File No. 1-16681
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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:
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, 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.
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 for use in vehicles.
h. SM&P Utility Resources, Inc., which is in the underground
locating and marking service business.
In accordance with the provisions of FIN 46R, the claimant determined that
Laclede Capital Trust I is a variable interest entity and Laclede Group is
not the primary beneficiary of the Trust. Accordingly the Trust was
deconsolidated during the quarter ended March 31, 2004.
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:
13085 Hamilton Crossing Blvd., 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, 2004, 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 or manufactured gas distributed at
retail.
CLAIMANT SUBSIDIARY
-------- ----------
The Laclede Group, Inc. Laclede Gas Company
None 73,718,371 Mcf.
2
(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. 14,668,171 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. 91,708,437 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.
3
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.
4
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, 2005.
The Laclede Group, Inc.
By: /s/ Barry C. Cooper
---------------------------
Name: Barry C. Cooper
-------------------------
Title: Chief Financial Officer
------------------------
Corporate Seal
Attest:
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 B
An organizational chart showing the relationship of each EWG or
foreign utility company to associate companies in the holding-company
system.
None.
5
THE LACLEDE GROUP, INC, AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2004
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
The Laclede Laclede SM&P Utility Pipeline
Group, Inc. Gas Company Resources, Inc. Company
ASSETS ----------- ----------- --------------- --------
Utility Plant $ - $1,080,755 $ - $ -
Less: Accumulated depreciation and
amortization - 427,484 - -
-------- ---------- ------- ------
Net Utility Plant - 653,271 - -
-------- ---------- ------- ------
Goodwill - - 28,124 -
-------- ---------- ------- ------
Other Property and Investments 406,337 32,090 6,385 2,917
-------- ---------- ------- ------
Current Assets:
Cash and cash equivalents 13,127 3,698 1,479 4,348
Notes receivable 6,000 - 7,317 1,284
Accounts receivable:
Gas customers - billed and unbilled - 178,286 - -
Other 7,727 12,289 14,643 -
Allowance for doubtful accounts - (8,027) (36) -
Inventories:
Natural gas stored underground at LIFO
cost - 120,452 - -
Propane gas at FIFO cost - 20,060 - -
Materials, supplies, and merchandise at avg. cost - 5,128 - 126
Derivative instrument assets - 7,759 - -
Unamortized purchased gas adjustments - 15,836 - -
Deferred income taxes - 12,296 - -
Prepayments and other - 5,398 1,434 -
-------- ---------- ------- ------
Total Current Assets 26,854 373,175 24,837 5,758
-------- ---------- ------- ------
Deferred Charges:
Prepaid pension cost - 89,659 - -
Regulatory assets - 109,410 - -
Other 1,677 9,895 - -
-------- ---------- ------- ------
Total Deferred Charges 1,677 208,964 - -
-------- ---------- ------- ------
Total Assets $434,868 $1,267,500 $59,346 $8,675
======== ========== ======= ======
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and paid-in capital $138,190 $ 137,065 $43,139 $ 300
Retained earnings 229,951 202,389 (1,035) 4,165
Accumulated other comprehensive income (loss) - (371) - -
-------- ---------- ------- ------
Total common stock equity 368,141 339,083 42,104 4,465
Redeemable preferred stock (less current sinking
