-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, LHlGZoo92b6pKnKxF3Lg0zcmcGypgFmrUg9duXXZbohlXllIxk9CdZTSzagzdR2K DcpQ1vngDALR3KqwN1oikw== 0000950150-94-000356.txt : 19940302 0000950150-94-000356.hdr.sgml : 19940302 ACCESSION NUMBER: 0000950150-94-000356 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 35 SEC FILE NUMBER: 069-00284 FILM NUMBER: 94513454 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: 4911 IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 35 SEC FILE NUMBER: 069-00284-01 FILM NUMBER: 94513455 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 U-3A-2 1 Page 1 of 11 File No. 69-284 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., HAWAIIAN ELECTRIC COMPANY, INC. and HAWAIIAN ELECTRIC RENEWABLE SYSTEMS, INC. (sold in March 1993) 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 operating assets other than the common stock of HECO, HEI Investment Corp. (HEIIC), Malama Pacific Corp. (MPC), Hawaiian Tug & Barge Corp. (HTB), Lalamilo Ventures, Inc. (LVI) and HEI Diversified, Inc. (HEIDI). HECO continues as the parent of Hawaii Electric Light Company, Inc. (HELCO) and Maui Electric Company, Limited (MECO). MPC is the parent company of Malama Project-I, Inc. (MP-I), ML Holdings, Ltd. (ML), Malama Property Investment Corp. (MPIC), Malama Waterfront Corp. (MWC), Malama 2 Page 2 of 11 Development Corp. (MDC), Malama Makakilo Corp. (MMC), Malama Realty Corp. (MRC), Malama Elua Corp. (MElC), Malama Hoaloha Corp. (MHC), Malama Kolu Corp. (MKoC) 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., Associated Mortgage, Inc. and ASB Service Corp. HEIDI is also the holder of record of the common stock of The Hawaiian Insurance & Guaranty Company, Limited (HIG), but HIG is currently in rehabilitation proceedings and it is expected that HEIDI will relinquish all ownership rights in HIG and its subsidiaries during 1994. HIG's subsidiaries are Guardian Financial Corporation (GFC), Guardian Life Underwriters, Inc. (GLU), Hawaiian Underwriters Insurance Co., Ltd. (HUI), Independent Adjustment, Inc. (IA) and United National Insurance Co., Ltd. (UNI). In March 1993, HEI sold the stock of Hawaiian Electric Renewable Systems, Inc. (HERS) to the New World Power Corporation (NWP) and aquired less than 5% of the stock of NWP. Prior to the closing of the sale, LVI, formerly a subsidiary of HERS, became a direct subsidiary of HEI. 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 3 Page 3 of 11 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 nonutility company organized primarily to invest in corporate securities and other long-term investments. 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 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 Form U-3A-2 filed by HEI prior to March 1, 1985 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, MP-I was incorporated on June 18, 1987, ML was incorporated on December 29, 1987, MPIC and MWC were incorporated on December 30, 1988, MDC was incorporated on December 15, 1989, MMC was incorporated on 4 Page 4 of 11 July 20, 1990, and Malama Ekahi Corp. (whose name was changed to Malama Realty Corp. effective September 30, 1993), MElC, MHC, MKoC, 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. HTB was incorporated under the laws of the State of Hawaii on March 15, 1972, under the name of Dillingham Tug & Barge Corporation. Its name was changed to Hawaiian Tug & Barge Corp. on October 1, 1986. Its principal executive office is located at 705 N. Nimitz Highway, Honolulu, Hawaii 96817. It is a nonutility company organized to transport freight cargo 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 nonutility company organized to transport freight cargo within the State of Hawaii and operates as the major authorized common carrier under the Hawaii Water Carrier Act. LVI 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. The principal executive office of LVI is located at 900 Richards Street, Honolulu, Hawaii 96813. LVI is a utility company under PUHCA, but is not a utility under Hawaii State law, and was organized to own and operate alternate energy and cogeneration facilities. HERS was incorporated under the laws of the State of Hawaii on February 15, 1985. In March 1993, HEI sold the stock of HERS. Prior to closing of the sale, ownership of the stock of LVI was transferred to HEI. 