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. SM&P Utility Resources, Inc., which is in the underground
locating and marking service business.
i. 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
Laclede Energy Services, Inc., a Missouri corporation, became operational on
May 1, 2002 and was dissolved on April 14, 2003. It performed administrative
gas supply and risk management services.
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, 2003, 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 78,868,053 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 12,343,630 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. 96,244,164 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 26th day of
February, 2004.
The Laclede Group, Inc.
By: /s/ Barry C. Cooper
-----------------------------
Name: Barry C. Cooper
---------------------------
Title: Chief Financial Officer
--------------------------
Corporate Seal
Attest:
M.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
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2003
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede Laclede
The Laclede Laclede SM&P Utility Pipeline Development
Group, Inc. Gas Company Resources, Inc. Company Company
------------- ------------- --------------- ------------- -------------
ASSETS
Utility Plant $ - $ 1,039,469 $ - $ - $ -
Less: Accumulated depreciation and
amortization - 412,923 - - -
------------- ------------- --------------- ------------- -------------
Net Utility Plant - 626,546 - - -
------------- ------------- --------------- ------------- -------------
Goodwill - - 28,124 - -
------------- ------------- --------------- ------------- -------------
Other Property and Investments 343,868 29,282 7,923 2,840 4,452
------------- ------------- --------------- ------------- -------------
Current Assets:
Cash and cash equivalents 16,856 3,301 610 520 207
Notes receivable - - 9,742 1,393 4,963
Accounts receivable:
Gas customers - billed and unbilled - 144,286 - - -
Other 15,307 36,047 8,774 623 -
Allowance for doubtful accounts - (5,490) (36) - -
Natural gas stored underground for
current use - 112,579 - - -
Propane gas for current use - 17,027 - - -
Materials, supplies, and merchandise - 4,842 - 126 -
Derivative instrument assets - 11,259 - - -
Deferred income taxes - 6,307 - - -
Prepayments and other 108 4,081 1,177 - 45
------------- ------------- --------------- ------------- -------------
Total Current Assets 32,271 334,239 20,267 2,662 5,215
------------- ------------- --------------- ------------- -------------
Deferred Charges:
Prepaid pension cost - 107,117 - - -
Regulatory assets - 93,225 - - -
Other 1,731 5,578 - - 28
------------- ------------- --------------- ------------- -------------
Total deferred charges 1,731 205,920 - - 28
------------- ------------- --------------- ------------- -------------
Total Assets $ 377,870 $ 1,195,987 $ 56,314 $ 5,502 $ 9,695
============= ============= =============== ============= =============
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 88,534 $ 82,579 $ 43,139 $ 300 $ 6,211
Retained earnings 221,797 200,443 (2,853) 3,979 2,055
Accumulated other comprehensive loss - (582) - - -
------------- ------------- --------------- ------------- -------------
Total common stock equity 310,331 282,440 40,286 4,279 8,266
Redeemable preferred stock - Laclede Gas - 1,258 - - -
Obligated mandatorily redeemable preferred
securities to/of subsidiary trust 46,400 - - - -
Long-term debt (less sinking fund
requirements) - Laclede Gas - 234,643 - - -
------------- ------------- --------------- ------------- -------------
Total Capitalization 356,731 518,341 40,286 4,279 8,266
------------- ------------- --------------- ------------- -------------
Current Liabilities:
Notes payable 19,700 265,585 - - -
Accounts payable 1,458 81,880 5,975 1,248 647
Advance customer billings - 12,287 - - -
Current portion of long-term debt - 25,000 - - -
Taxes accrued (428) 18,072 (631) (131) 60
Unamortized purchased gas adjustment - 3,017 - - -
Other 409 34,230 7,850 - -
------------- ------------- --------------- ------------- -------------
Total Current Liabilities 21,139 440,071 13,194 1,117 707
------------- ------------- --------------- ------------- -------------
Deferred Credits and Other Liabilities:
Deferred income taxes - 180,268 2,210 106 659
Unamortized investment tax credits - 5,240 - - -
Pension and postretirement benefit costs - 22,814 - - -
Regulatory liabilities - 6,375 - - -
Other - 22,878 624 - 63
------------- ------------- --------------- ------------- -------------
