 144 (39,396) 299,999
----- ------- --------- ----------
Deferred Charges:
Prepaid pension cost - - - 113,095
Regulatory assets - - - 73,076
Other - - - 5,887
----- ------- --------- ----------
Total deferred charges - - - 192,058
----- ------- --------- ----------
Total Assets $ 366 $46,544 $(419,076) $1,166,098
===== ======= ========= ==========
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ - $ - $(141,345) $ 84,575
Retained earnings (deficit) 21 (4) (190,538) 211,259
Accumulated other comprehensive loss - - - (339)
----- ------- --------- ----------
Total common stock equity 21 (4) (331,883) 295,495
Redeemable preferred stock - Laclede Gas - - - 1,266
Obligated mandatorily redeemable preferred
securities of subsidiary trust - 46,400 (47,800) 45,000
Long-term debt (less sinking fund
requirements) - Laclede Gas - - - 259,566
----- ------- --------- ----------
Total Capitalization 21 46,396 (379,683) 601,327
----- ------- --------- ----------
Current Liabilities:
Notes payable - - (28,691) 168,040
Accounts payable 321 - (10,554) 84,177
Advance customer billings - - - 11,359
Current portion of long-term debt - - - 25,000
Taxes accrued 24 - - 12,618
Unamortized purchased gas adjustment - - - 16,879
Other - 148 (148) 41,974
----- ------- --------- ----------
Total Current Liabilities 345 148 (39,393) 360,047
----- ------- --------- ----------
Deferred Credits and Other Liabilities:
Deferred income taxes - - - 160,008
Unamortized investment tax credits - - - 5,551
Pension and postretirement benefit costs - - - 16,391
Other - - - 22,774
----- ------- --------- ----------
Total Deferred Credits and Other
Liabilities - - - 204,724
----- ------- --------- ----------
Total Capitalization and Liabilities $ 366 $46,544 $(419,076) $1,166,098
===== ======= ========= ==========
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2002
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
----------- --------------- ------------ ------------
ASSETS
Utility Plant $ - $ - $ - $ -
Less: Accumulated depreciation and
amortization - - - -
------- ------- ------- ------
Net Utility Plant - - - -
------- ------- ------- ------
Goodwill - - - -
------- ------- ------- ------
Other Property and Investments 5,001 1,057 (1,685) 4,373
------- ------- ------- ------
Current Assets:
Cash and cash equivalents 11 569 - 580
Notes Receivable 5,285 - (928) 4,357
Accounts receivable - net - - - -
Materials, supplies, and merchandise - - - -
Natural gas stored underground for
current use - - - -
Propane gas for current use - - - -
Prepayments and other 45 - - 45
Deferred income taxes - - - -
------- ------- ------- ------
Total Current Assets 5,341 569 (928) 4,982
------- ------- ------- ------
Deferred Charges:
Prepaid pension cost - - - -
Regulatory assets - - - -
Other - 25 - 25
------- ------- ------- ------
Total deferred charges - 25 - 25
------- ------- ------- ------
Total Assets $10,342 $ 1,651 $(2,613) $9,380
======= ======= ======= ======
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 6,211 $ 1,685 $(1,685) $6,211
Retained earnings (deficit) 3,448 (1,478) - 1,970
Accumulated other comprehensive loss - - - -
------- ------- ------- ------
Total common stock equity 9,659 207 (1,685) 8,181
Redeemable preferred stock - Laclede Gas - - - -
Obligated mandatorily redeemable preferred
securities of subsidiary trust - - - -
Long-term debt (less sinking fund
requirements) - Laclede Gas - - - -
------- ------- ------- ------
Total Capitalization 9,659 207 (1,685) 8,181
------- ------- ------- ------
Current Liabilities:
Notes payable - 928 (928) -
Accounts payable 243 170 - 413
Advance customer billings - - - -
Current portion of long-term debt - - - -
Taxes accrued 87 (30) - 57
Unamortized purchased gas adjustment - - - -
Other - - - -
------- ------- ------- ------
Total Current Liabilities 330 1,068 (928) 470
------- ------- ------- ------
Deferred Credits and Other Liabilities:
Deferred income taxes 353 297 - 650
Unamortized investment tax credits - - - -
Pension and postretirement benefit costs - - - -
Other - 79 - 79
------- ------- ------- ------
Total Deferred Credits and Other
Liabilities 353 376 - 729
------- ------- ------- ------
Total Capitalization and Liabilities $10,342 $ 1,651 $(2,613) $9,380
======= ======= ======= ======
