Uil Co. Ltd. · KRX:049520
Uil — FY2009 Earnings Presentation
17 slides from Uil's earnings presentation, Feb 17, 2010
Slide 1: 4Q and Full Year Earnings Conference Call
EXHIBIT 99.1 4Q and Full Year Earnings Conference Call February 18, 2010 - transforming investment into future value 1 4Q & FY 2009 Earnings
Slide 2: Important Note to Investors
Important Note to Investors Certain statements contained herein, regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). These include statements regarding management’s intentions, plans, beliefs, expectati
Slide 3: Full Year & 4Q 2009 Financial Results - Summary
Full Year & 4Q 2009 Financial Results - Summary 2009 consolidated earnings of $54.3 million, or $1.94 per share, compared to $48.1 million, or $1.92 per share in 2008 4Q ’09 consolidated earnings of $6.7 million, or $0.22 per share, compared to $8.7 million, or $0.35 per share, in 4Q ’08 Ø Net incom
Slide 4: 4Q & Full Year 2009 Financial Results
4Q & Full Year 2009 Financial Results Quarter Ended December 31, Year Ended December 31, 2009 2008 Difference 2009 2008 Difference UI Distribution, CTA* and Other $ 1.4 $ 3.0 $ (1.6) $ 31.7 $ 27.4 $ 4.3 Transmission 6.1 6.7 (0.6) 25.3 23.7 1.6 Total UI Net Income $ 7.5 $ 9.7 $ (2.2) $ 57.0 $ 51.1 $
Slide 5: 2009 Earnings Details Compared to the Same Periods in 2008: Distribution, CTA & Other
2009 Earnings Details Compared to the Same Periods in 2008 Distribution, CTA & Other Quarter Ended Year Ended Ø Successfully managed O&M expense in December 31, 2009 December 31, 2009 total for the year Favorable/(Unfavorable) ($M) vs. 2008 vs. 2008 Operating Revenues Ø Decoupling adjustment provide
Slide 6: Solid Liquidity Position Enabling Future Growth
Solid Liquidity Position Enabling Future Growth Ø Successful equity issuance in 2009 Ø No plans to issue additional equity before the end of 2010 Ø Unrestricted cash and temporary investments of $15.3M as of 12/31/09 Ø Year-end 2009 debt covenant ratios* of 56% and 53%, for UIL & UI, respectively Ø
Slide 7: Debt Maturity and Liquidity Details
Debt Maturity and Liquidity Details Solid liquidity position enabling future CapEx plans Debt maturity schedule as of 12/31/09 ($M) Liquidity outlook Ø UIL & UI have a $175M joint credit facility due * 12/22/11 ($50M of limit available for UIL) » No short-term borrowings outstanding under this facil
Slide 8: 2010 EPS Guidance as of February 18, 2010
2010 EPS Guidance as of February 18, 2010 Approximate 2010 Net Income * 2010 EPS The United Illuminating Company Distribution, CTA & Other $30 - $32 $0.98 - $1.05 Transmission 26 - 28 0.85 - 0.93 GenConn 2-3 0.07 - 0.09 Total UI $58 - $62 $1.93 - $2.05 Corporate (3) - (2) (0.09) - (0.05) Total UIL $
Slide 9: 2010 Outlook
2010 Outlook Connecticut’s economy Ø Unemployment remains below national average » Non-seasonally adjusted rate as of 12/09: 8.5% CT // 9.7% national Ø CT has lost 94,500 jobs from the 3/08 peak predicted to reach 100,000 level by mid-2010 Our outlook Ø Expect slight to modest economic growth in our
Slide 10: 2010 Regulatory Update
2010 Regulatory Update Ø Distribution rate increase effective 1/1/10 » Incremental $19.4M over 2009 plus additional $21.6M ’09 & ’10 pension cash recovery » $2.4M to the bottom line in equity return » $10.9M one-time, non-recurring cash recovery of ’09 regulatory assets Ø Generic ROE proceeding (DN
Slide 11: Financing
Ø 50/50 debt/equity Financing Status UI Equity Bridge Loan Ø $121.5M in total à $107.8M drawn as of 12/31/09 » $57M due 6/1/10 with Devon in-service » $64.5M due 6/1/11 with Middletown in-service Ø Devon Plant NRG Equity Bridge Loan Ø Middletown Plant Ø $121.5M in total » Construction underway GenCo
Slide 12: GenConn Energy - Current View of Progress
GenConn Energy - Current View of Progress Devon In-service June 2010 Middletown In-service June 2011 Construction site photos as of the late December/early January timeframe. 12 4Q & FY 2009 Earnings
Slide 13: 2010 Capital Expenditure Forecast Update
2010 Capital Expenditure Forecast Update Full 10-year Capex Plan Refresh .... coming Mid 2010 Current ’10 Estimate of $295M Changes from Previous Estimate* Previous ’10 Estimate of $245M Ø Distribution » Core Support spending accelerated from future years Ø Transmission » Grand Ave Switching Station
Slide 14: Future Growth - Opportunities / Enablers
Future Growth - Opportunities / Enablers In-State Opportunity / Enabler Notes / Summary Distribution Transmission Generation Six of seven New England states have adopted standards. CT Renewable Portfolio A Standards has limited means to comply. Possible collaboration among New England Transmission ü
Slide 15: Investment Highlights
Investment Highlights Ø Virtually 100% regulated Progressive pure-play Ø Long history of National 1st quartile reliability performance electric utility Ø 20 year leader in Conservation & Load Management programs Ø Smart Grid - - ahead of the curve Ø $1.7 billion 10-year capital expenditure program H
Slide 16: Q&A
Q&A 16 4Q & FY 2009 Earnings
Slide 17: Slide 17