Total Deferred Credits and Other
Liabilities - 237,575 2,834 106 722
------------- ------------- --------------- ------------- -------------
Total Capitalization and Liabilities $ 377,870 $ 1,195,987 $ 56,314 $ 5,502 $ 9,695
============= ============= =============== ============= =============
The Laclede
Laclede Laclede Group, Inc. and
Investment, Energy Laclede Capital Subsidiary
LLC Services, Inc. Trust I Eliminations Companies
------------- -------------- --------------- ------------- ---------------
ASSETS
Utility Plant $ - $ - $ - $ - $ 1,039,469
Less: Accumulated depreciation and
amortization - - - - 412,923
------------- -------------- --------------- ------------- ---------------
Net Utility Plant - - - - 626,546
------------- -------------- --------------- ------------- ---------------
Goodwill - - - - 28,124
------------- -------------- --------------- ------------- ---------------
Other Property and Investments 742 - 46,400 (390,267) 45,240
------------- -------------- --------------- ------------- ---------------
Current Assets:
Cash and cash equivalents 751 - - - 22,245
Notes receivable 3,602 - - (19,700) -
Accounts receivable: -
Gas customers - billed and unbilled - - - - 144,286
Other 17,976 - - (22,975) 55,752
Allowance for doubtful accounts (306) - - - (5,832)
Natural gas stored underground for
current use 41 - - - 112,620
Propane gas for current use - - - - 17,027
Materials, supplies, and merchandise - - - - 4,968
Derivative instrument assets 1,789 - - 13,048
Deferred income taxes - - - - 6,307
Prepayments and other 2,069 - 3,573 (3,681) 7,372
------------- -------------- --------------- ------------- ---------------
Total Current Assets 25,922 - 3,573 (46,356) 377,793
------------- -------------- --------------- ------------- ---------------
Deferred Charges:
Prepaid pension cost - - - - 107,117
Regulatory assets - - - - 93,225
Other - - - - 7,337
------------- -------------- --------------- ------------- ---------------
Total deferred charges - - - - 207,679
------------- -------------- --------------- ------------- ---------------
Total Assets $ 26,664 $ - $ 49,973 $ (436,623) $ 1,285,382
============= ============== =============== ============= ===============
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 9,141 $ - $ 1,400 $ (142,763) $ 88,541
Retained earnings (2,520) - - (201,104) 221,797
Accumulated other comprehensive loss (575) - - - (1,157)
------------- -------------- --------------- ------------- ---------------
Total common stock equity 6,046 - 1,400 (343,867) 309,181
Redeemable preferred stock - Laclede Gas - - - - 1,258
Obligated mandatorily redeemable preferred
securities to/of subsidiary trust - - 45,000 (46,400) 45,000
Long-term debt (less sinking fund
requirements) - Laclede Gas - - - - 234,643
------------- -------------- --------------- ------------- ---------------
Total Capitalization 6,046 - 46,400 (390,267) 590,082
------------- -------------- --------------- ------------- ---------------
Current Liabilities:
Notes payable - - - (19,700) 265,585
Accounts payable 21,175 - - (22,975) 89,408
Advance customer billings - - - - 12,287
Current portion of long-term debt - - - - 25,000
Taxes accrued 447 - - - 17,389
Unamortized purchased gas adjustment - - - - 3,017
Other 138 - 3,573 (3,681) 42,519
------------- -------------- --------------- ------------- ---------------
Total Current Liabilities 21,760 - 3,573 (46,356) 455,205
------------- -------------- --------------- ------------- ---------------
Deferred Credits and Other Liabilities:
Deferred income taxes (1,225) - - - 182,018
Unamortized investment tax credits - - - - 5,240
Pension and postretirement benefit costs - - - - 22,814
Regulatory liabilities - - - - 6,375
Other 83 - - - 23,648
------------- -------------- --------------- ------------- ---------------
Total Deferred Credits and Other
Liabilities (1,142) - - - 240,095
------------- -------------- --------------- ------------- ---------------
Total Capitalization and Liabilities $ 26,664 $ - $ 49,973 $ (436,623) $ 1,285,382
============= ============== =============== ============= ===============
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2003
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
------------- --------------- ------------- -------------
ASSETS
Utility Plant $ - $ - $ - $ -
Less: Accumulated depreciation an
amortization - - - -
------------- --------------- ------------- -------------
Net Utility Plant - - - -
------------- --------------- ------------- -------------
Goodwill - - - -
------------- --------------- ------------- -------------
