-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VyQJ0nW8efxwW+8DHt29jQvpLF3/f7M8G0c/YNlcGPxzmPBY27FP//xUmvm206Rf Uso+U48N7jpTW09atc12vg== 0000944209-97-000227.txt : 19970303 0000944209-97-000227.hdr.sgml : 19970303 ACCESSION NUMBER: 0000944209-97-000227 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970225 FILED AS OF DATE: 19970228 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00284 FILM NUMBER: 97546451 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085435662 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC CO INC CENTRAL INDEX KEY: 0000046207 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00284-04 FILM NUMBER: 97546452 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085437771 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: HAWAIIAN ELECTRIC CO LTD DATE OF NAME CHANGE: 19670212 U-3A-2 1 FORM U-3A-2 Page 1 of 10 File No. 69-284 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM U-3A-2 Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 HAWAIIAN ELECTRIC INDUSTRIES, INC. and HAWAIIAN ELECTRIC COMPANY, INC. each hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935 (PUHCA), and submits the following information: 1. Name, State of organization, location and nature of business of claimant and every subsidiary thereof, other than any exempt wholesale generator (EWG) or foreign utility company in which claimant directly or indirectly holds an interest. Hawaiian Electric Industries, Inc., hereinafter referred to as "HEI," was incorporated under the laws of the State of Hawaii on July 20, 1981, for the purpose of becoming the holding company of Hawaiian Electric Company, Inc. (HECO) and its subsidiaries. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. The restructuring became effective on July 1, 1983. HEI is a nonutility holding company which currently conducts no business and owns no material assets other than the common stock of HECO, HEI Investment Corp. (HEIIC), Malama Pacific Corp. (MPC), Hawaiian Tug & Barge Corp. (HTB), HEI Diversified, Inc. (HEIDI), Pacific Energy Conservation Services, Inc. (PECS) and HEI Power Corp. (HEIPC). HECO is the parent company of Hawaii Electric Light Company, Inc. (HELCO) and Maui Electric Company, Limited (MECO). MPC is the parent company of Malama Property Page 2 of 10 Investment Corp. (MPIC), Malama Waterfront Corp. (MWC), Malama Development Corp. (MDC), Malama Realty Corp. (MRC), Malama Elua Corp. (MElC), Malama Hoaloha Corp. (MHC), TMG Service Corp. (TMG) and Malama Mohala Corp. (MMoC). HTB is the parent company of Young Brothers, Limited (YB). HEIDI is the parent company of American Savings Bank, F.S.B. (ASB), which is the parent company of American Savings Investment Services Corp. (ASISC), AdCommunications, Inc., American Savings Mortgage Co., Inc. and ASB Service Corporation. HEIPC is the parent company of HEI Power Corp. Guam (HPG) and HEI Power Corp. International, which is the parent company of HEIPC Philippine Development, LLC, HEIPC Philippine Ventures, HEIPC Lake Mainit Power, LLC, HEIPC Cambodia Ventures, HEIPC Phnom Penh Power (General), LLC and HEIPC Phnom Penh Power (Limited), LLC. HECO was incorporated under the laws of the Kingdom of Hawaii on October 13, 1891, under the name of The Hawaiian Electric Company, Limited. Its name was changed to Hawaiian Electric Company, Inc., on March 16, 1964. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It is a regulated operating electric public utility engaged in the production, purchase, transmission, distribution and sale of electricity on the island of Oahu, State of Hawaii. HELCO was incorporated under the laws of the Republic of Hawaii on December 5, 1894. Its principal executive office is located at 1200 Kilauea Avenue, Hilo, Hawaii 96720. It is a regulated operating electric public utility engaged in the production, purchase, transmission, distribution and sale of electricity on the island of Hawaii, State of Hawaii. MECO was incorporated under the laws of the Territory of Hawaii on April 28, 1921, and purchased the franchise and certain assets of Island Electric Company, Limited, which had been organized in 1911. Its principal executive office is located at 210 Kamehameha Avenue, Kahului, Maui, Hawaii 96732. It is a regulated operating electric public utility engaged in the production, purchase, transmission, distribution and sale of electricity on the islands of Maui, Lanai and Molokai, all located in the State of Hawaii. HEIIC was incorporated under the laws of the State of Hawaii on May 25, 1984. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It is a Page 3 of 10 nonutility company organized primarily to invest in corporate securities and other long-term investments. HEIIC holds investments primarily in leveraged leases. On December 30, 1985, HEIIC acquired, as part of its investment portfolio, a 15.1899% undivided interest (the "Undivided Interest") in Plant Robert W. Scherer Unit No. 2, an 818 -megawatt (MW) coal-fired generating unit located in Monroe County, Georgia ("Unit No. 2") in a sale and leaseback transaction (the "Transaction") with Oglethorpe Power Corporation (An Electric Membership Generation and Transmission Corporation). The Transaction is described in Amendment No. 1 (filed December 30, 1985) to the 1984 Form U-3A-2 filed by HEI and HECO and is the subject of letters (dated December 16 and 24, 1985), from Mudge Rose Guthrie Alexander and Ferdon to the Commission, to which a reply was sent by Mr. Lewis B. Reich, Special Counsel (Reference No. 85-1216E- OPUR). The undersigned takes the position that the passive nature of the ownership by HEIIC which results from its participation in the Transaction is exactly comparable to the form of ownership which would qualify under Rule 7(d)(1) under PUHCA. Accordingly, although the information contained in the aforesaid Amendment No. 1 was submitted, the undersigned and HEIIC reserve all rights to claim (and do hereby claim) that by virtue of HEIIC's participation in the Transaction, HEIIC has not acquired "ownership" of facilities used for the generation, transmission or distribution of electric energy for sale so as to result in HEIIC's becoming an "electric utility company" as defined in Section 2(a)(3) of the Act. MPC was incorporated on December 5, 1985, MPIC and MWC were incorporated on December 30, 1988, MDC was incorporated on December 15, 1989, and MRC, MElC, MHC, TMG and MMoC were incorporated on August 21, 1990, all under the laws of the State of Hawaii, with principal executive offices located at 915 Fort Street Mall, Honolulu, Hawaii 96813. MPC and its subsidiaries are nonutility companies organized to invest in and develop real estate. Dillingham Tug & Barge Corporation was incorporated under the laws of the State of Hawaii on March 16, 1972, and its name was changed to Hawaiian Tug & Barge Corp. on October 1, 1986 when HTB was acquired by HEI from Dillingham Corporation. Its principal executive office is located at 705 N. Nimitz Highway, Honolulu, Hawaii 96817. It is a nonutility Page 4 of 10 company organized to provide charter towing and harbor-assist services primarily within the State of Hawaii. YB was incorporated under the laws of the State of Hawaii on January 7, 1960. Its principal executive office is located at 705 N. Nimitz Highway, Honolulu, Hawaii 96817. It is a regulated company organized to transport cargo within the State of Hawaii and operates as the major authorized common carrier under the Hawaii Water Carrier Act. HEIDI was incorporated under the laws of the State of Hawaii on January 6, 1988. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It is a nonutility holding company which currently conducts no business and owns no material assets other than the common stock of ASB. ASB was chartered by the Federal Home Loan Bank on January 23, 1987, and is qualified to do business in the State of Hawaii. Its wholly owned subsidiaries were incorporated under the laws of the State of Hawaii. The principal executive offices of ASB and its subsidiaries are located at 915 Fort Street Mall, Honolulu, Hawaii 96813. ASB and its subsidiaries are nonutility companies providing financial and related services. ASB was acquired on May 26, 1988. ASB's business consists primarily of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to make residential and other real estate-related loans which enable borrowers to purchase, refinance, construct or improve real estate; to invest in loans secured by real estate and in mortgage-backed and other securities; and to make various types of commercial and consumer loans. ASB Service Corporation is a state-chartered corporation which holds real estate for use by ASB employees; American Savings Mortgage Co., Inc. is a mortgage brokerage company; AdCommunications, Inc. is an advertising agency; and ASISC markets insurance products. PECS was incorporated under the laws of the State of Hawaii on August 12, 1994. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. PECS was formed as a nonutility service company to promote energy conservation in Hawaii and the Pacific Basin, but had no operations until December 1996. PECS is currently a contract services company providing limited services to an affiliate. Page 5 of 10 HEIPC was incorporated under the laws of the State of Hawaii on March 24, 1995. Its principal executive office is located at 220 South King Street, Honolulu, Hawaii 96813. It is a nonutility company formed to pursue independent power projects and energy services projects in Asia and the Pacific. HEIPC will directly or indirectly own or operate overseas projects through interests it acquires in utility facilities or utility companies operating in foreign countries. In September 1996, HEIPC's subsidiary, HPG, entered into an energy conversion agreement with the Guam Power Authority, pursuant to which HPG will rehabilitate, operate and maintain for approximately 20 years two oil-fired 26.5-MW steam turbine generators at Tanguisson, Guam. HEIPC's other direct and indirect subsidiaries have been formed for the purposes of owning, acquiring an interest in or operating utility facilities or utility companies in foreign countries, but have not yet acquired any such interest. Until December 23, 1996, HEI owned the stock of Lalamilo Ventures, Inc. (LVI), which was incorporated under the laws of the State of Hawaii under the name Lalamilo Ventures (Hawaii), Inc. on May 7, 1987. Its name was changed to Lalamilo Ventures, Inc. on July 22, 1987. LVI was a utility company under PUHCA, but was not a utility under Hawaii State law, and was organized to own and operate alternate energy facilities within the State of Hawaii. On December 23, 1996, LVI was merged with and into HELCO, with HELCO being the surviving corporation. 2. A brief description of the properties of claimant and each of its subsidiary public utility companies used for the generation, transmission and distribution of electric energy for sale, or for the production, transmission and distribution of natural or manufactured gas, indicating the location of principal generating plants, transmission lines, producing fields, gas manufacturing plants and electric and gas distribution facilities, including all such properties which are outside the State in which claimant and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such State. HEI is a nonutility holding company which currently conducts no business and owns no material operating assets other than the common stock of HECO, HEIIC, MPC, HTB, HEIDI, PECS and HEIPC. Currently, the consolidated revenues of HEI are derived primarily from electric service, savings bank, maritime freight transportation and real estate operations and investments. Page 6 of 10 HECO owns and operates three electric generating plants located on the island of Oahu, with an aggregate generating capability of 1,263 megawatts as of December 31, 1996. HECO's power purchase agreements with Kalaeloa Partners, L.P. and AES Barbers Point, Inc. each provide for an additional 180 megawatts of firm generating capability as of December 31, 1996. HECO's power purchase agreement with Honolulu Resource Recovery Venture provides for an additional 46 megawatts of firm generating capability as of December 31, 1996. HELCO owns and operates electric generating equipment with an aggregate generating capability of approximately 157 megawatts as of December 31, 1996. Its five power plants are located on the island of Hawaii. As of December 31, 1996, HELCO had a power purchase agreement with Puna Geothermal Ventures providing for an additional 30 megawatts of firm generating capability and a power purchase agreement with Hilo Coast Processing Company (HCPC) providing for an additional 22 megawatts of firm generating capability. On December 23, 1996, LVI merged into HELCO and HELCO currently owns and operates the former LVI windfarm on the island of Hawaii. The windfarm at Waikoloa consists of 90 operating wind machines with a total operating capacity of 1.8 megawatts as of December 31, 1996. MECO owns and operates electric generating equipment located on the islands of Maui, Lanai and Molokai, with an aggregate generating capability of approximately 231 megawatts as of December 31, 1996. A power purchase agreement between MECO and a sugar company provided for an additional 16 megawatts of firm generating capability as of December 31, 1996. 3. The following information for the last calendar year with respect to claimant and each of its subsidiary public utility companies: (a) Number of kwh. of electric energy sold (at retail or wholesale), and Mcf. of natural or manufactured gas distributed at retail. In 1996, HEI sold no kilowatthours of electric energy, HECO sold at retail 7,091,147,130 kwh. of electric energy, HELCO sold at retail 875,746,565 kwh. of electric energy, and MECO sold at retail 1,024,330,861 kwh. of electric energy. Prior to December 23, 1996, LVI sold 6,679,200 kwh. of electric energy, of which 789,600 kwh. was sold at wholesale to HELCO at rates approved by the PUC and 5,889,600 kwh. was sold at a discounted rate to the Hawaii County Department of Water Supply, LVI's sole customer other than HELCO. Page 7 of 10 (b) Number of kwh. of electric energy and Mcf. of natural or manufactured gas distributed at retail outside the State in which each such company is organized. None. (c) Number of kwh. of electric energy and Mcf. of natural or manufactured gas sold at wholesale outside the State in which each such company is organized, or at the State line. None. (d) Number of kwh. of electric energy and Mcf. of natural or manufactured gas purchased outside the State in which each such company is organized or at the State line. None. 