(Internet version) Financial & Statistical Report September 2017 10/23/2017
Statement of Operations For the Period Ended September 30, 2017 (in millions) Current Month Year-to-Date Operating Revenue & Patronage Capital $ 43.6 $ 337.4 Purchased Power 25.6 227.1 Operation & Maintenance 6.1 48.7 Depreciation, Taxes, & Interest 4.5 40.8 Operating Margins $ 7.4 $ 20.8 Non-Operating Profit/(Loss) 2.2 10.2 Patronage Capital or Margins $ 9.7 $ 31.0 Page 1
Balance Sheet As of September 30, 2017 (in millions) Assets & Other Debits Last Year Current Year Total Utility Plant $ 892.3 $ 926.1 Depreciation & Amortization 290.1 304.9 Net Utility Plant $ 602.3 $ 621.2 Other Property & Investments 230.7 229.5 Current & Accrued Assets 66.0 62.0 Other Deferred Debits 12.1 11.3 Total Assets & Other Debits $ 911.1 $ 924.0 Liabilities & Other Credits Last Year Current Year Margins & Equities $ 336.6 $ 344.1 Long-Term Debt 402.5 398.8 Other Noncurrent Liabilities 87.8 89.6 Current & Accrued Liabilities 82.2 85.2 Deferred Credits 2.0 6.3 Total Liabilities & Other Credits $ 911.1 $ 924.0 Page 2
Statement of Operations For the Period Ended September 30, 2017 Current Month Year-to-Date Actual Actual 1 Operating Revenue and Patronage Capital $ 43,604,726.20 $ 337,448,178.28 2 Power Production Expense $ 0.00 $ 0.00 3a Cost of Purchased Power 22,931,038.12 203,574,173.73 3b Other Purchased Power Expense 2,635,914.73 23,532,193.53 Subtotal - Purchased Power (2 and 3) $ 25,566,952.85 $ 227,106,367.26 5 Distribution Expense - Operation 615,092.83 6,134,947.57 6 Distribution Expense - Maintenance 2,274,354.72 14,732,902.21 7 Consumer Accounts Expense 1,099,494.92 9,563,116.38 8 Customer Service and Informational Expense 104,967.22 913,692.06 9 Sales Expense 107,391.45 1,070,856.06 10 Administrative and General Expense 1,857,780.77 16,320,173.63 Subtotal (5 through 10) $ 6,059,081.91 $ 48,735,687.91 11 Total Operation and Maintenance Expense (2 through 10) $ 31,626,034.76 $ 275,842,055.17 12 Depreciation and Amortization Expense 2,321,722.01 21,471,007.42 13 & 14 Tax Expense 300,419.56 2,697,532.87 15 a & b Interest on Long-Term Debt/Amortizations 1,886,000.00 16,258,075.71 15 c Amortization of Gain in Debt Prepayment (28,231.00) (254,079.00) 17 Interest - Other 0.00 0.00 Interest on Short-Term Debt 36,482.08 379,246.28 18 Other Deductions 27,194.00 252,013.39 19 Total Cost of Electric Service (11 through 18) $ 36,169,621.41 $ 316,645,851.84 20 Patronage Capital and Operating Margins (1 minus 19) $ 7,435,104.79 $ 20,802,326.44 21 Non-Operating Margins - Interest 117,769.98 1,118,024.11 23 Income/(Loss) from Equity Investments (664,302.76) 7,412,629.32 24 Non-Operating Margins - Other 99,373.85 668,701.71 25 & 26 Generation and Transmission / Other Margins 2,675,151.69 7,081,204.83 27 Extraordinary Items 0.00 (6,109,015.54) 28 Patronage Capital or Margins (20 through 27) $ 9,663,097.55 $ 30,973,870.87 Page 3
Data on Transmission and Distribution Plant For the Period Ended September 30, 2017 Last Year Current Year 1 New Services Connected 2,905 2,752 2 Services Retired 1,423 1,408 3 Total Services in Place 191,708 193,555 4 Idle Services (Exclude Seasonal) 4,442 3,986 5 Miles Transmission 0.00 0.00 6 Miles Distribution - Overhead 2,553.00 2,549.04 7 Miles Distribution - Underground 6,496.30 6,576.49 8 Total Miles Energized (5+6+7) 9,049.30 9,125.53 Total kwh Sold (Current Month) 490,583,785 412,551,155 Total kwh Sold (Year-to-Date) 3,243,948,656 3,008,144,288 Total kwh Purchased (Current Month) 414,912,871 343,769,579 Total kwh Purchased (Year-to-Date) 3,348,213,604 3,094,859,902 Consumers per Mile 22.48 22.52 Page 4
