-----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, QGx5YJ/QzaxIuxgZiBX6Z4tOuBmvzTp5EbPFeNR16yldbVexrUBr+fj6ijZ7ZWgk 0rfdizWzJbJMxwZ75k6M9A== 0000898430-98-000731.txt : 19980302 0000898430-98-000731.hdr.sgml : 19980302 ACCESSION NUMBER: 0000898430-98-000731 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980225 FILED AS OF DATE: 19980227 SROS: NYSE SROS: PCX 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: SEC FILE NUMBER: 069-00284 FILM NUMBER: 98552387 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: SEC FILE NUMBER: 069-00284-05 FILM NUMBER: 98552388 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 12 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 (SEC), 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. (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), HEI Power Corp. (HEIPC), Hycap Management, Inc. (Hycap), Hawaiian Electric Industries Capital Trust I (the Trust), Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III . HECO is the parent company of Hawaii Electric Light Company, Inc. (HELCO), Maui Electric Company, Page 2 of 12 Limited (MECO) and HECO Capital Trust I. MPC is the parent company of Malama Property 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 HEIDI Real Estate Corp. (HEIDIREC) and 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., 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, HEIPC Phnom Penh Power (Limited),LLC, HEIPC Bulacan I, LLC, HEIPC Bulacan II, LLC, and HEI Power Corp. China. 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. HECO Capital Trust I was formed under Page 3 of 12 the laws of the State of Delaware on December 31, 1996. The Bank of New York is the corporate trustee and its principal administrative offices are located at 101 Barclay Street 21st floor, New York, New York 10286. HECO Capital Trust I is a statutory business trust formed for the exclusive purposes of (i) issuing and selling its common securities (the Common Securities) to HECO and its 8.05% Cumulative Quarterly Income Preferred Securities, Series 1997 (QUIPS) to the public in an underwritten public offering, in March 1997, (ii) using the proceeds from the sale of QUIPS and the Common Securities to acquire 8.05% Junior Subordinated Deferrable Interest Debentures, Series 1997 issued by HECO and its subsidiaries, MECO and HELCO, (iii) maintaining the status of HECO Capital Trust I as a grantor trust for United States federal income tax purposes and (iv) engaging in only those other activities necessary, convenient or incidental thereto. 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 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 the Form U-7D filed by the Wilmington Trust Company and William J. Wade, owner trustees on behalf of HEIIC on December 30,1985. The transaction is also 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). Two amendments to the Form U-7D were filed on October 20,1986 and on January 16,1998 for the refinancings of the nonrecourse debt secured by this lease interest. These refinancings had no impact on HEIIC's investment return because, under the lease Page 4 of 12 agreement, the lessee is entitled to the benefit of any refinancing. 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, develop and sell 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 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 and HEIDIREC. ASB was chartered by the Federal Home Page 5 of 12 Loan Bank as a federal savings 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. HEIDIREC was incorporated under the laws of the State of Hawaii on February 9, 1998. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. HEIDIREC was formed as a nonutility company to own and manage real estate assets. 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 primarily a contract services company providing limited services to an affiliate. 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 in Asia and the Pacific. In September 1996, HEIPC's subsidiary, HPG (a foreign utility company), entered into an energy conversion agreement with the Guam Power Authority for approximately 20 years, pursuant to which HPG is rehabilitating, operating and maintaining two oil-fired 25-megawatt (MW) (net) 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 Page 6 of 12 facilities or utility companies in foreign countries, but have not yet acquired any such interest. The following subsidiaries' principal executive office is located at Ugland House, P.O. Box 309, George Town, Grand Cayman, Cayman Islands, British West Indies and these subsidiaries were incorporated under the laws of the Cayman Islands (incorporation date noted in parentheses): HEI Power Corp. International (April 10, 1996); HEIPC Philippine Development, LLC (September 9, 1996); HEIPC Philippine Ventures (April 23, 1996); HEIPC Lake Mainit Power, LLC (May 21, 1996); HEIPC Cambodia Ventures (April 23, 1996); HEIPC Phnom Penh Power (General), LLC (April 24, 1996); HEIPC Phnom Penh Power (Limited), LLC (April 24, 1996); HEIPC Bulacan I, (May 29, 1997); and HEIPC Bulacan II, LLC (May 29, 1997). HEI Power Corp. China was incorporated under the laws of the Republic of Mauritius on December 10, 1997. Its principal executive office can be reached c/o Multiconsult Ltd., Les Jamalacs, Vieux Conseil Street, Port-Louis, Mauritius. Hycap was incorporated under the laws of the State of Delaware on January 22, 1997. Its registered agent's office is located at PL&F Service, One Rodney Square, 10th Floor, Tenth and King Streets, Wilmington, Delaware 19801. Hycap is a nonutility company formed in connection with a trust preferred securities offering to be the sole general partner of HEI Preferred Funding, LP (the Partnership). The Partnership is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act, as amended, pursuant to an agreement of limited partnership and the filing of a certificate of limited partnership with the Secretary of State on December 23, 1996, which was subsequently amended by an amended and restated agreement of limited partnership dated as of February 1, 1997. Its principal executive office is located at 300 Delaware Avenue, Suite 1704, Wilmington, Delaware 19801. The Partnership is managed by the general partner and exists for the exclusive purposes of (a) purchasing certain eligible debt instruments of HEI and the wholly owned subsidiaries of HEI (collectively, the Affiliate Investment Instruments) and certain U.S. government obligations and commercial paper of unaffiliated entities (Eligible Debt Securities) with the proceeds from (i) the sale of its Partnership Preferred Securities, representing limited partner interests in the Partnership, to the Trust and (ii) a capital contribution in exchange for the general partner interest in the Partnership, Page 7 of 12 (b) receiving interest and other payments on the Affiliate Investment Instruments