Document 262-8
Filed 01/04/2008
Page 1 of 45
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 2 of 45
NGrtliWestern
CORPORATION
,To: From: Subject: Date: NorthWestern Board of Directors Kipp D. Orme Revised Proposed 2003 Operating Plan October 30, 2002 .
, Following is our revised proposed 2003 Operating Plan. While the 2003 proposed plan is largely unchanged from our prior submission, the 2002 forecast that is included in this submission has changed substantially from our prior submission. The following summarizes the major changes and other k,ey points regarding'this submission.
2002 Forecast
Our current 2002 EPS forecast is now $1.99, as compared with the $2.30 reflected in the prior submission. The current 2002 forecast reflects updated information obtained from the partner entities during our monthly operations reviews that were held subsequent to our October 17 submission to you. The principaJreason for the $0.31 decline in the 2002 forecast involves Expanets. The prior submission reflected a 2002 EPS contribution from Expanets of $0.28 whereas the current submission reflects $0.07. The $0.21 decline in Expanets forecast is the result of Expanets SUbsequently lowering their 2002 EBITDA forecast from $80 million to $71.2 million and increasing their forecasted amortization,by $1 million. The downward revision in Expanets 2002 EBITDA reflects Expanels most current view and forecast as to their expected 2002 results, with this view being received subsequent to our submission to you on October 17, and is due in part to system conversion related billing adjustments being greater than expected and to ongoing sort market conditions. John Charters will speak further to this during the upcoming Board meeting. The remaining forecast reduction is due principally to Blue Dot. While the revised 2002 Blue Dot forecast is consistent with our prior submission, during SUbsequent discussions with Blue Dot regarding their forecasted 2002 EBITDA of $13.6 million· we have identified, risks totaling $3 million. As Blue Dot has not formally revised their 2002 forecast. and in fact remains committed to their previous forecast, we have chosen to reflect the $3 million of Blue Dot risk within the NorthWestern Energy (which includes NorthWestern Corporate) section. As with Expanets/John Charters, Dan Newell will speak further to his forecast and 2003 proposed plcms dUring the upcoming Board meetings. ' My consolidated perspective on the 2002 EPS forecast of $1.99 follows: · - The total forecasted EBITDA of $310 million across the businesses is reasonably balanced in that I believe there is an equal weighting of risk and'opportunities in the b.usinesses achieving their operating targets.. However, I would say that there is more risk thian opportunity as it relates to achieving the $1.99 2002 forecast. · The following benefit items totaling $1.33 are included in the 2002 forecast and will not. . be recurring in 2003; · Tax benefit of $11.3 million ($0.38) relating to tax losses generated at Expanets during 2001 that were not renected in 2001 results due to uncertainty as to current deductibility (note, the uncertainty revolved around the date in which NorthWestern was able to consolidate Expanets' results for tax purposes. During 2001 we assumed April 1, 2001 as the date we were able to effect consolidation, . As a result of subsequent work done during 2002 by KPMG, we have support for an earlier effective consolidation date, thus generating the current year benefit).
NOR006177
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 3 of 45
I.
Minority interest basis of $28.4 million ($0.95), of which $17.2 million relates to . Blue Dot and the rem'ainder to Expanets.. · We are hopefully in the final days of completing a de-consolidation process regarding our investment in CornerStone. The net result Qf this process, assuming successful completion. will be to eliminate the need to consolidate CornerStone into NorthWestern's 1d financial results post 31d Quarter 2002 (consolidation will be required in the 3 Quarter 2002 in any event) and to significantly enhance NorthWestem's tax filing position relative to its ownership in CornerStone. I will plan to provide you with an update and further commentary on this Issue during the Board meeting. Irrespective of our de-consolidation efforts, in conjunction with our Sid Quarter filing requirements, we will need to assess the reliability of our net position in CornerStone. As discussed in our July 31, 2002 press .. release, our net position in Cornerstone is approximately $58.5 (compromised of our $26 million assumed interest in CornerStone's working capital loan, approximately $20 million . interest in SYN, Inc. and miscellaneous other intercompany receivables). As disclosed in the press release and ~ubsequent public docu·menls such as our recent equitY offering ·prospectus supplement, "NorthWestern will continue to evaluate ComerStone's financial restructuring and the Impact upon creditors of the partnership, including. NorthWestern, and would expect to reflect any reSUlting 11nanclal implication the company's third quarter 2002 results." We are still reviewing what extent of the aforementioned $58.5 million should be renected as a charge to discontinued operations and I will provide further update at the Board meeling, though I would tell you ahead of the meetin~ that it is likely that a substantial portion, if not all, will need to be written offwifhin the 3 . Quarter 2002 results. .
·
In
There are various open items remaining In the 2002 forecast: · Final confirmation/review of ·the aforementioned $11.3 million tax benefit. We Intend io reflect approximately half of this benefit in the 3"' Quarter results and we will·finalize the th remaining portion of the tax benefit to be taken during the 4 Quarter reSUlts. Deloitte Is still completing their review of the value ascribed to the Blue De>t Class C stock, which translates into minority interest basis at the NorthWestem consolidated level, and potential 142 goodwill Impairment. Blue Dors revised operatlng,projectlons will put further pressure on this review. There are current discussions with AVAYA regarding their obligations under priai' TSA's, particularly as it relates to certain past due accounts receIvable balances that were transferred to Expanets. and a host of other miscellaneous issues that will need to be resolved prior to closing a third-party workl':!9 capital facility that would take-<>ut AVAVA's remaining balance. The final resolution or these issues could have implications on Expanets' results. In addition, Expanets is currently reviewing certain intangible and goodwill balances tor potential impalrmenL
·
·
2003 ProPOsed Plan As preViously stated, the attached proposed 2003 Plan is generally consistent with the prior submission. · From an operating perspective we have tried to be reasonably conservative in our revenue growth assumptions and have focused on various cost init/atlv~s achieve strong operating income growth targets (grOWing from $185.6 million in 2002 to $264.0 million in 2003). That said. the proposed operatlng income targets are eertalnly not without risk and will require substantive incremen1al operating performance/execution to achieve.
to
NOR006178
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 4 of 45
·
·
There are no specific ·top-side" contingencies renected in the 2003 plan. However, we do believe that incremental opportunities exist in the areas of procurement and compensation programs. We are still refining our analysis as to the net opportunity that these programs might offer and will plan to speak to this during the Board meeting, though our current analysis suggests that the range of opportunity as It pertains to procurement 15 $6 to $12 million and $2 to $5 million for compensation. It is currentlY" proposed that whatever opportunity exists in lhesa programs serve to de-risk the operating targets which, as noted, are relatively aggressive. As discussed and 'demonstrated in the "Base Level~ liquidity/Financing sheet on page 4 of the liquidity/Financing section of the Board packa~e, the liquidity provided by the base operating plan is not sufficient absent further financing and/or other liquidity . enhancement action. To that end, pages 5 and 6 denote current opportunities that are . being aggressively pursued to enhance our liquidity position.
it:
....
