Key Financials 2006-8  (Please Register for 2008 data)

All Financial Data in US Dollars.
Black Hills Corp Data Growth
  2006 2007 2007
 Corporate Financials
  Key Financials
     Summary Income Statement (mln)
       Net Sales Revenues 542.6 574.8   +5.9%  
       EBITDA 174.1 201.5   +15.7%  
       EBITDA (normalised) 174.1 204.8   +17.6%  
       EBIT 106.5 129.7   +21.7%  
       EBIT (normalised) 106.5 133.0   +24.8%  
       EBITDAX 174.1 201.5   +15.7%  
       Pre-tax Profit 78.4 108.1   +37.9%  
       Net Income 81.0 98.8   +21.9%  
       Net Income (Normalised) 81.0 100.8   +24.4%  
 
     Balance Sheet Items (mln)
       Cash & short term securities 38.9 82.3   +111.4%  
       Gross Debt -790.9 -670.6   -15.2%  
       Net (Debt) Cash - Including Operating Leases -752.0 -588.3   -21.8%  
       Shareholders' Funds 795.2 975.0   +22.6%  
       Capital employed 1,586.1 1,645.6   +3.8%  
 
     Cash Flow Items (mln)
       Operating Cash Flow 260.3 256.3   -1.5%  
       Net Cash Flow before Financing -8.4 -8.2   -2.5%  
       Free Cash Flow -122.5 -27.2   -77.8%  
 
     Per Share Data
       EPS Reported 2.44 2.67   +9.25%  
       EPS (Normalised) 2.44 2.72   +11.45%  
       Dividend per Share 1.32 1.37   +3.79%  
       Sales per Share 16.35 15.53   -5.06%  
       EBIT per Share 3.21 3.50   +9.09%  
       EBITDA per Share 5.25 5.44   +3.72%  
       Operating Cash Flow per Share 7.84 6.92   -11.76%  
       Op. Cash Flow per Share bef. working cap.changes 6.91 6.08   -12.05%  
       Book Value per Share 23.81 26.20   +10.01%  
 
     Key Ratios (%)
       Operating Margin 19.6% 22.6%   +14.9%  
       Net Margin 14.9% 17.2%   +15.1%  
       Effective Tax Rate 29.5% 30.0%   +1.8%  
       ROACE (pre-tax & pre non-recurring) % 6.9% 8.2%   +18.5%  
       Return on Equity 10.6% 11.2%   +5.9%  
       Net Debt to Equity 95.2% 60.7%   -36.3%  
 
     Valuation Measures
       Price Earnings Ratio (x) - Historic 15.1 16.5   +9.3%  
       Price Earnings Ratio (x) - Latest 31.8 29.1   -8.5%  
       EV/EBITDA (x) - Historic 11.7 11.6   -0.2%  
       EV/EBITDA (x) - Latest 43.7 37.7   -13.6%  
       Price to Op. Cash Flow (x) - Historic 4.7 6.4   +35.3%  
       Price to Op. Cash Flow (x) - Latest 16.0 16.2   +1.6%  
       Dividend Yield (%) - Historic 3.6% 3.1%   -13.1%  
       Dividend Yield (%) - Latest 1.7% 1.8%   +3.8%  
       Price to Book (x) - Historic 1.6 1.7   +8.5%  
       Price to Book (x) - Latest 3.3 3.0   -9.1%  
       Market Capitalisation - Historic (mln) 1,234.0 1,668.8   +35.2%  
       Market Capitalisation - Latest (mln) 4,163.3 4,163.3   +0.0%  
       Enterprise Value - Gross - Historic (mln) 2,030.1 2,344.6   +15.5%  
       Enterprise Value - Gross - Latest (mln) 7,601.0 7,601.0   +0.0%  
       Enterprise Value - Net - Historic (mln) 1,991.1 2,262.3   +13.6%  
       Enterprise Value - Net - Latest (mln) 7,582.8 7,582.8   +0.0%