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. It is also the record owner of the common stock of HIG. 5 Page 5 of 11 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. They 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 Corp. is a state-chartered corporation which holds real estate for use by ASB employees; Associated Mortgage, Inc. is a mortgage brokerage company; AdCommunications, Inc. is an advertising agency; and American Savings Investment Services Corp. markets insurance products. HIG was incorporated under the laws of the Territory of Hawaii on December 31, 1914, and its five wholly owned subsidiaries were incorporated under the laws of the State of Hawaii with principal executive offices located at 1001 Bishop Street, Honolulu, Hawaii 96813. HIG and its insurance company subsidiaries (the HIG Group), acquired on June 8, 1987, are property and casualty insurance companies in the State of Hawaii. On December 2, 1992, the Board of Directors of HEI concluded that it could not contribute additional capital to the insurance businesses conducted by the HIG Group. The decision resulted from an increase in the estimate of policyholder claims from Hurricane Iniki (which hit the Hawaiian Islands on September 11, 1992). On December 24, 1992, with the consent of the HIG Group, a formal rehabilitation order (the "Rehabilitation Order") was entered by the Circuit Court of the First Circuit of the State of Hawaii. The effect of the Rehabilitation Order was to vest full control over the HIG Group in the Insurance Commissioner and her deputies. HIG continues to operate in rehabilitation, but its insurance company subsidiaries are being liquidated. HEI's remaining investment in the HIG 6 Page 6 of 11 Group was written off in the fourth quarter of 1992 and HEI no longer consolidates the accounts of the HIG Group for financial reporting purposes. HEIDI continues to be the record holder of the common stock of HIG, but is expected to surrender that stock for cancellation during 1994. 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, LVI and HEIDI. Currently, the consolidated revenues of HEI are derived from electric service, savings bank, maritime freight transportation and real estate operations and investments. All of the properties of HECO and its subsidiaries, HELCO and MECO, are located within the State of Hawaii. No transmission lines of any such companies deliver or receive electric energy at the borders of the State. HECO owns and operates three electric generating plants located on the island of Oahu, with an aggregate generating capability of 1,263 megawatts. HECO's purchase power agreement with Kalaeloa Partners, L.P. and AES Barbers Point, Inc. each provide an additional 180 megawatts of firm generating capability. HECO's power purchase agreement with Honolulu Resource Recovery Venture provides an additional 46 megawatts of firm generating capability. HELCO owns and operates electric generating equipment with an aggregate generating capability of approximately 155 megawatts. Its five power plants are located on the island of Hawaii. Power purchase agreements with two sugar companies provide HELCO with an additional 26 megawatts of firm generating capability, but one of these companies which provides 8 megawatts of firm generating capability, may cease doing so during 1994. HELCO's power purchase agreement with Puna Geothermal Ventures provides HELCO with an additional 25 megawatts of firm generating capability. MECO owns and operates electric generating equipment located on the islands of Maui, Lanai and Molokai, with an aggregate 7 Page 7 of 11 generating capability of approximately 220 megawatts. A power purchase agreement with a sugar company provides MECO with an additional 16 megawatts of firm generating capability. HECO, HELCO and MECO own transmission and distribution systems serving the islands of Oahu, Hawaii, Maui, Lanai and Molokai. In addition, the companies own office, general services and warehousing buildings located on the islands of Oahu, Hawaii, Maui, Lanai and Molokai. HERS owned and operated a windfarm located at Kahuku on the island of Oahu. In March 1993, HEI sold the stock of HERS to NWP. Prior to the closing of the sale, ownership of the stock of LVI, which was a wholly owned subsidiary of HERS, was transferred to HEI. LVI owns and operates a windfarm on the island of Hawaii. The Lalamilo Wells windfarm at Waikoloa consists of 88 wind machines with a total capacity of 1.7 megawatts. 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 1993, HEI sold no kilowatthours of electric energy, HECO sold at retail 6,607,424,385 kwh. of electric energy, HELCO sold at retail 802,079,239 kwh. of electric energy, and MECO sold at retail 915,730,212 kwh. of electric energy. In 1993, before being sold to the NWP, HERS sold 248,000 kwh. of electric energy at wholesale to HECO at rates approved by the Public Utilities Commission of the State of Hawaii (PUC). LVI sold 4,540,560 kwh. of electric energy, of which 1,110,000 kwh. was sold at wholesale to HELCO at rates approved by the PUC and 3,430,560 kwh. was sold at a discount rate to the Hawaii County Department of Water Supply, LVI's sole customer other than HELCO. (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. 