and the Eligible Debt Securities held by the Partnership from time to time, (c) making distributions on the Partnership Preferred Securities and distributions on the general partner interest in the Partnership if, as and when declared by the general partner in its sole discretion, (d) subject to the restrictions and conditions contained in the Agreement of Limited Partnership, making additional investments in Affiliate Investment Instruments and Eligible Debt Securities and disposing of any such investments, and (e) except as otherwise limited in the Agreement of Limited Partnership, entering into, making and performing all contracts and other undertakings, and engaging in those activities and transactions as the general partner deems necessary or advisable for carrying out the purposes of the Partnership. The Trust, Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III were formed under the laws of the State of Delaware on December 19, 1996. The Bank of New York is the corporate trustee of each of the three trusts and its principal administrative office is located at 101 Barclay Street, 21st Floor, New York, NY 10286. The Trust is a statutory business trust formed for the exclusive purposes of (i) issuing in February of 1997 its 8.36% Trust Originated Preferred Securities and its 8.36% Common Securities (the Trust Preferred Securities and the Trust Common Securities, respectively), (ii) purchasing the 8.36% Partnership Preferred Securities, representing the limited partner interests in HEI Preferred Funding, LP (the Partnership), with the proceeds from the sale of Trust Preferred Securities and Common Securities, and (iii) engaging in only those other activities necessary or incidental thereto. Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III have at all times been inactive. 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. Page 8 of 12 HEI is a nonutility holding company which currently conducts no business and owns no material operating assets other than the common securities of HECO, HEIIC, MPC, HTB, HEIDI, PECS, HEIPC, Hycap and the Trust. Currently, the consolidated revenues of HEI are derived primarily from electric service, savings bank, maritime freight transportation and real estate operations, energy conversion fees and investments. 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, 1997. HECO's power purchase agreements with Kalaeloa Partners, L.P., AES Barbers Point, Inc. and Honolulu Resource Recovery Venture each provide for an additional 180 MW, 180 MW and 46 MW, respectively, of firm generating capability as of December 31, 1997. HELCO owns and operates electric generating equipment with an aggregate generating capability of approximately 157 megawatts as of December 31, 1997. Its five power plants are located on the island of Hawaii. As of December 31, 1997, HELCO had power purchase agreements with Puna Geothermal Ventures and Hilo Coast Processing Company providing for an additional 30 MW and 22 MW, respectively, of firm generating capability. HELCO currently owns and operates a windfarm at Waikoloa which consists of 90 operating wind machines with a total operating capacity of 1.8 megawatts as of December 31, 1997. MECO owns and operates electric generating equipment located on the islands of Maui, Lanai and Molokai, with an aggregate generating capability of approximately 214 megawatts as of December 31, 1997. A power purchase agreement between MECO and a sugar company provided for an additional 16 MW of firm generating capability as of December 31, 1997. 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 1997, HEI sold no kilowatthours of electric energy, HECO sold at retail 7,040,291,111 kwh. of electric energy, HELCO sold at retail 894,109,596 kwh. of electric energy, and MECO sold at retail 1,028,768,167 kwh. of electric energy. Page 9 of 12 (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 GPA, pursuant to which HPG rehabilitated, and for a period of approximately 20 years will be operating and maintaining, two oil-fired 25-MW (net) 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 would assume operational control of the Tanguisson facility by November 24, 1996. On November 11, 1996, HPG assumed operational control of the Tanguisson facility. HPG began delivering energy to GPA pursuant to the energy conversion agreement in July of 1997. 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 10 of 12 (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, 1997, HEI had invested, directly or indirectly (in addition to retained earnings), $2,250,000 of capital in HPG. Also as of December 31, 1997, there were short-term intercompany borrowings by HPG from HEIPC of $11,115,000 and no other borrowings. HEIPC's intercompany loans to HPG were funded by investments in and loans to HEIPC by HEI. As of December 31, 1997, 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, 1997, HPG's capitalization (i.e., common stock equity) was $2,692,000. For the year ended December 31, 1997, HPG's net income was $380,000. (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). HPG maintains agreements with HEI and certain of its affiliates for services related to the construction, operation and maintenance of power plants and electrical systems. For the year ended December 31, 1997, HPG payments for services from HEI, HECO and HEIPC totaled $304,000. Page 11 of 12 EXHIBIT A Unaudited consolidating statements of income and retained earnings of Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar year 1997, together with an unaudited consolidating balance sheet of Hawaiian Electric Industries, Inc. and its subsidiary companies as of December 31, 1997, is attached hereto as Exhibit A. Unaudited consolidating income and retained earnings information for the calendar year 1997 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, 1997, 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 Hawaiian Electric Industries, Inc. -- HEI Power Corp. -- HEI Power Corp. Guam Page 12 of 12 Each of the above-named claimants has caused this statement to be duly executed on its behalf by its duly authorized officers on this 25th day of February 1998. 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, 1997 (Unaudited) (in thousands)
