Uil Co. Ltd. · KRX:049520
Uil — FY2011 Earnings Presentation
21 slides from Uil's earnings presentation, Feb 22, 2012
Slide 1: 4Q & FY 2011 Earnings Presentation
4Q & FY 2011 Earnings Presentation February 23, 2012 Exhibit 99.1
Slide 2: Note to Investors
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, expectations or for
Slide 3: 2011 Accomplishments/Milestones
2011 Accomplishments/Milestones ü Successful integration of gas companies, electric company and UIL ü Implemented growth strategy for natural gas heating conversions § Converted approximately 8,300 customers in 2011 - 22% above the 2010 level ü GenConn Middletown became operational § GenConn Devon &
Slide 4: UIL Integration
UIL Integration q Substantially exited Transitional Services Agreement in Fall of 2011 q In the process of converting Connecticut gas companies’ customer information systems to a single UIL platform Realizing savings of $11.6M in 2012, compared to Iberdrola USA’s (IUSA) $23M of allocated corporate o
Slide 5: 4Q & FY 2011 Earnings Highlights
4Q & FY 2011 Earnings Highlights q Consolidated net income in 2011 of $99.7M, an increase of $44.8M compared to 2010 § Full year of net income from gas operations § Earnings from UI’s equity investment in GenConn § Absence of after-tax acquisition related costs, which occurred in 2010 § Includes $0.
Slide 6: Gas Conversions
Gas Conversions q 2011 conversions - 22% increase over 2010 levels § Converted approximately 8,300 in 2011 compared to 6,800 additions in 2010 q Consumer interest in converting remains strong § Financing options have been expanded to assist customers with up-front conversion costs § Natural gas supp
Slide 7: State Regulatory Update
GenConn 2012 Revenue Requirement Utility Company Storm Response Renewable Energy UI Electric Distribution Rate Case Berkshire Gas Rate Plan Other State Regulatory Update q Investigation of Public Service Companies’ response to 2011 Storms (DN 11-09-09) § Hearings for Electric - April 23 rd through M
Slide 8: Legislative Update
Legislative Update q Post-Storm Investigations § A panel formed by CT Governor Malloy issued its report on 1/9/12; areas of focus: q Utility preparedness, tree trimming and infrastructure hardening q Communications and information sharing q Municipal matters such as preparedness, road safety and she
Slide 9: FERC-Related Developments
FERC-Related Developments FERC Order 1000: q Issued by FERC on July 21, 2011. Includes provisions related to: § Incorporating public policy into transmission planning § Transmission cost allocation § Limitation on right of first refusal § Inter-regional transmission coordination Potentially enhances
Slide 10: Economic Update
Economic Update q Connecticut gained 600 jobs in December - recovering slowly ( 1) q Seasonally adjusted unemployment rates as of December 2011 (2) § CT - 8.2% § MA - 6.8% § National - 8.3% (as of January 2012) q Unemployment rates in the largest cities in our service areas (2) § Bridgeport - 7.8% §
Slide 11: 4Q '11 vs. 4Q '10 / FY '11 vs. FY '10
4Q ‘11 vs. 4Q ‘10 FY ‘11 vs. FY ‘10
Slide 12: 4Q & FY 2011 Financial Results - Details
4Q & FY 2011 Financial Results - Details Electric distribution, CTA, GenConn & Other q 6% increase in ‘11 net income over ‘10; $1.6M increase in net income quarter-over-quarter § GenConn contributed to UIL pre-tax earnings of $11.3M & $3.1M for the full-year and 4Q ‘11, respectively q Average D & CT
Slide 13: Debt Maturities, Liquidity & Credit Ratings
BIL . UIL HOLDINGS CORPORATION Debt Maturities, Liquidity & Credit Ratings ies ($M) LEE 20 Issuer S&P Moody's $100 UIL BBB Baa3 Holdings (Gtable) (table) $80 $60 United BBB Baa2 Illuminating (Stable) (Stable) 40 BBB Baa2 20 SEG. (Stable) (Stable) 0 BBB Baal 2012 2013 2014 NE (Stable) (Stable) UL Pol
Slide 14: 2012 CapEx Update ($M)
2012 CapEx Update ($M) q Identified projects with clear need q IT-related shared services projects are in UIL Corporate Amounts may not add due to rounding.
Slide 15: 2012 Earnings Expectations
2012 Earnings Expectations Current Assumptions q Regulated businesses are expected to earn the allowed return on an aggregate basis q Integration savings of $11.6M in 2012, compared to Iberdrola USA’s (IUSA) $23M of allocated corporate overheads, support costs and shared services in 2009 q 2012 goal
Slide 16: Closing Remarks
Closing Remarks q Successful completion of integration of gas companies, electric company and UIL q Earn allowed returns q Focus on natural gas conversions expansion q Continue to manage O&M expenses q Identified capital expenditures with a clear need § Executing on plan - realizing rate base growth
Slide 17: UIL Holdings Corporation
BIL UIL HOLDINGS CORPORATION
Slide 18: UIL Holdings Corporation
BIL UIL HOLDINGS CORPORATION
Slide 19: 2011 Financial Results - Details
2011 Financial Results - Details This table has been presented for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the acquisition not taken place.
Slide 20: UIL 2012-2021 Capital Expenditure Forecast
UIL 2012-2021 Capital Expenditure Forecast* q Identified projects with clear need q Full 10-yr forecast for Gas Distribution CapEx q IT-related shared services projects are in UIL Corporate * 10-yr Capex forecast will be updated in the Fall of 2012 Amounts may not add due to rounding.
Slide 21: 2012-2016 Average Rate Base Forecast
CAGR 7.3% 2012-2016 Average Rate Base Forecast GenConn Equity Investments: Rate Base $M (Excluding GenConn Equity Investments) : $2,062 $2,235 $2,388 $2,535 $2,731 1% 41% 22% 36% 40% 22% 38% 40% 22% 38% 38% 24% 38% Amounts may not add due to rounding . Gas Distribution: 4.1% Electric Transmission: 9