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HomeMy WebLinkAbout20050406Hall exhibits.pdfUNITED WATERWORKS, INC CONSOLIDATED CAPITAL STRUCTURE 31-Dec- ITEM AMOUNT PERCENTAGE COST WEIGHTED Long-term Debt.224,435 000 53.41%6.45%3.44 % Minority Interest (Preferred Stock)554 200 13%00%01% Common Equity 195,233,257 46.46%10.00%65% Total $420,222,457 100.00%10% COMMON EQUITY Common Stock Paid in Captial Retained Earnings 164 383,174 142 848,919 Total 195,233,257 Exhibit No. 117 Case No. UWI-04- C. Hall, Staff 4/06/05 Un i t e d W a t e r w o r k s I n c . Co s t o f L o n g T e r m D e b t At D e c e m b e r 3 1 , 20 0 4 (1 ) (2 ) (3 ) (4 ) (5 ) (6 ) (7 ) (8 ) (9 ) (1 0 ) (1 1 ) Un a m o r t i z e d An n u a l Am o r t i z a t i o n o f Em b e d d e d (a ) Ne t D i s c o u n t Ne t St a t e d In t e r e s t Ne t D i s c o u n t An n u a l Co s t Lin e De s c r i p t i o n Is s u e Ma t u r i t y Am o u n t Pr e m i u m a n d Pr o c e e d s In t e r e s t Ex p e n s e Pr e m i u m a n d Co s t Ra t e Nu m b e r of D e b t Da t e Da t e Ou t s t a n d i n g Ex p e n s e (C . 4 + / - Ra t e (C . 4 x C . Ex p e n s e (C . 8+ C , (C . 10 / C . 4 ) Me d i u m T e r m N o t e S e r i e s A 1 9 9 7 10 / 9 7 10 / 0 7 15 , 00 0 00 0 20 , 94 4 97 9 , 05 6 80 % 02 0 , 00 0 39 2 02 7 , 39 2 85 % Me d i u m T e r m N o t e S e r i e s A 1 9 9 8 2/ 9 8 2/ 2 3 25 , 00 0 , 00 0 75 7 91 7 23 , 24 2 , 08 3 97 % 74 2 50 0 21 2 83 9 , 71 2 36 % Me d i u m T e r m N o t e S e r i e s A 1 9 9 8 12 / 9 8 12 / 1 7 00 0 , 00 0 52 , 4 1 6 94 7 58 4 90 % 34 5 , 00 0 03 2 34 9 , 03 2 98 % Me d i u m T e r m N o t e S e r i e s A 1 9 9 8 2/ 9 8 2/ 2 8 15 , 00 0 , 00 0 18 5 03 6 81 4 96 4 10 % 06 5 , 00 0 01 6 07 3 , 01 6 15 % Me d i u m T e r m N o t e S e r i e s A 1 9 9 8 11 / 9 8 11 / 0 8 00 0 , 00 0 36 5 , 00 2 63 4 99 8 6.4 4 % 32 2 00 0 93 , 19 2 41 5 , 19 2 30 % Ta x E x e m p t - De l a w a r e 9 5 T E F 6/ 9 5 6/ 2 5 25 , 00 0 00 0 82 4 79 5 17 5 , 20 5 20 % 55 0 00 0 40 , 4 0 4 59 0 , 4 0 4 36 % Ta x E x e m p t - Wi l m 9 2 T E F S e r i e s B 12 / 9 2 12 / 0 7 65 0 , 00 0 23 , 52 0 62 6 , 4 8 0 6.4 5 % 29 9 , 92 5 06 4 30 7 98 9 62 % Ta x E x e m p t - Da u p h i n 9 2 T E F S e r i e s B 6/ 9 2 6/ 1 7 18 5 , 00 0 10 7 13 3 , 89 3 70 % 28 0 , 39 5 11 6 28 4 51 1 80 % Ta x E x e m p t - Bo i s e 2 0 0 1 T E F 9/ 0 1 9/ 3 1 26 , 77 5 , 00 0 52 3 , 4 7 7 23 , 25 1 52 3 00 % 33 8 , 75 0 13 2 , 13 2 1, 4 7 0 , 88 2 5. 4 9 % Ta x E x e m p t - DE 2 0 0 2 T E F 3/ 0 2 3/ 3 3 00 0 , 00 0 11 1 62 2 88 8 37 8 15 % 87 5 , 50 0 96 4 95 0 , 4 6 4 59 % Ta x E x e m p t N Y ( N R ) 2 0 0 2 T E F 3/ 0 2 3/ 3 4 12 , 00 0 , 00 0 55 7 12 6 10 , 4 4 2 87 4 15 % 61 8 , 00 0 53 , 38 8 67 1 38 8 59 % Ta x E x e m p t - Da u p h i n 9 2 T E F S e r i e s A 6/ 9 2 6/ 2 4 00 0 00 0 35 8 , 70 9 64 1 29 1 90 % 69 0 , 00 0 18 , 4 8 0 70 8 , 4 8 0 08 % Ta x E x e m p t - Bo i s e 0 5 T E F 5/ 0 5 5/ 3 5 19 , 97 5 , 00 0 17 0 69 7 80 4 30 3 70 % 93 8 , 82 5 35 7 01 1 18 2 06 % Ta x E x e m p t - JA X 9 5 T E F 8/ 9 5 8/ 2 5 00 0 , 00 0 55 7 28 0 19 , 4 4 2 , 72 0 35 % 27 0 , 00 0 07 2 29 7 07 2 6. 