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an EWG or a foreign utility company, stating monetary amounts in United States dollars: (a) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution of electric energy for sale or for the distribution at retail of natural or manufactured gas. HPG was incorporated under the laws of the State of Hawaii on August 13, 1996. Its principal executive offices are located at Tanguisson power plant, NCS Dededo, Guam 96921 and 220 South King Street, Honolulu, Hawaii 96813. It is a foreign utility company organized primarily to assume operational control of Guam Power Authority's (GPA) Tanguisson power plant. In September 1996, HPG entered into an energy conversion agreement with the GPA, pursuant to which HPG will rehabilitate, operate and maintain for approximately 20 years two oil-fired 26.5-MW steam turbine generators at Tanguisson, Guam. On October 30, 1996, HEI filed with the SEC a "Notification of Foreign Utility Company Status" on Form U- 57, stating that HPG will assume operational control of the Tanguisson facility by November 24, 1996. On November 11, 1996, HPG assumed operational control of the Tanguisson facility. Other than the Tanguisson power plant, HPG neither owns nor operates any other facilities used for the generation, transmission or distribution of electric energy for sale or the distribution at retail of natural or manufactured gas. Page 8 of 10 (b) Name of each system company that holds an interest in such EWG or foreign utility company and description of the interest held. HEIPC owns all of the issued and outstanding shares of common stock of HPG. HEI owns all of the issued and outstanding shares of common stock of HEIPC. (c) Type and amount of capital invested, directly or indirectly, by the holding company claiming exemption; any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption; and any debt or other financial obligation for which there is recourse, directly or indirectly, to the holding company claiming exemption or another system company, other than the EWG or foreign utility company. As of December 31, 1996, HEI had invested, directly or indirectly (in addition to retained earnings), $168,000 of capital in HPG. Also as of December 31, 1996, there were short-term intercompany borrowings by HPG from HEIPC of $100,000 and no other borrowings. As of December 31, 1996, HEI has not directly or indirectly guaranteed the securities of HPG. (d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. As of December 31, 1996, HPG's capitalization (i.e., common stock equity) was $230,000. For the year ended December 31, 1996, HPG's net income was $62,000. (e) Identify any service, sales or construction contract(s) between the EWG or foreign utility company and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreement(s). None. Page 9 of 10 EXHIBIT A Unaudited consolidating statements of income and retained earnings of Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar year 1996, together with an unaudited consolidating balance sheet of Hawaiian Electric Industries, Inc. and its subsidiary companies as of December 31, 1996, is attached hereto as Exhibit A. Unaudited consolidating income and retained earnings information for the calendar year 1996 for Hawaiian Electric Company, Inc. and its subsidiary companies, for HEI Diversified, Inc. and its subsidiary company, for American Savings Bank, F.S.B. and its subsidiary companies, for Hawaiian Tug & Barge Corp. and its subsidiary company, for Malama Pacific Corp. and its subsidiary companies, for HEI Power Corp. and its subsidiary companies and for HEI Power Corp. International and its subsidiary companies, together with unaudited consolidating balance sheet information for said companies and their respective subsidiaries as of December 31, 1996, are attached hereto as Exhibits A-1 through A-7. EXHIBIT B The unaudited financial data schedules for HEI and its subsidiaries and for HECO and its subsidiaries are attached hereto as Exhibit B. EXHIBIT C Not applicable. Page 10 of 10 Each of the above-named claimants has caused this statement to be duly executed on its behalf by its duly authorized officers on this twenty-fifth day of February 1997. HAWAIIAN ELECTRIC INDUSTRIES, INC. Claimant By /s/ Robert F. Clarke -------------------------------- Robert F. Clarke President and ATTEST: Chief Executive Officer /s/ Betty Ann M. Splinter By /s/ Robert F. Mougeot - ----------------------------- -------------------------------- Betty Ann M. Splinter Robert F. Mougeot Secretary Financial Vice President and Chief Financial Officer HAWAIIAN ELECTRIC COMPANY, INC. Claimant By /s/ T. Michael May -------------------------------- T. Michael May ATTEST: President and Chief Executive Officer /s/ Molly M. Egged By /s/ Jackie M. Erickson - ---------------------------- -------------------------------- Molly M. Egged Jackie M. Erickson Secretary Vice President - General Counsel and Government Relations Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed: Peter C. Lewis Vice President-Administration Hawaiian Electric Industries, Inc. P. O. Box 730 Honolulu, Hawaii 96808-0730 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Balance Sheet (Page 1 of 2) Page 1 of 5 December 31, 1996 (Unaudited) (in thousands)
Hawaiian Hawaiian Hawaiian Tug & Malama Electric Electric Barge HEI Pacific Company, Industries, Corp. and Investment Corp. and Inc. and ASSETS Inc. subsidiary Corp. subsidiaries subsidiaries - ------ -------------------------------------------------------------------------------------- Cash and equivalents $ 1,161 776 -- 304 $ 823 Notes receivable from affiliated companies 40,455 -- -- -- -- Accounts receivable and unbilled revenues, net 2,135 5,829 -- 92 124,483 Inventories, at average cost -- 1,313 -- -- 47,432 Real estate developments -- -- -- 33,210 -- Investment and mortgage-backed securities -- -- -- -- -- Other investments 810 6 59,761 12,032 -- Loans receivable, net -- -- -- -- -- Property, plant and equipment, net 3,177 45,724 -- 47 1,845,502 Regulatory assets -- 2,424 -- -- 98,380 Other 2,933 2,649 -- 6,892 48,926 Goodwill and other intangibles -- -- -- -- -- Investment in wholly owned subsidiaries, at equity 1,021,115 -- -- -- -- ---------- ------ ------ ------ ---------- $1,071,786 58,721 59,761 52,577 $2,165,546 ========== ====== ====== ====== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------- LIABILITIES Accounts payable $ 7,231 2,343 22 1,020 $ 78,496 Deposit liabilities -- -- -- -- -- Short-term borrowings 87,600 4,300 -- 27,631 125,920 Securities sold under agreements to repurchase -- -- -- -- -- Advances from Federal Home Loan Bank -- -- -- -- -- Long-term debt 191,500 15,400 -- 7,954 602,226 Deferred income taxes 3,055 6,035 43,702 221 119,613 Unamortized tax credits 30 1,192 -- -- 47,634 Contributions in aid of construction -- -- -- -- 197,805 Other 9,518 8,359 999 387 155,293 ---------- ------ ------ ------ ---------- 298,934 37,629 44,723 37,213 1,326,987 ---------- ------ ------ ------ ---------- PREFERRED STOCK OF ELECTRIC UTILITY SUBSIDIARIES Subject to mandatory redemption -- -- -- -- 38,955 Not subject to mandatory redemption -- -- -- -- 48,293 ---------- ------ ------ ------ ---------- -- -- -- -- 87,248 ---------- ------ ------ ------ ---------- STOCKHOLDERS' EQUITY Preferred stock -- -- -- -- -- Common stock 622,945 13,229 22,166 29,975 383,541 Retained earnings (deficit) 149,907 7,863 (7,128) (14,611) 367,770 ---------- ------ ------ ------ ---------- 772,852 21,092 15,038 15,364 751,311 ---------- ------ ------ ------ ---------- $1,071,786 58,721 59,761 52,577 $2,165,546 ========== ====== ====== ====== ========== Continued on next page.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Balance Sheet (Page 2 of 2) Page 2 of 5 December 31, 1996 (Unaudited) (in thousands) (Continued)