Hawaiian Hawaiian Hawaiian Tug & Malama Electric HEI Electric Barge HEI Pacific Company, Diversified, Industries, Corp. and Investment Corp. and Inc. and Inc. and ASSETS Inc. subsidiary Corp. subsidiaries subsidiaries subsidiary - -------------------------------------------- ---------- ---------- ---------- ------------ ------------ ------------ Cash and equivalents $ 416 661 207 446 1,676 249,619 Notes receivable from affiliated companies 25,459 -- 3,153 -- -- 17,073 Accounts receivable and unbilled revenues, net 1,315 5,902 15 61 119,553 32,185 Inventories, at average cost -- 1,352 -- -- 44,033 Real estate developments -- -- -- 30,143 -- -- Investment and mortgage-backed securities -- -- -- -- -- 1,970,623 Other investments 810 691 63,151 9,113 -- -- Loans receivable, net -- -- -- -- -- 3,035,847 Property, plant and equipment, net 3,288 43,514 -- 40 1,893,105 65,216 Regulatory assets -- 2,270 -- -- 101,809 -- Other 4,182 2,525 -- 6,672 52,138 72,495 Goodwill and other intangibles -- -- -- -- -- 122,492 Investment in wholly owned subsidiaries, at equity 1,245,415 -- -- -- -- -- ---------- ------ ------ ------- --------- --------- $1,280,885 56,915 66,526 46,475 2,212,314 5,565,550 ========== ====== ====== ======= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------------------------------- LIABILITIES Accounts payable $ 3,555 1,225 48 821 62,773 82,235 Deposit liabilities -- -- -- -- -- 3,916,600 Short-term borrowings 192,663 -- -- 23,363 95,581 12,669 Securities sold under agreements to repurchase -- -- -- -- -- 375,366 Advances from Federal Home Loan Bank -- -- -- -- -- 736,474 Long-term debt 263,000 17,650 -- 7,954 627,621 17,073 Deferred income taxes 1,374 7,145 45,230 221 125,509 7,316 Unamortized tax credits 117 1,111 -- -- 48,675 1 Contributions in aid of construction -- -- -- -- 197,596 -- Other 5,495 8,538 1,804 588 151,261 23,092 ---------- ------ ------ ------- --------- --------- 466,204 35,669 47,082 32,947 1,309,016 5,170,826 ---------- ------ ------ ------- --------- --------- HEI- and HECO-obligated preferred securities of trust subsidiaries directly or indirectly holding solely HEI and HEI- guaranteed and HECO and HECO- guaranteed subordinated debentures -- -- -- -- 50,000 -- Preferred stock of electric utility subsidiaries Subject to mandatory redemption -- -- -- -- 35,770 -- Not subject to mandatory redemption -- -- -- -- 48,293 -- ---------- ------ ------ ------- --------- --------- -- -- -- -- 134,063 -- ---------- ------ ------ ------- --------- --------- STOCKHOLDERS' EQUITY Preferred stock -- -- -- -- -- -- Common stock 654,819 13,229 22,166 36,975 381,653 326,169 Retained earnings (deficit) 159,862 8,017 (2,722) (23,447) 387,582 68,555 ---------- ------ ------ ------- --------- --------- 814,681 21,246 19,444 13,528 769,235 394,724 ---------- ------ ------ ------- --------- --------- $1,280,885 56,915 66,526 46,475 2,212,314 5,565,550 ========== ====== ====== ======= ========= =========
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, 1997 (Unaudited) (in thousands) (Continued)
Pacific HEI Hawaiian Reclassifi- Energy Power Hycap HEI Electric cations Conservation Corp. Manage- Preferred Industries and Services, and ment, Funding, Capital Eliminations ASSETS Inc. subsidiaries Inc. LP Trust I Dr. (Cr.) Consolidated - --------------------------- ------------ ------------ ------- --------- --------- ----------- ------------ Cash and equivalents $ 11 298 1,021 1 -- -- $ 254,356 Notes receivable from affiliated companies 27 -- -- 120,073 -- (165,785) -- Accounts receivable and unbilled revenues, net 21 758 61 10 -- (1,589) 158,292 Inventories, at average cost -- 27 -- -- -- -- 45,412 Real estate developments -- -- -- -- -- -- 30,143 Investment and mortgage-backed securities -- -- -- 1,263 -- -- 1,971,886 Other investments -- 4 -- -- -- -- 73,769 Loans receivable, net -- -- -- -- -- -- 3,035,847 Property, plant and equipment, net -- 14,395 -- -- -- -- 2,019,558 Regulatory assets -- -- -- -- -- -- 104,079 Other -- 36 -- -- -- -- 138,048 Goodwill and other intangibles -- -- -- -- -- -- 122,492 Investment in wholly owned subsidiaries, at equity -- -- 18,193 -- 103,093 (1,366,701) -- ----- ------ ------ ------- ------- ---------- ---------- $ 59 15,518 19,275 121,347 103,093 (1,534,075) $7,953,882 ===== ====== ====== ======= ======= ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - --------------------------- LIABILITIES Accounts payable $ 5 132 -- 61 -- 1,589 $ 149,266 Deposit liabilities -- -- -- -- -- -- 3,916,600 Short-term borrowings -- 2,379 -- -- -- 28,639 298,016 Securities sold under agreements to repurchase -- -- -- -- -- -- 375,366 Advances from Federal Home Loan Bank -- -- -- -- -- -- 736,474 Long-term debt -- 6,423 -- -- -- 137,146 802,575 Deferred income taxes -- (554) -- -- -- -- 186,241 Unamortized tax credits -- -- -- -- -- -- 49,904 Contributions in aid of construction -- -- -- -- -- -- 197,596 Other 47 2,258 17 -- -- -- 193,100 ----- ------ ------ ------- ------- ---------- ---------- 52 10,638 17 61 -- 167,374 6,905,138 ----- ------ ------ ------- ------- ---------- ---------- HEI- and HECO-obligated preferred securities of trust subsidiaries directly or indirectly holding solely HEI and HEI-guaranteed and HECO and HECO-guaranteed subordinated debentures -- -- -- -- 100,000 -- 150,000 Preferred stock of electric utility subsidiaries Subject to mandatory redemption -- -- -- -- -- -- 35,770 Not subject to mandatory redemption -- -- -- -- -- -- 48,293 ----- ------ ------ ------- ------- ---------- ---------- -- -- -- -- 100,000 -- 234,063 ----- ------ ------ ------- ------- ---------- ---------- STOCKHOLDERS' EQUITY Preferred stock -- -- -- -- -- -- -- Common stock 220 11,900 18,364 121,286 3,093 935,055 654,819 Retained earnings (deficit) (213) (7,020) 894 -- -- 431,646 159,862 ----- ------ ------ ------- ------- ---------- ---------- 7 4,880 19,258 121,286 3,093 1,366,701 814,681 ----- ------ ------ ------- ------- ---------- ---------- $ 59 15,518 19,275 121,347 103,093 1,534,075 $7,953,882 ===== ====== ====== ======= ======= ========== ==========
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Income (Page 1 of 2) Page 3 of 5 Year ended December 31, 1997 (Unaudited) (in thousands)
Hawaiian Hawaiian Hawaiian Malama Electric HEI Electric Tug & Barge HEI Pacific Company, Diversified, Industries, Corp. and Investment Corp. and Inc. and Inc. and Inc. subsidiary Corp. subsidiaries subsidiaries subsidiary ----------- ----------- ---------- ------------ ------------ ------------ REVENUES Electric utility $ -- -- -- -- 1,107,523 -- Savings bank -- -- -- -- -- 294,135 Other 2,468 50,806 4,885 3,552 -- 1,024 Equity in net income of subsidiaries 99,093 -- -- -- -- -- -------- ------ ----- ------ --------- ------- 101,561 50,806 4,885 3,552 1,107,523 295,159 -------- ------ ----- ------ --------- ------- EXPENSES Electric utility -- -- -- -- 935,770 -- Savings bank -- -- -- -- -- 249,396 Other 8,825 48,581 257 10,070 -- 12 -------- ------ ----- ------ --------- ------- 8,825 48,581 257 10,070 935,770 249,408 -------- ------ ----- ------ --------- ------- OPERATING INCOME (LOSS) Electric utility -- -- -- -- 171,753 -- Savings bank -- -- -- -- -- 44,739 Other 92,736 2,225 4,628 (6,518) -- 1,012 -------- ------ ----- ------ --------- ------- 92,736 2,225 4,628 (6,518) 171,753 45,751 -------- ------ ----- ------ --------- ------- Interest expense-electric utility and other (22,822) (1,364) -- (2,315) (48,778) (1,299) Allowance for borrowed funds used during construction -- -- -- -- 6,190 -- Preferred stock dividends of electric utility subsidiaries -- -- -- -- (2,593) -- Preferred securities distributions of trust subsidiaries -- -- -- -- (3,052) -- Allowance for equity funds used during construction -- -- -- -- 10,864 -- -------- ------ ----- ------ --------- ------- INCOME (LOSS) BEFORE INCOME TAXES AND PREFERRED STOCK DIVIDENDS OF HECO 69,914 861 4,628 (8,833) 134,384 44,452 Income tax expense (benefit) (16,528) 534 222 3 52,535 17,903 -------- ------ ----- ------ --------- ------- INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS OF HECO 86,442 327 4,406 (8,836) 81,849 26,549 Preferred stock dividends of HECO -- -- -- -- 3,660 -- -------- ------ ----- ------ --------- ------- NET INCOME (LOSS) $ 86,442 327 4,406 (8,836) 78,189 26,549 ======== ====== ===== ====== ========= =======
