Financial Highlights

2018 2017
Energy sales to members 14,873,387 MWh 13,605,344 MWh
Sales to others 1,534,939 MWh 1,547,011 MWh
Total 16,408,326 MWh 15,152,355 MWh
Average cost to members $51.03 /MWh $53.88 /MWh
Total operating revenues $827,494,477 $796,094,106
Operating margin $35,937,632 $32,745,098
Net margin $38,933,385 $37,987,313
Cash flows from operations $83,659,318 $119,070,698
Times interest earned ratio 2.21 2.16
Margins for Interest ratio 2.22 2.17
Debt service coverage ratio 2.03 2.03
Earnings to fixed charges 1.76 1.80
Total assets $1,768,964,852 $1,795,739,687
Net utility plant $1,369,546,524 $1,344,659,285
Total long-term debt $813,155,208 $842,073,153
Total equity $600,869,250 $581,935,865
Equity to assets ratio 33.97% 32.41%
Equity as % of capitalization 42.49% 40.87%
Long-term debt to equity ratio 1.35 1.45
2017 2016
Energy sales to members 13,605,344 MWh 13,461,723 MWh
Sales to others 1,547,011 MWh 1,335,801 MWh
Total 15,152,355 MWh 14,797,524 MWh
Average cost to members $53.88 / MWh $50.36 / MWh
Total operating revenues $796,094,106 $734,611,694
Operating margin $32,745,098 $30,349,411
Net margin $37,987,313 $30,901,165
Cash flows from operations $119,070,698 $74,293,854
Times interest earned ratio 2.16 1.92
Margins for interest ratio 2.17 1.93
Debt service coverage ratio 2.03 1.65
Earnings to fixed charges 1.80 1.65
Total assets $1,795,739,687 $1,839,872,776
Net utility plant <$1,344,659,285 /td>

$1,324,459,969
Total long-term debt $842,073,153 $870,889,618
Total equity $581,935,865 $564,093,235
Equity to assets ratio 32.41% 30.66%
Equity as % of capitalization 40.87% 39.31%
Long-term debt to equity ratio 1.45 1.54