8 Page 8 of 11 (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. None. (b) Name of each system company that holds an interest in such EWG or foreign utility company and description of the interest held. None. (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. None. (d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. None. (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. 9 Page 9 of 11 EXHIBIT A An unaudited consolidating statement of income and an unaudited consolidating statement of retained earnings of Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar year 1993, together with an unaudited consolidating balance sheet of Hawaiian Electric Industries, Inc. and its subsidiary companies as of the close of such calendar year, is attached hereto as Exhibit A. Unaudited consolidating statements of income and unaudited consolidating statements of retained earnings for the calendar year 1993 for Hawaiian Electric Company, Inc. and its subsidiary companies, HEI Diversified, Inc. and its subsidiary companies, American Savings Bank, F.S.B. and its subsidiary companies, Hawaiian Tug & Barge Corp. and its subsidiary company, and Malama Pacific Corp. and its subsidiary companies, together with unaudited consolidating balance sheets for said companies and their respective subsidiaries as of the close of such calendar year, are attached hereto as Exhibits A-1 through A-4. EXHIBIT B The financial data schedule is attached hereto as Exhibit B. 10 Page 10 of 11 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 1994. HAWAIIAN ELECTRIC INDUSTRIES, INC. Claimant By_____________________________ Robert F. Clarke President and ATTEST: Chief Executive Officer _______________________ By_____________________________ Betty Ann M. Splinter Robert F. Mougeot Secretary Financial Vice President and Chief Financial Officer HAWAIIAN ELECTRIC COMPANY, INC. Claimant By_____________________________ Harwood D. Williamson ATTEST: President and Chief Executive Officer ______________________ By_____________________________ Molly M. Egged Jackie M. Erickson Secretary Vice President - General Counsel 11 Page 11 of 11 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 12 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 5 December 31, 1993 (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 ASSETS Inc. subsidiary Corp. subsidiaries subsidiaries subsidiaries -------------------------- ----------- ----------- ---------- ------------ ------------ ------------ Cash and equivalents $ 32,383 4,334 4 3 1,922 $ 77,614 Notes receivable from affiliated companies 28,455 -- -- -- -- -- Accounts receivable and unbilled revenues, net 12,559 5,289 -- 303 98,747 22,537 Inventories, at average cost -- 978 -- -- 38,427 -- Real estate developments -- -- -- 29,673 -- -- Loans receivable, net -- -- -- -- -- 1,735,098 Marketable securities -- -- -- -- -- 698,755 Other investments 809 171 58,632 17,494 -- -- Property, plant and equipment, net 2,874 39,158 -- 72 1,461,304 39,581 Regulatory assets -- 1,465 -- -- 60,612 -- Other 2,191 3,115 145 2,133 42,264 3,601 Goodwill and other intangibles -- -- -- -- -- 49,664 Investment in wholly owned subsidiaries, at equity 825,066 -- -- -- -- -- -------- ------ ------ ------ --------- --------- $904,337 54,510 58,781 49,678 1,703,276 $2,626,850 ======== ====== ====== ====== ========= ========== LIABILITIES AND STOCKHOLDERS' EQUITY -------------------------- Accounts payable $ 14,741 1,724 98 799 58,084 $ 35,501 Deposit liabilities -- -- -- -- -- 2,091,583 Short-term borrowings -- 1,838 1,010 25,095 40,928 -- Advances from Federal Home Loan Bank -- -- -- -- -- 289,674 Long-term debt, net 200,500 12,600 -- -- 484,736 -- Deferred income taxes 5,106 3,921 42,350 (121) 107,449 9,624 Unamortized tax credits 36 970 -- 2 43,348 1 Contributions in aid of construction -- -- -- -- 165,005 -- Other 40,926 8,867 202 (1,788) 138,040 11,466 -------- ------ ------ ------ --------- ---------- 261,309 29,920 43,660 23,987 1,037,590 2,437,849 -------- ------ ------ ------ --------- ---------- Preferred stock of electric utility subsidiaries Subject to mandatory redemption -- -- -- -- 46,730 -- Not subject to mandatory redemption -- -- -- -- 48,293 -- -------- ------ ------ ------ --------- ---------- -- -- -- -- 95,023 -- -------- ------ ------ ------ --------- ---------- Stockholders' equity Common stock 514,710 17,729 22,166 29,975 295,262 195,476 Retained earnings (deficit) 128,318 6,861 (7,045) (4,284) 275,401 (6,475) -------- ------ ------ ------ --------- ---------- 643,028 24,590 15,121 25,691 570,663 189,001 -------- ------ ------ ------ --------- ---------- $904,337 54,510 58,781 49,678 1,703,276 $2,626,850 ======== ====== ====== ====== ========= ==========