fund requirements) - Laclede Gas - 1,108 - -
Long-term debt to unconsolidated affiliate trust 46,400 - - -
Long-term debt - Laclede Gas - 333,962 - -
-------- ---------- ------- ------
Total Capitalization 414,541 674,153 42,104 4,465
-------- ---------- ------- ------
Current Liabilities:
Notes payable 12,970 177,300 - -
Accounts payable 2,516 81,646 2,829 4,299
Advance customer billings - 21,195 - -
Current portion of preferred stock - 145 - -
Wages and compensation accrued - 12,207 3,095 -
Dividends payable 7,148 7,251 - -
Customer deposits - 11,170 - -
Interest accrued 298 5,327 - -
Taxes accrued (2,595) 22,832 (489) (211)
Other 8 3,900 8,359 -
-------- ---------- ------- ------
Total Current Liabilities 20,345 342,973 13,794 4,088
-------- ---------- ------- ------
Deferred Credits and Other Liabilities:
Deferred income taxes (18) 200,854 2,602 122
Unamortized investment tax credits - 4,944 - -
Pension and postretirement benefit costs - 20,355 - -
Regulatory liabilities - 2,725 - -
Other - 21,496 846 -
-------- ---------- ------- ------
Total Deferred Credits and Other
Liabilities (18) 250,374 3,448 122
-------- ---------- ------- ------
Total Capitalization and Liabilities $434,868 $1,267,500 $59,346 $8,675
======== ========== ======= ======
The Laclede
Laclede Laclede Group, Inc. and
Development Investment, Subsidiary
Company LLC Eliminations Companies
ASSETS ----------- ----------- ------------ ---------------
Utility Plant $ - $ - $ - $1,080,755
Less: Accumulated depreciation and
amortization - - - 427,484
------ ------- --------- ----------
Net Utility Plant - - - 653,271
------ ------- --------- ----------
Goodwill - - - 28,124
------ ------- --------- ----------
Other Property and Investments 4,617 748 (404,936) 48,158
------ ------- --------- ----------
Current Assets:
Cash and cash equivalents 75 914 - 23,641
Notes receivable 4,369 - (18,970) -
Accounts receivable:
Gas customers - billed and unbilled - - - 178,286
Other - 48,963 (10,273) 73,349
Allowance for doubtful accounts - (351) - (8,414)
Inventories:
Natural gas stored underground at LIFO
cost - 50 - 120,502
Propane gas at FIFO cost - - - 20,060
Materials, supplies, and merchandise at avg. cost - - - 5,254
Derivative instrument assets - 1,648 9,407
Unamortized purchased gas adjustments - - - 15,836
Deferred income taxes - - - 12,296
Prepayments and other 44 7,910 - 14,786
------ ------- --------- ----------
Total Current Assets 4,488 59,134 (29,243) 465,003
------ ------- --------- ----------
Deferred Charges:
Prepaid pension cost - - - 89,659
Regulatory assets - - - 109,410
Other 26 - - 11,598
------ ------- --------- ----------
Total Deferred Charges 26 - - 210,667
------ ------- --------- ----------
Total Assets $9,131 $59,882 $(434,179) $1,405,223
====== ======= ========= ==========
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and paid-in capital $6,211 $ 9,141 $(195,850) $ 138,196
Retained earnings 2,113 1,454 (209,086) 229,951
Accumulated other comprehensive income (loss) - 732 - 361
------ ------- --------- ----------
Total common stock equity 8,324 11,327 (404,936) 368,508
Redeemable preferred stock (less current sinking
fund requirements) - Laclede Gas - - - 1,108
Long-term debt to unconsolidated affiliate trust - - 46,400
Long-term debt - Laclede Gas - - - 333,962
------ ------- --------- ----------
Total Capitalization 8,324 11,327 (404,936) 749,978
------ ------- --------- ----------
Current Liabilities:
Notes payable - 6,000 (18,970) 177,300
Accounts payable 65 41,533 (3,125) 129,763
Advance customer billings - - - 21,195
Current portion of preferred stock - - - 145
Wages and compensation accrued - - - 15,302
Dividends payable - - (7,148) 7,251
Customer deposits - - - 11,170
Interest accrued - - - 5,625