NOR006179
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 5 of 45
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50.'28
(406.QU)
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. 4f.""Q
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Jun a0,27. (29,280)
Jul
12.t4&
(32,2021
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120,973)
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 6 of 45
One Call Locatore
BUd"et PIaM/1I11 Report MonthlvFln ···__ · - _.......... I
,,. Intended for Intorna! Manallomelll Purposu Only
Total Re~nue
~t\'6q ,1ft
January
1 S46,332
0
Februery 1348.531' 0 1.346532 125,769 1.239,246 20,022 5,767
0
OlherCOGS Cost of Sale" Gross Maraln O&MExoense A&GE~pen... UlIllly Adnlln A&G '
Coroorate Overt1ead
Diller MG Ex.,.,n...
Property and OU1er Taxes
0 1546332 145,164 1.397,a02 20,022 5,767
0
°
EBrrDA
DellreelatJon & Amcl
1.789 {24.212 101295 125507 0
{5,500
1,610 - 45882
101,295
'4717n
0
1131 DOT 51,600 U9401
0 147177 157969 /89208
Matct> 1615,363 0 0 1615363 141,017 1,412,880 20,022 5,767 0 1889 32 788 10t,295 168 SOT 0 a,500 16,007 29937 146.070
ADrll 2667493 0 D 2,667493 216,750 2,011,343 20,022
. ' -:i,751
Il 3,419 410192 101,295 308897 0 0 ' 308897 121687 187.230
Julv ' 2793.035 0 0 0 01\ 3027732 2,743 220 2.793035 212,536 216,676 2,145,910 .993,471 1.943,844 20,022 20,022 20.022 5,767 5,767 5,767 Q 0 0 3,638 ' 3,410 3,344 6:19859 546.277 553.501 101295 104,766 104 766 538564 448735 441511 0 0 0 (21450 '0 18.900 517114 «ll735 432611 203,678 176145 170,395 313,438 271 990 262215 3021732
Nav
a ' ,
June 2743220 0
~.""'"
Se.,lemb.r October Navembe, Decem!ler AUGust 27:l1493 2539,550 1523057 2151,272 1483973 0 0 0 0 0 0 0 0 0 0 2731493 2.539 550 2 S23 067 2151272 1,0483973 174,015 135.648 178,796 194,517 212,046 1,979,688 1,B05,783 1,834.450 1,625,982 1,3~8,555 20,022 20,022 20,022 20,022 2.0,022 5,767 5,767 5,767 5,767 5,767 0 0 0 0 0 1729 2,548 3,204 3,093 3,118 U,1'48 528.089' 322..138 465,134 510766 104.166 1~766 1~,766 104 766 1~.766 112,514 360368 218172 421323 406000 '0 0 0 0 0 (12,450 113,450 0 /9.676 0 1124984 204,T22 406000 411841 360 368 49220 60,635 159,913 162 138 141.940 (15744 218428 1240117 249,510 246087
Total 1003
27,189061 0
0
27169 061 2,178,149 20,718,954 240,264 69,200 0 32791 3929 703 1.239.637 2889,1186 0 178,926 2 li10.!l40 1028,384 1 SIl2556
2004·2001 Rev_ue Increase 2O/U·lO07 Elc~8I1s8/ncr··se
3.00"
3.00%
yr'f
12/31/03 Sale (Input 0 lor Yes. I for Nol '~"i~;;r.·, ~" Input Sales Proceeds :"i?'fl;ligQ~
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 7 of 45
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 8 of 45
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Hcl1hWesfem E...fir G~p
vm
OpanIIlng R.........
J'n '0',840
(52,574 1 48,3M
l~,'27)
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261,637 ('48,01<" 148,553 178,8581 6J,_
AI"
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M.y 439,6'3 (2'8,""5) 222,B4a ('25,&73) 07,075
Jon 501,088
(248,'541
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....0
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87lI,053
0 ·· 076.140 (4"',5'01 512,13. (300.8151 2",645
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(37',3'6' 42',U2 (25'.850) 170,242
(413,5821
'15.47G
3:lt,I1'
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EBITDA 'lI
·(I0',4.si 'l1,l5tO
.(202,434) 'SO,_
(278,073) .. 1&1.317
25,c-40
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CIA
Opo
(O,C27)
(12,451l
:11,25' (3O,OZ\)
(11,7~1
(2J._)
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(20.511) .7,1113
(35,4'&)
7&,.02
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(~134)
(5&,ll3tI,
111,&0.1
(.......4)
124.IS3
(70,2'SI
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41,'"
.1'4,384)
84,,1'7
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'(IIl6'
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2,,580
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(2OJ!9Z1 '5,273 (5;11" (22.41&) (2I,U7)
(2.,'63)
17,308
(0,154)
~,&G&)
(24,02Z) , 1&,047 (5,174)
(20.573) '1··62
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UI2
(7.473) (1,710)
>77
(i4,84Sl ' (H,Sl8)
11,141' ('7.438) (10.:163)
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 9 of 45
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 10 of 45
NOR006185
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 11 of 45
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NOR006186
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 12 of 45
N~rthWesterri
~;tJnpOR"TID"
2003 Proposed Operating Plan
NorthWestern Corporation Consolidating Schedu/~ Revised 2003 Plan ~ Income Statement
Reviled Plan OtIgJn.lly
;t
Differvnc.
