Vectren 2014 Annual Report Download

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Vectren Corporation 2014 Annual Report & Form 10-K

Table of contents

  • Page 1
    Vectren Corporation 2014 Annual Report & Form 10-K

  • Page 2
    ...the use of non-GAAP measures. Table of Contents Letter to Shareholders...1 Vectren at a Glance ...4 Form 10-K ...5 Management's Discussion and Analysis ...29 Financial Statements and Notes ...64 Shareholder Information ...128 Directors and Officers ...129 5-Year Financial Review ...126 Performance...

  • Page 3
    ... in 2013. Although Infrastructure Services did not match its exceptional 2013 performance of $49 million due to extreme winter weather in early and late 2014, this business managed to end the year Carl L. Chapman Chairman, President & CEO Vectren Corporation 2014 Annual Report & Form 10-K 1

  • Page 4
    .... Our Energy Services company, Energy Systems Group (ESG), recorded a loss in 2014, with year-end results at ($3.2) million, compared to earnings of $1 million in 2013. Results in 2014 were lower mostly due to a reduction in tax deductions associated with energy efficiency projects. The impact...

  • Page 5
    ... the financial resources and effort to ensure the long-term sustainability of these communities. I look forward to the second half of this decade, and I am very optimistic about Vectren's future. Carl L. Chapman Chairman, President & CEO Vectren Corporation 2014 Annual Report & Form 10-K 3

  • Page 6
    ... of the 2014 10-K for more detail on Nonutility operations. Current Utility Earnings Future Utility Earnings (by 2019) Natural Gas 45% Electricity 55% Natural Gas 65% Electricity 35% Vectren Utility Service Areas Indiana Ohio Lafayette Muncie Dayton Terre Haute Bloomington Evansville 4

  • Page 7
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  • Page 8
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  • Page 9
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  • Page 10
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  • Page 11
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  • Page 12
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  • Page 13
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  • Page 14
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  • Page 15
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  • Page 16
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  • Page 17
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  • Page 18
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  • Page 19
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  • Page 20
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  • Page 21
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  • Page 22
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  • Page 23
    *ODSFBTFE DPOTFSWBUJPO FGGPSUT BOE UFDIOPMPHZ BEWBODFT XIJDI SFTVMU JO JNQSPWFE FOFSHZ FGGJDJFODZ PS UIF EFWFMPQNFOU PG BMUFSOBUJWF FOFSHZ TPVSDFT NBZ SFTVMU JO SFEVDFE EFNBOE GPS UIF $PNQBOZbT FOFSHZ QSPEVDUT BOE TFSWJDFT 5IF USFOE UPXBSE JODSFBTFE DPOTFSWBUJPO BOE UFDIOPMPHJDBM BEWBODFT ...

  • Page 24
    /POVUJMJUZ FOFSHZ TFSWJDFT PQFSBUJPOT DPVME CF BEWFSTFMZ BGGFDUFE CZ B OVNCFS PG GBDUPST &OFSHZ 4FSWJDFT SFTVMUT BSF EFQFOEFOU PO B OVNCFS PG GBDUPST 5IF JOEVTUSZ JT DPNQFUJUJWF BOE NBOZ PG UIF DPOUSBDUT BSF TVCKFDU UP B CJEEJOH QSPDFTT 4IPVME &OFSHZ 4FSWJDFT CF VOTVDDFTTGVM JO CJEEJOH DPOUSBDUT...

  • Page 25
    7FDUSFObT TVCTJEJBSJFT IBWF QFSGPSNBODF BOE XBSSBOUZ PCMJHBUJPOT TPNF PG XIJDI BSF HVBSBOUFFE CZ 7FDUSFO *O UIF OPSNBM DPVSTF PG CVTJOFTT TVCTJEJBSJFT PG UIF $PNQBOZ JTTVF QFSGPSNBODF CPOET BOE PUIFS GPSNT PG BTTVSBODF UIBU DPNNJU UIFN UP UJNFMZ JOTUBMM JOGSBTUSVDUVSF PQFSBUF GBDJMJUJFT QBZ ...

  • Page 26
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  • Page 27
    BOE USBOTNJTTJPO NBJOT BMM PG XIJDI BSF JO *OEJBOB FYDFQU GPS QJQFMJOF GBDJMJUJFT FYUFOEJOH GSPN QPJOUT JO OPSUIFSO ,FOUVDLZ UP QPJOUT JO TPVUIFSO *OEJBOB TP UIBU HBT NBZ CF USBOTQPSUFE UP *OEJBOB BOE TPME PS USBOTQPSUFE CZ *OEJBOB (BT UP VMUJNBUF DVTUPNFST JO *OEJBOB 4*(&$0 PXOT BOE PQFSBUFT ...

  • Page 28
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  • Page 29
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  • Page 30
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  • Page 31
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  • Page 32
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  • Page 33
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  • Page 34
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  • Page 35
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  • Page 36
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  • Page 37
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  • Page 38
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  • Page 39
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  • Page 40
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  • Page 41
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  • Page 42
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  • Page 43
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  • Page 44
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  • Page 45
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  • Page 46
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  • Page 47
    f f f 1SPWJTJPOT GPS FOIBODFE VTF PG SFOFXBCMF FOFSHZ TPVSDFT BT B TVQQMFNFOU UP CBTF MPBE HFOFSBUJPO JODMVEJOH FGGFDUJWF FOFSHZ DPOTFSWBUJPO EFNBOE TJEF NBOBHFNFOU BOE HFOFSBUJPO FGGJDJFODZ NFBTVSFT *ODMVTJPO PG JODFOUJWFT GPS JOWFTUNFOU JO BEWBODFE DMFBO DPBM UFDIOPMPHZ BOE TVQQPSU GPS ...

  • Page 48
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  • Page 49
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  • Page 128
    ... $136.6 million, or $1.66 per share. Based upon reported results, the dividend payout ratio and the return on average shareholders' equity for 2013 were 86% and 8.9%, respectively. See page 31 of the 2014 Form 10-K incorporated herein for more information regarding the use of non-GAAP measures. 126

  • Page 129
    ... Group, New Jersey Resources, Northwest Natural Gas, NorthWestern, OGE Energy, Piedmont Natural Gas, Pinnacle West Capital, PNM Resources, Portland General Electric, SCANA, South Jersey Industries, Southwest Gas, TECO Energy, Westar Energy and WGL Holdings. The Peer Group does not include Vectren...

  • Page 130
    ... for timely and convenient delivery of funds on the payment date. To enroll in direct deposit, contact Wells Fargo. Dividend Reinvestment and Optional Cash Purchases Registered shareholders of Vectren Corporation can reinvest dividends and purchase additional Vectren stock without having to pay...

  • Page 131
    ... Michael F. Roeder Vice President, Government Affairs and President, Vectren Energy Delivery of Indiana - North Misty M. Seaton Vice President, Controller and Assistant Treasurer Jeffrey W. Whiteside Vice President, Community Sustainability and President, Vectren Foundation Elizabeth I. Witte Vice...

  • Page 132
    Corporate Headquarters Vectren Corporation One Vectren Square Evansville, Indiana 47708 (812) 491-4000 www.vectren.com Get Involved The Indiana Utility Shareholders Association is a shareholder-run organization focused on state and national issues that specifically impact utility shareholder value...