The Connecticut Light and Power Company Financial Ratios — CNLHP

Profitability (USD)

	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Return on Common Equity (%)	-17.38	29.82	10.95	29.96	29.79	31.11	31.44	24.73	29.08	26.71	25.33	25.81	26.57	23.14	22.57
Return on Assets (%)	-2.09	3.94	1.46	2.49	2.59	2.94	2.94	2.34	3.08	3.14	3.16	3.41	3.65	3.43	3.48
Return on Capital (%)	- -	- -	3.04	9.62	9.18	9.7	10.15	8.17	9.24	9.54	9.35	9.98	10.58	9.94	9.79
Return on Invested Capital (%)	- -	- -	-25.27	6.09	6.08	6.16	6.67	5.48	6.29	6.5	6.35	6.63	6.95	6.58	6.53
Gross Margin (%)	100	100	38.15	48.14	50.63	58.21	61.45	64.35	64.27	63.5	62.38	49.73	50.37	48.27	46.25
EBITDA Margin (%)	3.05	7.34	-45.81	19.68	20.38	24.8	24.37	24.67	29.36	29.84	29.92	32.18	32.3	29.53	30.4
Operating Margin (%)	-2.94	3.55	-54.12	10.49	13.58	16.26	18.18	17.74	22.09	20.62	21.8	23.96	23.67	20.54	21.09
Incremental Operating Margin (%)	- -	-98.29	- -	-1,916.39	-68.53	-5.3	5.43	25.68	322.67	6.26	50.69	1,871.13	13.41	-22.76	33.59
Pretax Margin (%)	-5.94	0.9	5.05	7.56	9.79	12.56	13.35	12.63	17.24	15.64	17.01	19.34	19.51	16.37	16.95
Profit Margin (%)	-3.45	6.84	3.63	5.37	6.32	8.14	9.82	8.71	11.44	10.69	10.68	11.91	13.05	12.2	12.71
Net Income to Common Margin (%)	-3.53	6.76	3.48	5.37	6.32	8.14	9.82	8.71	11.44	10.69	10.68	11.91	13.05	12.2	12.71
Effective Tax Rate (%)	- -	- -	28.16	28.94	35.46	35.17	26.46	31.05	33.64	31.68	37.21	38.39	33.13	25.47	25
Dvd Payout Ratio (%)	-31.24	84.15	61.86	58.6	55.2	91.44	99.45	50.56	56.39	61.43	67.33	61.38	69.11	17.36	84.55
Sustainable Growth Rate (%)	-22.81	4.73	4.18	12.4	13.35	2.66	0.17	12.22	12.68	10.3	8.28	9.97	8.21	19.13	3.49

Credit (USD)