HEI Reclassifi- HEI Pacific Power cations Diversified, Energy Corp. and Inc. and Conservation and Eliminations ASSETS subsidiary Services, Inc. subsidiaries Dr. (Cr.) Consolidated - ------ --------------------------------------------------------------------------------------- Cash and equivalents $ 93,905 101 347 -- $ 97,417 Notes receivable from affiliated companies -- -- -- (40,455) -- Accounts receivable and unbilled revenues, net 23,635 23 615 (5,954) 150,858 Inventories, at average cost -- -- -- -- 48,745 Real estate developments -- -- -- -- 33,210 Investment and mortgage-backed securities 1,377,591 -- -- -- 1,377,591 Other investments -- -- -- -- 72,609 Loans receivable, net 2,002,028 -- -- -- 2,002,028 Property, plant and 47,045 -- 272 -- 1,941,767 equipment, net Regulatory assets -- -- -- -- 100,804 Other 12,350 -- 26 -- 73,776 Goodwill and other 37,035 -- -- -- 37,035 intangibles Investment in wholly owned subsidiaries, at equity -- -- -- (1,021,115) -- ---------- ---- ------ ----------- ---------- $3,593,589 124 1,260 (1,067,524) $5,935,840 ========== ==== ====== =========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------- LIABILITIES Accounts payable $ 24,687 -- 51 5,954 $ 107,896 Deposit liabilities 2,150,370 -- -- -- 2,150,370 Short-term borrowings -- -- 4,547 33,455 216,543 Securities sold under agreements to repurchase 479,742 -- -- -- 479,742 Advances from Federal Home Loan Bank 684,274 -- -- -- 684,274 Long-term debt -- -- -- 7,000 810,080 Deferred income taxes 13,012 -- (29) -- 185,609 Unamortized tax credits 1 -- -- -- 48,857 Contributions in aid of construction -- -- -- -- 197,805 Other 19,349 32 627 -- 194,564 ---------- ---- ------ ----------- ---------- 3,371,435 32 5,196 46,409 5,075,740 ---------- ---- ------ ----------- ---------- PREFERRED STOCK OF ELECTRIC UTILITY SUBSIDIARIES Subject to mandatory redemption -- -- -- -- 38,955 Not subject to mandatory redemption -- -- -- -- 48,293 ---------- ---- ------ ----------- ---------- -- -- -- -- 87,248 ---------- ---- ------ ----------- ---------- STOCKHOLDERS' EQUITY Preferred stock -- -- -- -- -- Common stock 166,169 220 500 615,800 622,945 Retained earnings (deficit) 55,985 (128) (4,436) 405,315 149,907 ---------- ---- ------ ----------- ---------- 222,154 92 (3,936) 1,021,115 772,852 ---------- ---- ------ ----------- ---------- $3,593,589 124 1,260 1,067,524 $5,935,840 ========== ==== ====== =========== ==========
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Income (Page 1 of 2) Page 3 of 5 Year ended December 31, 1996 (Unaudited) (in thousands)
Hawaiian Hawaiian Hawaiian Malama Electric Electric Tug & Barge HEI Pacific Company, Industries, Corp. and Investment Corp. and Inc. and Inc. subsidiary Corp. subsidiaries subsidiaries -------------------------------------------------------------------------------- REVENUES Electric utility $ -- -- -- -- $1,080,868 Savings bank -- -- -- -- -- Other 2,731 48,748 453 8,437 -- Equity in net income of subsidiaries 93,488 -- -- -- -- -------- --------- ----- --------- ---------- 96,219 48,748 453 8,437 1,080,868 -------- --------- ----- --------- ---------- EXPENSES Electric utility -- -- -- -- 907,255 Savings bank -- -- -- -- -- FDIC special assessment -- -- -- -- -- Other 9,615 45,729 332 10,208 -- -------- --------- ----- --------- ---------- 9,615 45,729 332 10,208 907,255 -------- --------- ----- --------- ---------- OPERATING INCOME (LOSS) Electric utility -- -- -- -- 173,613 Savings bank -- -- -- -- -- Other 86,604 3,019 121 (1,771) -- -------- --------- ----- --------- ---------- 86,604 3,019 121 (1,771) 173,613 -------- --------- ----- --------- ---------- Interest expense-electric utility and other (18,103) (1,396) (6) (1,326) (47,451) Allowance for borrowed funds used during construction -- -- -- -- 5,862 Preferred stock dividends of electric utility subsidiaries -- -- -- -- (2,664) Allowance for equity funds used during construction -- -- -- -- 11,741 -------- --------- ----- --------- ---------- INCOME (LOSS) BEFORE INCOME TAXES AND PREFERRED STOCK DIVIDENDS OF HECO 68,501 1,623 115 (3,097) 141,101 Income tax expense (benefit) (10,157) 802 56 6 55,888 -------- --------- ----- --------- ---------- INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS OF HECO 78,658 821 59 (3,103) 85,213 Preferred stock dividends of HECO -- -- -- -- 3,865 -------- --------- ----- --------- ---------- NET INCOME (LOSS) $ 78,658 821 59 (3,103) $ 81,348 ======== ========= ===== ======== ==========
Continued on next page. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Income (Page 2 of 2) Page 4 of 5 Year ended December 31, 1996 (Unaudited) (in thousands) (Continued)
HEI Reclassifi- HEI Pacific Power cations Diversified, Energy Corp. and Inc. and Conservation and Eliminations subsidiary Services, Inc. subsidiaries Dr. (Cr.) Consolidated ---------------- -------------- ------------ --------------- ------------ REVENUES Electric utility $ -- -- -- -- $1,080,868 Savings bank 271,402 -- -- -- 271,402 Other 498 -- 349 2,914 58,302 Equity in net income of subsidiaries -- -- -- 93,488 -- --------- -------------- ------------ --------------- ---------- 271,900 -- 349 96,402 1,410,572 --------- -------------- ------------ --------------- ---------- EXPENSES Electric utility -- -- -- -- 907,255 Savings bank 231,346 -- -- -- 231,346 FDIC special assessment 13,835 -- -- -- 13,835 Other 1,401 12 2,900 (307) 69,890 --------- -------------- ------------ --------------- ---------- 246,582 12 2,900 (307) 1,222,326 --------- -------------- ------------ --------------- ---------- OPERATING INCOME (LOSS) Electric utility -- -- -- -- 173,613 Savings bank 26,221 -- -- -- 26,221 Other (903) (12) (2,551) 96,095 (11,588) --------- -------------- ------------ --------------- ---------- 25,318 (12) (2,551) 96,095 188,246 --------- -------------- ------------ --------------- ---------- Interest expense-electric utility and other -- -- (157) (2,607) (65,832) Allowance for borrowed funds used during construction -- -- -- -- 5,862 Preferred stock dividends of electric utility subsidiaries -- -- -- 3,865 (6,529) Allowance for equity funds used during construction -- -- -- -- 11,741 --------- -------------- ------------ --------------- ---------- INCOME (LOSS) BEFORE INCOME TAXES AND PREFERRED STOCK DIVIDENDS OF HECO 25,318 (12) (2,708) 97,353 133,488 Income taxes 8,200 -- 35 -- 54,830 --------- -------------- ------------ --------------- ---------- INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS OF HECO 17,118 (12) (2,743) 97,353 78,658 Preferred stock dividends of HECO -- -- -- (3,865) -- --------- -------------- ------------ --------------- ---------- NET INCOME (LOSS) $ 17,118 (12) (2,743) 93,488 $ 78,658 ========= ============== ============ =============== ==========
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Retained Earnings Page 5 of 5 Year ended December 31, 1996 (Unaudited) (in thousands)
Hawaiian Hawaiian Hawaiian Malama Electric Electric Tug & Barge HEI Pacific Company, Industries, Corp. and Investment Corp. and Inc. and Inc. subsidiary Corp. subsidiaries subsidiaries --------------- ----------------- ---------- ------------ ------------ Retained earnings (deficit), beginning of year $144,216 7,088 (7,187) (11,508) $343,425 Net income (loss) 78,658 821 59 (3,103) 81,348 Common stock dividends (72,967) (46) -- -- (57,003) ------------ ------- ------- --------- ---------- Retained earnings (deficit), end of year $149,907 7,863 (7,128) (14,611) $367,770 ============ ======= ======= ========= ==========