Continued on next page. 13 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 5 December 31, 1993 (Unaudited) (in thousands) (Continued)
Hawaiian Electric Reclassifi- Renewable cations Systems, Inc. and and Eliminations ASSETS subsidiary Dr. (Cr.) Consolidated ------------------------- ------------- ------------ ------------ Cash and equivalents $-- -- $ 116,260 Notes receivable from affiliated companies -- (28,455) -- Accounts receivable and unbilled revenues, net -- (22,319) 117,116 Inventories, at average cost -- -- 39,405 Real estate developments -- -- 29,673 Loans receivable, net -- -- 1,735,098 Marketable securities -- -- 698,755 Other investments -- -- 77,106 Property, plant and equipment, net -- -- 1,542,989 Regulatory assets -- -- 62,077 Other -- -- 53,449 Goodwill and other intangibles -- -- 49,664 Investment in wholly owned subsidiaries, at equity -- (825,066) -- --- -------- ---------- $-- (875,840) $4,521,592 === ======== ========== LIABILITIES AND STOCKHOLDERS' EQUITY -------------------------- Accounts payable $-- 22,319 $ 88,628 Deposit liabilities -- -- 2,091,583 Short-term borrowings -- 28,455 40,416 Advances from Federal Home Loan Bank -- -- 289,674 Long-term debt, net -- -- 697,836 Deferred income taxes -- -- 168,329 Unamortized tax credits -- -- 44,357 Contributions in aid of construction -- -- 165,005 Other -- -- 197,713 --- -------- ---------- -- 50,774 3,783,541 --- -------- ---------- Preferred stock of electric utility subsidiaries Subject to mandatory redemption -- -- 46,730 Not subject to mandatory redemption -- -- 48,293 --- -------- ---------- -- -- 95,023 --- -------- ---------- Stockholders' equity Common stock -- 560,608 514,710 Retained earnings (deficit) -- 264,458 128,318 --- -------- ---------- -- 825,066 643,028 --- -------- ---------- $-- 875,840 $4,521,592 === ======== ==========
14 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Schedule - Income Information (Page 1 of 2) Page 3 of 5 Year ended December 31, 1993 (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 subsidiaries ----------- ---------- ---------- ------------ ------------ ------------ REVENUES Electric utility $ -- -- -- -- 879,110 $ -- Savings bank -- -- -- -- -- 199,734 Other 3,353 47,027 2,197 17,239 -- 815 Equity in net income of subsidiaries 79,584 -- -- -- -- -- -------- ------ ----- ------ ------- -------- 82,937 47,027 2,197 17,239 879,110 200,549 -------- ------ ----- ------ ------- -------- EXPENSES Electric utility -- -- -- -- 759,545 -- Savings bank -- -- -- -- -- 155,617 Other 7,692 47,140 204 17,809 -- 56 -------- ------ ----- ------ ------- -------- 7,692 47,140 204 17,809 759,545 155,673 -------- ------ ----- ------ ------- -------- OPERATING INCOME (LOSS) Electric utility -- -- -- -- 119,565 -- Savings bank -- -- -- -- -- 44,117 Other 75,245 (113) 1,993 (570) -- 759 -------- ------ ----- ------ ------- -------- 75,245 (113) 1,993 (570) 119,565 44,876 -------- ------ ----- ------ ------- -------- Interest expense-electric utility and other (18,355) (1,234) (158) (1,907) (35,287) (25) Allowance for borrowed funds used during construction -- -- -- -- 3,869 -- Preferred stock dividends of electric utility subsidiaries -- -- -- -- (2,097) -- Allowance for equity funds used during construction -- -- -- -- 6,973 -- -------- ------ ----- ------ ------- -------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE AND PREFERRED STOCK DIVIDENDS OF HECO 56,890 (1,347) 1,835 (2,477) 93,023 44,851 Income tax expense (benefit) (9,614) 798 (93) (22) 36,897 19,120 -------- ------ ----- ------ ------- -------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE PREFERRED STOCK DIVIDENDS OF HECO 66,504 (2,145) 1,928 (2,455) 56,126 25,731 Preferred stock dividends of HECO -- -- -- -- 4,421 -- -------- ------ ----- ------ ------- -------- INCOME (LOSS) FROM CONTINUING OPERATIONS 66,504 (2,145) 1,928 (2,455) 51,705 25,731 INCOME (LOSS) FROM DISCONTINUED OPERATIONS (17,845) -- -- -- -- 4,820 -------- ------ ----- ------ ------- -------- NET INCOME (LOSS) $ 48,659 (2,145) 1,928 (2,455) 51,705 $ 30,551 ======== ====== ===== ====== ======= ========
Continued on next page. 15 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Schedule - Income Information (Page 2 of 2) Page 4 of 5 Year ended December 31, 1993 (Unaudited) (in thousands) (Continued)