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, 1997 (Unaudited) (in thousands) (Continued)
HEI Hawaiian Reclassifi- Pacific Power Hycap HEI Electric cations Energy Corp. Manage- Preferred Industries and Conservation and ment, Funding, Capital Eliminations Services, Inc. subsidiaries Inc. LP Trust I Dr. (Cr.) Consolidated -------------- ------------ ------- --------- ----------- ------------ ------------ REVENUES Electric utility $ -- -- -- -- -- -- $1,107,523 Savings bank -- -- -- -- -- -- 294,135 Other 11 3,025 45 9,124 -- 12,619 62,321 Equity in net income of subsidiaries -- -- 1,343 -- 7,781 108,217 -- ---- ------ ----- ----- -------- --------- ---------- 11 3,025 1,388 9,124 7,781 120,836 1,463,979 ---- ------ ----- ----- -------- --------- ---------- EXPENSES Electric utility $ -- -- -- -- -- -- 935,770 Savings bank -- -- -- -- -- -- 249,396 Other 96 5,021 13 -- -- (251) 72,624 ---- ------ ----- ----- -------- --------- ---------- 96 5,021 13 -- -- (251) 1,257,790 ---- ------ ----- ----- -------- --------- ---------- OPERATING INCOME (LOSS) Electric utility -- -- -- -- -- -- 171,753 Savings bank -- -- -- -- -- -- 44,739 Other (85) (1,996) 1,375 9,124 7,781 120,585 (10,303) ---- ------ ----- ----- ------- --------- ---------- (85) (1,996) 1,375 9,124 7,781 120,585 206,189 ---- ------ ----- ----- ------- ---------- ---------- Interest expense-electric utility and other -- (397) -- -- -- (12,368) (64,607) Allowance for borrowed funds used during construction -- -- -- -- -- -- 6,190 Preferred stock dividends of electric utility subsidiaries -- -- -- -- -- 3,660 (6,253) Preferred securities distri- butions of trust subsidiaries -- -- -- -- (7,548) -- (10,600) Allowance for equity funds used during construction -- -- -- -- -- -- 10,864 ---- ------ ----- ----- -------- --------- ---------- INCOME (LOSS) BEFORE INCOME TAXES AND PREFERRED STOCK DIVIDENDS OF HECO (85) (2,393) 1,375 9,124 233 111,877 141,783 Income taxes -- 191 481 -- -- -- 55,341 ---- ------ ----- ----- -------- --------- ---------- INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS OF HECO (85) (2,584) 894 9,124 233 111,877 86,442 Preferred stock dividends of HECO -- -- -- -- -- (3,660) -- ---- ------ ----- ----- -------- -------- ----------- NET INCOME (LOSS) $(85) (2,584) 894 9,124 233 108,217 $ 86,442 ==== ====== ===== ===== ======== ========= ===========
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Retained Earnings Page 5 of 5 Year ended December 31, 1997 (Unaudited) (in thousands)
Hawaiian Hawaiian HEI Malama Hawaiian Electric HEI Diversified, Electric Tug & Barge Investment Pacific Corp. Company, Inc. and Inc. and Industries, Inc. Corp. and subsidiary Corp. and subsidiaries subsidiaries subsidiary ---------------- ------------------- ----------- ---------------- ----------------- -------------- Retained earnings (deficit), beginning of year $149,907 7,863 (7,128) (14,611) 367,770 55,985 Net income (loss) 86,442 327 4,406 (8,836) 78,189 26,549 Distributions of HEI Preferred Funding, LP -- -- -- -- -- -- Common stock dividends (76,487) (173) -- -- (58,377) (13,979) -------- ---- ------ ------- ------- ------- Retained earnings (deficit), end of year $159,862 8,017 (2,722) (23,447) 387,582 68,555 ======== ===== ====== ======= ======= =======
Continued below. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings Year ended December 31, 1997 (Unaudited) (in thousands) (continued)
Hawaiian Reclassifi- Pacific HEI HEI Electric cations Energy Power Corp. Hycap Preferred Industries and Conservation and Management, Funding. Capital Eliminations Services, Inc. subsidiaries Inc. LP Trust 1 Dr. (Cr.) Consolidated -------------- ------------ ---------- --------- ---------- ------------ ------------ Retained earnings (deficit), beginning of year $(128) (4,436) -- -- -- 405,315 $149,907 Net income (loss) (85) (2,584) 894 9,124 233 108,217 86,442 Distributions of HEI Preferred Funding, LP -- -- -- (9,124) -- (9,124) -- Common stock dividends -- -- -- -- (233) (72,762) (76,487) ----- ------ --- ------ --- ------- -------- Retained earnings (deficit), end of year $(213) (7,020) 894 -- -- 431,646 $159,862 ===== ====== === ====== === ======= ========
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1997 (Unaudited) (in thousands)
Hawaii Reclassifi- Hawaiian Electric Maui cations Electric Light Electric HECO and Company, Company, Company, Capital Eliminations ASSETS Inc. Inc. Limited Trust I Dr. (Cr.) Consolidated - --------------------------------------- --------- --------- -------- ------- ------------ ------------ Cash and equivalents $ 9 1,299 368 -- -- $ 1,676 Notes receivable from affiliated companies 36,300 -- 2,500 51,546 (90,346) -- Accounts receivable and unbilled revenues, net 81,585 21,377 16,190 -- 401 119,553 Inventories, at average cost 26,330 5,275 12,428 -- -- 44,033 Property, plant and equipment, net 1,168,376 373,129 351,600 -- -- 1,893,105 Regulatory assets 71,646 17,137 13,026 -- -- 101,809 Other 27,095 14,395 10,648 -- -- 52,138 Investment in wholly owned subsidiaries, at equity 296,436 -- -- -- (296,436) -- ---------- ------- ------- ------ -------- ---------- $1,707,777 432,612 406,760 51,546 (386,381) $2,212,314 ========== ======= ======= ====== ======== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - --------------------------------------- LIABILITIES Accounts payable $ 41,718 11,202 9,310 -- (543) $ 62,773 Short-term borrowings 98,081 36,300 -- 38,800 95,581 Long-term debt 400,825 117,122 161,220 -- 51,546 627,621 Deferred income taxes 104,870 9,235 11,404 -- -- 125,509 Unamortized tax credits 28,818 8,588 11,269 -- -- 48,675 Contributions in aid of construction 127,954 46,563 23,079 -- -- 197,596 Other 82,983 41,741 26,679 -- 142 151,261 ---------- ------- ------- ------ -------- ---------- 885,249 270,751 242,961 -- 89,945 1,309,016 ---------- ------- ------- ------ -------- ---------- HECO-obligated mandatorily redeemable preferred securities of trust subsidiary holding solely HECO and HECO-guaranteed subordinated debentures -- -- -- 50,000 -- 50,000 Preferred stock Subject to mandatory redemption 23,000 7,100 5,670 -- -- 35,770 Not subject to mandatory redemption 30,293 10,000 8,000 -- -- 48,293 ---------- ------- ------- ------ -------- ---------- 53,293 17,100 13,670 50,000 -- 134,063 ---------- ------- ------- ------ -------- ---------- STOCKHOLDERS' EQUITY Common stock 381,653 91,054 88,399 1,546 180,999 381,653 Retained earnings 387,582 53,707 61,730 -- 115,437 387,582 ---------- ------- ------- ------ -------- ---------- 769,235 144,761 150,129 1,546 296,436 769,235 ---------- ------- ------- ------ -------- ---------- $1,707,777 432,612 406,760 51,546 386,381 $2,212,314 ========== ======= ======= ====== ======== ==========