Laclede Laclede Gas Laclede
Laclede Energy Family Investment LLC
Investment LLC Resources, Inc. Services, Inc. Eliminations Consolidated
-------------- --------------- -------------- ------------ --------------
ASSETS
Utility Plant $ - $ - $ - $ - $ -
Less: Accumulated depreciation and
amortization - - - - -
-------- ------- ------- ------- -------
Net Utility Plant - - - - -
-------- ------- ------- ------- -------
Goodwill - - - - -
-------- ------- ------- ------- -------
Other Property and Investments 8,009 1,952 - (9,225) 736
-------- ------- ------- ------- -------
Current Assets:
Cash and cash equivalents 11 1,349 106 - 1,466
Notes Receivable - (788) 7,041 (7,041) (788)
Accounts receivable - net - 17,401 166 - 17,567
Materials, supplies, and merchandise - - - - -
Natural gas stored underground for
current use - 25 - - 25
Propane gas for current use - - - - -
Prepayments and other - 3,777 - - 3,777
Deferred income taxes - - - - -
-------- ------- ------- -------- -------
Total Current Assets 11 21,764 7,313 (7,041) 22,047
-------- ------- ------- -------- -------
Deferred Charges:
Prepaid pension cost - - - - -
Regulatory assets - - - - -
Other - - - - -
-------- ------- ------- -------- -------
Total deferred charges - - - - -
-------- ------- ------- -------- -------
Total Assets $ 8,020 $23,716 $ 7,313 $(16,266) $22,783
======== ======= ======= ======== =======
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 10,891 $ 7,273 $ 201 $ (9,225) $ 9,140
Retained earnings (deficit) (12,098) 194 6,800 - (5,104)
Accumulated other comprehensive loss - - - - -
-------- ------- ------- -------- -------
Total common stock equity (1,207) 7,467 7,001 (9,225) 4,036
Redeemable preferred stock - Laclede Gas - - - - -
Obligated mandatorily redeemable preferred
securities of subsidiary trust - - - - -
Long-term debt (less sinking fund
requirements) - Laclede Gas - - - - -
-------- ------- ------- -------- -------
Total Capitalization (1,207) 7,467 7,001 (9,225) 4,036
-------- ------- ------- -------- -------
Current Liabilities:
Notes payable 7,041 - - (7,041) -
Accounts payable 2,257 15,387 197 - 17,841
Advance customer billings - - - - -
Current portion of long-term debt - - - - -
Taxes accrued (71) 1,469 46 - 1,444
Unamortized purchased gas adjustment - - - - -
Other - 120 - - 120
-------- ------- ------- -------- -------
Total Current Liabilities 9,227 16,976 243 (7,041) 19,405
-------- ------- ------- -------- -------
Deferred Credits and Other Liabilities:
Deferred income taxes - (727) - - (727)
Unamortized investment tax credits - - - - -
Pension and postretirement benefit costs - - - - -
Other - - 69 - 69
-------- ------- ------- -------- -------
Total Deferred Credits and Other
Liabilities - (727) 69 - (658)
-------- ------- ------- -------- -------
Total Capitalization and Liabilities $ 8,020 $23,716 $ 7,313 $(16,266) $22,783
======== ======= ======= ======== =======
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2002
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede Laclede
The Laclede Laclede SM&P Utility Pipeline Development
Group, Inc. Gas Company Resources, Inc. Company Company
----------- ----------- --------------- -------- -----------
Operating Revenues:
Regulated
Gas distribution $ - $626,051 $ - $ - $ -
Non-Regulated
Services - - 124,939 - -
Other - 2,564 - 968 490
------- -------- -------- ---- ----
Total Operating Revenues - 628,615 124,939 968 490
------- -------- -------- ---- ----
Operating Expenses:
Regulated
Natural and propane gas - 358,294 - - -
Other operation expenses - 111,075 - - -
Maintenance - 17,943 - - -
Depreciation and amortization - 23,126 - - -
Taxes, other than income taxes - 49,571 - - -
------- -------- -------- ---- ----
Total regulated operating expenses - 560,009 - - -
Non-Regulated
Services - - 121,396 - -
Other 14 2,633 - 848 394
------- -------- -------- ---- ----
Total Operating Expenses 14 562,642 121,396 848 394
------- -------- -------- ---- ----
Operating Income (14) 65,973 3,543 120 96
Other Income and Income Deductions - Net 364 669 (14) 10 98
Equity Income in Subsidiaries 29,621 - - - -
------- -------- -------- ---- ----
Income Before Interest and Income Taxes 29,971 66,642 3,529 130 194
------- -------- -------- ---- ----
Interest Charges:
Interest on long-term debt - 20,820 - - -