Hawaiian Electric Reclassifi- Renewable cations Systems, Inc. and and Eliminations subsidiary Dr. (Cr.) Consolidated ------------- ------------ ------------ REVENUES Electric utility $ -- -- $ 879,110 Savings bank -- -- 199,734 Other -- 7,305 63,326 Equity in net income of subsidiaries -- 79,584 -- ------ ------ ---------- -- 86,889 1,142,170 ------ ------ ---------- EXPENSES Electric utility -- -- 759,545 Savings bank -- -- 155,617 Other -- (3,531) 69,370 ------ ------ ---------- -- (3,531) 984,532 ------ ------ ---------- OPERATING INCOME (LOSS) Electric utility -- -- 119,565 Savings bank -- -- 44,117 Other -- 83,358 (6,044) ------ ------ ---------- -- 83,358 157,638 ------ ------ ---------- Interest expense-electric utility and other -- (3,774) (53,192) Allowance for borrowed funds used during construction -- -- 3,869 Preferred stock dividends of electric utility subsidiaries -- 4,421 (6,518) Allowance for equity funds used during construction -- -- 6,973 ------ ------ ---------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE AND PREFERRED STOCK DIVIDENDS OF HECO -- 84,005 108,770 Income tax expense (benefit) -- -- 47,086 ------ ------ ---------- INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE PREFERRED STOCK DIVIDENDS OF HECO -- 84,005 61,684 Preferred stock dividends of HECO -- (4,421) -- ------ ------ ---------- INCOME (LOSS) FROM CONTINUING OPERATIONS -- 79,584 61,684 INCOME (LOSS) FROM DISCONTINUED OPERATIONS -- -- (13,025) ------ ------ ---------- NET INCOME $ -- 79,584 $ 48,659 ====== ====== ==========
16 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Schedule - Retained Earnings Information Page 5 of 5 Year ended December 31, 1993 (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 subsidiaries ----------- ----------- ---------- ------------ ------------ ------------ Retained earnings (deficit), beginning of year $138,484 9,438 (8,973) (1,829) 249,583 $(10,040) Sale of HERS to NWP and transfer of LVI to HEI -- -- -- -- -- -- Net income (loss) 48,659 (2,145) 1,928 (2,455) 51,705 30,551 Common stock dividends (58,825) (432) -- -- (25,887) (26,986) -------- ------ ------- ------- ------- -------- Retained earnings (deficit), end of year $128,318 6,861 (7,045) (4,284) 275,401 $ (6,475) ======== ====== ====== ====== ======== ========
Continued below. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1993 (Unaudited) (in thousands) (Continued)
Hawaiian Electric Reclassifications Renewable and Systems, Inc. Eliminations and subsidiary Dr. (Cr.) Consolidated ----------------- ---------------- ------------ Retained earnings (deficit), beginning of year $(22,225) 215,954 $138,484 Sale of HERS to NWP and transfer of LVI to HEI 22,225 22,225 -- Net income (loss) -- 79,584 48,659 Common stock dividends -- (53,305) (58,825) -------- ------- -------- Retained earnings (deficit), end of year $ -- 264,458 $128,318 ======== ======= ========
17 HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1993 (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 $ 8 292 1,622 -- $ 1,922 Accounts receivable and unbilled revenues, net 71,070 16,747 19,466 (8,536) 98,747 Inventories, at average cost 23,227 5,047 10,153 -- 38,427 Property, plant and equipment, net 942,219 278,146 240,939 -- 1,461,304 Regulatory assets 50,507 6,524 3,581 -- 60,612 Other 20,628 13,252 8,384 -- 42,264 Investment in wholly owned subsidiaries, at equity 200,007 -- -- (200,007) -- ---------- ------- ------- -------- ---------- $1,307,666 320,008 284,145 (208,543) $1,703,276 ========== ======= ======= ======== ========== LIABILITIES AND STOCKHOLDER'S EQUITY ------------------------------------ Accounts payable $ 34,704 9,725 7,757 (5,898) $ 58,084 Short-term borrowings 47,428 2,000 -- 8,500 40,928 Long-term debt, net 288,227 94,769 101,740 -- 484,736 Deferred income taxes 97,978 (1,241) 10,712 -- 107,449 Unamortized tax credits 26,898 8,050 8,400 -- 43,348 Contributions in aid of construction 99,868 43,480 21,657 -- 165,005 Other 80,707 42,387 20,880 5,934 138,040 ---------- ------- ------- -------- ---------- 675,810 199,170 171,146 8,536 1,037,590 ---------- ------- ------- -------- ---------- Preferred stock Subject to mandatory redemption 30,900 8,400 7,430 -- 46,730 Not subject to mandatory redemption 30,293 10,000 8,000 -- 48,293 ---------- ------- ------- --------- ---------- 61,193 18,400 15,430 -- 95,023 ---------- ------- ------- --------- ---------- Stockholder's equity Common stock 295,262 68,426 54,705 123,131 295,262 Retained earnings 275,401 34,012 42,864 76,876 275,401 ---------- ------- ------- --------- ---------- 570,663 102,438 97,569 200,007 570,663 ---------- ------- ------- --------- ---------- $1,307,666 320,008 284,145 208,543 $1,703,276 ========== ======= ======= ========= ==========