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	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Total Debt	4,432	4,142	2,067	2,561	2,778	2,589	2,673	3,014	3,029	2,960	3,041	2,846	3,129	3,254	3,582
ST Debt	55	5	39	291	62	68	152	277	437	295	277	330	370	250	64
LT Debt	4,378	4,138	2,029	2,270	2,716	2,521	2,522	2,738	2,591	2,664	2,764	2,516	2,759	3,004	3,518
Total Debt/EBITDA	19.76	8.21	-1.23	3.66	3.98	3.48	4.31	5.08	4.22	3.68	3.63	3.15	3.35	3.56	3.64
Net Debt/EBITDA	19.55	7.25	-1.23	3.66	3.98	3.47	4.31	5.08	4.21	3.68	3.62	3.14	3.35	3.46	3.64
Total Debt/EBIT	-20.52	16.94	-1.04	6.86	5.97	5.31	5.77	7.06	5.61	5.33	4.98	4.23	4.58	5.12	5.25
Net Debt/EBIT	-20.3	14.97	-1.04	6.86	5.97	5.29	5.77	7.06	5.6	5.33	4.97	4.22	4.57	4.98	5.25
EBITDA to Interest Expense	- -	- -	- -	4.79	4.48	5.23	4.68	4.46	5.37	5.45	5.75	6.27	6.52	6.03	6.49
EBITDA-CapEx/Interest Expense	- -	- -	- -	-1.02	1.68	2.56	1.48	1.09	2.11	1.95	2.16	2.02	0.76	0.33	0.43
EBIT to Interest Expense	- -	- -	- -	2.55	2.98	3.43	3.49	3.21	4.04	3.77	4.19	4.67	4.78	4.19	4.5
Interest Expense	- -	- -	- -	146	156	142	133	133	134	147	146	144	143	152	151
Common Equity/Total Assets	10.97	15.39	8.53	8.13	9.26	9.63	9.06	9.84	11.38	12.12	12.83	13.55	13.89	15.67	15.2
Long-Term Debt/Equity (%)	180.21	147.87	103.58	106.68	114.44	105.16	104.74	107.86	95.88	90.72	88	72.5	74.5	69.61	78.11
Long-Term Debt/Capital (%)	73.86	68.98	72.92	67.67	76.45	74.5	72.68	69.94	63.98	65.1	64.7	59.82	58.44	58.23	63.39
Long-Term Debt/Total Assets (%)	34.83	36.61	28.9	27.24	32.47	30.54	28.68	29.95	28.85	28.51	28.81	25.07	25.96	26.33	28.87
Total Debt/Equity (%)	182.46	148.04	105.56	120.34	117.06	108	111.04	118.76	112.06	100.78	96.83	82.01	84.48	75.4	79.53
Total Debt/Capital (%)	74.78	69.06	74.31	76.34	78.2	76.51	77.05	77.01	74.77	72.32	71.19	67.67	66.27	63.08	64.54
Total Debt/Total Assets (%)	35.27	36.65	29.46	30.72	33.21	31.37	30.41	32.97	33.72	31.67	31.7	28.36	29.43	28.52	29.4
Net Debt to Equity	180.58	130.82	105.53	120.34	117.05	107.6	111.04	118.76	111.8	100.7	96.79	81.82	84.32	73.37	79.53
Net Debt/Capital (%)	74.58	66.36	74.31	76.34	78.2	76.44	77.05	77.01	74.73	72.3	71.18	67.62	66.23	62.44	64.54
EBITDA	224	505	-1,687	700	698	744	621	594	717	803	839	903	933	914	983
EBITDA-CapEx	-551	-368	-2,513	-149	262	363	196	145	282	288	315	291	108	50	65
Operating Income (Loss)	-216	244	-1,993	373	465	488	463	427	540	555	611	672	683	636	682

Liquidity (USD)

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	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Cash Ratio	0.23	0.71	0.51	0.04	0.04	0.01	- -	- -	0.01	- -	- -	0.01	0.01	0.09	- -
Current Ratio	1.2	1.27	0.97	0.78	1.23	1.06	0.69	0.71	0.63	0.84	1.02	0.87	0.69	0.81	0.9
Quick Ratio	0.78	1.04	0.76	0.68	1.08	0.71	0.4	0.41	0.42	0.55	0.65	0.43	0.42	0.57	0.55
CFO/Avg Current Liab	0.25	0.24	0.2	0.6	0.94	1.12	0.61	0.22	0.49	0.57	0.3	0.84	0.77	0.57	0.78
Common Equity/Total Assets	10.97	15.39	8.53	8.13	9.26	9.63	9.06	9.84	11.38	12.12	12.83	13.55	13.89	15.67	15.2
Long-Term Debt/Equity (%)	180.21	147.87	103.58	106.68	114.44	105.16	104.74	107.86	95.88	90.72	88	72.5	74.5	69.61	78.11
Long-Term Debt/Capital (%)	73.86	68.98	72.92	67.67	76.45	74.5	72.68	69.94	63.98	65.1	64.7	59.82	58.44	58.23	63.39
Long-Term Debt/Total Assets (%)	34.83	36.61	28.9	27.24	32.47	30.54	28.68	29.95	28.85	28.51	28.81	25.07	25.96	26.33	28.87
Total Debt/Equity (%)	182.46	148.04	105.56	120.34	117.06	108	111.04	118.76	112.06	100.78	96.83	82.01	84.48	75.4	79.53
Total Debt/Capital (%)	74.78	69.06	74.31	76.34	78.2	76.51	77.05	77.01	74.77	72.32	71.19	67.67	66.27	63.08	64.54
Total Debt/Total Assets (%)	35.27	36.65	29.46	30.72	33.21	31.37	30.41	32.97	33.72	31.67	31.7	28.36	29.43	28.52	29.4
CFO/Total Liabilities	4.35	4.79	3.95	7.05	11.1	11.9	8.04	3.21	7.89	9.56	4.62	12.37	11.64	8.29	9.46
CFO/CapEx	0.57	0.47	0.24	0.52	1.53	1.83	1.21	0.47	1.14	1.19	0.57	1.33	0.98	0.68	0.79
Altman's Z-Score	0.64	0.85	-0.32	0.65	0.73	0.69	0.54	0.51	0.57	0.62	0.68	0.67	0.63	0.65	0.65