Preferred dividends and distributions of subsidiary trust 144 - 137 - -
Other interest charges 93 4,002 1,080 - 1
------- -------- -------- ---- ----
Total Interest Charges 237 24,822 1,217 - 1
------- -------- -------- ---- ----
Income Before Income Taxes 29,734 41,820 2,312 130 193
Income Taxes 42 14,773 1,047 47 112
Dividends on Redeemable Preferred Stock - Laclede Gas - 63 - - -
------- -------- -------- ---- ----
Net Income Applicable to Common Stock $29,692 $ 26,984 $ 1,265 $ 83 $ 81
======= ======== ======== ==== ====
The Laclede
Laclede Laclede Group, Inc. and
Investment, Energy Laclede Capital Subsidiary
LLC Services, Inc. Trust I Eliminations Companies
----------- -------------- --------------- ------------ ---------------
Operating Revenues:
Regulated
Gas distribution $ - $ - $ - $ - $626,051
Non-Regulated
Services - - - - 124,939
Other 85,499 365 - (110) 89,776
------- ---- ---- -------- --------
Total Operating Revenues 85,499 365 - (110) 840,766
------- ---- ---- -------- --------
Operating Expenses:
Regulated
Natural and propane gas - - - - 358,294
Other operation expenses - - - - 111,075
Maintenance - - - - 17,943
Depreciation and amortization - - - - 23,126
Taxes, other than income taxes - - - - 49,571
------- ---- ---- -------- --------
Total regulated operating expenses - - - - 560,009
Non-Regulated
Services - - - - 121,396
Other 83,572 331 - (110) 87,682
------- ---- ---- -------- --------
Total Operating Expenses 83,572 331 - (110) 769,087
------- ---- ---- -------- --------
Operating Income 1,927 34 - - 71,679
Other Income and Income Deductions - Net 21 - 144 (490) 802
Equity Income in Subsidiaries - - - (29,621) -
------- ---- ---- -------- --------
Income Before Interest and Income Taxes 1,948 34 144 (30,111) 72,481
------- ---- ---- -------- --------
Interest Charges:
Interest on long-term debt - - - - 20,820
Preferred dividends and distributions of
subsidiary trust - - 148 (285) 144
Other interest charges 7 1 - (205) 4,979
------- ---- ---- -------- --------
Total Interest Charges 7 1 148 (490) 25,943
------- ---- ---- -------- --------
Income Before Income Taxes 1,941 33 (4) (29,621) 46,538
Income Taxes 750 12 - - 16,783
Dividends on Redeemable Preferred Stock - Laclede Gas - - - - 63
------- ---- ---- -------- --------
Net Income Applicable to Common Stock $ 1,191 $ 21 $ (4) $(29,621) $ 29,692
======= ==== ==== ======== ========
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2002
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
----------- --------------- ------------ ------------
Operating Revenues:
Regulated
Gas distribution $ - $ - $ - $ -
Non-Regulated
Services - - - -
Other 113 377 - 490
---- ---- ---- ----
Total Operating Revenues 113 377 - 490
---- ---- ---- ----
Operating Expenses:
Regulated
Natural and propane gas - - - -
Other operation expenses - - - -
Maintenance - - - -
Depreciation and amortization - - - -
Taxes, other than income taxes - - - -
---- ---- ---- ----
Total regulated operating expenses - - - -
Non-Regulated
Services - - - -
Other 112 282 - 394
---- ---- ---- ----
Total Operating Expenses 112 282 - 394
---- ---- ---- ----
Operating Income 1 95 - 96
Other Income and Income Deductions - Net 127 - (29) 98
---- ---- ---- ----
Income Before Interest and Income Taxes 128 95 (29) 194
---- ---- ---- ----
Interest Charges:
Interest on long-term debt - - - -
Preferred dividends and distributions of subsidiary trust - - - -
Other interest charges 1 29 (29) 1
---- ---- ---- ----
Total Interest Charges 1 29 (29) 1
---- ---- ---- ----
Income Before Income Taxes 127 66 - 193
Income Taxes 92 20 - 112
Dividends on Redeemable Preferred Stock - Laclede Gas - - - -
---- ---- ---- ----
Net Income Applicable to Common Stock $ 35 $ 46 $ - $ 81
==== ==== ==== ====
Laclede Laclede Gas Laclede
Laclede Energy Family Investment LLC
Investment LLC Resources, Inc. Services, Inc. Eliminations Consolidated
-------------- --------------- -------------- ------------ --------------
Operating Revenues:
Regulated
Gas distribution $ - $ - $ - $ - $ -
Non-Regulated
Services - - - - -
Other 7 85,377 115 - 85,499
---- ------- ---- ----- -------
Total Operating Revenues 7 85,377 115 - 85,499
---- ------- ---- ----- -------
Operating Expenses:
Regulated
Natural and propane gas - - - - -