18 HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1993 (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 $650,827 114,571 115,151 1,439 $879,110 Equity in net income of subsidiaries 15,081 -- -- 15,081 -- -------- ------- ------- ------ -------- 665,908 114,571 115,151 16,520 879,110 -------- ------- ------- ------ -------- EXPENSES 567,804 97,359 94,382 -- 759,545 -------- ------- ------- ------ -------- OPERATING INCOME 98,104 17,212 20,769 16,520 119,565 Interest expense--electric utility and other (22,446) (7,292) (6,988) (1,439) (35,287) Allowance for borrowed funds used during construction 2,057 447 1,365 -- 3,869 Preferred stock dividends of electric utility subsidiaries -- -- -- 2,097 (2,097) Allowance for equity funds used during construction 4,561 903 1,509 -- 6,973 -------- ------- ------- ------ -------- INCOME BEFORE INCOME TAX EXPENSE AND PREFERRED STOCK DIVIDENDS 82,276 11,270 16,655 17,178 93,023 Income tax expense 26,150 4,360 6,387 -- 36,897 -------- ------- ------- ------ -------- INCOME BEFORE PREFERRED STOCK DIVIDENDS 56,126 6,910 10,268 17,178 56,126 Preferred stock dividends of HECO 4,421 1,103 994 (2,097) 4,421 -------- ------- ------- ------ -------- NET INCOME $ 51,705 5,807 9,274 15,081 $ 51,705 ======== ======= ======= ====== ========
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1993 (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 $249,583 30,947 38,480 69,427 $249,583 Net income 51,705 5,807 9,274 15,081 51,705 Common stock dividends (25,887) (2,742) (4,890) (7,632) (25,887) -------- ------- ------- ------ -------- Retained earnings, end of year $275,401 34,012 42,864 76,876 $275,401 ======== ======= ======= ====== ========
19 HEI DIVERSIFIED INC. AND SUBSIDIARIES Exhibit A-2 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1993 (Unaudited) (in thousands)
American The Hawaiian Reclassifi- Savings Insurance & cations HEI Bank, Guaranty and Diversified, F.S.B. and Co., Ltd. and Eliminations ASSETS Inc. subsidiaries subsidiaries Dr. (Cr.) Consolidated - ------------------------ ------------ ------------ ------------- ------------ ------------ Cash and equivalents $ 4 77,610 -- -- $ 77,614 Accounts receivable and unbilled revenues, net 8,361 14,176 -- -- 22,537 Loans receivable, net -- 1,735,098 -- -- 1,735,098 Marketable securities -- 698,755 -- -- 698,755 Property, plant and equipment, net -- 39,581 -- -- 39,581 Other -- 3,601 -- -- 3,601 Goodwill and other intangibles -- 49,664 -- -- 49,664 Investment in wholly owned subsidiaries, at equity 184,511 -- -- (184,511) -- -------- --------- ------- -------- ---------- $192,876 2,618,485 -- (184,511) $2,626,850 ======== ========= ======= ======== ========== LIABILITIES AND STOCKHOLDER'S EQUITY - ------------------------ Accounts payable $ 4,504 30,997 -- -- $ 35,501 Deposit liabilities -- 2,091,583 -- -- 2,091,583 Advances from Federal Home Loan Bank -- 289,674 -- -- 289,674 Deferred income taxes (123) 9,747 -- -- 9,624 Unamortized tax credits 1 -- -- -- 1 Other (507) 11,973 -- -- 11,466 -------- --------- ------- -------- ---------- 3,875 2,433,974 -- -- 2,437,849 -------- --------- ------- -------- ---------- Stockholder's equity Common stock 195,476 139,783 56,508 196,291 195,476 Retained earnings (6,475) 44,728 (56,508) (11,780) (6,475) -------- --------- ------- -------- ---------- 189,001 184,511 -- 184,511 189,001 -------- --------- ------- -------- ---------- $192,876 2,618,485 -- 184,511 $2,626,850 ======== ========= ======= ======== ==========
20 HEI DIVERSIFIED, INC. AND SUBSIDIARIES Exhibit A-2 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1993 (Unaudited) (in thousands)
American The Hawaiian Reclassifi- Savings Insurance & cations HEI Bank, Guaranty and Diversified, F.S.B. and Co., Ltd. and Eliminations Inc. subsidiaries subsidiaries Dr. (Cr.) Consolidated ------------ ------------ ------------- ------------ ------------ REVENUES Savings bank $ -- 199,734 -- -- $199,734 Other 815 -- -- -- 815 Equity in net income of subsidiaries 25,282 -- -- 25,282 -- ------- ------- ------- ------ -------- 26,097 199,734 -- 25,282 200,549 ------- ------- ------- ------ -------- EXPENSES Savings bank -- 155,617 -- -- 155,617 Other 56 -- -- -- 56 ------- ------- ------- ------ -------- 56 155,617 -- -- 155,673 ------- ------- ------- ------ -------- OPERATING INCOME Savings bank -- 44,117 -- -- 44,117 Other 26,041 -- -- 25,282 759 ------- ------- ------- ------ -------- 26,041 44,117 -- 25,282 44,876 ------- ------- ------- ------ -------- Interest expense-electric utility and other (25) -- -- -- (25) ------- ------- ------- ------ -------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE 26,016 44,117 -- 25,282 44,851 Income tax expense 285 18,835 -- -- 19,120 ------- ------- ------- ------ -------- INCOME FROM CONTINUING OPERATIONS 25,731 25,282 -- 25,282 25,731 INCOME FROM DISCONTINUED OPERATIONS 4,820 -- -- -- 4,820 ------- ------- ------- ------ -------- NET INCOME $30,551 25,282 -- 25,282 $ 30,551 ======= ======= ======= ====== ========