Other Property and Investments 5,157 980 (1,685) 4,452
------------- --------------- ------------- -------------
Current Assets:
Cash and cash equivalents 6 201 - 207
Notes receivable 5,276 639 (952) 4,963
Accounts receivable:
Gas customers - billed and unbilled - - - -
Other - - - -
Allowance for doubtful accounts - - - -
Natural gas stored underground for
current use - - - -
Propane gas for current use - - - -
Materials, supplies, and merchandise - - - -
Derivative instrument assets - - - -
Deferred income taxes - - - -
Prepayments and other 45 - - 45
------------- --------------- ------------- -------------
Total Current Assets 5,327 840 (952) 5,215
------------- --------------- ------------- -------------
Deferred Charges:
Prepaid pension cost - - - -
Regulatory assets - - - -
Other - 28 - 28
------------- --------------- ------------- -------------
Total deferred charges - 28 - 28
------------- --------------- ------------- -------------
Total Assets $ 10,484 $ 1,848 $ (2,637) $ 9,695
============= =============== ============= =============
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 6,211 $ 1,685 $ (1,685) $ 6,211
Retained earnings 3,464 (1,409) - 2,055
Accumulated other comprehensive loss - - - -
------------- --------------- ------------- -------------
Total common stock equity 9,675 276 (1,685) 8,266
Redeemable preferred stock - Laclede Gas - - -
Obligated mandatorily redeemable preferred
securities of subsidiary trust - - - -
Long-term debt (less sinking fund
requirements) - Laclede Gas - - - -
------------- --------------- ------------- -------------
Total Capitalization 9,675 276 (1,685) 8,266
------------- --------------- ------------- -------------
Current Liabilities:
Notes payable - 952 (952) -
Accounts payable 373 274 - 647
Advance customer billings - - - -
Current portion of long-term debt - - - -
Taxes accrued 80 (20) - 60
Unamortized purchased gas adjustment - - - -
Other - - - -
------------- --------------- ------------- -------------
Total Current Liabilities 453 1,206 (952) 707
------------- --------------- ------------- -------------
Deferred Credits and Other Liabilities:
Deferred income taxes 356 303 - 659
Unamortized investment tax credits - - - -
Pension and postretirement benefit costs - - - -
Regulatory liabilities - - - -
Other - 63 - 63
------------- --------------- ------------- -------------
Total Deferred Credits and Other
Liabilities 356 366 - 722
------------- --------------- ------------- -------------
Total Capitalization and Liabilities $ 10,484 $ 1,848 $ (2,637) $ 9,695
============= =============== ============= =============
Laclede Laclede Gas Laclede
Laclede Energy Family Investment LLC
Investment LLC Resources, Inc. Services, Inc. Eliminations Consolidated
-------------- --------------- -------------- ------------- --------------
ASSETS
Utility Plant $ - $ - $ - $ - $ -
Less: Accumulated depreciation an
amortization - - - - -
-------------- --------------- -------------- ------------- --------------
Net Utility Plant - - - - -
-------------- --------------- -------------- ------------- --------------
Goodwill - - - - -
-------------- --------------- -------------- ------------- --------------
Other Property and Investments 8,016 1,951 - (9,225) 742
-------------- --------------- -------------- ------------- --------------
Current Assets:
Cash and cash equivalents 11 536 204 - 751
Notes receivable - 3,602 7,337 (7,337) 3,602
Accounts receivable: -
Gas customers - billed and unbilled - - - - -
Other - 17,873 103 - 17,976
Allowance for doubtful accounts - (306) - - (306)
Natural gas stored underground for
current use - 41 - - 41
Propane gas for current use - - - - -
Materials, supplies, and merchandise - - - - -
Derivative instrument assets - 1,789 - - 1,789
Deferred income taxes - - - - -
Prepayments and other - 2,069 - - 2,069
-------------- --------------- -------------- ------------- --------------
Total Current Assets 11 25,604 7,644 (7,337) 25,922
-------------- --------------- -------------- ------------- --------------
Deferred Charges:
Prepaid pension cost - - - - -
Regulatory assets - - - - -
Other - - - - -
-------------- --------------- -------------- ------------- --------------
Total deferred charges - - - - -
-------------- --------------- -------------- ------------- --------------
Total Assets $ 8,027 $ 27,555 $ 7,644 $ (16,562) $ 26,664
============== =============== ============== ============= ==============
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and Paid-in capital $ 10,892 $ 7,273 $ 201 $ (9,225) $ 9,141
Retained earnings (12,344) 2,812 7,012 - (2,520)