Other operation expenses - - - - -
Maintenance - - - - -
Depreciation and amortization - - - - -
Taxes, other than income taxes - - - - -
---- ------- ---- ----- -------
Total regulated operating expenses - - - - -
Non-Regulated
Services - - - - -
Other 22 83,437 113 - 83,572
---- ------- ---- ----- -------
Total Operating Expenses 22 83,437 113 - 83,572
---- ------- ---- ----- -------
Operating Income (15) 1,940 2 - 1,927
Other Income and Income Deductions - Net - 21 378 (378) 21
---- ------- ---- ----- -------
Income Before Interest and Income Taxes (15) 1,961 380 (378) 1,948
---- ------- ---- ----- -------
Interest Charges:
Interest on long-term debt - - - - -
Preferred dividends and distributions of
subsidiary trust - - - - -
Other interest charges 384 1 - (378) 7
---- ------- ---- ----- -------
Total Interest Charges 384 1 - (378) 7
---- ------- ---- ----- -------
Income Before Income Taxes (399) 1,960 380 - 1,941
Income Taxes (153) 757 146 - 750
Dividends on Redeemable Preferred Stock -
Laclede Gas - - - - -
---- ------- ---- ----- -------
Net Income Applicable to Common Stock $(246) $ 1,203 $234 $ - $ 1,191
==== ======= ==== ===== =======
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATING RETAINED EARNINGS
12 MONTHS ENDED DECEMBER 31, 2002
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede Laclede Laclede
The Laclede Laclede SM&P Utility Pipeline Development Investment,
Group, Inc. Gas Company Resources, Inc. Company Company LLC
----------- ----------- --------------- -------- ----------- -----------
Balance at Beginning of Year $ 206,907 $ 187,305 $ - $ 8,358 $ 1,889 $ (6,295)
Add - Net Income, per statements 29,692 26,984 1,265 83 81 1,191
--------- --------- ------- ------- ------- --------
Total 236,599 214,289 1,265 8,441 1,970 (5,104)
--------- --------- ------- ------- ------- --------
Deduct - Cash Dividends Declared:
Common stock 25,340 25,340 - - - -
Charges to Retained Earnings - - - 5,000 - -
--------- --------- ------- ------- ------- --------
Total 25,340 25,340 - 5,000 - -
--------- --------- ------- ------- ------- --------
Balance at End of Year $ 211,259 $ 188,949 $ 1,265 $ 3,441 $ 1,970 $ (5,104)
========= ========= ======= ======= ======= ========
The Laclede
Laclede Group, Inc. and
Energy Laclede Capital Subsidiary
Services, Inc. Trust I Eliminations Companies
-------------- --------------- ------------ ---------------
Balance at Beginning of Year $ - $ - $ (191,257) $ 206,907
Add - Net Income, per statements 21 (4) (29,621) 29,692
---- ---- ---------- ---------
Total 21 (4) (220,878) 236,599
---- ---- ---------- ---------
Deduct - Cash Dividends Declared:
Common stock - - (25,340) 25,340
Charges to Retained Earnings - - (5,000) -
---- ---- ---------- ---------
Total - - (30,340) 25,340
---- ---- ---------- ---------
Balance at End of Year $ 21 $ (4) $ (190,538) $ 211,259
==== ==== ========== =========
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATING RETAINED EARNINGS
12 MONTHS ENDED DECEMBER 31, 2002
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
----------- --------------- ------------ ------------
Balance at Beginning of Year $ 3,413 $ (1,524) $ - $ 1,889
Add - Net Income, per statements 35 46 - 81
------- -------- --- -------
Total 3,448 (1,478) - 1,970
------- -------- --- -------
Deduct - Cash Dividends Declared:
Common stock - - - -
Charges to Retained Earnings - - - -
------- -------- --- -------
Total - - - -
------- -------- --- -------
Balance at End of Year $ 3,448 $ (1,478) $ - $ 1,970
======= ======== === =======
Laclede Laclede Gas Laclede
Laclede Energy Family Investment LLC
Investment LLC Resources, Inc. Services, Inc. Eliminations Consolidated
-------------- --------------- -------------- ------------ --------------
Balance at Beginning of Year $ (11,852) $ (1,009) $ 6,566 $ - $ (6,295)
Add - Net Income, per statements (246) 1,203 234 - 1,191
--------- -------- ------- --- --------
Total (12,098) 194 6,800 - (5,104)
--------- -------- ------- --- --------
Deduct - Cash Dividends Declared:
Common stock - - - - -
Charges to Retained Earnings - - - - -
--------- -------- ------- --- --------
Total - - - - -
--------- -------- ------- --- --------
Balance at End of Year $ (12,098) $ 194 $ 6,800 $ - $ (5,104)
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