Taxes accrued 45 946 - 20,528
Other - 371 - 12,638
------ ------- --------- ----------
Total Current Liabilities 110 48,850 (29,243) 400,917
------ ------- --------- ----------
Deferred Credits and Other Liabilities:
Deferred income taxes 649 (339) - 203,870
Unamortized investment tax credits - - - 4,944
Pension and postretirement benefit costs - - - 20,355
Regulatory liabilities - - - 2,725
Other 48 44 - 22,434
------ ------- --------- ----------
Total Deferred Credits and Other
Liabilities 697 (295) - 254,328
------ ------- --------- ----------
Total Capitalization and Liabilities $9,131 $59,882 $(434,179) $1,405,223
====== ======= ========= ==========
6
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING BALANCE SHEETS
DECEMBER 31, 2004
(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 5,262 1,040 (1,685) 4,617
------- ------- ------- ------
Current Assets:
Cash and cash equivalents 1 74 - 75
Notes receivable 4,831 515 (977) 4,369
Accounts receivable:
Gas customers - billed and unbilled - - - -
Other - - - -
Allowance for doubtful accounts - - - -
Inventories:
Natural gas stored underground at LIFO
cost - - - -
Propane gas at FIFO cost - - - -
Materials, supplies, and merchandise at avg. cost - - - -
Derivative instrument assets - - - -
Unamortized purchased gas adjustments - - - -
Deferred income taxes - - - -
Prepayments and other 44 - - 44
------- ------- ------- ------
Total Current Assets 4,876 589 (977) 4,488
------- ------- ------- ------
Deferred Charges:
Prepaid pension cost - - - -
Regulatory assets - - - -
Other - 26 - 26
------- ------- ------- ------
Total Deferred Charges - 26 - 26
------- ------- ------- ------
Total Assets $10,138 $ 1,655 $(2,662) $9,131
======= ======= ======= ======
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and paid-in capital $ 6,211 $ 1,685 $(1,685) $6,211
Retained earnings 3,468 (1,355) - 2,113
Accumulated other comprehensive income (loss) - - - -
------- ------- ------- ------
Total common stock equity 9,679 330 (1,685) 8,324
Redeemable preferred stock (less current sinking
fund requirements) - Laclede Gas - - -
Long-term debt to unconsolidated affiliate trust - - - -
Long-term debt - Laclede Gas - - - -
------- ------- ------- ------
Total Capitalization 9,679 330 (1,685) 8,324
------- ------- ------- ------
Current Liabilities:
Notes payable - 977 (977) -
Accounts payable 23 42 - 65
Advance customer billings - - - -
Current portion of preferred stock - - - -
Wages and compensation accrued - - - -
Dividends payable - - - -
Customer deposits - - - -
Interest accrued - - - -
Taxes accrued 81 (36) - 45
Other - - - -
------- ------- ------- ------
Total Current Liabilities 104 983 (977) 110
------- ------- ------- ------
Deferred Credits and Other Liabilities:
Deferred income taxes 355 294 - 649
Unamortized investment tax credits - - - -
Pension and postretirement benefit costs - - - -
Regulatory liabilities - - - -
Other - 48 - 48
------- ------- ------- ------
Total Deferred Credits and Other
Liabilities 355 342 - 697
------- ------- ------- ------
Total Capitalization and Liabilities $10,138 $ 1,655 $(2,662) $9,131
======= ======= ======= ======
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 8,022 1,951 - (9,225) 748
-------- ------- ------ -------- -------
Current Assets:
Cash and cash equivalents - 845 69 - 914
Notes receivable - - 7,652 (7,652) -
Accounts receivable:
Gas customers - billed and unbilled - - - - -
Other 3 48,958 2 - 48,963
Allowance for doubtful accounts - (351) - - (351)
Inventories:
Natural gas stored underground at LIFO
cost - 50 - - 50
Propane gas at FIFO cost - - - - -
Materials, supplies, and merchandise at avg. cost - - - - -
Derivative instrument assets - 1,648 - - 1,648
