(Internet version) Financial & Statistical Report December 2016 1/23/2017
Statement of Operations For the Period Ended December 31, 2016 (in millions) Current Month Year-to-Date Operating Revenue & Patronage Capital $ 17.9 $ 420.9 Purchased Power 23.1 283.6 Operation & Maintenance 6.6 74.0 Depreciation, Taxes, & Interest 4.4 56.7 Operating Margins $ (16.3) $ 6.6 Non-Operating Profit/(Loss) 5.4 31.0 Patronage Capital or Margins $ (10.9) $ 37.7 Page 1
Balance Sheet As of December 31, 2016 (in millions) Assets & Other Debits Last Year Current Year Total Utility Plant $ 868.5 $ 899.5 Depreciation & Amortization 275.7 292.6 Net Utility Plant $ 592.8 $ 606.8 Other Property & Investments 232.1 238.2 Current & Accrued Assets 41.0 46.9 Other Deferred Debits 13.0 9.9 Total Assets & Other Debits $ 878.9 $ 901.8 Liabilities & Other Credits Last Year Current Year Margins & Equities $ 296.0 $ 328.8 Long-Term Debt 406.9 398.3 Other Noncurrent Liabilities 99.6 89.3 Current & Accrued Liabilities 74.1 71.5 Deferred Credits 2.3 13.9 Total Liabilities & Other Credits $ 878.9 $ 901.8 Page 2
Statement of Operations For the Period Ended December 31, 2016 Current Month Year-to-Date Actual Actual 1 Operating Revenue and Patronage Capital $ 17,867,324.58 $ 420,909,029.53 2 Power Production Expense $ 0.00 $ 0.00 3a Cost of Purchased Power 20,988,563.95 255,330,256.49 3b Other Purchased Power Expense 2,141,479.13 28,268,333.01 Subtotal - Purchased Power (2 and 3) $ 23,130,043.08 $ 283,598,589.50 5 Distribution Expense - Operation 925,544.50 8,391,168.53 6 Distribution Expense - Maintenance 2,059,643.70 24,081,656.66 7 Consumer Accounts Expense 1,079,618.42 13,949,942.36 8 Customer Service and Informational Expense 138,376.97 1,647,807.59 9 Sales Expense 144,329.45 1,603,079.43 10 Administrative and General Expense 2,301,991.71 24,339,177.58 Subtotal (5 through 10) $ 6,649,504.75 $ 74,012,832.15 11 Total Operation and Maintenance Expense (2 through 10) $ 29,779,547.83 $ 357,611,421.65 12 Depreciation and Amortization Expense 2,472,696.98 30,714,220.65 13 & 14 Tax Expense 3,464.90 3,246,110.59 15 a & b Interest on Long-Term Debt/Amortizations 1,896,000.00 22,329,164.53 15 c Amortization of Gain in Debt Prepayment (33,917.33) (407,007.96) 17 Interest - Other 0.00 0.00 Interest on Short-Term Debt 13,350.40 438,885.05 18 Other Deductions 26,996.65 364,828.98 19 Total Cost of Electric Service (11 through 18) $ 34,158,139.43 $ 414,297,623.49 20 Patronage Capital and Operating Margins (1 minus 19) $ (16,290,814.85) $ 6,611,406.04 21 Non-Operating Margins - Interest 126,704.04 1,518,918.30 23 Income/(Loss) from Equity Investments 4,383,428.79 19,037,346.96 24 Non-Operating Margins - Other 246,809.63 1,342,744.34 25 & 26 Generation and Transmission / Other Margins 628,479.78 9,150,226.84 27 Extraordinary Items 0.00 0.00 28 Patronage Capital or Margins (20 through 27) $ (10,905,392.61) $ 37,660,642.48 Page 3
Data on Transmission and Distribution Plant For the Period Ended December 31, 2016 Last Year Current Year 1 New Services Connected 3,955 3,881 2 Services Retired 1,961 1,896 3 Total Services in Place 190,226 192,211 4 Idle Services (Exclude Seasonal) 6,833 4,446 5 Miles Transmission 0.00 0.00 6 Miles Distribution - Overhead 3,025.26 2,551.80 7 Miles Distribution - Underground 6,204.47 6,515.90 8 Total Miles Energized (5+6+7) 9,229.73 9,067.70 Total kwh Sold (Current Month) 272,030,635 278,422,992 Total kwh Sold (Year-to-Date) 3,912,196,702 4,144,914,443 Total kwh Purchased (Current Month) 287,826,825 307,294,067 Total kwh Purchased (Year-to-Date) 4,054,760,935 4,205,282,835 Consumers per Mile 21.80 22.50 Page 4