Continued below.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings Year ended December 31, 1996 (Unaudited) (in thousands) (Continued) HEI Reclassifi- HEI Pacific Power cations Diversified, Energy Corp. and Inc. and Conservation and Eliminations subsidiary Services, Inc. subsidiaries Dr. (Cr.) Consolidated ------------------------------------------------------------------------------------------ Retained earnings (deficit), beginning of year $ 49,790 (116) (1,693) 379,799 $144,216 Net income (loss) 17,118 (12) (2,743) 93,488 78,658 Common stock dividends (10,923) -- -- (67,972) (72,967) -------- ------ -------- -------- -------- Retained earnings (deficit), end of year $ 55,985 (128) (4,436) 405,315 $149,907 ======== ====== ======== ======== ========
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1996 (Unaudited) (in thousands)
Hawaii Reclassifi- Hawaiian Electric Maui cations Electric Light Electric and Company, Company, Company, Eliminations ASSETS Inc. Inc. Limited Dr. (Cr.) Consolidated - ---------------------------------------- ----------- -------- -------- ------------ ------------ Cash and equivalents $ 9 757 57 -- $ 823 Notes receivable from affiliated companies 59,624 -- -- (59,624) -- Accounts receivable and unbilled revenues, net 86,240 19,302 16,921 2,020 124,483 Inventories, at average cost 28,961 5,504 12,967 -- 47,432 Property, plant and equipment, net 1,138,916 359,370 347,216 -- 1,845,502 Regulatory assets 71,721 15,063 11,596 -- 98,380 Other 23,680 16,813 8,433 -- 48,926 Investment in wholly owned subsidiaries, at equity 290,785 -- -- (290,785) -- ----------- -------- -------- ------------ ------------ $1,699,936 416,809 397,190 (348,389) $2,165,546 =========== ======== ======== ============ ============ LIABILITIES AND STOCKHOLDER'S EQUITY - ---------------------------------------- LIABILITIES Accounts payable $ 49,702 12,522 15,336 (936) $ 78,496 Short-term borrowings 125,920 46,000 13,624 59,624 125,920 Long-term debt 368,437 95,610 138,179 -- 602,226 Deferred income taxes 104,304 3,928 11,381 -- 119,613 Unamortized tax credits 29,051 8,666 9,917 -- 47,634 Contributions in aid of construction 127,929 46,777 23,099 -- 197,805 Other 87,589 42,694 23,926 (1,084) 155,293 ----------- -------- -------- ------------ ------------ 892,932 256,197 235,462 57,604 1,326,987 ----------- -------- -------- ------------ ------------ PREFERRED STOCK Subject to mandatory redemption 25,400 7,400 6,155 -- 38,955 Not subject to mandatory redemption 30,293 10,000 8,000 -- 48,293 ----------- -------- -------- ------------ ------------ 55,693 17,400 14,155 -- 87,248 ----------- -------- -------- ------------ ------------ STOCKHOLDER'S EQUITY Common stock 383,541 91,432 88,776 180,208 383,541 Retained earnings 367,770 51,780 58,797 110,577 367,770 ----------- -------- -------- ------------ ------------ 751,311 143,212 147,573 290,785 751,311 ----------- -------- -------- ------------ ------------ $1,699,936 416,809 397,190 348,389 $2,165,546 =========== ======== ======== ============ ============
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1996 (Unaudited) (in thousands)
Hawaii Reclassifi- Hawaiian Electric Maui cations Electric Light Electric and Company, Company, Company, Eliminations Inc. Inc. Limited Dr. (Cr.) Consolidated ---------------------------------------------------------------- REVENUES Electric utility $780,442 156,955 148,021 4,550 $1,080,868 Equity in net income of subsidiaries 29,417 -- -- 29,417 -- -------- ------- ------- ------ ---------- 809,859 156,955 148,021 33,967 1,080,868 -------- ------- ------- ------ ---------- EXPENSES 661,739 126,922 118,594 -- 907,255 -------- ------- ------- ------ ---------- OPERATING INCOME 148,120 30,033 29,427 33,967 173,613 Interest expense (34,116) (9,027) (8,858) (4,550) (47,451) Allowance for borrowed funds used during construction 2,325 1,748 1,789 -- 5,862 Preferred stock dividends of electric utility subsidiaries -- -- -- 2,664 (2,664) Allowance for equity funds used during construction 4,378 3,714 3,649 -- 11,741 -------- ------- ------- ------ ---------- INCOME BEFORE INCOME TAX EXPENSE AND PREFERRED STOCK DIVIDENDS 120,707 26,468 26,007 32,081 141,101 Income taxes 35,494 10,292 10,102 -- 55,888 -------- ------- ------- ------ ---------- INCOME BEFORE PREFERRED STOCK DIVIDENDS 85,213 16,176 15,905 32,081 85,213 Preferred stock dividends 3,865 1,503 1,161 (2,664) 3,865 -------- ------- ------- ------ ---------- NET INCOME $ 81,348 14,673 14,744 29,417 $ 81,348 ======== ======= ======= ====== ==========
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1996 (Unaudited) (in thousands)
Hawaii Reclassifi- Hawaiian Electric Maui cations Electric Light Electric and Company, Company, Company, Eliminations Inc. Inc. Limited Dr. (Cr.) Consolidated ---------------------------------------------------------------- Retained earnings, beginning of year $343,425 45,500 54,697 100,197 $343,425 Net income 81,348 14,673 14,744 29,417 81,348 Common stock dividends (57,003) (8,393) (10,644) (19,037) (57,003) -------- ------- ------- -------- -------- Retained earnings, end of year $367,770 51,780 58,797 110,577 $367,770 ======== ======= ======= ======== ========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1996 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank, and Diversified, F.S.B. and Eliminations ASSETS Inc. subsidiaries Dr. (Cr.) Consolidated - ---------------------------------------- ------------ ------------ ------------ ------------ Cash and equivalents $ -- 93,905 -- $ 93,905 Accounts receivable and unbilled revenues, net 2,902 20,733 -- 23,635 Investment and mortgage-backed securities -- 1,377,591 -- 1,377,591 Loans receivable, net -- 2,002,028 -- 2,002,028 Property, plant and equipment, net -- 47,045 -- 47,045 Other -- 12,350 -- 12,350 Goodwill and other intangibles -- 37,035 -- 37,035 Investment in wholly owned subsidiary, at equity 222,050 -- (222,050) -- ------------ --------- ---------- ---------- $224,952 3,590,687 (222,050) $3,593,589 ============ ========= ========== ========== LIABILITIES AND STOCKHOLDER'S EQUITY - ---------------------------------------- LIABILITIES Accounts payable $ 1,272 23,415 -- $ 24,687 Deposit liabilities -- 2,150,370 -- 2,150,370 Securities sold under agreements to repurchase -- 479,742 -- 479,742 Advances from Federal Home Loan Bank -- 684,274 -- 684,274 Deferred income taxes (128) 13,140 -- 13,012 Unamortized tax credits 1 -- -- 1 Other 1,653 17,696 -- 19,349 ------------ --------- ---------- ---------- 2,798 3,368,637 -- 3,371,435 ------------ --------- ---------- ---------- STOCKHOLDER'S EQUITY Common stock 166,169 151,827 151,827 166,169 Retained earnings 55,985 70,223 70,223 55,985 ------------ --------- ---------- ---------- 222,154 222,050 222,050 222,154 ------------ --------- ---------- ---------- $224,952 3,590,687 222,050 $3,593,589 ============ ========= ========== ==========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1996 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank, and Diversified, F.S.B. and Eliminations Inc. subsidiaries Dr. (Cr.) Consolidated ------------ ------------ ------------ ------------ REVENUES Savings bank $ -- 271,402 -- $271,402 Other 498 -- -- 498 Equity in net income of subsidiary 14,968 -- 14,968 -- ------------ ------------ ------------ ------------ 15,466 271,402 14,968 271,900 ------------ ------------ ------------ ------------ EXPENSES Savings bank -- 231,346 -- 231,346 FDIC special assessment -- 13,835 -- 13,835 Other 1,401 -- -- 1,401 ------------ ------------ ------------ ------------ 1,401 245,181 -- 246,582 ------------ ------------ ------------ ------------ OPERATING INCOME (LOSS) Savings bank -- 26,221 -- 26,221 Other 14,065 -- 14,968 (903) ------------ ------------ ------------ ------------ 14,065 26,221 14,968 25,318 ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAX EXPENSE 14,065 26,221 14,968 25,318 Income tax expense (benefit) (3,053) 11,253 -- 8,200 ------------ ------------ ------------ ------------ NET INCOME $17,118 14,968 14,968 $ 17,118 ============ ============ ============ ============