Working Capital (USD)

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	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Accounts Receivable Turnover	45.87	52.1	35.09	53.55	504.46	1,883.86	2,150.54	587.97	14.97	7.98	7.92	7.89	7.62	7.56	7.65
Days Sales Outstanding	7.96	7.01	10.4	6.82	0.72	0.19	0.17	0.62	24.38	45.74	46.08	46.29	47.91	48.27	47.74
Inventory Turnover	- -	- -	19.86	29.26	24.81	19.37	15.73	13.65	14.64	19.41	23.48	29.64	28.52	34.46	36.49
Days Inventory Outstanding	- -	- -	18.38	12.48	14.71	18.85	23.2	26.73	24.93	18.8	15.54	12.31	12.8	10.59	10
Accounts Payable Turnover	0.02	-0.04	4.35	4.47	4.8	4.55	3.01	2.62	3.72	4.11	3.89	5.09	3.87	3.99	4.23
Accounts Payable Turnover Days	15,346.62	-8,614.27	83.82	81.62	76.04	80.16	121.41	139.06	98.13	88.73	93.92	71.65	94.4	91.52	86.24
Cash Conversion Cycle	- -	- -	-55.03	-62.33	-60.6	-61.12	-98.04	-111.71	-48.82	-24.19	-32.29	-13.05	-33.7	-32.66	-28.5
Inventory to Cash Days	- -	- -	-7.98	-5.66	-13.99	-18.65	-23.03	-26.11	-0.54	26.93	30.54	33.97	35.11	37.68	37.74
Inventories	207	174	55	71	66	64	61	65	55	47	43	52	48	45	51
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	207	174	55	71	66	64	61	65	55	47	43	52	48	45	51

Enterprise Value (USD)

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	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	46	482	1	- -	- -	10	- -	- -	7	2	1	7	6	88	- -
+ Preferred Equity and Hybrid Capital	116	116	116	116	- -	- -	- -	- -	- -	- -	- -	- -	116	116	116
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	4,432	4,142	2,067	2,561	2,778	2,589	2,673	3,014	3,029	2,960	3,041	2,846	3,129	3,254	3,582
Enterprise Value	4,090	3,285	1,875	2,647	2,753	2,580	2,673	3,014	3,021	2,957	3,040	2,840	3,239	3,282	3,698
Total Capital	5,927	5,998	2,782	3,355	3,553	3,384	3,470	3,914	4,050	4,092	4,272	4,206	4,721	5,158	5,550
Total Debt/Capital (%)	74.78	69.06	74.31	76.34	78.2	76.51	77.05	77.01	74.77	72.32	71.19	67.67	66.27	63.08	64.54
Total Debt / EV	1.08	1.26	1.1	0.97	1.01	1	1	1	1	1	1	1	0.97	0.99	0.97
EV/Sales	0.56	0.48	0.51	0.74	0.8	0.86	1.05	1.25	1.24	1.1	1.08	1.01	1.12	1.06	1.14
EV/EBITDA	18.23	6.51	- -	3.78	3.95	3.47	4.31	5.08	4.21	3.68	3.62	3.14	3.47	3.59	3.76
EV/EBIT	- -	13.44	- -	7.09	5.92	5.29	5.77	7.06	5.6	5.33	4.97	4.22	4.74	5.16	5.43
EV/Cash Flow to Firm	9.27	8.07	9.39	4.89	3.6	3.27	4.38	9.93	5.17	4.15	7.8	3.15	3.59	4.68	4.4
EV/Free Cash Flow to Firm	3.36	2.57	1.83	1.9	2.29	2.21	2.58	4	2.97	2.41	3.33	1.88	1.88	2.1	2.1
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	4,503	3,777	2,183	2,677	2,778	2,580	2,673	3,014	3,021	2,957	3,040	2,840	3,239	3,282	3,698
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	7,346	6,878	3,682	3,558	3,425	2,999	2,548	2,407	2,442	2,693	2,803	2,806	2,887	3,096	3,233
TTM EBITDA	224	505	-1,687	700	698	744	621	594	717	803	839	903	933	914	983
TTM Operating Income	-216	244	-1,993	373	465	488	463	427	540	555	611	672	683	636	682
TTM Cash Flow to Firm	441	407	200	542	765	789	611	304	584	713	390	901	902	701	840
TTM Free Cash Flow to Firm	1,217	1,279	1,026	1,391	1,201	1,170	1,036	753	1,019	1,229	914	1,513	1,726	1,565	1,757