Unamortized purchased gas adjustments - - - - -
Deferred income taxes - - - - -
Prepayments and other - 7,910 - - 7,910
-------- ------- ------ -------- -------
Total Current Assets 3 59,060 7,723 (7,652) 59,134
-------- ------- ------ -------- -------
Deferred Charges:
Prepaid pension cost - - - - -
Regulatory assets - - - - -
Other - - - - -
-------- ------- ------ -------- -------
Total Deferred Charges - - - - -
-------- ------- ------ -------- -------
Total Assets $ 8,025 $61,011 $7,723 $(16,877) $59,882
======== ======= ====== ======== =======
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock and paid-in capital $ 10,892 $ 7,273 $ 201 $ (9,225) $ 9,141
Retained earnings (12,608) 6,856 7,206 - 1,454
Accumulated other comprehensive income (loss) - 732 - - 732
-------- ------- ------ -------- -------
Total common stock equity (1,716) 14,861 7,407 (9,225) 11,327
Redeemable preferred stock (less current sinking
fund requirements) - Laclede Gas - - - - -
Long-term debt to unconsolidated affiliate trust - - - - -
Long-term debt - Laclede Gas - - - - -
-------- ------- ------ -------- -------
Total Capitalization (1,716) 14,861 7,407 (9,225) 11,327
-------- ------- ------ -------- -------
Current Liabilities:
Notes payable 9,796 3,634 222 (7,652) 6,000
Accounts payable 4 41,508 21 - 41,533
Advance customer billings - - - - -
Current portion of preferred stock - - - - -
Wages and compensation accrued - - - - -
Dividends payable - - - - -
Customer deposits - - - - -
Interest accrued - - - - -
Taxes accrued (59) 976 29 - 946
Other - 371 - - 371
-------- ------- ------ -------- -------
Total Current Liabilities 9,741 46,489 272 (7,652) 48,850
-------- ------- ------ -------- -------
Deferred Credits and Other Liabilities:
Deferred income taxes - (339) - - (339)
Unamortized investment tax credits - - - - -
Pension and postretirement benefit costs - - - - -
Regulatory liabilities - - - - -
Other - - 44 - 44
-------- ------- ------ -------- -------
Total Deferred Credits and Other
Liabilities - (339) 44 - (295)
-------- ------- ------ -------- -------
Total Capitalization and Liabilities $ 8,025 $61,011 $7,723 $(16,877) $59,882
======== ======= ====== ======== =======
7
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
DECEMBER 31, 2004
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
The Laclede Laclede SM&P Utility Pipeline
Group, Inc. Gas Company Resources, Inc. Company
----------- ----------- --------------- --------
Operating Revenues:
Regulated
Gas distribution $ - $898,808 $ - $ -
Non-Regulated
Services - - 112,677 -
Gas marketing - - - -
Other - 2,525 - 8,018
------- -------- -------- ------
Total Operating Revenues - 901,333 112,677 8,018
------- -------- -------- ------
Operating Expenses:
Regulated
Natural and propane gas - 606,840 - -
Other operation expenses - 123,038 - -
Maintenance - 18,490 - -
Depreciation and amortization - 22,032 - -
Taxes, other than income taxes - 61,068 - -
------- -------- -------- ------
Total regulated operating expenses - 831,468 - -
Non-Regulated
Services - - 106,072 -
Gas marketing - - - -
Other (105) 2,431 - 7,734
------- -------- -------- ------
Total Operating Expenses (105) 833,899 106,072 7,734
------- -------- -------- ------
Operating Income 105 67,434 6,605 284
------- -------- -------- ------
Other Income and (Income Deductions) - Net 629 3,474 37 18
------- -------- -------- ------
Equity Income in Subsidiaries 35,920 - - -
------- -------- -------- ------
Interest Charges:
Interest on long-term debt - 23,104 - -
Interest on long-term debt to unconsolidated
affiliate trust 278 - 3,292 -
Other interest charges 195 3,067 158 6
------- -------- -------- ------
Total Interest Charges 473 26,171 3,450 6
------- -------- -------- ------