HEI DIVERSIFIED, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1993 (Unaudited) (in thousands)
American The Hawaiian Reclassifi- Savings Insurance & cations HEI Bank, Guaranty and Diversified, F.S.B. and Co., Ltd. and Eliminations Inc. subsidiaries subsidiaries Dr. (Cr.) Consolidated ------------ ------------ ------------- ------------ ------------ Retained earnings (deficit), beginning of year $(10,040) 33,032 (56,508) (23,476) $(10,040) Net income 30,551 25,282 -- 25,282 30,551 Common stock dividends (26,986) (13,586) -- (13,586) (26,986) -------- ------- ------- ------- -------- Retained earnings (deficit), end of year $ (6,475) 44,728 (56,508) (11,780) $ (6,475) ======== ======= ======= ======= ========
21 AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-2-1 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1993 (Unaudited) (in thousands)
Reclassifi- American cations American Savings Ad- and Savings Investment ASB Communi- Associated Elimi- Bank, Services Service cations, Mortgage, nations Consoli- ASSETS F.S.B. Corp. Corp. Inc. Inc. Dr. (Cr.) dated - ----------------------- ---------- ----------- ------- ------- ---------- ----------- ---------- Cash and equivalents $ 77,610 974 110 107 399 (1,590) $ 77,610 Accounts receivable and unbilled revenues, net 14,176 -- -- -- -- -- 14,176 Loans receivable, net 1,735,098 -- -- -- -- -- 1,735,098 Marketable securities 698,755 -- -- -- -- -- 698,755 Property, plant and equipment, net 39,441 64 42 -- 34 -- 39,581 Other 3,575 43 -- 51 3 (71) 3,601 Goodwill and other intangibles 49,652 12 -- -- -- -- 49,664 Investment in wholly owned subsidiaries, at equity 1,229 -- -- -- -- (1,229) -- ---------- ----- --- --- --- ------ ---------- $2,619,536 1,093 152 158 436 (2,890) $2,618,485 ========== ===== === === === ====== ========== LIABILITIES AND STOCKHOLDER'S EQUITY - ----------------------- Accounts payable $ 30,997 -- -- -- -- -- $ 30,997 Deposit liabilities 2,093,173 -- -- -- -- 1,590 2,091,583 Advances from Federal Home Loan Bank 289,674 -- -- -- -- -- 289,674 Deferred income taxes 9,747 -- -- -- -- -- 9,747 Other 11,434 469 -- 21 120 71 11,973 --------- --- --- --- --- ------ ---------- 2,435,025 469 -- 21 120 1,661 $2,433,974 --------- --- --- --- --- ------ ---------- Stockholder's equity Common stock 139,783 10 209 61 439 719 139,783 Retained earnings (deficit) 44,728 614 (57) 76 (123) 510 44,728 ---------- --- --- --- ---- ------ ---------- 184,511 624 152 137 316 1,229 184,511 ---------- ----- --- --- ---- ------ ---------- $2,619,536 1,093 152 158 436 2,890 $2,618,485 ========== ===== === === ==== ====== ==========
22 AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-2-1 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1993 (Unaudited) (in thousands)
Reclassifi- American cations American Savings AdCom- and Savings Investment ASB muni Associated Elimi- Bank, Services Service cations, Mortgage, nations Consoli- F.S.B. Corp. Corp. Inc. Inc. Dr. (Cr.) dated -------- ----------- ------- -------- ---------- ---------- -------- REVENUES Savings bank $197,840 2,196 -- 114 444 860 $199,734 Equity in net income of subsidiaries 498 -- -- -- -- 498 -- -------- ----- --- --- --- ----- -------- 198,338 2,196 -- 114 444 1,358 199,734 -------- ----- --- --- --- ----- -------- EXPENSES 154,514 1,496 28 61 378 (860) 155,617 -------- ----- --- --- --- ----- -------- OPERATING INCOME (LOSS) 43,824 700 (28) 53 66 498 44,117 Income tax expense 18,542 273 -- 20 -- -- 18,835 -------- ----- --- --- --- ----- -------- NET INCOME (LOSS) $ 25,282 427 (28) 33 66 498 $ 25,282 ======== ===== === === === ===== ========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1993 (Unaudited) (in thousands)
Reclassifi- American cations American Savings AdCom- and Savings Investment ASB muni Associated Elimi- Bank, Services Service cations, Mortgage, nations Consoli- F.S.B. Corp. Corp. Inc. Inc. Dr. (Cr.) dated -------- ----------- ------- -------- ---------- ---------- --------- Retained earnings (deficit), beginning of year $ 33,032 1,287 (29) 43 (189) 1,112 $ 33,032 Net income (loss) 25,282 427 (28) 33 66 498 25,282 Common stock dividends (13,586) (1,100) -- -- -- (1,100) (13,586) -------- ------ --- -- ---- ------ -------- Retained earnings (deficit), end of year $ 44,728 614 (57) 76 (123) 510 $ 44,728 ======== ====== === == ==== ====== ========
23 HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-3 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 1993 (Unaudited) (in thousands)