HEI DIVERSIFIED, INC. AND SUBSIDIARY Consolidating Schedule - Retained Earnings Information Year ended December 31, 1996 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank, and Diversified, F.S.B. and Eliminations Inc. subsidiaries Dr. (Cr.) Consolidated ------------ ------------ ------------ ------------ Retained earnings, beginning of year $ 49,790 65,178 65,178 $49,790 Net income 17,118 14,968 14,968 17,118 Common stock dividends (10,923) (9,923) (9,923) (10,923) -------- ------- ------- -------- Retained earnings, end of year $ 55,985 70,223 70,223 $55,985 ======== ======= ======= ========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1996 (Unaudited) (in thousands)
Reclassifi- American American cations American Savings AdCom- Savings and Savings Investment ASB muni Mortgage Elimi- Bank, Services Service cations, Co., nations Consoli- ASSETS F.S.B. Corp. Corporation Inc. Inc. Dr. (Cr.) dated - ----------------------------- ------------ ---------- ------------ --------- --------- ------------ ------------- Cash and equivalents $ 93,905 1,393 47 18 238 (1,696) $ 93,905 Accounts receivable and unbilled revenues, net 20,733 -- -- -- -- -- 20,733 Investment and mortgage-backed securities 1,377,591 -- -- -- -- -- 1,377,591 Loans receivable, net 2,002,028 -- -- -- -- -- 2,002,028 Property, plant and equipment, net 46,940 37 43 -- 25 -- 47,045 Other 12,259 89 -- 262 2 (262) 12,350 Goodwill and other intangibles 37,025 10 -- -- -- -- 37,035 Investment in wholly owned subsidiaries, at equity 1,513 -- -- -- -- (1,513) -- ---------- ----- ---- ---- ----- ------ ---------- $3,591,994 1,529 90 280 265 (3,471) $3,590,687 ========== ===== ==== ==== ===== ====== ========== LIABILITIES AND STOCKHOLDER'S EQUITY - ----------------------------- LIABILITIES Accounts payable $ 23,415 -- -- -- -- -- $ 23,415 Deposit liabilities 2,152,066 -- -- -- -- 1,696 2,150,370 Securities sold under agreements to repurchase 479,742 -- -- -- -- -- 479,742 Advances from Federal Home Loan Bank 684,274 -- -- -- -- -- 684,274 Deferred income taxes 13,140 -- -- -- -- -- 13,140 Other 17,307 519 -- 33 99 262 17,696 ---------- ----- ---- ---- ----- ------ ---------- 3,369,944 519 -- 33 99 1,958 3,368,637 ---------- ----- ---- ---- ----- ------ ---------- STOCKHOLDER'S EQUITY Common stock 151,827 10 209 61 439 719 151,827 Retained earnings (deficit) 70,223 1,000 (119) 186 (273) 794 70,223 ---------- ----- ---- ---- ----- ------ ---------- 222,050 1,010 90 247 166 1,513 222,050 ---------- ----- ---- ---- ----- ------ ---------- $3,591,994 1,529 90 280 265 3,471 $3,590,687 ========== ===== ==== ==== ===== ====== ==========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1996 (Unaudited) (in thousands)
Reclassifi- American American cations American Savings AdCom- Savings and Savings Investment ASB muni Mortgage Elimi- Bank, Services Service cations, Co., nations Consoli- F.S.B. Corp. Corporation Inc. Inc. Dr. (Cr.) dated ----------------------------------------------------------------------------------------- REVENUES Savings bank $269,501 2,175 -- 136 185 595 $271,402 Equity in net income of subsidiaries 383 -- -- -- -- 383 -- -------- ----- ------ ---- ---- ---- -------- 269,884 2,175 -- 136 185 978 271,402 -------- ----- ------ ---- ---- ---- -------- EXPENSES Savings Bank 230,164 1,468 23 63 223 (595) 231,346 FDIC special assessment 13,835 -- -- -- -- -- 13,835 -------- ----- ------ ---- ---- ---- -------- 243,999 1,468 23 63 223 (595) 245,181 -------- ----- ------ ---- ---- ---- -------- OPERATING INCOME (LOSS) 25,885 707 (23) 73 (38) 383 26,221 Income taxes 10,917 304 -- 32 -- -- 11,253 -------- ----- ------ ---- ---- ---- -------- NET INCOME (LOSS) $ 14,968 403 (23) 41 (38) 383 $ 14,968 ======== ===== ====== ==== ==== ==== ========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1996 (Unaudited) (in thousands)
Reclassifi- American American cations American Savings AdCom- Savings and Savings Investment ASB muni Mortgage Elimi- Bank, Services Service cations, Co., nations Consoli- F.S.B. Corp. Corporation Inc. Inc. Dr. (Cr.) dated ----------------------------------------------------------------------------------------- Retained earnings (deficit), beginning of year $ 65,178 1,307 (96) 145 (235) 1,121 $ 65,178 Net income (loss) 14,968 403 (23) 41 (38) 383 14,968 Common stock dividends (9,923) (710) -- -- -- (710) (9,923) -------- ----- ---- ---- ----- ---- -------- Retained earnings (deficit), end of year $ 70,223 1,000 (119) 186 (273) 794 $ 70,223 ======== ===== ==== ==== ===== ==== ========
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1996 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations ASSETS Corp. Limited Dr. (Cr.) Consolidated - ---------------------------------------- -------- --------- ------------ ------------ Cash and equivalents $ 761 15 -- $ 776 Notes receivable from affiliated company 10,180 -- (10,180) -- Accounts receivable and unbilled revenues, net 1,254 5,012 (437) 5,829 Inventories, at average cost 160 1,153 -- 1,313 Other investments 2 4 -- 6 Property, plant and equipment, net 10,416 35,308 -- 45,724 Regulatory assets -- 2,424 -- 2,424 Other 1,883 766 -- 2,649 Investment in wholly owned subsidiary, at equity 16,406 -- (16,406) -- -------- --------- ------- --------- $41,062 44,682 (27,023) $58,721 ======== ========= ======= ========= LIABILITIES AND STOCKHOLDER'S EQUITY - ---------------------------------------- LIABILITIES Accounts payable $ 785 1,995 437 $ 2,343 Short-term borrowings 568 3,732 -- 4,300 Long-term debt 15,400 10,180 10,180 15,400 Deferred income taxes 1,750 4,285 -- 6,035 Unamortized tax credits 178 1,014 -- 1,192 Other 1,289 7,070 -- 8,359 -------- --------- ------- --------- 19,970 28,276 10,617 37,629 -------- --------- ------- --------- STOCKHOLDER'S EQUITY Common stock 13,229 7,414 7,414 13,229 Retained earnings 7,863 8,992 8,992 7,863 -------- --------- ------- --------- 21,092 16,406 16,406 21,092 -------- --------- ------- --------- $41,062 44,682 27,023 $58,721 ======== ========= ======= =========
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1996 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations Corp. Limited Dr. (Cr.) Consolidated -------- --------- ------------ ------------ REVENUES Other $ 8,766 43,639 3,657 $48,748 Equity in net income of subsidiary 706 -- 706 -- ------- -------- ------- -------- 9,472 43,639 4,363 48,748 ------- -------- ------- -------- EXPENSES 6,982 41,690 (2,943) 45,729 ------- -------- ------- -------- OPERATING INCOME 2,490 1,949 1,420 3,019 Interest expense -- electric utility and other (1,277) (833) (714) (1,396) ------- -------- ------- -------- INCOME BEFORE INCOME TAXES 1,213 1,116 706 1,623 Income taxes 392 410 -- 802 ------- -------- ------- -------- NET INCOME $ 821 706 706 $ 821 ======= ======== ======= ========