Accumulated other comprehensive loss - (575) - - (575)
-------------- --------------- -------------- ------------- --------------
Total common stock equity (1,452) 9,510 7,213 (9,225) 6,046
Redeemable preferred stock - Laclede Gas - - - - -
Obligated mandatorily redeemable preferred
securities of subsidiary trust - - - - -
Long-term debt (less sinking fund
requirements) - Laclede Gas - - - - -
-------------- --------------- -------------- ------------- --------------
Total Capitalization (1,452) 9,510 7,213 (9,225) 6,046
-------------- --------------- -------------- ------------- --------------
Current Liabilities:
Notes payable 7,337 - - (7,337) -
Accounts payable 2,191 18,670 314 - 21,175
Advance customer billings - - - - -
Current portion of long-term debt - - - - -
Taxes accrued (49) 462 34 - 447
Unamortized purchased gas adjustment - - - - -
Other - 138 - - 138
-------------- --------------- -------------- ------------- --------------
Total Current Liabilities 9,479 19,270 348 (7,337) 21,760
-------------- --------------- -------------- ------------- --------------
Deferred Credits and Other Liabilities:
Deferred income taxes - (1,225) - - (1,225)
Unamortized investment tax credits - - - - -
Pension and postretirement benefit costs - - - - -
Regulatory liabilities - - - - -
Other - - 83 - 83
-------------- --------------- -------------- ------------- --------------
Total Deferred Credits and Other
Liabilities - (1,225) 83 - (1,142)
-------------- --------------- -------------- ------------- --------------
Total Capitalization and Liabilities $ 8,027 $ 27,555 $ 7,644 $ (16,562) $ 26,664
============== =============== ============== ============= ==============
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2003
(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 $ - $ 818,957 $ - $ - $ -
Non-Regulated
Services - - 88,893 - -
Gas marketing - - - - -
Other - 2,373 - 8,255 498
------------- ------------- --------------- ------------- -------------
Total Operating Revenues - 821,330 88,893 8,255 498
------------- ------------- --------------- ------------- -------------
Operating Expenses:
Regulated
Natural and propane gas - 525,174 - - -
Other operation expenses - 116,709 - - -
Maintenance - 18,744 - - -
Depreciation and amortization - 22,394 - - -
Taxes, other than income taxes - 56,806 - - -
------------- ------------- --------------- ------------- -------------
Total regulated operating expenses - 739,827 - - -
Non-Regulated
Services - - 91,392 - -
Gas marketing - - - - -
Other 169 2,356 - 7,400 396
------------- ------------- --------------- ------------- -------------
Total Operating Expenses 169 742,183 91,392 7,400 396
------------- ------------- --------------- ------------- -------------
Operating Income (Loss) (169) 79,147 (2,499) 855 102
------------- ------------- --------------- ------------- -------------
Other Income and (Income Deductions) - Net 623 1,256 (336) 13 107
------------- ------------- --------------- ------------- -------------
Equity Income in Subsidiaries 36,106 - - - -
------------- ------------- --------------- ------------- -------------
Interest Charges:
Interest on long-term debt - 19,778 - - -
Preferred dividends and distributions of
subsidiary trust 277 - 3,296 - -
Other interest charges 221 3,710 207 (3) 15
------------- ------------- --------------- ------------- -------------
Total Interest Charges 498 23,488 3,503 (3) 15
------------- ------------- --------------- ------------- -------------
Income (Loss) Before Income Taxes 36,062 56,915 (6,338) 871 194
Income Tax Expense (Benefit) (19) 19,815 (2,220) 333 109
------------- ------------- --------------- ------------- -------------
Net Income (Loss) 36,081 37,100 (4,118) 538 85
Dividends on Redeemable Preferred Stock -
Laclede Gas - 62 - - -
------------- ------------- --------------- ------------- -------------
Net Income (Loss) Applicable to Common Stock $ 36,081 $ 37,038 $ (4,118) $ 538 $ 85
============= ============= =============== ============= =============
The Laclede
Laclede Laclede Group, Inc. and
Investment, Energy Laclede Capital Subsidiary
LLC Services, Inc. Trust I Eliminations Companies
------------- -------------- --------------- ------------- ---------------
Operating Revenues:
Regulated
Gas distribution $ - $ - $ - $ - $ 818,957
Non-Regulated
Services - - - - 88,893
Gas marketing 183,577 - - - 183,577
Other 162 115 - (34) 11,369
------------- -------------- --------------- ------------- ---------------
Total Operating Revenues 183,739 115 - (34) 1,102,796
------------- -------------- --------------- ------------- ---------------