Balance Sheet As of December 31, 2016 Assets and Other Debits Last Year Current Year % Change 1 Total Utility Plant in Service $ 859,194,292.20 $ 882,038,330.07 2 Construction Work in Progress 9,258,499.09 17,427,462.57 3 Total Utility Plant (1 + 2) $ 868,452,791.29 $ 899,465,792.64 3.57% 4 Accum. Provision for Depreciation and Amort. 275,656,605.88 292,642,084.14 5 Net Utility Plant (3-4) $ 592,796,185.41 $ 606,823,708.50 2.37% 8 Invest. in Assoc. Org. - Patronage Capital 156,275,588.56 163,879,261.39 9 Invest. in Assoc. Org. - Other - General Funds 0.00 0.00 10 Invest. in Assoc. Org. - Other - Nongeneral Funds 34,357,375.61 33,177,257.34 12 Other Investments 37,719,849.85 39,001,129.38 3.40% 13 Special Funds 3,729,610.76 2,117,149.78 14 Total Other Property and Investments (6 through 13) $ 232,082,424.78 $ 238,174,797.89 2.63% 15 Cash - General Funds 5,578,360.86 6,016,008.33 17 Special Deposits 0.00 0.00 18 Temporary Investments 2,064,633.44 1,026,616.76-50.28% 20 Accounts Receivable - Net Sales of Energy 13,923,377.86 19,162,124.99 21 Accounts Receivable - Net Other 13,431,052.79 13,219,933.12 22 Materials and Supplies - Electric and Other 2,297,366.82 3,741,338.17 23 Prepayments 1,616,603.14 896,555.73 24 Other Current and Accrued Assets 2,130,541.25 2,795,803.38 25 Total Current and Accrued Assets (15 through 24) $ 41,041,936.16 $ 46,858,380.48 14.17% 27 Other Deferred Debits 12,973,636.98 9,928,779.65 29 Total Assets and Other Debits (5 + 14 + 25 + 27) $ 878,894,183.33 $ 901,785,666.52 2.60% Page 5
Balance Sheet As of December 31, 2016 Liabilities and Other Credits Last Year Current Year % Change 30 Memberships $ 521,485.00 $ 499,215.00 31 Patronage Capital 309,317,774.46 309,729,901.82 33a Operating Margins - Current Year 17,613,581.10 6,611,406.04 33b Capital Credit Contribution to Margins 8,981,598.00 9,150,226.84 34 Non-Operating Margins 15,664,996.27 21,899,009.60 35 Other Margins and Equities (56,079,725.42) (19,095,506.14) 36 Total Margins and Equities (30 through 35) $ 296,019,709.41 $ 328,794,253.16 11.07% 37a Long-Term Debt - CFC (Net) 406,883,601.33 398,290,525.63 Payments - Unapplied 0.00 0.00 37b Long-Term Debt - Other (Net) 0.00 0.00 Payments - Unapplied 0.00 0.00 38 Total Long-Term Debt (37a + 37b) $ 406,883,601.33 $ 398,290,525.63-2.11% 39 Obligations Under Capital Leases 728,300.13 425,617.38 40 Accumulated Operating Provisions 98,838,441.30 88,861,752.22 41 Total Other Noncurrent Liabilities (39 + 40) $ 99,566,741.43 $ 89,287,369.60-10.32% 42 Notes Payable 21,500,000.00 8,100,000.00 43 Accounts Payable 21,861,339.88 28,051,092.78 44 Consumers Deposits 12,844,652.91 12,961,559.78 45 Other Current and Accrued Liabilities 17,894,584.84 22,396,899.00 46 Total Current and Accrued Liabilities (42 through 45) $ 74,100,577.63 $ 71,509,551.56-3.50% 47a Deferred Revenue 0.00 12,000,000.00 47b Other Regulatory Liabilities 29,890.33 17,311.33 48 Unamortized Gain on Reacquired Debt 2,293,663.20 1,886,655.24 49 Other Deferred Credits 0.00 0.00 50 Accumulated Deferred Income Taxes 0.00 0.00 51 Total Liabilities and Other Credits (36 + 38 + 41 + 46 through 50) $ 878,894,183.33 $ 901,785,666.52 2.60% Page 6
Monthly Trend Analysis kwh Sold 550 500 450 400 kwh Sold (in Millions) 350 300 250 200 150 100 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011 339.9474 289.2430 249.8324 253.9052 273.2746 400.9281 463.7282 473.3372 453.4318 281.1434 243.1726 264.8338 2012 289.3691 260.3057 256.8386 263.3181 286.6848 364.7805 444.4856 469.7878 407.9995 279.9471 236.1508 275.1137 2013 311.1112 278.1681 262.2857 257.1683 266.7287 344.9018 395.3745 404.7627 402.8323 297.5794 265.3422 293.3039 2014 332.6792 316.1742 248.8847 242.4044 272.2857 355.4857 408.0528 404.5233 419.3478 305.0186 270.9633 262.5437 2015 308.0034 284.0940 278.6913 264.3170 263.8417 353.7351 463.9173 478.7287 404.3524 295.8473 244.6378 272.0306 2016 308.6042 283.5567 285.2921 265.9469 271.1619 365.5160 492.2743 481.0128 490.5838 360.8238 261.7190 278.4230 Page 7
7.00% Monthly Trend Analysis Cobb EMC Weighted Average Debt Cost 6.00% 5.80% 5.62% 5.62% 5.62% 5.62% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.54% 5.00% Dec-2015 Jan-2016 Feb-2016 Mar-2016 Apr-2016 May-2016 Jun-2016 Jul-2016 Aug-2016 Sep-2016 Oct-2016 Nov-2016 Dec-2016 Page 8