(in fhouslllll1sJ
lIeG
$
Ex"'n,"
Blue 001
ToQl
2,123,9~
OPtl'lting Rtvenuu
C03(oIS~/U
976,369 $ 464,510 511,859
52.4"
700,4040 $
379.356 nl,074
45.B~
447,095 .$ 282,ql 1&4,914
1'ropo31d PIIlI S 2,091,495
1,122,718
968,m 46.3%
32,409 13,279) 29,130
1,125,997 997,907. 41.0'Ai 682,956 7,811 41,600 265,540 88,425 2U62 152,353 27,182
(173,15~)
Gr033Irf.rgin
349"
142,163 7,811
Operadng ltzp.1IS03:
/JIJerating, M.lntllllllllCO, GePef1li &AdministralNe BJIJIJ Do/1oca/iQn$ CofJlOlll1e GG/1$f8/ &AdmlnlstraUve P8/1lltJrB;Vings EBlTDA
Los:; /rom non~
261,900 41,800 (3,000) . 211,356 69,591 650 141,105 2,819 (164,963) (21,039) .
278,890
631,2>4 7,813' 19,100 310,630 '95,575 2S,315 .
188,740
(51,722) 2 (22,500) (45,09OJ 7,150 . 3.553 (34;387]
.~.
Deprod8l1an
AnIoitiZ8/ion
OpOf'Iling Incom.
Invulmwrr/n«lm··nd Other InlQffl31 EJlpenn
--,
3,000 39,184 . 18,834 2(102 (3,752] 27,5£3
(7,029)
i
15.000
1
!.
Income 8el01e Taxu
Inc:om. Tax (ErpattS8) BeneN Income b./e,. Nlncrlfy InlllfUb MinOrity Inrlllllsls NET INCOME DMdend~ on Prelf!lTed S8CUli1i.$ Earnings on Common Siock
AV9IlIfI8 Common ShBl8~
20,132
(907)
(907)
16,782 {9,S93) 7,189 7.189 1,189 S
15,000 (3.200) (1,160) 10.1140 (4,427)
6,213
6,383
6.112 12,495 12,495 (29,891) (17,396)
6,616 (175,481] 17,895 1,922 19,617 19,817 (29.891) (10,074)
20,566
2.309 (11,512). 4.190 (7.322) (7,322J (7,322)
8,213 6.213 S
S
(29,891) (30,798) S
3T,397
{0.47]
BASIC EARNINGS PER SHARE
K.i' A3SUlllRtfPIllO SIs. e.s.
'S
37,397 (0.27)
f
(0.20)
»> No new equity Issued >>> No ccmmon diIIidsnd >>> Opll18Iing I$~umptlons for lAItI1y COMWetlt WIlh /hose IJtiIIzed in original foIcNotnIlw p/8I1 suflmJssion to ~ «fjusted for ~ar ~ pulChllS/l BCtOUnIing >>> caporale cwemeed at $41.6 mRliM III1ec:ts inClessed PIO~~gaI /II1Jll~/IC8 axpen:e >>> Reco/p( S6~ million lot sale ~ CoI3/tfp In OJ »?Onlj malrWrg dflbl is paid down during '03
or
Page 1019
NOR006187
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 13 of 45
't,
N~rthWesterri
I;
Reconciliation of 2003 Plan Difference
II
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NorthWestern Corporation Consolidating Schedule
Revised 2003 Plan· Income Statement
NEG
(inl1lo
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s
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G
H
1./;/
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32.221
187
(29.912) .JO.O!I!l
(4421
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3,219
CoJto/~1u
33Al3
(1.412)
Gtusoll~"
443
29,IX1' ·
O/1It1/hlg fJI/IOfIJ": Opn&1g. Ilsil1811l111G11, G&.I LDU m JIdI><:aI/ 8!1e Od /ocaIion'
11,160
22,~
(1,412)
s,m
:0,099
44S
51,722
2'2,500
CotJ>
Am~'
~ &MminlstalM
(17,160) 5,121 (22,281] (J,7
122.~)
(5.4:lO!
(2)
11,532)
(3,553)
(4,T39) 4.7J9 21,56:1 4,681 (3,200] 4,739 (1.872) 2.867
(3,200) 1,264 (1,936)
(2l
O~ ... Iin"",omo
!22£OO)
S,65S
(45,09'2).... · (1,150)" (J,55J1 (34,389)
1JIII·· Dnlnllnc.". tnd 0111... InI.." Up«I" Jnc_Ilof.... T .... IilcMl. raJI(EItpoIlU) /Jfn6/t 1Ilc"""'tlortMllIOrI1yl._ t.4;,aityllU_lr NUIHCOfle 0Mden
A,&'BQO Shit.. BA.I7C fARl/iNGS PEA SIWlE
20,566
:iDl 199
(259)
[22,500J 8,888 (13.6131
(13,6131 (13,613) ,
5,Il55
'2,~
32.244
(12,898)
19,~8
(OJ
(0)
3.393
(60) (eD)
(lIO)
2,).'l!l (11,514) 4,100' (1,324) (1,324)
17,3241
37,391
(0.20)
J.J93
3,393
19,346
(0)
(0)
1ll6T
2.867
(1,936)
IS,34a 8
(1,9361 ,
.::cmmo..
EXPI.ANA TlON OF ClR'fIfENCES:
A Adju:lllnenis prim8riy relata Illllle ClIlgoing impkaliorl$ olllle ~es in ptJrr:Ilas. lICCQUIllWl me1hoda1ogy rlll8tive to Ills McxltllNl Pawer acquilflicn S~ adjUSlm8l1ls ere c:cmpmod g/ $5,3M fOf cIIange in A&G capilalizlltian, $10.2114 far M'ealed pnio
I~e in lntaresl Expense due 10 incruse in interest r;lC. ulined in c:ak:ulaling QF Hallility
.B Increase Iluc la $101.1 inaease in eslimaltd pnlf~81118.l, SSM paJ1ial ytar !natas, in ftflmaled 0&0 lnNance premlJmS and reor.ander dIIe to odditilnlll pet10111181 ClDSb (illcluding pellSlon PI oIlI8( benefilsl C In lIddilion to Illiscelllllle
decrease to caPel)
Ill'.
Oect1l8S8 in Dapre
Pllge2a19
NOR006188
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 14 of 45
Page 3 oJ9
NOR006189
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 15 of 45
N~rthWesteni
CORl'-all.TIO'-
2002 Acluals to 2003 Plan
NorthWestern Energy - Excluding Unregulated 2002 Actuals to 2003 Plan -,Income Statement
".