4 9 % Ta x E x e m p t - Bo i s e 9 7 $ 2 0 M T E F S e r i e s 1 9 9 7 8/ 9 7 8/ 2 7 19 , 85 0 00 0 96 6 , 11 4 18 , 88 3 , 88 6 30 % 05 2 05 0 78 0 09 4 83 0 52 % To t a l L o n g - Te r m D e b t 22 4 , 4 3 5 , 00 0 52 5 , 76 3 20 9 , 90 9 , 23 7 13 , 4 0 7 94 5 68 3 , 60 1 09 1 54 6 28 % Ad d i t i o n a l D e b t C o s t s Un a m o r t i z e d C o s t s A s s o c i a t e d W i t h R e t i r e d 11 2 78 8 61 6 61 6 00 3 % Me d i u m T e r m N o t e ( $ 1 0 M ( Q ) 8 . 84 % ) Pr e m i u m o n R e t i r e m e n t o f M e d i u m T e r m N o t e 44 2 00 0 10 0 22 , 10 0 01 % Pr e m i u m o n R e t i r e m e n t o f P r u d e n t i a l C a p i t a l Co r p D e b t ( $ 2 0 M ( Q ) 1 0 . 05 % , $1 5 M (Q ) 9 , 57 % ) an d J a c k s o n v i l l e D e b t ( $ 1 2 M (Q ) 6 . 75 % ) 59 2 51 2 34 0 , 99 2 34 0 , 99 2 16 % Un a m o r t i z e d C o s t s A s s o c i a t e d W i t h R e t i r e d Ja c k s o n v i l l e D e b t ( $ 1 2 M (Q ) 6 , 75 % ) 44 6 , 68 0 92 4 92 4 01 2 % To t a l s 11 9 , 74 3 13 , 4 0 7 94 5 07 7 , 23 3 14 , 4 8 5 , 17 8 45 % tr 1 -- - . ~ ~ 0 ~ en : : r ~ ( 1 ) ... . . cr " "'" V' 1 , ; - - - ' 0 ,.. . . , . . r: / J ' Z ,. . . . , . . C ~ ~ .- . 1- - 1 . - . I 0 0 DI S C O U N T E D C A S H F L O W M O D E L Re c e n t P r i c e Ex p e c t e d D i v i d e n d Di v i d e n d Ea r n i n g s Di v i d e n d s Bo o k V a l u e ne x t y e a r Yi e l d Gr o w t h Gr o w t h Gr o w t h (P o ) (D ) (D / P o ) va l u e l i n e va l u e l i n e va l u e l i n e AM E R I C A N A S T A T E S W A T E R $2 5 . $0 . 75 % 50 % 50 % 00 % AQ U A A M E R I C A $2 4 . $0 . 68 % 00 % 00 % 00 % CA L I F O R N I A W A T E R $3 5 . $1 , 36 % 10 . 00 % 00 % 00 % GR O U P A V E R A G E 26 % 50 % 17 % 00 % Av e r a g e d G r o w t h 89 % RE T U R N O N E Q U I T Y k = D i v Y i e l d + A v e Gr o w t h AM E R I C A N A S T A T E S W A T E R AQ U A A M E R I C A CA L I F O R N I A W A T E R 64 % 57 % 25 % GR O U P A V E R A G E 15 % .p . 0 ' ( ) tr 1 -- - . ~ ~ I- r - I e n :: r ~ ~ (1 ) . . . . . cr " .- . V' 1 ,. . . . , . . v 0 r: / J ' Z ,. . . . , . . ~ 0 '- - - 1 . .- . 1- - 1 . - . 1.. 0 CERTIFICATE OF SERVICE HEREBY CERTIFY THAT I HAVE THIS 6Th DAY OF APRIL 2005 SERVED THE FOREGOING DIRECT TESTIMONY OF CAROLEE HALL, IN CASE NO. UWI-04-, BY MAILING A COpy THEREOF POSTAGE PREPAID TO THE FOLLOWING: MARK GENNARI UNITED WATER 200 OLD HOOK RD HARRINGTON PARK NJ 07640 DEAN J MILLER ESQ McD EVITT & MILLER LLP PO BOX 2564 BOISE ID 83701 DOUGLAS K STRICKLING BOISE CITY ATTORNEY'S OFFICE 150 N CAPITOL BLVD. PO BOX 500 BOISE ID 83701 CHUCK MICKELSON CITY OF BOISE 150 N CAPITOL BLVD. PO BOX 500 BOISE ID 83701 WILLIAM M. EDDIE ADVOCATES FOR THE WEST PO BOX 1612 BOISE ID 83701 BILL SEDIVY IDAHO RIVERS UNITED PO BOX 633 BOISE ID 83701 BRAD M. PURDY ATTORNEY AT LA W 2019 N 17TH STREET BOISE ID 83702 SHARON ULLMAN 9627 W. DESERT AVE BOISE ID 83709 SCOTT L. CAMPBELL 101 S CAPITOL BLVD., 10TH FLOOR PO BOX 829 BOISE ID 83701 )(( CERTIFICATE OF SERVICE