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1997 (Unaudited) (in thousands)
Hawaii Reclassifi- Hawaiian Electric Maui cations Electric Light Electric HECO and Company, Company, Company, Capital Eliminations Inc. Inc. Limited Trust I Dr. (Cr.) Consolidated --------- --------- -------- ------- ------------ ------------ REVENUES Electric utility $791,596 164,245 154,995 3,146 6,459 $1,107,523 Equity in net income of subsidiaries 28,617 -- -- -- 28,617 -- -------- ------- ------- ----- ------ ---------- 820,213 164,245 154,995 3,146 35,076 1,107,523 -------- ------- ------- ----- ------ ---------- EXPENSES 677,043 132,528 126,199 -- -- 935,770 -------- ------- ------- ----- ------ ---------- OPERATING INCOME 143,170 31,717 28,796 3,146 35,076 171,753 Interest expense (34,458) (10,319) (10,460) -- (6,459) (48,778) Allowance for borrowed funds used during construction 2,404 1,998 1,788 -- -- 6,190 Preferred stock dividends of electric utility subsidiaries -- -- -- -- 2,593 (2,593) Preferred securities distributions of trust subsidiary -- -- -- (3,052) -- (3,052) Allowance for equity funds used during construction 4,145 3,471 3,248 -- -- 10,864 -------- ------- ------- ----- ------ ---------- INCOME BEFORE INCOME TAX EXPENSE AND PREFERRED STOCK DIVIDENDS 115,261 26,867 23,372 94 31,210 134,384 Income taxes 33,412 10,134 8,989 -- -- 52,535 -------- ------- ------- ----- ------ ---------- INCOME BEFORE PREFERRED STOCK DIVIDENDS 81,849 16,733 14,383 94 31,210 81,849 Preferred stock dividends 3,660 1,470 1,123 -- (2,593) 3,660 -------- ------- ------- ----- ------ ---------- NET INCOME $ 78,189 15,263 13,260 94 28,617 $ 78,189 ======== ======= ======= ===== ====== ========== HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1997 (Unaudited) (in thousands) Hawaii Reclassifi- Hawaiian Electric Maui cations Electric Light Electric HECO and Company, Company, Company, Capital Eliminations Inc. Inc. Limited Trust I Dr. (Cr.) Consolidated --------- --------- -------- ------- ------------ ------------ Retained earnings, beginning of year $367,770 51,780 58,797 -- 110,577 $367,770 Net income 78,189 15,263 13,260 94 28,617 78,189 Common stock dividends (58,377) (13,336) (10,327) (94) (23,757) (58,377) -------- ------- ------- ----- ------- -------- Retained earnings, end of year $387,582 53,707 61,730 -- 115,437 $387,582 ======== ======= ======= ===== ======= ========
Exhibit A-2 Page 1 of 2 HEI DIVERSIFIED, INC. AND SUBSIDIARY Consolidating Schedule - Balance Sheet Information December 31, 1997 (Unaudited) (in thousands) [CAPTION] American Reclassifi- Savings cations HEI Bank and Diversified F.S.B. and Eliminations ASSETS Inc. subsidiaries Dr. (Cr.) Consolidated - -------------------------------------- ----------- ------------ ------------ ------------ Cash and equivalents $ 12 249,607 -- $ 249,619 Notes receivable from affiliated companies 17,073 -- -- 17,073 Accounts receivable and unbilled revenues, net 53 32,132 -- 32,185 Investment and mortgage-backed securities -- 1,970,623 -- 1,970,623 Loans receivable, net -- 3,035,847 -- 3,035,847 Property, plant and equipment, net -- 65,216 -- 65,216 Other -- 72,495 -- 72,495 Goodwill and other intangibles -- 122,492 -- 122,492 Investment in wholly owned subsidiary, at equity 395,787 -- (395,787) -- -------- --------- -------- ---------- $412,925 5,548,412 (395,787) $5,565,550 ======== ========= ======== ========== LIABILITIES AND STOCKHOLDER'S EQUITY - -------------------------------------- LIABILITIES Accounts payable $ 294 81,941 -- 82,235 Deposit liabilities -- 3,916,600 -- 3,916,600 Short-term borrowings 1,343 11,326 -- 12,669 Securities sold under agreements to repurchase -- 375,366 -- 375,366 Advances from Federal Home Loan Bank -- 736,474 -- 736,474 Long-term debt 17,073 -- -- 17,073 Deferred income taxes (586) 7,902 -- 7,316 Unamortized tax credits 1 -- -- 1 Other 76 23,016 -- 23,092 -------- --------- -------- ---------- 18,201 5,152,625 -- 5,170,826 -------- --------- -------- ---------- Preferred stock of savings bank subsidiary -- 75,000 75,000 -- STOCKHOLDER'S EQUITY Common stock 326,169 237,820 237,820 326,169 Retained earnings 68,555 82,967 82,967 68,555 -------- --------- -------- ---------- 394,724 320,787 320,787 394,724 -------- --------- -------- ---------- $412,925 5,548,412 395,787 $5,565,550 ======== ========= ======== ==========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1997 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank and Diversified, F.S.B. and Eliminations Inc. subsidiaries Dr. (Cr.) Consolidated ----------- ------------ ------------ ------------ REVENUES Savings bank $ -- 294,135 -- $294,135 Other 1,414 -- 390 1,024 Equity in net income of subsidiary 26,333 -- 26,333 -- ------- ------- ------ -------- 27,747 294,135 26,723 295,159 ------- ------- ------ -------- EXPENSES Savings bank -- 249,396 -- 249,396 Other 12 -- -- 12 ------- ------- ------ -------- 12 249,396 -- 249,408 ------- ------- ------ -------- OPERATING INCOME Savings bank -- 44,739 -- 44,739 Other 27,735 -- 26,723 1,012 ------- ------- ------ -------- 27,735 44,739 26,723 45,751 Interest expense -- electric utility and other (1,299) -- -- (1,299) ------- ------- ------ -------- INCOME BEFORE INCOME TAX EXPENSE AND PREFERRED STOCK DIVIDENDS 26,436 44,739 26,723 44,452 Income tax expense (benefit) (113) 18,016 -- 17,903 ------- ------- ------ -------- INCOME BEFORE PREFERRED STOCK DIVIDENDS 26,549 26,723 26,723 26,549 Preferred stock dividends -- 390 390 -- ------- ------- ------ -------- NET INCOME $26,549 26,333 26,333 $ 26,549 ======= ======= ====== ========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Consolidating Schedule - Retained Earnings Information Year ended December 31, 1997 (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 $ 55,985 70,223 70,223 $ 55,985 Net income 26,549 26,333 26,333 26,549 Common stock dividends (13,979) (13,589) (13,589) (13,979) -------- ------- ------- -------- Retained earnings, end of year $ 68,555 82,967 82,967 $ 68,555 ======== ======= ======= ========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1997 (Unaudited) (in thousands)