I'/l>FotrrrI
(II /IJouundf)
"
.
2002 Ar:!Ual.
J.IL Iff RatU/b RocIuIiiIuIfM
2001 Tol/ll
2DDZ PlM
IIt
$ 100.078
90.413
U03
2.1%
A
. Opn/lnv R.........
Cost of SI!tf
G.... Mo/vi.
m.J69
338.131
4:l6.5JlI
63.963
:0,003
839.332
9,600
371.334
487,99ol
S
939,408
~1,807
"
B
40.960
(11,6001
'55.811
Opntnv ElPWN:
~ NIlintMalcf.
477,&01 to.8Ii
243;130 41.600 (8,2liS) 200,937 87,m 133.659
G_tII &A4rrWIi#IiM
230,<03
:l5.!lOO (7.&40)
17B,17~
19,168
(9,600)
2J9,m
J5.!lOO
I,S~
(;apall. GInO &~
~ aIocMionol'''''''Sb1
(7.640.
21,m
1!l9.~
1.700 . (526)
15% 15.9%
C D
.....
EIlITlIA
~
910
1,269 (m)
0.5...
0,..,,110; 10-"
81.439 115,136
4,510 17,222
66.009 133,951
s
.0.2%
A Retia redasslllc:atlon aI llXpsI\5l!S assocIaled oMtII stllo manll3led COllSeMltlor; pmgrarns (Usee) sales 101' 2002 to lMl COfISIsI~ wtt/Ilhe 2003 pI;n to approprialely rsfIect 1Ile pass-1IwJg~ d ltoos8 costs. There" WIlll\2llllll assocIale
o Relletts meteases In 0&0 and olher inslJlllllC8 ($8101) pro/esoionail1eg.al fees ($!iM) and peoonnel msl5 inc:/uding pemioo and beflalils ($4) oIIset by nonrflClJlllng charges 11\ 21m d ~1 1M (jlIimaIi1y rolalad til ESOl' and CEO reU",mllnl).
,
.
NOR006190
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 16 of 45
N~rthWesterri
CQnpO·#I'I".
p_re_li_m_ln_ary_DRAFT
~_
NorthWestern Corporation 1st Quarter Results Vs. Plan · Income Statement
NEG
~tI
8lN 001
NdnhWIlIIa'II COIU
~~~~~~
168,849
---
A.blol.
BI'r\l~n
l.m
(2.~1
-97.704
('9J)
C GrouMMvtn
OpnIfQg E:t,..,...s:
154.815
(6.791)
(1.369) ·1.411
64.m32.146 31511 31,129
(2,401)
315,312
241,m
.111.257)
(4.~t)
_41."
· 67,300
13,310
(581) '411l
U,Ol\
9lIll 167.566
"011
~ 1I...,1WtlU. Gotltr,,/ £ AdmniW1tiw9 Loss Item 1Ia>-(Q" 8lJo Dot IocaIX»c
~.G""Q/4Adm~
66.057
13,040 (15lJl 11,577 164
,2,257 ·
3.035
--,
513 (38)
(730)
,."",.,.1IiIMIgs
O#ptfCBI~
~~",!~"",,~\,~~;r:~~'t,,~f'~'1;~$,,;qF;,:;:wi8f;1}¥Il;'~'W~'v.;i:,~,;:>~.#8i~l.ft%l~l2;~~':.r-~II6&'fJ'~
13,010 7 5 0 · · · · · 1113 3 21.163 8,229
~~~~~~1~i;;i;,lI6~Jt~~1~~j;m~~.:{.'~.3l~~!nr"~mJ:f.t.Z.tiijj;gJi<~;-(,~~~~f~*,~
1_ _,lnconttilldOtM< In_&,.,... r",onttft/oll T.... '
An!aflolm
-
{ISO] 1
3.586' 6.023
I
!
i
42
(421
(421
(775)
7J,5S0
(13)
- 58
s a . V.56Il
l_S
141.1lO5)~ ~ ~
~
(U,IlO3)~
IIl
HET/HCOME Ollidend, Ott Frelrmd S-*iIJ. E"nlng. an '0....- SIo<:k
J.681, 2.7~ ZO,392 2.206 ~ _ _192_ ~~
6,661 3,142 . , 16.700
-.a~
(1,6J6)
(1,964)
~~
21.400
7,52S
22.437
.2.912
U08
~
(7.6821
----wr
(189)
~
AvcraooCMJnlQnShIMw ~~ BASIC EARNINGS PER SHARE 1 (1lOJ) S om DircomInutd OI>r.JlionI £ ~"111"'" Gail ( r . - ) . ~ IlASlCEARNlNGS PER SIIARE IIICtUOING DlSCOlfTlNU!~ - = - - a ~
T"""'i1:OOii ~ T""i6.7OO" ~ 1'l1.9iii ~
0,45
____ ~-s-0.i7
----e:soo ·
--rmtr ~
S (O,Q5) S
S (0.06)
(1,931) (2,124) ··
~--ms
~s:J:i'iB
S' 0.37 S (4.11491' 0,20 (2.270l
(7.1»2) II erJ)
~ ~ ~~.37:39f~
S 0.17 ··
~ ~
S
(0.18)
--=--~
10.12\' ~
TO:'iT
Page $019'
NOR006191
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 17 of 45
Page 6 ot9'
NOR006192
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 18 of 45
Ntll~rthWestem
C G " ,. ') ·
jIo ,
_
I
III
·
NorthWestern Corporation Current Full Year Forecast Vs. Revised Pfan · income Statement
. illiG
(inlhouullfis)
Er,..··1lI
IlIuo OIl!
Ho1ItIWutlt'll ~1Utl1.
~ BiWJPhn
~~
701,917
~~
(SS»
~~
s Z.1JO,e.n
1.146~
4.5llO
):
Col1o/$ol..
m.507
391.S02
(12.5301
lJ.OO4)
161,317
IZ2.S7)
(18.017)
GIOSJ IIl1Vin
510,lll6
S2.~
310,OI! 4.1.2%
5,029
('1,059)
-'.lll
1,755
Jar"
141,342
46:1"
Opwallng Erp.ASU: Sellog. Gillin &M",",IshIk. Lou",," II<»a>'O IlIUfJ 001 ~ Capa·· GonnI & AdrMis_ P_8ili'Igs
2S6.874
41.SOl (3.00:1)
270.135
821
668.351 41.600
14.lIOi5
EB1I'DA
O"';'f/iigl__
In ..."""'" In
~EYINCOI.IE
----m:m--wr
144.984
.'