Operating Expenses:
Regulated
Natural and propane gas - - - - 525,174
Other operation expenses - - - - 116,709
Maintenance - - - - 18,744
Depreciation and amortization - - - - 22,394
Taxes, other than income taxes - - - - 56,806
------------- -------------- --------------- ------------- ---------------
Total regulated operating expenses - - - - 739,827
Non-Regulated
Services - - - - 91,392
Gas marketing 179,323 - - (34) 179,289
Other 144 140 - - 10,605
------------- -------------- --------------- ------------- ---------------
Total Operating Expenses 179,467 140 - (34) 1,021,113
------------- -------------- --------------- ------------- ---------------
Operating Income (Loss) 4,272 (25) - - 81,683
------------- -------------- --------------- ------------- ---------------
Other Income and (Income Deductions) - Net 84 - 3,573 (4,273) 1,047
------------- -------------- --------------- ------------- ---------------
Equity Income in Subsidiaries - - - (36,106) -
------------- -------------- --------------- ------------- ---------------
Interest Charges:
Interest on long-term debt - - - - 19,778
Preferred dividends and distributions of
subsidiary trust - - 3,569 (3,677) 3,465
Other interest charges 145 7 - (592) 3,710
------------- -------------- --------------- ------------- ---------------
Total Interest Charges 145 7 3,569 (4,269) 26,953
------------- -------------- --------------- ------------- ---------------
Income (Loss) Before Income Taxes 4,211 (32) 4 (36,110) 55,777
Income Tax Expense (Benefit) 1,627 (11) - - 19,634
------------- -------------- --------------- ------------- ---------------
Net Income (Loss) 2,584 (21) 4 (36,110) 36,143
Dividends on Redeemable Preferred Stock -
Laclede Gas - - - - 62
------------- -------------- --------------- ------------- ---------------
Net Income (Loss) Applicable to Common Stock $ 2,584 $ (21) $ 4 $ (36,110) $ 36,081
============= ============== =============== ============= ===============
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2003
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
------------- --------------- ------------- -------------
Operating Revenues:
Regulated
Gas distribution $ - $ - $ - $ -
Non-Regulated
Services - - -
Gas marketing - - - -
Other 99 399 - 498
------------- --------------- ------------- -------------
Total Operating Revenues 99 399 - 498
------------- --------------- ------------- -------------
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 - - - -
Gas marketing - - - -
Other 123 273 396
------------- --------------- ------------- -------------
Total Operating Expenses 123 273 - 396
------------- --------------- ------------- -------------
Operating Income (Loss) (24) 126 - 102
------------- --------------- ------------- -------------
Other Income and (Income Deductions) - Net 127 4 (24) 107
------------- --------------- ------------- -------------
Interest Charges:
Interest on long-term debt - - -
Preferred dividends and distributions of
subsidiary trust - - -
Other interest charges 9 30 (24) 15
------------- --------------- ------------- -------------
Total Interest Charges 9 30 (24) 15
------------- --------------- ------------- -------------
Income (Loss) Before Income Taxes 94 100 - 194
Income Tax Expense (Benefit) 78 31 - 109
------------- --------------- ------------- -------------
Net Income (Loss) 16 69 - 85
Dividends on Redeemable Preferred Stock -
Laclede Gas - - - -
------------- --------------- ------------- -------------
Net Income (Loss) Applicable to Common Stock $ 16 $ 69 $ - $ 85
============= =============== ============= =============
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 - - - - -
Gas marketing - 183,577 - - 183,577
Other 6 - 156 - 162
-------------- --------------- -------------- ------------- --------------
Total Operating Revenues 6 183,577 156 - 183,739
-------------- --------------- -------------- ------------- --------------
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 - - - - -
Gas marketing - 179,323 - - 179,323
Other 38 - 106 - 144
-------------- --------------- -------------- ------------- --------------
Total Operating Expenses 38 179,323 106 - 179,467
-------------- --------------- -------------- ------------- --------------
Operating Income (Loss) (32) 4,254 50 - 4,272
-------------- --------------- -------------- ------------- --------------
Other Income and (Income Deductions) - Net - 84 297 (297) 84
-------------- --------------- -------------- ------------- --------------
Interest Charges:
Interest on long-term debt - - - - -
