UNITIL Corporation · NYSE:UTL
UNITIL — Shareholder Meeting (April 2003)
12 slides from UNITIL's shareholder meeting presentation, Apr 17, 2003
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS April 17, 2003 Presentation by Robert G. Schoenberger Chairman and Chief Executive Officer This presentation contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Certain factors that could cau
Slide 2: 2002: Continued Turbulence
2002: CONTINUED TURBULENCE Fallen Icons: Enron, AES, PG&E, Calpine, Montana Power, SCE, Duke, AEP …
Slide 3: 2002: Unitil Out-Performs
2002: UNITIL OUT-PERFORMS Comparative One-Year Investment Returns Unitil vs. Selected Indices March 30, 2002 – March 31, 2003 0.0% Unitil -5.0% -10.0% Dow Jones One-Year Return Industrials -15.0% S&P 500 -20.0% -25.0% Dow Jones Utilities -30.0% S&P Utilities -35.0% -40.0%
Slide 4: Unitil Has Made Progress
UNITIL HAS MADE PROGRESS Our Three Promises: 1. Finish regulatory restructuring. 2. Return to more normal utility earnings. 3. Make Usource profitable.
Slide 5: Regulatory Restructuring
REGULATORY RESTRUCTURING What we accomplished in 2002: • Settlement achieved and implemented in New Hampshire. • Final resolution and settlement of Stranded Costs in Massachusetts. • All regulated utility businesses are now “restructured” as utility distribution businesses.
Slide 6: More Normal Utility Earnings
MORE NORMAL UTILITY EARNINGS What we accomplished in 2002: • Completed base rate increases in all four distribution businesses. • Regulators awarded 10% ROE – a total increase of $7M in annual revenues. • Non-distribution activities (energy supply and transmission) are now handled on a cost pass-thr
Slide 7: Usource
USOURCE What we accomplished in 2002: • Usource is meeting market challenges. • Customer count and revenues continue to grow. • Tight cost control. • Market leader in the Northeast with improving market conditions. • Low cost, low risk way to do business in unregulated markets.
Slide 8: Unitil Today
UNITIL TODAY • Stable and predictable rate base and allowed return. • Secure dividend. • Major regulatory, power supply, and environmental risks eliminated. • Leaner and more efficient cost structure. • Relatively high-growth service areas. • Proven non-utility growth strategy.
Slide 9: Future Challenges
FUTURE CHALLENGES • Changes in energy supply business • Long-term responsibility for energy supply acquisition for customers. • Pace of competitive market development. • The distribution utility business • Completing promised recovery of stranded costs. • Managing employee benefit costs. • Industry
Slide 10: Unitil Looking Ahead
UNITIL LOOKING AHEAD • Improvement in earnings. • Earn authorized returns of 10% or better on regulated assets. • Improved cash flows and reduced leverage. • Continued strong distribution investment to meet service area growth. • Usource becomes a bottom-line contributor.
Slide 11: Conclusion: Questions?
CONCLUSION Questions?
Slide 12: Thank You
See you next year! Unitil We deliver. It's that simple.