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Great Plains Energy Reports Full-Year And Fourth Quarter Results For 2012

This list of factors is not all-inclusive because it is not possible to predict all factors. Other risk factors are detailed from time to time in Great Plains Energy’s and KCP&L’s quarterly reports on Form 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission. Each forward-looking statement speaks only as of the date of the particular statement. Great Plains Energy and KCP&L undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Attachment A

Gross margin is a financial measure that is not calculated in accordance with generally accepted accounting principles (GAAP). Gross margin, as used by Great Plains Energy, is defined as operating revenues less fuel, purchased power and transmission of electricity by others. The company’s expense for fuel, purchased power and transmission of electricity by others, offset by wholesale sales margin, is subject to recovery through cost adjustment mechanisms, except for KCP&L’s Missouri retail operations. As a result, operating revenues increase or decrease in relation to a significant portion of these expenses. Management believes that gross margin provides a more meaningful basis for evaluating the Electric Utility segment’s operations across periods than operating revenues because gross margin excludes the revenue effect of fluctuations in these expenses. Gross margin is used internally to measure performance against budget and in reports for management and the Board of Directors. The company’s definition of gross margin may differ from similar terms used by other companies. A reconciliation to GAAP operating revenues is provided in the table below.

       
Great Plains Energy Incorporated
Reconciliation of Gross Margin to Operating Revenues
(Unaudited)
 
                 
Three Months Ended Year Ended
December 31 December 31
      2012       2011       2012       2011  
(millions)
Operating revenues $ 480.4 $ 486.3 $ 2,309.9 $ 2,318.0
Fuel (117.4 ) (118.0 ) (539.5 ) (483.8 )
Purchased power (24.5 ) (25.0 ) (94.0 ) (203.4 )
Transmission of electricity by others   (9.5 )     (7.1 )     (35.4 )     (30.2 )
Gross margin   $ 329.0     $ 336.2     $ 1,641.0     $ 1,600.6  




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