Reclassifi- American cations American Savings AdCom- American and Savings Investment ASB muni Savings Elimi- Bank, Services Service cations, Mortgage nations Consoli- ASSETS F.S.B. Corp. Corporation Inc. Co., Inc. Dr. (Cr.) dated - ---------------------------- -------- ---------- ----------- -------- --------- ----------- -------- Cash and equivalents $ 249,607 1,700 25 283 335 (2,343) $ 249,607 Accounts receivable and unbilled revenues, net 32,132 -- -- -- -- -- 32,132 Investment and mortgage-backed securities 1,970,623 -- -- -- -- -- 1,970,623 Loans receivable, net 3,035,847 -- -- -- -- -- 3,035,847 Property, plant and equipment, net 65,140 18 38 -- 20 -- 65,216 Other 72,420 64 -- 9 2 -- 72,495 Goodwill and other intangibles 122,483 9 -- -- -- -- 122,492 Investment in wholly owned subsidiaries, at equity 1,583 -- -- -- -- (1,583) -- ---------- ----- ---- --- ---- ------ ---------- $5,549,835 1,791 63 292 357 (3,926) $5,548,412 ========== ===== ==== === ==== ====== ========== LIABILITIES AND STOCKHOLDER'S EQUITY - ---------------------------- LIABILITIES Accounts payable $ 81,941 -- -- -- -- -- $ 81,941 Deposit liabilities 3,918,943 -- -- -- -- 2,343 3,916,600 Short-term borrowings 11,326 -- -- -- -- -- 11,326 Securities sold under agreements to repurchase 375,366 -- -- -- -- -- 375,366 Advances from Federal Home Loan Bank 736,474 -- -- -- -- -- 736,474 Deferred income taxes 7,902 -- -- -- -- -- 7,902 Other 22,096 755 1 20 144 23,016 ---------- ----- --- --- ---- ------ ---------- 5,154,048 755 1 20 144 2,343 5,152,625 ---------- ----- --- --- ---- ------ ---------- Preferred stock 75,000 -- -- -- -- -- 75,000 STOCKHOLDER'S EQUITY Common stock 237,820 10 209 61 439 719 237,820 Retained earnings (deficit) 82,967 1,026 (147) 211 (226) 864 82,967 ---------- ----- ---- --- ---- ------ ---------- 320,787 1,036 62 272 213 1,583 320,787 ---------- ----- ---- --- ---- ------ ---------- $5,549,835 1,791 63 292 357 3,926 $5,548,412 ========== ===== ==== === ==== ====== ==========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1997 (Unaudited) (in thousands)
Reclassifi- American cations American Savings AdCom- American and Savings Investment ASB muni Savings Elimi- Bank, Services Service cations, Mortgage nations Consoli- F.S.B. Corp. Corporation Inc. Co., Inc. Dr. (Cr.) dated --------- ---------- ----------- --------- ---------- ------------ -------- REVENUES Savings bank $291,472 2,849 -- 126 279 591 $294,135 Equity in net income of subsidiaries 666 -- -- -- -- 666 -- -------- ----- --- --- --- ----- -------- 292,138 2,849 -- 126 279 1,257 294,135 -------- ----- --- --- --- ----- -------- EXPENSES 247,886 1,759 28 82 232 (591) 249,396 -------- ----- --- --- --- ----- -------- OPERATING INCOME (LOSS) 44,252 1,090 (28) 44 47 666 44,739 Income taxes 17,529 468 -- 19 -- -- 18,016 -------- ----- --- --- --- ----- -------- INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS 26,723 622 (28) 25 47 666 26,723 -------- ----- --- --- --- ----- -------- Preferred stock dividends 390 -- -- -- 390 -------- ----- --- --- --- ----- -------- NET INCOME (LOSS) $ 26,333 622 (28) 25 47 666 $ 26,333 ======== ===== === === === ===== ========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1997 (Unaudited) (in thousands)
Reclassifi- American cations American Savings AdCom- American and Savings Investment ASB muni Savings Elimi- Bank, Services Service cations, Mortgage nations Consoli- F.S.B. Corp. Corporation Inc. Co., Inc. Dr. (Cr.) dated --------- ---------- ----------- -------- ---------- ---------- -------- Retained earnings (deficit), beginning of year $ 70,223 1,000 (119) 186 (273) 794 $ 70,223 Net income (loss) 26,333 622 (28) 25 47 666 26,333 Common stock dividends (13,589) (596) -- -- -- (596) (13,589) -------- ----- ---- --- ---- ---- -------- Retained earnings (deficit), end of year $ 82,967 1,026 (147) 211 (226) 864 $ 82,967 ======== ===== ==== === ==== ==== ========
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1997 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations ASSETS Corp. Limited Dr. (Cr.) Consolidated - ----------------------------------------------- ------- ------- --------- ------------ Cash and equivalents $ 661 -- -- $ 661 Notes receivable from affiliated company 12,427 -- (12,427) -- Accounts receivable and unbilled revenues, net 824 5,386 (308) 5,902 Inventories, at average cost 147 1,205 -- 1,352 Other investments 687 4 -- 691 Property, plant and equipment, net 9,191 34,323 -- 43,514 Regulatory assets -- 2,270 -- 2,270 Other 1,710 815 -- 2,525 Investment in wholly owned subsidiary, at equity 16,723 -- (16,723) -- ------- ------ ------- ------- $42,370 44,003 (29,458) $56,915 ======= ====== ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY - ----------------------------------------------- LIABILITIES Accounts payable $ 508 1,025 308 $ 1,225 Short-term borrowings -- 2,777 (2,777) -- Long-term debt 17,650 9,650 9,650 17,650 Deferred income taxes 1,637 5,508 -- 7,145 Unamortized tax credits 162 949 -- 1,111 Other 1,167 7,371 -- 8,538 ------- ------ ------- ------- 21,124 27,280 12,735 35,669 ------- ------ ------- ------- STOCKHOLDERS' EQUITY Common stock 13,229 7,414 7,414 13,229 Retained earnings 8,017 9,309 9,309 8,017 ------- ------ ------- ------- 21,246 16,723 16,723 21,246 ------- ------ ------- ------- $42,370 44,003 29,458 $56,915 ======= ====== ======= =======
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1997 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations Corp. Limited Dr. (Cr.) Consolidated --------- --------- ------------ ------------ REVENUES Other $ 9,476 $45,332 $ 4,002 $50,806 Equity in net income of subsidiary 430 -- 430 -- ------- ------- ------- ------- 9,906 45,332 4,432 50,806 ------- ------- ------- ------- EXPENSES 7,958 43,693 (3,070) 48,581 ------- ------- ------- ------- OPERATING INCOME 1,948 1,639 1,362 2,225 Interest expense - electric utility and other (1,341) (955) (932) (1,364) ------- ------- ------- ------- INCOME BEFORE INCOME TAXES 607 684 430 861 Income taxes 280 254 -- 534 ------- ------- ------- ------- NET INCOME $ 327 $ 430 $ 430 $ 327 ======= ======= ======= =======
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Consolidating Schedule - Retained Earnings Information Year ended December 31, 1997 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations Corp. Limited Dr. (Cr.) Consolidated -------- --------- ------------ ------------ Retained earnings, beginning of year $7,863 $8,992 $8,992 $7,863 Net income 327 430 430 327 Common stock dividends (173) (113) (113) (173) ------ ------ ------ ------ Retained earnings, end of year $8,017 $9,309 $9,309 $8,017 ====== ====== ====== ======