Income (Loss) Before Income Taxes 36,181 44,737 3,192 296
Income Tax Expense 99 14,792 1,374 110
------- -------- -------- ------
Net Income (Loss) 36,082 29,945 1,818 186
Dividends on Redeemable Preferred Stock - Laclede Gas - 61 - -
------- -------- -------- ------
Net Income (Loss) Applicable to Common Stock $36,082 $ 29,884 $ 1,818 $ 186
======= ======== ======== ======
The Laclede
Laclede Laclede Group, Inc. and
Development Investment, Subsidiary
Company LLC Eliminations Companies
----------- ----------- ------------ ---------------
Operating Revenues:
Regulated
Gas distribution $ - $ - $ - $ 898,808
Non-Regulated
Services - - - 112,677
Gas marketing - 337,524 - 337,524
Other 480 136 11,159
---- -------- -------- ----------
Total Operating Revenues 480 337,660 - 1,360,168
---- -------- -------- ----------
Operating Expenses:
Regulated
Natural and propane gas - - - 606,840
Other operation expenses - - - 123,038
Maintenance - - - 18,490
Depreciation and amortization - - - 22,032
Taxes, other than income taxes - - - 61,068
---- -------- -------- ----------
Total regulated operating expenses - - - 831,468
Non-Regulated
Services - - - 106,072
Gas marketing - 330,892 330,892
Other 397 147 - 10,604
---- -------- -------- ----------
Total Operating Expenses 397 331,039 - 1,279,036
---- -------- -------- ----------
Operating Income 83 6,621 - 81,132
---- -------- -------- ----------
Other Income and (Income Deductions) - Net 56 57 (521) 3,750
---- -------- -------- ----------
Equity Income in Subsidiaries - - (35,920) -
---- -------- -------- ----------
Interest Charges:
Interest on long-term debt - - - 23,104
Interest on long-term debt to unconsolidated
affiliate trust - - 3,570
Other interest charges 7 207 (521) 3,119
---- -------- -------- ----------
Total Interest Charges 7 207 (521) 29,793
---- -------- -------- ----------
Income (Loss) Before Income Taxes 132 6,471 (35,920) 55,089
Income Tax Expense 74 2,497 - 18,946
---- -------- -------- ----------
Net Income (Loss) 58 3,974 (35,920) 36,143
Dividends on Redeemable Preferred Stock - Laclede Gas - - - 61
---- -------- -------- ----------
Net Income (Loss) Applicable to Common Stock $ 58 $ 3,974 $(35,920) $ 36,082
==== ======== ======== ==========
8
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATING STATEMENTS OF INCOME
DECEMBER 31, 2004
(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 105 375 - 480
---- ---- ---- ----
Total Operating Revenues 105 375 - 480
---- ---- ---- ----
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 117 280 - 397
---- ---- ---- ----
Total Operating Expenses 117 280 - 397
---- ---- ---- ----
Operating Income (Loss) (12) 95 - 83
---- ---- ---- ----
Other Income and (Income Deductions) - Net 74 7 (25) 56
---- ---- ---- ----
Interest Charges:
Interest on long-term debt - - - -
Interest on long-term debt to unconsolidated
affiliate trust - - - -
Other interest charges 4 28 (25) 7
---- ---- ---- ----
Total Interest Charges 4 28 (25) 7
---- ---- ---- ----
Income (Loss) Before Income Taxes 58 74 - 132
Income Tax Expense (Benefit) 54 20 - 74
---- ---- ---- ----
Net Income (Loss) 4 54 - 58
Dividends on Redeemable Preferred Stock - Laclede Gas - - - -
---- ---- ---- ----
Net Income (Loss) Applicable to Common Stock $ 4 $ 54 $ - $ 58
==== ==== ==== ====
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 - 337,524 - - 337,524
Other 6 - 130 - 136
----- -------- ---- ----- --------
Total Operating Revenues 6 337,524 130 - 337,660
----- -------- ---- ----- --------
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 - 330,892 - - 330,892
Other 28 - 119 - 147
----- -------- ---- ----- --------
Total Operating Expenses 28 330,892 119 - 331,039
----- -------- ---- ----- --------
Operating Income (Loss) (22) 6,632 11 - 6,621