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Consolidating Schedule - Retained Earnings Information Year ended December 31, 1996 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations Corp. Limited Dr. (Cr.) Consolidated -------- --------- ------------ ------------ Retained earnings, beginning of year $7,088 8,286 8,286 $7,088 Net income 821 706 706 821 Common stock dividends (46) -- -- (46) ------ ----- ----- ------ Retained earnings, end of year $7,863 8,992 8,992 $7,863 ====== ===== ===== ======
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 1996 (Unaudited) (in thousands)
Malama Malama Property Malama Malama Water- Invest- Develop- Malama Pacific front ment ment Realty ASSETS Corp. Corp. Corp. Corp. Corp. - ---------------------------------------- --------- ------ -------- -------- ------ Cash and equivalents $ 86 -- -- 215 $-- Notes receivable from affiliated companies 58,142 -- -- -- 5 Accounts receivable and unbilled revenues, net 1,782 -- 1 58 -- Real estate developments (367) -- -- 23,987 -- Other investments -- -- -- (48) -- Property, plant and equipment, net 42 -- -- 2 -- Other 7 -- -- 5,915 -- Investment in wholly owned subsidiaries, at equity (19,132) -- -- -- -- -------- ----- -- ------ ------ $ 40,560 -- 1 30,129 $5 ======== ===== == ====== ====== LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------------------- LIABILITIES Accounts payable $ 163 -- -- 1,077 $-- Short-term borrowings 24,614 1,482 -- 23,799 -- Long-term debt -- -- -- 7,954 -- Deferred income taxes 200 21 -- -- -- Other 219 -- -- 40 1 -------- ----- -- ------ ------ 25,196 1,503 -- 32,870 1 -------- ----- -- ------ ------ STOCKHOLDER'S EQUITY Common stock 29,975 616 1 4,501 1 Retained earnings (deficit) (14,611) (2,119) -- (7,242) 3 -------- ----- -- ------ ------ 15,364 (1,503) 1 (2,741) 4 -------- ----- -- ------ ------ $ 40,560 -- 1 30,129 $5 ======== ===== == ====== ======
Continued on next page. MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4 December 31, 1996 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama TMG Malama and Elua Service Mohala Eliminations ASSETS Corp. Corp. Corp. Dr. (Cr.) Consolidated - ---------------------------------------- ------- ------- ------- ------------ ------------ Cash and equivalents $ -- -- 3 -- $ 304 Notes receivable from affiliated companies -- 2 -- (58,149) -- Accounts receivable and unbilled revenues, net -- -- 9 (1,758) 92 Real estate developments -- -- 9,590 -- 33,210 Other investments 1,254 -- 10,826 -- 12,032 Property, plant and equipment, net -- -- 3 -- 47 Other -- 45 925 6,892 Investment in wholly owned subsidiaries, at equity -- -- -- 19,132 -- ------ --- ------ ------- -------- $1,254 2 20,476 (39,850) $ 52,577 ====== === ====== ======= ======== LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------------- LIABILITIES Accounts payable $ -- -- 55 275 $ 1,020 Short-term borrowings 1,302 -- 36,063 59,629 27,631 Long-term debt -- -- -- -- 7,954 Deferred income taxes -- -- -- -- 221 Other -- -- 127 -- 387 ------ --- ------ ------- -------- 1,302 -- 36,245 59,904 37,213 ------ --- ------ ------- -------- STOCKHOLDER'S EQUITY Common stock 1 2 1 5,123 29,975 Retained earnings (deficit) (49) -- (15,770) (25,177) (14,611) ------ --- ------ ------- ------- (48) 2 (15,769) (20,054) 15,364 ------ --- ------ ------- ------- $1,254 2 20,476 39,850 $ 52,577 ====== === ====== ======= ========
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Income (Loss) Information Page 3 of 4 Year ended December 31, 1996 (Unaudited) (in thousands)
Malama Malama Property Malama Malama Water- Invest- Develop- Malama Pacific front ment ment Realty Corp. Corp. Corp. Corp. Corp. ------- ------- -------- -------- ------ REVENUES Other $ 4,926 -- -- 7,535 $ 7 Equity in net loss of subsidiaries (4,025) -- -- -- -- ------- ---- ---- ------ ------- 901 -- -- 7,535 7 ------- ---- ---- ------ ------- EXPENSES 1,949 -- -- 5,671 3 ------- ---- ---- ------ ------- Operating income (loss) (1,048) -- -- 1,864 4 Interest expense (2,050) -- -- (1,884) -- ------- ---- ---- ------ ------- Income (loss) before income tax expense (3,098) -- -- (20) 4 Income taxes 5 -- -- -- 1 ------- ---- ---- ------ ------- NET INCOME (LOSS) $(3,103) -- -- (20) $ 3 ======= ==== ==== ====== =======
Continued below. MALAMA PACIFIC CORP. AND SUBSIDIARIES Consolidating Schedule - Income (Loss) Information Year ended December 31, 1996 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama TMG Malama and Elua Service Mohala Eliminations Corp. Corp. Corp. Dr. (Cr.) Consolidated ------------------------------------------------------------- REVENUES Other $ -- -- 787 4,818 $ 8,437 Equity in net loss of subsidiaries -- -- -- (4,025) -- ------- ---- ----- ------ ------- -- -- 787 793 8,437 ------- ---- ----- ------ ------- EXPENSES -- -- 2,585 -- 10,208 ------- ---- ----- ------ ------- OPERATING INCOME (LOSS) -- -- (1,798) 793 (1,771) Interest expense (8) -- (2,202) (4,818) (1,326) ------- ---- ----- ------ ------- Income (loss) before income tax expense (8) -- (4,000) (4,025) (3,097) Income taxes -- -- -- -- 6 ------- ---- ----- ------ ------- NET INCOME (LOSS) $ (8) -- (4,000) (4,025) $(3,103) ======= ==== ===== ====== =======
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4 Year ended December 31, 1996 (Unaudited) (in thousands)
Malama Malama Property Malama Malama Water- Invest- Develop- Malama Pacific front ment ment Realty Corp. Corp. Corp. Corp. Corp. -------- ------- -------- ------- ------ Retained earnings (deficit), beginning of year $(11,508) (2,119) -- (7,222) $ -- Net income (loss) (3,103) -- -- (20) 3 -------- ------ ----- ------ ------ Retained earnings (deficit), end of year $(14,611) (2,119) -- (7,242) $ 3 ======== ====== ===== ====== ======
Continued below. MALAMA PACIFIC CORP. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 1996 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama TMG Malama and Elua Service Mohala Eliminations Corp. Corp. Corp. Dr. (Cr.) Consolidated -------------------------------------------------------------- Retained earnings (deficit), beginning of year $(41) -- (11,770) (21,152) $(11,508) Net income (loss) (8) -- (4,000) (4,025) (3,103) ---- ---- ------- ------- -------- Retained earnings (deficit), end of year $(49) -- (15,770) (25,177) $(14,611) ==== ==== ======= ======= ========
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1996 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI Power Power and Power Corp. Corp. Eliminations ASSETS Corp. Guam International Dr. (Cr.) Consolidated - ---------------------------------------- ------- ----- ------------- ------------ ------------ Cash and equivalents $ 65 82 200 -- $ 347 Notes receivable from affiliated companies 100 -- -- (100) -- Accounts receivable and unbilled revenues, net 65 615 -- (65) 615 Property, plant and equipment, net 188 59 25 -- 272 Other 18 -- 8 -- 26 Investment in wholly owned subsidiaries, at equity 463 -- -- (463) -- ------- ----- ------ ------- ------- $ 899 756 233 (628) $ 1,260 ======= ===== ====== ======= ======= LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------------- LIABILITIES Accounts payable $ 51 65 -- 65 $ 51 Short-term borrowings 4,547 100 -- 100 4,547 Deferred income taxes -- (29) -- -- (29) Other 237 390 -- -- 627 ------- ----- ------ ------- ------- 4,835 526 -- 165 5,196 ------- ----- ------ ------- ------- STOCKHOLDER'S EQUITY Common stock 500 168 454 622 500 Retained earnings (deficit) (4,436) 62 (221) (159) (4,436) ------- ----- ------ ------- ------- (3,936) 230 233 463 (3,936) ------- ----- ------ ------- ------- $ 899 756 233 628 $ 1,260 ======= ===== ====== ======= =======