Balance Sheet As of September 30, 2017 Assets and Other Debits Last Year Current Year % Change 1 Total Utility Plant in Service $ 877,436,780.00 $ 899,254,548.58 2 Construction Work in Progress 14,912,438.93 26,858,268.40 3 Total Utility Plant (1 + 2) $ 892,349,218.93 $ 926,112,816.98 3.78% 4 Accum. Provision for Depreciation and Amort. 290,079,659.96 304,884,367.29 5 Net Utility Plant (3-4) $ 602,269,558.97 $ 621,228,449.69 3.15% 8 Invest. in Assoc. Org. - Patronage Capital 162,291,299.74 169,713,836.52 9 Invest. in Assoc. Org. - Other - General Funds 0.00 0.00 10 Invest. in Assoc. Org. - Other - Nongeneral Funds 33,177,257.34 31,871,499.88 12 Other Investments 33,271,242.26 25,440,626.36-23.54% 13 Special Funds 1,997,288.63 2,449,032.03 14 Total Other Property and Investments (6 through 13) $ 230,737,087.97 $ 229,474,994.79-0.55% 15 Cash - General Funds 7,140,004.99 9,051,233.71 17 Special Deposits 0.00 0.00 18 Temporary Investments 1,020,682.08 453,138.02-55.60% 20 Accounts Receivable - Net Sales of Energy 36,604,941.07 31,703,407.12 21 Accounts Receivable - Net Other 13,395,567.40 13,601,211.39 22 Materials and Supplies - Electric and Other 3,792,720.50 3,992,133.60 23 Prepayments 1,303,110.58 1,265,138.19 24 Other Current and Accrued Assets 2,705,935.78 1,931,502.79 25 Total Current and Accrued Assets (15 through 24) $ 65,962,962.40 $ 61,997,764.82-6.01% 27 Other Deferred Debits 12,148,317.48 11,327,896.52 29 Total Assets and Other Debits (5 + 14 + 25 + 27) $ 911,117,926.82 $ 924,029,105.82 1.42% Page 5
Balance Sheet As of September 30, 2017 Liabilities and Other Credits Last Year Current Year % Change 30 Memberships $ 503,665.00 $ 482,265.00 31 Patronage Capital 309,288,521.53 304,486,607.48 33a Operating Margins - Current Year 23,104,070.08 20,802,326.44 33b Capital Credit Contribution to Margins 7,408,014.74 7,081,204.83 34 Non-Operating Margins 15,346,655.70 3,090,339.60 35 Other Margins and Equities (19,031,377.62) 8,130,676.13 36 Total Margins and Equities (30 through 35) $ 336,619,549.43 $ 344,073,419.48 2.21% 37a Long-Term Debt - CFC (Net) 402,487,973.53 398,775,925.59 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) $ 402,487,973.53 $ 398,775,925.59-0.92% 39 Obligations Under Capital Leases 496,629.90 240,486.42 40 Accumulated Operating Provisions 87,296,738.65 89,405,614.25 41 Total Other Noncurrent Liabilities (39 + 40) $ 87,793,368.55 $ 89,646,100.67 2.11% 42 Notes Payable 16,000,000.00 21,700,000.00 43 Accounts Payable 30,270,322.07 33,489,748.41 44 Consumers Deposits 12,909,374.78 13,075,387.32 45 Other Current and Accrued Liabilities 23,019,040.90 16,968,991.03 46 Total Current and Accrued Liabilities (42 through 45) $ 82,198,737.75 $ 85,234,126.76 3.69% 47a Deferred Revenue 0.00 0.00 47b Other Regulatory Liabilities 29,890.33 17,311.33 48 Unamortized Gain on Reacquired Debt 1,988,407.23 1,632,576.24 49 Other Deferred Credits 0.00 4,649,645.75 50 Accumulated Deferred Income Taxes 0.00 0.00 51 Total Liabilities and Other Credits (36 + 38 + 41 + 46 through 50) $ 911,117,926.82 $ 924,029,105.82 1.42% 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 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 2017 300.5438 264.7207 241.3235 284.2230 280.8527 372.0179 405.3012 446.6104 412.5512 Page 7
7.00% Monthly Trend Analysis Cobb EMC Weighted Average Debt Cost 6.00% 5.54% 5.54% 5.54% 5.54% 5.51% 5.51% 5.51% 5.50% 5.50% 5.50% 5.44% 5.44% 5.44% 5.00% Sep-2016 Oct-2016 Nov-2016 Dec-2016 Jan-2017 Feb-2017 Mar-2017 Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Page 8