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 1997 (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 $ 21 -- -- 279 -- Notes receivable from affiliated companies 64,843 -- -- -- 11 Accounts receivable and unbilled revenues, net 1,794 -- 1 27 -- Real estate developments (1,419) -- -- 21,719 -- Other investments -- -- -- 32 -- Property, plant and equipment, net 37 -- -- 1 -- Other (642) -- -- 7,266 -- Investment in wholly owned subsidiaries, at equity (29,042) -- -- -- -- -------- ------ --- ------ --- $ 35,592 -- 1 29,324 11 ======== ====== === ====== === LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------------- LIABILITIES Accounts payable $ 173 -- -- 577 -- Short-term borrowings 21,351 1,482 -- 25,114 -- Long-term debt -- -- -- 7,954 -- Deferred income taxes 200 21 -- -- -- Other 340 -- -- 36 3 -------- ------ --- ------ --- 22,064 1,503 -- 33,681 3 -------- ------ --- ------ --- STOCKHOLDER'S EQUITY Common stock 36,975 616 1 4,501 1 Retained earnings (deficit) (23,447) (2,119) -- (8,858) 7 -------- ------ --- ------ --- 13,528 (1,503) 1 (4,357) 8 -------- ------ --- ------ --- $ 35,592 -- 1 29,324 11 ======== ====== === ====== ===
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, 1997 (Unaudited) (in thousands) (Continued) Reclassifi- cations Malama TMG Malama and Elua Service Mohala Eliminations ASSETS Corp. Corp. Corp. Dr. (Cr.) Consolidated - ---------------------------------- ------ ------- ------- ------------- ------------ Cash and equivalents $ -- -- 146 -- $ 446 Notes receivable from affiliated companies -- 3 -- (64,857) -- Accounts receivable and unbilled revenues, net -- -- 14 (1,775) 61 Real estate developments -- -- 9,843 -- 30,143 Other investments 1,647 -- 7,434 -- 9,113 Property, plant and equipment, net -- -- 2 -- 40 Other -- -- 48 6,672 Investment in wholly owned subsidiaries, at equity -- -- -- 29,042 -- ------ --- ------- ------- ------- $1,647 3 17,487 (37,590) $46,475 ====== === ======= ======= ======= LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------- LIABILITIES Accounts payable $ -- 1 363 293 $ 821 Short-term borrowings 1,707 -- 40,048 66,339 23,363 Long-term debt -- -- -- -- 7,954 Deferred income taxes -- -- -- -- 221 Other -- -- 209 -- 588 ------ --- ------- ------- ------- 1,707 1 40,620 66,632 32,947 ------ --- ------- ------- ------- STOCKHOLDER'S EQUITY Common stock 1 1 1 5,122 36,975 Retained earnings (deficit) (61) 1 (23,134) (34,164) (23,447) ------ --- ------- ------- ------- (60) 2 (23,133) (29,042) 13,528 ------ --- ------- ------- ------- $1,647 3 17,487 37,590 $46,475 ====== === ======= ======= =======
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Income (Loss) Information Page 3 of 4 Year ended December 31, 1997 (Unaudited) (in thousands)
Malama Malama Property Malama Malama Water- Invest- Develop- Malama Pacific front ment ment Realty Corp. Corp. Corp. Corp. Corp. -------- ------ -------- -------- ------ REVENUES Other $ 5,337 -- -- 6,117 7 Equity in net loss of subsidiaries (9,912) -- -- -- -- ------- --- --- ------ -- (4,575) -- -- 6,117 7 ------- --- --- ------ -- EXPENSES 2,787 -- -- 4,762 -- ------- --- --- ------ -- OPERATING INCOME (LOSS) (7,362) -- -- 1,355 7 Interest expense (1,474) -- -- (3,896) -- ------- --- --- ------ -- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (8,836) -- -- (2,541) 7 Income taxes -- -- -- -- 3 ------- --- --- ------ -- NET INCOME (LOSS) $(8,836) -- -- (2,541) 4 ======= === === ====== == Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES Consolidating Schedule - Income (Loss) Information Year ended December 31, 1997 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama TMG Malama and Elua Service Mohala Eliminations Corp. Corp. Corp. Dr. (Cr.) Consolidated ------- ------- ------ ------------ ------------ REVENUES Other $ -- 1 (2,662) 5,248 $ 3,552 Equity in net loss of subsidiaries -- -- -- (9,912) -- --- --- ------ ------ ------- -- 1 (2,662) (4,664) 3,552 --- --- ------ ------ ------- EXPENSES -- -- 2,521 -- 10,070 --- --- ------ ------ ------- OPERATING INCOME (LOSS) -- 1 (5,183) (4,664) (6,518) Interest expense (12) -- (2,181) (5,248) (2,315) --- --- ------ ------ ------- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (12) 1 (7,364) (9,912) (8,833) Income taxes -- -- -- -- 3 --- --- ------ ------ ------- NET INCOME (LOSS) $(12) 1 (7,364) (9,912) $(8,836) ==== === ====== ====== =======
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4 Year ended December 31, 1997 (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 $(14,611) (2,119) -- (6,317) 3 Net income (loss) (8,836) -- -- (2,541) 4 -------- ------ ---- ------ -- Retained earnings (deficit), end of year $(23,447) (2,119) -- (8,858) 7 ======== ====== ==== ====== ==
Continued below. MALAMA PACIFIC CORP. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 1997 (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 $(49) -- (15,770) (24,252) $(14,611) Net income (loss) (12) 1 (7,364) (9,912) (8,836) ---- -- ------- ------- -------- Retained earnings (deficit), end of year $(61) 1 (23,134) (34,164) $(23,447) ==== == ======= ======= ========
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1997 (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 $ 5 6 287 -- $ 298 Notes receivable from affiliated companies 11,115 -- -- (11,115) -- Accounts receivable and unbilled revenues, net 8 750 -- -- 758 Inventories, at average cost -- 27 -- -- 27 Other investments -- -- 4 -- 4 Property, plant and equipment, net 168 14,202 25 -- 14,395 Other 6 23 7 -- 36 Investment in wholly owned subsidiaries, at equity 3,015 -- -- (3,015) -- ------- ------ ---- ------- ------- $14,317 15,008 323 (14,130) $15,518 ======= ====== ==== ======= ======= LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------- LIABILITIES Accounts payable $ 102 30 -- -- $ 132 Short-term borrowings 2,379 11,115 -- 11,115 2,379 Long-term debt 6,423 -- -- -- 6,423 Deferred income taxes -- (554) -- -- (554) Other 533 1,725 -- -- 2,258 ------- ------ ---- ------- ------- 9,437 12,316 -- 11,115 10,638 ------- ------ ---- ------- ------- STOCKHOLDER'S EQUITY Common stock 11,900 2,250 673 2,923 11,900 Retained earnings (deficit) (7,020) 442 (350) 92 (7,020) ------- ------ ---- ------- ------- 4,880 2,692 323 3,015 4,880 ------- ------ ---- ------- ------- $14,317 15,008 323 14,130 $15,518 ======= ====== ==== ======= =======
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Income (Loss) Information Page 2 of 2 Year ended December 31, 1997 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI Power Power and Power Corp. Corp. Eliminations Corp. Guam International Dr. (Cr.) Consolidated ----- ----- ------------- ------------ ------------ REVENUES Other $ 32 2,986 7 -- $ 3,025 Equity in net income of subsidiaries 251 -- -- 251 -- ------- ----- --- --- ------ 283 2,986 7 251 3,025 ------- ----- --- --- ------ EXPENSES 2,733 2,152 136 -- 5,021 ------- ----- ---- --- ------ Operating income (loss) (2,450) 834 (129) 251 (1,996) Interest expense (136) (261) -- -- (397) ------- ----- ---- --- ------ INCOME (LOSS) BEFORE INCOME TAX EXPENSE (2,586) 573 (129) 251 (2,393) Income taxes (2) 193 -- -- 191 ------- ----- ---- --- ------ NET INCOME (LOSS) $(2,584) 380 (129) 251 $(2,584) ======= ===== ==== === =======