19,975
Oernalllktl A.-.>fIIAIiC>l
~~
___ 5711_~
3,~
~
.
2.3019
~---S26-
272,W ~
24.m (17)
~---p:22)
~~
~~
(14.681) J2.1lII9 6,395 ·12.733
~~ --m:eo9~ ---g ~~
---57(1,1411
\g
117;,172)
(19)
~~ 18.e091 · :n ~~
·
$
l
-----;&,i26 ~
6,858 5,125
~~
~~
----.e:m --:Ts:i2i"
. (29.891) S (11,663) ~
--;o.tiiT--rma;
""""""'=
DMfltllJs on""_ SOOIiIies bin;"gl 011 C SI... A...... Common Sh .... llo\SIC fARNINGS PEIl SHARE D~ctxJlll_ OJ>(ra/.O'lS &fxf1»lIV1."."..... Gail ('ort/
(5,~ ~
37.397
(0.14) S
Jl,m
S (0.31)
37,J1l7'
$
0.61
37,397
(0.331
&ASIC eARNINGS PER SHAREINC'lIDING OISCOHT1NVaJ S(D.3i) ~
--
TCO:1il S(O:jjj oc===--o
(2.7381 V;s97 l 0Z1 S (O.O7) (4,495] 2.t 12 ~S(O:Qi)
$
"'fID.082
.
Y1,~7
~-'---S (6.S07)
$
~~.
~
~'37.i97
S
S
J.m
0.10
0.18
(0.\8)
(O.JO)
$
~~
= ~
====
S
Page 7 019
NOR006193
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 19 of 45
..
~ --------------------- "a:
.: D · ,. D ·
,
1 ·
C
2003 SUMMARY CASH FLOW PROJECTION. EXCLUDES BLUE DOT AND EXPANETS·
($Mll:lana)
I
I
2004 SUMMARy CASH FLOW PROJECTION
I
V.,...lon 1 .CutTent Fone·· t eKed 011 M.lvf· ..:j 'Ian
~
No '- Leos Non·CaoI> Items II Tf\IS' Pr.temod OiYiclends
16.3 -----u- ~ ~
(7.5) (2.2) -
YTO MAR
Foteeul
. 2003
APRIL
MAY
JUNE
wOIldng cap.
Mo_ _ 1S
(24.8)
~
(U) (B.ll)
(13.;) (18.!})
CAPEX
F_ CasII FbN OIlier CasIl (Us..) SO\lIUS; Pmt·. (To) From fJ
-llli ~ ~
e:.i'(~;2)\r~I\(~:~~Q..?dt,':1~~/i~~!~;:l?;ill.'l~,'!Zti:~(~~):!fi:·~.9i;.:.~:,..;i.t;~ia~$iii'lil1!l;,~5n'r;~r~;i~:r·l"(7.~';:~'::·i;(7;6)' (26.3l 12.7 16.9 {2~.61 18.4 (le.S) (IS.1J (89.5) 15.4 4.0 (1.51 (11.6)
~ ~ ~--I2ll ~
AOO. SEPT. OCT. NOV. DEC. TOTAL .JULY --;-:0 --'-.3- --;:0 ---V-lir ~ JO.O)
forec;w 01 Dol lQ.5
Forecasl 0204 .\7.5
Forecast Q304 22.7
ForeC31i1 04 04 19.3
t· '/i,;' mi9 )
200c TOTAL --7-8.9
-----l!ln
(13.1)
~
131.2)
(38.81'
4.2
11.7
CU.l}
1]..11
(28.Q1
{I &3.5)
(14.5) 12.9
(19.31 {5.21
(17.7) (4.0)
6.4 (17.7) ~ (17.5) (13.9)
(t9.5) 1116.7
(O.3)
(1.0)
(21l1
.
(1.0)
.
(24.5)
100.7
(3.3J
(1.3l
(2.7)
(\.0\
(B.3)
MFMS.
OocruM (Inae_lln IllY
Hellncrease (Ilecrea$e) Cash Tl>laICaoh III EndOfIolor1ll\
u
84.1 151.0
~
511.0 65.0 10.0 2G.0 35.0
50.0
65.0
'111.0
20.0
35.0
8.2
----;:2j (ii]j C39.iij
1017.8
~
Portion or Calli RasIricl&d A""llobl. Cae"
'""'79.3--nT7rr"6DT-v:D61.ii-rn-67.ii6T.D61.067.0
~ ~ ~ ~
129.8
90.0
4.2 94.3
11.7 lDe.o
(36.5) 69.5
M
12.9 82.4
~
(28.0) 64.4
~
1"5.3 21S.B
126.8 2\9.8
~
!l.9 229.4
1~
ffT.O 162.4
-m-. ---err 155.1 149.1
222.8
.l!M.
~
21E.l
(22.1}
197.6 67.0
130.6
·
El'Clldn Cd SIrlp operallng ",.ulls. wllJch ""' S3-S5M n lImUlll EBITOA, from July l. 2003lo1wartl. · Rs_l. Net Incomo before preferred d/vClends, a
l!.~<{ )
I ~~ .?--~re.~
30
-rl>1'$
p.eD19
-57
"P'
o :;;0 g
0> ..... <0
~
z
,I
.~.~.
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 20 of 45
~ r.
0
iii . . . III
"
r I
··
----------....:.----------
I
VeBlon
--2(11}3
SUMMARY CASH FLOW PRoJeCTION. EXCLUDES BLOe DOT AND EXPANETS·
(SIIISlIons)
I
[
2004 SUMMARY CASH FLOW PROJECTION
I
:z. Same ·· V.r.ton 1, but 1\0 ····t. ,,'a. proc.Nd. atMi TOPrS dIvidendI atW da'.rr.d
Adual
N. L L... Non-e..11 """'" ·
TN>lPlef_ DI-Mends
Wor1dng C o p . _
CAPEX
F.... Cash Fbo Ofhor Caoh (U&4S)~:
PmllI. (TaJ F,am &panels f>mtL (Ta) f""" Blue Oat Deb! Maturlde,
YTO Fomcasl 2003 F"""""'I Facocast Forecasl Farec3$1 :200. ~ APRil. ~...:!!lliL ~~ ~...2f!:...~ ~~ QIOol 0204.....!lli1L. a.OC ~ 18.3 J.9 2..1 ~'Ol . (O~O 1.11 1.3 3.0 6.7 13.8 46.9 lB.5 1 7 . 5 . 22.7 19.3 16.9 C· 2) · "'~~.. .··· ".w;;.==.=<·",,,~,~ "'''.,·...,.&~.,.·,'.' ,.'''~ ·i>'' ',.' ..:.""~'....,"".