----- -------- ---- ----- --------
Other Income and (Income Deductions) - Net 2 55 315 (315) 57
----- -------- ---- ----- --------
Interest Charges:
Interest on long-term debt - - - - -
Interest on long-term debt to unconsolidated
affiliate trust - - - - -
Other interest charges 408 104 10 (315) 207
----- -------- ---- ----- --------
Total Interest Charges 408 104 10 (315) 207
----- -------- ---- ----- --------
Income (Loss) Before Income Taxes (428) 6,583 316 - 6,471
Income Tax Expense (Benefit) (164) 2,539 122 - 2,497
----- -------- ---- ----- --------
Net Income (Loss) (264) 4,044 194 - 3,974
Dividends on Redeemable Preferred Stock - Laclede Gas - - - - -
----- -------- ---- ----- --------
Net Income (Loss) Applicable to Common Stock $(264) $ 4,044 $194 $ - $ 3,974
===== ======== ==== ===== ========
9
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATING RETAINED EARNINGS
DECEMBER 31, 2004
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
The Laclede Laclede SM&P Utility Pipeline
Group, Inc. Gas Company Resources, Inc. Company
----------- ----------- --------------- --------
Balance at Beginning of Year $221,797 $200,433 $ (2,853) $3,979
Add - Net Income, per statements 36,082 29,884 1,818 186
-------- -------- -------- ------
Total 257,879 230,317 (1,035) 4,165
-------- -------- -------- ------
Deduct - Cash Dividends Declared:
Common stock 27,928 27,928 - -
Charges to Retained Earnings - - - -
-------- -------- -------- ------
Total 27,928 27,928 - -
-------- -------- -------- ------
Balance at End of Year $229,951 $202,389 $ (1,035) $4,165
======== ======== ======== ======
The Laclede
Laclede Laclede Group, Inc. and
Development Investment, Subsidiary
Company LLC Eliminations Companies
----------- ----------- ------------ ---------------
Balance at Beginning of Year $2,055 $(2,520) $(201,094) $221,797
Add - Net Income, per statements 58 3,974 (35,920) 36,082
------ ------- --------- --------
Total 2,113 1,454 (237,014) 257,879
------ ------- --------- --------
Deduct - Cash Dividends Declared:
Common stock - - (27,928) 27,928
Charges to Retained Earnings - - - -
------ ------- --------- --------
Total - - (27,928) 27,928
------ ------- --------- --------
Balance at End of Year $2,113 $ 1,454 $(209,086) $229,951
====== ======= ========= ========
10
THE LACLEDE GROUP, INC. AND SUBSIDIARY COMPANIES
STATEMENT OF CONSOLIDATING RETAINED EARNINGS
DECEMBER 31, 2004
(UNAUDITED)
(THOUSANDS OF DOLLARS)
Laclede
Laclede Development
Development Laclede Venture Company
Company Corporation Eliminations Consolidated
----------- --------------- ------------ ------------
Balance at Beginning of Year $3,464 $(1,409) $ - $2,055
Add - Net Income, per statements 4 54 - 58
------ ------- --- ------
Total 3,468 (1,355) - 2,113
------ ------- --- ------
Deduct - Cash Dividends Declared:
Common stock - - - -
Charges to Retained Earnings - - - -
------ ------- --- ------
Total - - - -
------ ------- --- ------
Balance at End of Year $3,468 $(1,355) $ - $2,113
====== ======= === ======
Laclede Laclede Gas Laclede
Laclede Energy Family Investment LLC
Investment LLC Resources, Inc. Services, Inc. Eliminations Consolidated
-------------- --------------- -------------- ------------ --------------
Balance at Beginning of Year $(12,344) $2,812 $7,012 $ - $(2,520)
Add - Net Income, per statements (264) 4,044 194 - 3,974
-------- ------ ------ --- ------
Total (12,608) 6,856 7,206 - 1,454
-------- ------ ------ --- ------
Deduct - Cash Dividends Declared:
Common stock - - - - -
Charges to Retained Earnings - - - - -
-------- ------ ------ --- ------
Total - - - - -
-------- ------ ------ --- ------
Balance at End of Year $(12,608) $6,856 $7,206 $ - $1,454
======== ====== ====== === ======
11