HEI POWER CORP. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 1997 (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 $(4,436) 62 (221) (159) $(4,436) Net income (loss) (2,584) 380 (129) 251 (2,584) ------- --- ---- ---- ------- Retained earnings (deficit), end of year $(7,020) 442 (350) 92 $(7,020) ======= === ==== ==== =======
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 1997 (Unaudited) (in thousands)
HEIPC HEI HEIPC Lake Power Philippine HEIPC Mainit HEIPC HEIPC Corp. Development, Philippine Power, Cambodia Bulacan I, ASSETS International LLC Ventures LLC Ventures LLC - ------------------------------------------ ------------- ------------ ----------- ------ -------- ---------- Cash and equivalents $ 80 -- -- 207 -- -- Notes receivable from affiliated companies -- -- -- -- -- -- Accounts receivable and unbilled revenues, net -- -- -- -- -- -- Other investments 4 -- -- -- -- -- Property, plant and equipment, net -- -- -- 25 -- -- Other 1 1 -- 1 -- -- Investment in wholly owned subsidiaries, at equity 238 1 -- -- -- -- ---- -- -- ---- -- -- $323 1 -- 233 -- -- ==== == == ==== == == LIABILITIES AND STOCKHOLDER'S EQUITY - ------------------------------------------ LIABILITIES Accounts payable $ -- -- -- -- -- -- Short-term borrowings -- -- -- -- -- -- Deferred income taxes -- -- -- -- -- -- Unamortized tax credits -- -- -- -- -- -- Other -- -- -- -- -- -- ---- -- -- --- -- -- STOCKHOLDER'S EQUITY Common stock 673 1 4 447 -- -- Retained earnings (deficit) (350) -- (4) (214) -- -- ---- -- -- ---- -- -- 323 1 -- 233 -- -- ---- -- -- ---- -- -- $323 1 -- 233 -- -- ==== == == ==== == ==
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, 1997 (Unaudited) (in thousands) (Continued)
HEIPC HEIPC HEI Phnom Penh Phnom Penh Reclassifi- HEIPC Power Power Power cations Bulacan II, Corp. (General), (Limited), Eliminations ASSETS LLC China LLC LLC Dr. (Cr.) Consolidated - --------------------------------- ---------- ------ ---------- --------- ------------ ------------ Cash and equivalents $ -- -- -- -- -- $ 287 Notes receivable from affiliated companies -- -- -- -- -- -- Accounts receivable and unbilled revenues, net -- -- -- -- -- -- Other investments -- -- -- -- -- 4 Property, plant and equipment, net -- -- -- -- -- 25 Other -- -- 2 2 -- 7 Investment in wholly owned subsidiaries, at equity -- -- -- -- (238) -- ---- --- --- --- ---- ----- $ -- -- 2 2 (238) $ 323 ==== === === === ==== ===== LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------- LIABILITIES Accounts payable $ -- -- -- -- -- $ -- Short-term borrowings -- -- -- -- -- -- Deferred income taxes -- -- -- -- -- -- Other -- -- -- -- -- -- ---- --- --- --- ---- ----- -- -- -- -- -- -- ==== === === === ==== ===== STOCKHOLDER'S EQUITY Common stock -- -- 2 2 456 673 Retained earnings (deficit) -- -- -- -- (218) (350) ---- --- --- --- ---- ----- -- -- 2 2 238 323 ---- --- --- --- ---- ----- $ -- -- 2 2 238 $ 323 ==== === === === ==== =====
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Income (Loss) Information Page 3 of 4 Year ended December 31, 1997 (Unaudited) (in thousands)
HEIPC HEI HEIPC Lake Power Philippine HEIPC Mainit HEIPC HEIPC Corp. Development, Philippine Power, Cambodia Bulacan I, International LLC Ventures LLC Ventures LLC ------------- ------------ -------- ------ -------- --------- REVENUES Other $ -- -- -- 7 -- -- Equity in net income of subsidiaries 7 -- -- -- -- -- ----- --- --- --- --- --- 7 -- -- 7 -- -- ----- --- --- --- --- --- EXPENSES 136 -- -- -- -- -- ----- --- --- --- --- --- OPERATING LOSS (129) -- -- 7 -- -- Interest expense -- -- -- -- -- -- ----- --- --- --- --- --- LOSS BEFORE INCOME TAX EXPENSE (129) -- -- 7 -- -- Income taxes -- -- -- -- -- -- ----- --- --- --- --- --- NET LOSS $(129) -- -- 7 -- -- ===== === === === === ===
Continued below. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Consolidating Schedule - Income (Loss) Information Year ended December 31, 1997 (Unaudited) (in thousands) (Continued)
HEIPC HEIPC Phnom Reclassifi- HEI Phnom Penh Penh cations HEIPC Power Power Power and Bulacan II, Corp. (General), (Limited), Eliminations LLC China LLC LLC Dr. (Cr.) Consolidated ----------- ----- ---------- ----------- ------------ ------------ REVENUES Other $ -- -- -- -- -- $ 7 Equity in net loss of subsidiaries -- -- -- -- 7 -- ---- --- --- --- --- ----- -- -- -- -- 7 7 ---- --- --- --- --- ----- EXPENSES -- -- -- -- -- 136 ---- --- --- --- --- ----- OPERATING LOSS -- -- -- -- 7 (129) Interest expense -- -- -- -- -- -- ---- --- --- --- --- ----- LOSS BEFORE INCOME TAX EXPENSE -- -- -- -- 7 (129) Income taxes -- -- -- -- -- -- ---- --- --- --- --- ----- NET LOSS $ -- -- -- -- 7 $(129) ==== === === === === =====
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4 Year ended December 31, 1997 (Unaudited) (in thousands) HEIPC HEI HEIPC Lake Power Philippine HEIPC Mainit HEIPC HEIPC Corp. Development, Philippine Power, Cambodia Bulacan I, International LLC Ventures LLC Ventures LLC ------------- ------------ ---------- ------- -------- ---------- Retained earnings (deficit), beginning of year $(221) -- (2) (221) -- -- Net income (loss) (129) -- -- 7 -- -- Transfer of interest to HEI Power Corp. International -- -- (2) -- -- -- ----- --- --- --- --- --- Retained earnings (deficit), end of year $(350) -- (4) (214) -- -- ===== === === ==== === === Continued below. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 1997 (Unaudited) (in thousands) (Continued) HEIPC HEIPC Reclassifi- HEI Phnom Penh Phnom Penh cations HEIPC Power Power Power and Bulacan II, Corp. (General), (Limited), Eliminations LLC China LLC LLC Dr. (Cr.) Consolidated ----------- ----- ---------- ---------- ------------ ------------ Retained earnings (deficit), beginning of year $ -- -- -- -- (223) $(221) Net income (loss) -- -- -- -- 7 (129) Transfer of interest to HEI Power Corp. International -- -- -- -- (2) -- --- --- --- --- --- --- Retained earnings (deficit), end of year $ -- -- -- -- (218) $(350) ==== === === === ==== =====
Exhibit B Page 1 of 1 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES FINANCIAL DATA SCHEDULE (Unaudited) (in thousands)
Item No. Year ended December 31, 1997 - -------- ------------------------------------------------- 1 Total Assets (at December 31)..... $7,953,882 2 Total Operating Revenues.......... 1,463,979 3 Net Income........................ 86,442
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES FINANCIAL DATA SCHEDULE (Unaudited) (in thousands)
Item No. Year ended December 31, 1997 - -------- ------------------------------------------------ 1 Total Assets (at December 31).... $2,212,314 2 Total Operating Revenues......... 1,107,523 3 Net Income....................... 78,189
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