(7·51 ~. · ai:i~.~.. ~~~~:."!s~"2.tJ~;.;,.~{i,·!J:~~~~.$a~..!~~:l:nt~~~~.,~~~~~,w.~~t.~~:~\";,..~~,i2i:~~:-"~!~ (2Uj (4.C) (l3.BI (:IlI.3) 12.7 \6.9 (23.8) 18.C (28.5) (16.\1 (69.81 15.4 C.O (1.51 (11.6) 6.4 ..J.!§.ll.~~-..illl~~~~~~-.!IMl (1~~) (19.31 ----illZl {IT.71 ~ (31.2) (8.9) (18.0) (33.e) 6.5 11.7 (28..5) 1~.2 (28.0) (11.51 (12U) 20.4 2.2 3.S (10.1) 16.0
'"",_ ..""""""""
. '. . .' ..
(19.~1
(0.3)
c\.O)
Debl Financing · Net
AlRAnandng
Calslrip Sal.
.
106.7
-
12.8}
(1.0)
(24.5)
(13)
(1.31
(2.7)
(1.0)
(6.3)
106,1
On. Call SaN
CHO Pn:x:oocll
Ml'M Sale
. Oeeroase (Inaoaselln In.
8.2
8.2
.
NoIIIlCl...... /OoausoI C,..h
Tetal CaslIAI End Of Moolh Partlan Of Caah RaoIricl
"'Iii.1
1:;7.0
~
.
(lB.O) 12Q.8
~
-Trr""""'T7T ""'7ST'""""m""67.061:O"""67.067.'O 67.ii'-rni'"""B7.O'
~ ~ ~ ~ ~ ~
(9.'1 147.8
(34..5)"'"""""8.5 85.3 101.8
. 11.7 '113.5
13t.3) Il2.2
.5.2
97.~
12M}. 69.4
\g.51 59.9
~
(33.0) 59.9
~
U
_ _-i1;;,7;,;.1,... _ _~17=-.O~ 67.0 10.D
0.9
---0.-8-
17.8-rs:;
117.0 1Q.8
~
11.1
111.01 B7.7 67.0
0.7
1.8 07.7 67.0 0.7
Exdudeo Cal Sbll' cpm3ling r-..Ms, whldl ..... $30$51.1 In MIIUaI E11ITDA, from' July 1. 2003 fcnoard. · R..,....".,. Not 1 _ botont ptef_ _ end.. adjoollod far """-<:al/l - . . (dopr.. omol1., otc.)
P8g09 ol~
o :::c
o o
0)
~
z
,
~
...:,..
~
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 21 of 45
NerthWesteTIi
CORPGMil10M
-.
}(
NorthWestern Corporation Consolidated Summary 5 Year Plan Projections
BllSed on RGlIls9d PI"n. Ullllty Only starting 1/1/04. CO/llFIDElifiAl DRAFT for discussion· Subject to Management Rellislon
Income
Statement:
Operating Revenues Gross Margin
2!m S 2.'30.6
982.2 254.0
~.
~
~
'WI
$ 1.032.3
·519.6
279.5
S
~99.0
491.6 256.5
$ 1.009.6 500.8
264.0
S 1.020.8
510.1 271.7
EBITOA
NEG
Expanll~
.39.9
20.0
(41.6) 272.3 159.6 29.7 (203.1 ) 6.9 (4.5)
(11.4)
$
Blu9 Dot Corporate Operating Income Other Inc:cme Interest expense and preferred d.lvldends Benent (provision) for Taxes Discontinued Opel1lUons Nat Income (Loss) Earnings Pel Share
(27.4) 229.1 163.8 2.4 (174.4) 5.2
{3.0}
. (27.4) 236.6 170.0 Z,4 (174.6) 4.4 2.2
$ 0.06 $
j27.4) 244.3 176.6 2.4 (169.3)
(27.4)
252.1
183.6
2.4
5.3
15.2 0.41
$
.£161.9)
8.0
32.1
0.811
(0.30) . $
(C.08)
Cash Flow Statement:
Net Income befo/G trust preferred dividends Loss on discontinued operations Gain on debt extinguishmenl Noncash l1erT1$ Working Capital Movement . Caslr FloM from OpeiaUons Financing fees Capital Expenditures DIvidends on Trusl Preferred SIoc;k.
Flee Cash Flow
A.$$et Sales Proceeds Oebt Increase (Paydown) and AR financing. net '. Incruse (Decrease) In Cash and Investments
$
23.0 4.5
(27.3)
126.5 (65.0) 41.7 (30.7)
. (84.6)
S
26.9
60.0 4.0 90.9 (69.3) (29.9) (8.3) 175.0
(16~.7)
$
32.1
$
45.1
$
62.0.
73.8 4.3 110.2 (69.4) (29.9) 10.9 (10.9)
67.4 6.7 119.2
(69.4) (29.9) 19.9
57.3
4.9
124.2 (69.4)
(29.9)
24.9
(24.9)
(29.9)
(103.5)
130.0
(7.5)
(19.9)
$
19.0
$
$
$
$
~elt~
NOR006196
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 22 of 45
MT and SO Consolidated
SG&A Expen.e
Proposed
Budget Revisions and Impacts" 2003
Pension Dltlerenllal · Funding Change "'T FAS 87 Pension Expense I"CIllase MT FAS 106 Post Retirement Expenselncre8sa MT LTD Ammortlzallon Credit "'T Benefit ReS(()ratJon ExpenSe MT Top Hats Expense MT Capitalized A&G Expefllie Increase MT Fringe Increase CapilsUzed - ExpOrlSe Credit MT CU4 Impulled lOSS Ammorlization MT Rounding Oiller"nee from proposed changes Mi
"Rrtduced Utili A
·
Add Budget lor Corporate Overtlead (Nor Mgmt Fee) SO Benefits increase FPP/S1SP SO · Pension Expen5& Increase SO Fringe Increase Capitslited ,(;>
FAS 106 Ammortizatlon Expense Total SG&A Expense Increase
Pepr.eiation and Ammorti~ation
Depreciallon Expense Increase MT
4,313,844
~ L~U\
'.