Preferred dividends and distributions of
subsidiary trust - - - - -
Other interest charges 367 73 2 (297) 145
-------------- --------------- -------------- ------------- --------------
Total Interest Charges 367 73 2 (297) 145
-------------- --------------- -------------- ------------- --------------
Income (Loss) Before Income Taxes (399) 4,265 345 - 4,211
Income Tax Expense (Benefit) (153) 1,647 133 - 1,627
-------------- --------------- -------------- ------------- --------------
Net Income (Loss) (246) 2,618 212 - 2,584
Dividends on Redeemable Preferred Stock -
Laclede Gas - - - - -
-------------- --------------- -------------- ------------- --------------
Net Income (Loss) Applicable to Common Stock $ (246) $ 2,618 $ 212 $ - $ 2,584
============== =============== ============== ============= ==============
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATING RETAINED EARNINGS
TWELVE MONTHS ENDED DECEMBER 31, 2003
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede Laclede
The Laclede Laclede SM&P Utility Pipeline Development
Group, Inc. Gas Company Resources, Inc. Company Company
------------- ------------- --------------- ------------- -------------
Balance at Beginning of Year $ 211,259 $ 188,949 $ 1,265 $ 3,441 $ 1,970
Add - Net Income, per statements 36,081 37,038 (4,118) 538 85
------------- ------------- --------------- ------------- -------------
Total 247,340 225,987 (2,853) 3,979 2,055
------------- ------------- --------------- ------------- -------------
Deduct - Cash Dividends Declared:
Common stock 25,543 25,544 - - -
Charges to Retained Earnings - - - - -
------------- ------------- --------------- ------------- -------------
Total 25,543 25,544 - - -
------------- ------------- --------------- ------------- -------------
Balance at End of Year $ 221,797 $ 200,443 $ (2,853) $ 3,979 $ 2,055
============= ============= =============== ============= =============
The Laclede
Laclede Laclede Group, Inc. and
Investment, Energy Laclede Capital Subsidiary
LLC Services, Inc. Trust I Eliminations Companies
------------- --------------- --------------- ------------- ---------------
Balance at Beginning of Year $ (5,104) $ 21 $ (4) $ (190,538) $ 211,259
Add - Net Income, per statements 2,584 (21) 4 (36,110) 36,081
------------- --------------- --------------- ------------- ---------------
Total (2,520) - - (226,648) 247,340
------------- --------------- --------------- ------------- ---------------
Deduct - Cash Dividends Declared:
Common stock - - - (25,544) 25,543
Charges to Retained Earnings - - - - -
------------- --------------- --------------- ------------- ---------------
Total - - - (25,544) 25,543
------------- --------------- --------------- ------------- ---------------
Balance at End of Year $ (2,520) $ - $ - $ (201,104) $ 221,797
============= =============== =============== ============= ===============
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATING RETAINED EARNINGS
TWELVE MONTHS ENDED DECEMBER 31, 2003
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
------------- --------------- ------------- -------------
Balance at Beginning of Year $ 3,448 $ (1,478) $ - $ 1,970
Add - Net Income, per statements 16 69 - 85
------------- --------------- ------------- -------------
Total 3,464 (1,409) - 2,055
------------- --------------- ------------- -------------
Deduct - Cash Dividends Declared:
Common stock - - - -
Charges to Retained Earnings - - - -
------------- --------------- ------------- -------------
Total - - - -
------------- --------------- ------------- -------------
Balance at End of Year $ 3,464 $ (1,409) $ - $ 2,055
============= =============== ============= =============
Laclede Laclede Gas Laclede
Laclede Energy Family Investment LLC
Investment LLC Resources, Inc. Services, Inc. Eliminations Consolidated
-------------- --------------- -------------- ------------- --------------
Balance at Beginning of Year $ (12,098) $ 194 $ 6,800 $ - $ (5,104)
Add - Net Income, per statements (246) 2,618 212 - 2,584
-------------- --------------- -------------- ------------- --------------
Total (12,344) 2,812 7,012 - (2,520)
-------------- --------------- -------------- ------------- --------------
Deduct - Cash Dividends Declared:
Common stock - - - - -
Charges to Retained Earnings - - - - -
-------------- --------------- -------------- ------------- --------------
Total - - - - -
-------------- --------------- -------------- ------------- --------------
Balance at End of Year $ (12,344) $ 2,812 $ 7,012 $ - $ (2,520)
============== =============== ============== ============= ==============