Vectren 2014 Annual Report Download - page 2

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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
5-Year Financial Review ........................................... 126
Performance Chart ................................................... 127
Shareholder Information ........................................... 128
Directors and Officers .............................................. 129
Year ended December 31,
In millions, except per share amounts 2014 2013 2012
Net income 1 $ 188.0 $ 174.1 $ 159.0
Return on average common shareholders’ equity (ROE) 111.9% 11.3% 10.6%
Shares outstanding at year-end 82.6 82.4 82.2
Average shares outstanding for basic earnings 82.5 82.3 82.0
Per Common Share
Basic earnings 1$ 2.28 $ 2.12 $ 1.94
Dividends paid $ 1.46 $ 1.425 $ 1.405
Annual dividend rate at year-end $ 1.52 $ 1.44 $ 1.42
Book value $ 19.45 $ 18.86 $ 18.57
Market price at year-end $ 46.23 $ 35.50 $ 29.40
Excludes a $21.1 million, or $0.26 per share, after-tax loss from Coal Mining in 2014, the year of disposition. Reported results for 2014
were net income of $166.9 million, or $2.02 per share. Based upon reported results, the return on average shareholders’ equity for 2014
was 10.5%.
Excludes a $37.5 million, or $0.46 per share, after-tax loss from ProLiance in 2013, the year of disposition of its gas marketing assets.
Reported results for 2013 were net income of $136.6 million, or $1.66 per share. Based upon reported results, the return on average
shareholders’ equity for 2013 was 8.9%.
See page 31 of the 2014 Form 10-K incorporated herein for more information regarding the use of non-GAAP measures.
1
Annual Dividend Rate
Per Share
$ 1.60
1.50
1.40
1.30
1.20
1.10
2012 2013 2014
Earnings
Per Share
$ 2.30
2.10
1.90
1.70
1.50
1.30
2012 2013 2014
1
Book Value
Per Share
$ 19.50
19.00
18.50
18.00
17.50
17.00
2012 2013 2014
Financial and Operating Highlights
1