TOlal DepraelatlOniAmmortizallon Expense Incruse
4,313.8«
21,911,836
Total Net Operating Income ReducUon from Planned Revisions Im.,ut Expense
QF 1mpulled Inleresl Expense Change MT
Totollnternt Etpono. Increase
Total Net Income belore Tax
2.199.996 24,111.832
Impact
'Note HRiIT Uli7ily Admin change already Implemented in SAP
N.tO"-Ort"lnat 195,224.537
lIIet Op Re'(jsed 173,312,701
. iolal Change 10 Net Op Income
Original B~dget Presented Already Changed In SAP lor H ~IT ,e
(21,911,636)
r:\gutsal~budgefl2003 budgetlml
and ad budget revislonl.llla
04l2Sl2003
NOR006197
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 23 of 45
Consolidated Summary (excluding corporate)
YC:Jr-End Forec:Jst- rJlontana and South Onkota
.,.hti"''GS$W
Rovenue
Rayisad
Fest In SAP 9&2·· '2.509 471,506,972 510,905,537 252,739,535 258. t88,002 65.610,776
Reylsed
976,368.455 464,500,561 511.856,694 /
OdS Sudsel 976,36a,455
464,509,561 511,858.894
2~1
982,.'2,509 471,506,972 510,905.537 266,101,794 2 44,713,744 66,702.027 176,011,718 159.488,730 16,522,986
Ew
!hills.!!
aVlsed e,' yOr Bud FIl,,/lUnl Orl9 Un 6,014,054 0.62%
(6,997.411) (953,357) (14,645,243) \15.598,5991 (4.349,221) (19.9.7.821) (357,024) (20,301,845) ·1.48'4
,
avl,ad Fesl y Rey Blld ayllUn) Rn ~ 0,82% 8,044,054
(8.997,411)
(9S3,3~
Cosl of Sale.
.1.48'1,
.Q.19l' 1.39% 1.12% .Q.05%
1,53%
Gross Margin
SG&AExp eetTOA
·0.19'"
.5.50% .a.37% -ll.33% -11.33% .Q.22% ·122.89%
,SoI8,551
@:9,~9.~
241,979,351
3.657,749 2,134,393 (35,377) 2.699,015 2,442,972 5.141,987
;'1:
260,312,343 64,352,806 .
C"preclatlon
Net Op Income
88.666.650
173,312.701 161,93),702 11,380.899
192.546,226~95®
157,388,733 35,157.492 159.131,706 36,827.831
I
Interesl E.p · In.
Nt Serore Tax & QUip'
1.53''<' 31,12%
ZtmlPl,
Revenue Cost or Sal.. Gross Msrgin
SG&AE.p
Reyi50d
Fealln SAP 754,630,111 Ort9 Blldgot 753,010,187
Fest
ReYI.~d
I Ravla'd F""I y Orig elld I I Rayisod Feat y Rev Bud I
F;Y!IUnl Odg 1.619,924
(2,000,776)
(47~,852) ~
754,630.'" 342.459.549 412.170.562 222,067,978 190, 102,585 50.531,821 139.570,964 126.11049,213 12.721.751
753,010,167 340,368,773 412.641,414
l!!!l!.9!!
0.2W, , -0.81% ·0.11%
FaYUU") Re" ~ 1.619.924 0.21'1.
I
342,459,549 412,170,562 213,028,397 199,142.166 47,.49,370 151,692,796 124,749,216 28,943.580
340,368,773 412,841,414 213,903,183 198.738,231 46,180.787 152,557,464 125,637,345 26,920,119
(2,090,778) (470,852)
.{J.8H'. .{J.1l% UW'I. 1.90'4 .Q.on'. 2.51>'1, 1,25% 40.81%
I
i
226.,54,155/ 186,487,259 50,494,611 135,992,11048 128,437,341 7,555,307
l8,164,795) '8,835,&47) (4.350.854 ) [12.986,501) {1,211,8611j [14,198,369)
-3,68%
-4,54% -8.81% -9.30% -0.96% ·111.81%
4.Q88.177
3,815,325 (37.010) 3,578,315 1,588,128 5,166··43
EBITOA
Depreciation Nol Op Income Intoresl Exp · InY
NI BerO(e Tax &"Qulps
-mil·m®'M
Reyenue
COSI
Reyl,.d
Fest In SAP 227.782,399
Qria Budg.t
Revl1·· c1
223,358.268 124,140.788 99.217,480 37.&43.3G8 61,574,112 18,172,039 43,402,073 33,494.361 9.&07,712
227,782,399 129,047.424 98,734.975 44,123,816 54,611,159 18.170.406 36,440.753 32.639.517 3,801.235
E9!
!.ILIts.!!. .
! R·· ~ed~c:st~1
"ay/lUn) 4,424.131
P,ig
...,sedFcllt. ayelld
F",UUnl e. 4,424,131
(4.906.6381 (482,505) (396,428) (680,9331 1 ,1133 (679,JOO)
~,544
223,358,268 124,140.788 99,217,480 /
43.725.38~
55,492,~92
1.94% ·3,80'" .{J.49% ·14.69% ·12.75% 0.01'\". -19.10% 2.62% ·160.6-4%
Fa.1 1.94%
olSalos
129,047,424' 98,134,975 39,711,139 59,023,836 18,170,406 40,853.430 32.639,517 8,213,913
(4,900,836)
\~82,505)
·3.80% .Q.49'" .Q.OO" ·1.61 " 0,01% . ·2.41% 2.6Z% .Q.M"
Oro.. Margin
SG&AExp
(6.480,4~8)
EBITDA
(6,962.953) 1.5:\3 (8,981.320)
85ol.84.
Depreciation
Net Op Income
Interest E;ltp + lnv
18,172.039 37,320.053 3J.4114.361 3,825,692
Nt Before Tax & Quips
(6,108,477)
(24,457)
r:lgutsa/llbudgel\2003 bvdgel\mardl aclual and budget dlange.·ls
04125/2003
NOR006198
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 24 of 45
BUDGET REVISIONS AND INP/IClS
Marcil 2003
e.-ni lI:Qqj!i' iIIaiei!