Multiples (USD)

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	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	13.44	- -	7.09	5.92	5.29	5.77	7.06	5.6	5.33	4.97	4.22	4.74	5.16	5.43
Enterprise Value	4,090	3,285	1,875	2,647	2,753	2,580	2,673	3,014	3,021	2,957	3,040	2,840	3,239	3,282	3,698
Low Price	34	37	25.41	20.73	20.73	22.73	25.41	26.95	31.14	30.46	47	46.8	45	44	45
EV/Sales	0.56	0.48	0.51	0.74	0.8	0.86	1.05	1.25	1.24	1.1	1.08	1.01	1.12	1.06	1.14
EV/EBITDA	18.23	6.51	- -	3.78	3.95	3.47	4.31	5.08	4.21	3.68	3.62	3.14	3.47	3.59	3.76
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.61	0.55	0.59	0.75	0.81	0.86	1.05	1.25	1.24	1.1	1.08	1.01	1.12	1.06	1.14
EV/Sales High	0.61	0.55	0.59	0.75	0.81	0.86	1.05	1.25	1.24	1.1	1.08	1.01	1.12	1.06	1.14
EV/Sales Low	0.61	0.55	0.59	0.75	0.81	0.86	1.05	1.25	1.24	1.1	1.08	1.01	1.12	1.06	1.14
EV/EBITDA Average	20.07	7.48	-1.29	3.82	3.98	3.47	4.31	5.08	4.21	3.68	3.62	3.14	3.47	3.59	3.76
EV/EBITDA High	20.07	7.48	-1.29	3.82	3.98	3.47	4.31	5.08	4.21	3.68	3.62	3.14	3.47	3.59	3.76
EV/EBITDA Low	20.07	7.48	-1.29	3.82	3.98	3.47	4.31	5.08	4.21	3.68	3.62	3.14	3.47	3.59	3.76
EV/EBIT Average	-20.84	15.45	-1.1	7.17	5.97	5.29	5.77	7.06	5.6	5.33	4.97	4.22	4.74	5.16	5.43
EV/EBIT High	-20.84	15.45	-1.1	7.17	5.97	5.29	5.77	7.06	5.6	5.33	4.97	4.22	4.74	5.16	5.43
EV/EBIT Low	-20.84	15.45	-1.1	7.17	5.97	5.29	5.77	7.06	5.6	5.33	4.97	4.22	4.74	5.16	5.43
Last Price	38.75	37	28.5	23.4	22.73	25.48	30.12	31.47	47.7	47	48.25	49	50	50	51
High Price	41.4	40.25	43.25	39.75	37	40.75	49	48.5	49	48	50	51	50	50	60.65
Enterprise Value Average	4,503	3,777	2,183	2,677	2,778	2,580	2,673	3,014	3,021	2,957	3,040	2,840	3,239	3,282	3,698
Enterprise Value High	4,503	3,777	2,183	2,677	2,778	2,580	2,673	3,014	3,021	2,957	3,040	2,840	3,239	3,282	3,698
Enterprise Value Low	4,503	3,777	2,183	2,677	2,778	2,580	2,673	3,014	3,021	2,957	3,040	2,840	3,239	3,282	3,698

	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y
Shares Outstanding	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

The Connecticut Light and Power Company

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