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Income (Loss) Information Page 2 of 2 Year ended December 31, 1996 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI Power Power and Power Corp. Corp. Eliminations Corp. Guam International Dr. (Cr.) Consolidated ------- ----- ------------- ------------ ------------ REVENUES Other $ 35 314 -- -- $ 349 Equity in net loss of subsidiaries (159) -- -- (159) -- ------- ---- ---- ------ ------- (124) 314 -- (159) 349 ------- ---- ---- ------ ------- EXPENSES 2,462 217 221 -- 2,900 ------- ---- ---- ------ ------- Operating income (loss) (2,586) 97 (221) (159) (2,551) Interest expense (157) -- -- -- (157) ------- ---- ---- ------ ------- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (2,743) 97 (221) (159) (2,708) Income taxes -- 35 -- -- 35 ------- ---- ---- ------ ------- NET INCOME (LOSS) $(2,743) 62 (221) (159) $(2,743) ======= ==== ==== ====== =======
HEI POWER CORP. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 1996 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI Power Power and Power Corp. Corp. Eliminations Corp. Guam International Dr. (Cr.) Consolidated ------- ----- ------------- ------------ ------------ Retained earnings (deficit), beginning of year $(1,693) -- -- -- $(1,693) Net income (loss) (2,743) 62 (221) (159) (2,743) ------- ---- ------- ------ -------- Retained earnings (deficit), end of year $(4,436) 62 (221) (159) $(4,436) ======= ==== ======= ====== ========
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 1996 (Unaudited) (in thousands)
HEIPC HEI Lake Power HEIPC Philippine HEIPC Mainit Corp. Development, Philippine Power, ASSETS International LLC Ventures LLC - ---------------------------------------- ------------- ---------------- ---------- ------ Cash and equivalents $ -- -- -- $ 200 Notes receivable from affiliated companies -- -- -- -- Accounts receivable and unbilled revenues, net -- -- -- -- Property, plant and equipment, net -- -- -- 25 Other 2 1 -- 1 Investment in wholly owned subsidiaries, at equity 231 -- 2 -- ----- ----- ----- ----- $ 233 1 2 $ 226 ===== ===== ===== ===== LIABILITIES AND STOCKHOLDER'S EQUITY - ---------------------------------------- LIABILITIES Accounts payable $ -- -- -- $ -- Short-term borrowings -- -- -- -- Deferred income taxes -- -- -- -- Unamortized tax credits -- -- -- -- Other -- -- -- -- ----- ----- ----- ----- -- -- -- -- ----- ----- ----- ----- STOCKHOLDER'S EQUITY Common stock 454 1 4 447 Retained earnings (deficit) (221) -- (2) (221) ----- ----- ----- ----- 233 1 2 226 ----- ----- ----- ----- $ 233 1 2 $ 226 ===== ===== ===== =====
Continued on next page. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4 December 31, 1996 (Unaudited) (in thousands) (Continued)
HEIPC Reclassifi- Phnom Penh HEIPC Phnom Penh cations HEIPC Power Power and Cambodia (General), (Limited), Eliminations ASSETS Ventures LLC LLC Dr. (Cr.) Consolidated - ---------------------------------------- -------- ---------- ---------------- ------------ ------------ Cash and equivalents $ -- -- -- -- $ 200 Notes receivable from affiliated companies -- -- -- -- -- Accounts receivable and unbilled revenues, net -- -- -- -- -- Property, plant and equipment, net -- -- -- -- 25 Other -- 2 2 -- 8 Investment in wholly owned subsidiaries, at equity -- -- -- (233) -- -------- ------ ------- ------- -------- $ -- 2 2 (233) $ 233 ======== ====== ======= ======= ======== LIABILITIES AND STOCKHOLDER'S EQUITY LIABILITIES Accounts payable $ -- -- -- -- $ -- Short-term borrowings -- -- -- -- -- Deferred income taxes -- -- -- -- -- Other -- -- -- -- -- -------- ------ ------- ------- -------- -- -- -- -- -- -------- ------ ------- ------- -------- STOCKHOLDER'S EQUITY Common stock -- 2 2 456 454 Retained earnings (deficit) -- -- -- (223) (221) -------- ------ ------- ------- -------- -- 2 2 233 233 -------- ------ ------- ------- -------- $ -- 2 2 233 $ 233 ======== ====== ======= ======= ========
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Income (Loss) Information Page 3 of 4 Year ended December 31, 1996 (Unaudited) (in thousands)
HEIPC HEI HEIPC Lake Power Philippine HEIPC Mainit Corp. Development, Philippine Power, International LLC Ventures LLC ------------- ------------- ---------- ------ REVENUES Other $ -- -- -- $ -- Equity in net loss of subsidiaries (221) -- (2) -- --------- --------- --------- ------- (221) -- (2) -- --------- --------- --------- ------- EXPENSES -- -- -- 221 --------- --------- --------- ------- Operating loss (221) -- (2) (221) Interest expense -- -- -- -- --------- --------- --------- ------- LOSS BEFORE INCOME TAX EXPENSE (221) -- (2) (221) Income taxes -- -- -- -- --------- --------- --------- ------- NET LOSS $ (221) -- (2) $ (221) ========= ========= ========= ========
Continue below. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Consolidating Schedule - Income (Loss) Information Year ended December 31, 1996 (Unaudited) (in thousands) (Continued)
HEIPC Reclassifi- Phnom Penh HEIPC Phnom Penh cations HEIPC Power Power and Cambodia (General), (Limited), Eliminations Ventures LLC LLC Dr. (Cr.) Consolidated ---------- ---------- ---------------- ------------ ------------ REVENUES Other $ -- -- -- -- $ -- Equity in net loss of subsidiaries -- -- -- (223) -- ---------- --------- ------- -------- ------------ -- -- -- (223) -- ---------- --------- ------- -------- ------------ EXPENSES -- -- -- -- 221 ---------- --------- ------- -------- ------------ Operating loss -- -- -- (223) (221) Interest expense -- -- -- -- -- ---------- --------- ------- -------- ------------ LOSS BEFORE INCOME TAX EXPENSE -- -- -- (223) (221) Income taxes -- -- -- -- -- ---------- --------- ------- -------- ------------ NET LOSS $ -- -- -- (223) $ (221) ========== ========= ======= ======== ============
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4 Year ended December 31, 1996 (Unaudited) (in thousands)
HEIPC HEI HEIPC Lake Power Philippine HEIPC Mainit Corp. Development, Philippine Power, International LLC Ventures LLC ------------- ---------------- ---------- ------- Retained earnings (deficit), beginning of year $ -- -- -- $ -- Net income (loss) (221) -- (2) (221) ---------- ------- ------ ------- Retained earnings (deficit), end of year $ (221) -- (2) $ (221) ========== ======= ====== =======
Continued below. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 1996 (Unaudited) (in thousands) (Continued)
HEIPC HEIPC Reclassifi- Phnom Penh Phnom Penh cations HEIPC Power Power and Cambodia (General), (Limited), Eliminations Ventures LLC LLC Dr. (Cr.) Consolidated ---------- ----------- ----------- ------------ ------------ Retained earnings (deficit), beginning of year $ -- -- -- -- $ -- Net income (loss) -- -- -- (223) (221) --------- ------- -------- ------- ---------- Retained earnings (deficit), end of year $ -- -- -- (223) $ (221) ========= ======= ======== ======= ==========
Exhibit B Page 1 of 1 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES FINANCIAL DATA SCHEDULE (Unaudited) (in thousands)
Item No. Year ended December 31, 1996 - -------- ------------------------------------------ 1 Total Assets (at December 31) $5,935,840 2 Total Operating Revenues 1,410,572 3 Net Income 78,658
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES FINANCIAL DATA SCHEDULE (Unaudited) (in thousands)
Item No. Year ended December 31, 1996 - -------- ------------------------------------------------ 1 Total Assets (at December 31) $2,165,546 2 Total Operating Revenues 1,080,868 3 Net Income 81,348
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