COHSOtm"TEO
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R~.nu.
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@udqlCCttangt
\02.77'.3U. 9O.1lOe.212 5··111.01/7 45.020.473
293.ll!l7,3'9
t:;··875.1~'
2116.5".6'5 14U8.,o19 14M35.f:l6 6'.230.132 16.199.005 \6.079.551 60.111.4S.
"2.917.:a1
17.202.1~'
4.1iB2.2~4
Rnt"d BUdA,1 ~ 2tl1.~19.6.5 5.371.703
~
1oW'Ilo
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(U'9.&2')
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(1.· '01,212) '.801.33S
Coo/lAS....
Gmu,Ma'Qtn
" ··014.479
10.190.715) 11.413.012)
183.786
GfonMllir...
SG&A
41.8111,2.118
27.zoe··· 8 29,501.ail ..,12.112 15.115.005 '4.21 ··582 '.516,423
".979,730
2i.01lll,&!' 22.811.825 5.:160.1'0 17.521.085 .2··72,OSO 4,50,935 ',ll93.3113
('.09:j.3~31
'4.079,739
20.19O,2Q7
lj~.022.'25
6&.12'.629 7U97 .4'l0 17,3'8.152' 53.550.97S
U,11.. ,281
140.'35.\38
68,914."'5
e.p
SGME....
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Oepr.clal~
1.2'"
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'&.780.532 4.7.6.19.
14,072,741
13.205.~
(4,882,214'
1.23.1.593
11.5.&.72\
17.31 \.
(&U.22Sj
(:15,377)
164<.1491 (3."9.2'41 233.333
(3,1;62.5171
(66.01'.
',141.264
(1.0\3.199) .
".4%
12.4%
-?7~
,.e
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(5.9U.I17)
6OQ,~g
54.205.511 Al,lll,l6% 10,58e,315
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1,1&1.369
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rnt...... &,p ..
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721,005
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y · .,.·TG·tht. "".reh ~
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212,047...9 99.555.93-1 112.49'.2IS 5J,5llS,02& SI.9Q5,S&1l
11,5311.993'
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Gloss. .M_fQUl
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36.4S6.Sg
39.416.2;11
30.711.329
36.151.U1IfJ
30,711.329 31, .52,990 3.300,'35 (3.300,,25) (144.1'8) 12.liS6,216j 233,333
(1,&&ll.s~)
(5.Ga5.S10) 3.133,230
.1a.5\\ 9.2%
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-{l.4'll. lB'll.
112,491.215
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2',!l&5.'23
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22·· SU8e n,9i3,001 3.202.182 10.790.811 '0.738.583 64,237
'5',561
J.~r.&02
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25.2'..."'32.2%
3,211.39'
(3,211,391\ 1.231.593 ('.442.'84) 699.919 15142.983)
56.197.011 55,69"'97 12.770.5111; U,92Ull 32.311.171 10,8111,833
UIl6.I02
1.12S.2SQ (37,0101 1.018.2'0
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14.257,144
".z57,'44 1.1\26.148 792,S68 (792.&611 4,030.2'1 ',198.53. I.S14.809 (112.368) 3.281,922
2.461.'00 (792.1I'}
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53,2U.UoS
71,472.466 41,521.545 27,!1-43.921 10.650.504 .1.293,417.
4,5010,538
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3,151,180
'.t'Il,
Coatcl SO,"
Gl'DUI.401g1n
48.528,545
21.143.921
(4.699.9401
(9ol2.16Ill (802,316) 11.7'4(476)
./1.1% ·3.4'll.
-e.&'llo
1.126,749
3.237.251 5.589.'98
27.001,181 12.923.712 U'o78.04g '.S3&.B2l 9.539.123 10.'45.4'0 1!IO&.311)
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'.'10.0'113
11.410.&1131
12.'2',391 15.122.525
ESfI1lA
Ofll)r4Ia.ttOIl
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1.52'.313
1,552,701
2.!9111!1. US
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'.074.689
2... ' ....00
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1.633
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HoI Op
10"""'.
(\.129,2211 (127,326) (t.l58,5<6)
-52.7%
·5.21\ .. 20 ··%
Net Op Income
12.1S2.BS9
.15.'''' 7,6%
W.,n'&p.'fW
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 25 of 45
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 26 of 45
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Document 262-8
Filed 01/04/2008
Page 27 of 45
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Document 262-8
Filed 01/04/2008
Page 28 of 45
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 29 of 45
Nt~Western
COHPnR.'TIO~
2_0_03_P_'_op_O_S_ed_O_p _e_'a_tin_g _p_la_n_
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2003 Plan· Income Statement
pn thousands)
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S~Uing, Genetal & Administllllive
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290,975 4/.6% 243,361
246,155
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EBfTDA Depl8Cialion
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ncolOO rax ( xplHIse) Benard
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Minority Inleresls
. HfTlHCOME DiI1dends on PrefsrrerJ SllCIIritfes Eamfngs On Common Stock
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Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 30 of 45
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NOR006205
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 31 of 45
NorthWestern CorponJtion NOR Departmental 2003 Plan Administrative & GenenJl Expflnses February 2003 Update - Reconciliation to prior BASE" PLAN (in Thousands)
{9 10 D Bop Ft~ - ttl. ~ ~tr",--\.w; . . . ~ >t: :y
$
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1,231
Prior 2003 Base Plan
1 CEO (Van Roden-10 112 months) 2 CEO (Oraok plane use· Increase from $SOOK to $750k) 3 CEO (Forinash, net mise)
4 Treasurer 5 Finance f Procurement. net of adds and severance 6 0&0 and other general insurance increase 7 HR (Adam) . '
6 Legal outside services (increase from $200k 9 Legal (Young) . .
10 Coloumb severance . 11 Risk management true-up 12 MFM administration expensed 13 Other. net
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NOR006206
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 32 of 45
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NOR006207
Case 1:04-cv-01494-JJF
Document 262-8
Filed 01/04/2008
Page 33 of 45
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NORTHWESTERN CORPORATION Flnanelal Summary. Conndenllal · SUb/oct 10 Revision . Por Ih. V.IIs·Endocl20D3-2D08 (In Millions)
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