Reclassifi- Hawaiian cations Tug & Young and Barge Brothers, Eliminations Corp. Limited Dr. (Cr.) Consolidated -------- --------- ------------ ------------ ASSETS -------------------------------------------------- Cash and equivalents $ 4,323 11 -- $ 4,334 Accounts receivable and unbilled revenues, net 1,169 4,450 (330) 5,289 Inventories, at average cost 192 786 -- 978 Other investments 153 18 -- 171 Property, plant and equipment, net 8,975 30,183 -- 39,158 Regulatory assets -- 1,465 -- 1,465 Other 7,411 474 (4,770) 3,115 Investment in wholly owned subsidiaries, at equity 15,293 -- (15,293) -- ------- ------ ------- ------- $37,516 37,387 (20,393) $54,510 ======= ====== ======= ======= LIABILITIES AND STOCKHOLDER'S EQUITY -------------------------------------------------- Accounts payable $ 761 1,293 330 $ 1,724 Short-term borrowings (3,308) 5,146 -- 1,838 Long-term debt, net 12,600 4,770 4,770 12,600 Deferred income taxes (20) 3,941 -- 3,921 Unamortized tax credits 212 758 -- 970 Other 2,681 6,186 -- 8,867 ------- ------ ------- ------- 12,926 22,094 5,100 29,920 ------- ------ ------- ------- Stockholder's equity Common stock 17,729 7,414 7,414 17,729 Retained earnings 6,861 7,879 7,879 6,861 ------- ------ ------- ------- 24,590 15,293 15,293 24,590 ------- ------ ------- ------- $37,516 37,387 20,393 $54,510 ======= ====== ======= =======
24 HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-3 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 1993 (Unaudited) (in thousands)
Reclassifi- cations Hawaiian Young and Tug & Brothers, Eliminations Barge Corp. Limited Dr. (Cr.) Consolidated ----------- --------- ------------ ------------ REVENUES Other $ 8,826 40,744 2,543 $47,027 Equity in net income of subsidiary 692 -- 692 -- ------- ------ ------ ------- 9,518 40,744 3,235 47,027 ------- ------ ------ ------- EXPENSES 10,084 38,985 (1,929) 47,140 ------- ------ ------ ------- OPERATING INCOME (LOSS) (566) 1,759 1,306 (113) Interest expense--electric utility and other (1,230) (618) (614) (1,234) ------- ------ ------ ------- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (1,796) 1,141 692 (1,347) Income tax expense 349 449 -- 798 ------- ------ ------ ------- NET INCOME (LOSS) $(2,145) 692 692 $(2,145) ======= ====== ====== =======
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Consolidating Schedule - Retained Earnings Information Year ended December 31, 1993 (Unaudited) (in thousands)
Reclassifi- cations Hawaiian Young and Tug & Brothers, Eliminations Barge Corp. Limited Dr. (Cr.) Consolidated ----------- --------- ------------ ------------ Retained earnings, beginning of year $ 9,438 7,619 7,619 $ 9,438 Net income (loss) (2,145) 692 692 (2,145) Common stock dividends (432) (432) (432) (432) ------- ------ ------ ------- Retained earnings, end of year $ 6,861 7,879 7,879 $ 6,861 ======= ====== ====== =======
25 MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 1993 (Unaudited) (in thousands)
Malama Malama Malama Malama ML Water- Property Malama Pacific Project-I, Holdings, front Invest. Dev. ASSETS Corp. Inc. Ltd. Corp. Corp. Corp. ----------------------------------- ---------- ------------ -------- ---------- ----------- --------- Cash and equivalents $ (12) -- -- -- -- $ 12 Accounts receivable and unbilled revenues, net 1,228 -- 8 -- 1 50 Real estate developments 430 -- -- -- -- 14,508 Other investments (6) -- -- -- -- 2,210 Property, plant and equipment, net 50 -- -- -- -- 3 Other 43,536 -- -- -- -- 375 Investment in wholly owned subsidiaries, at equity (5,836) -- -- -- -- -- ------- ------ -- ------ -- ------- $39,390 -- 8 -- 1 $17,158 ======= ====== == ====== == ======= LIABILITIES AND STOCKHOLDER'S EQUITY ------------------------------------ Accounts payable $ 698 954 -- -- -- $ 163 Short-term borrowings 13,607 -- -- 1,356 -- 16,412 Deferred income taxes (137) -- 9 24 -- 2 Unamortized tax credits 2 -- -- -- -- -- Other (471) 83 -- -- -- (1,559) ------- ------ -- ------ -- ------- 13,699 1,037 9 1,380 -- 15,018 ------- ------ -- ------ -- ------- Stockholder's equity Common stock 29,975 150 1 616 1 4,501 Retained earnings (deficit) (4,284) (1,187) (2) (1,996) -- (2,361) ------- ------ -- ------ -- ------- 25,691 (1,037) (1) (1,380) 1 2,140 ------- ------ -- ------ -- ------- $39,390 -- 8 -- 1 $17,158 ======= ====== == ====== == =======
Continued on next page. 26 MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4 Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4 December 31, 1993 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama Malama Malama and Makakilo Mohala Elua Eliminations ASSETS Corp. Corp. Corp. Dr. (Cr.) Consolidated ----------------------------------- -------- ------ ------ ------------ ------------ Cash and equivalents $ -- 3 -- -- $ 3 Accounts receivable and unbilled revenues, net 18 47 59 (1,108) 303 Real estate developments -- 14,735 -- -- 29,673 Other investments -- 14,964 326 -- 17,494 Property, plant and equipment, net -- 19 -- -- 72 Other -- 158 -- (41,936) 2,133 Investment in wholly owned subsidiaries, at equity -- -- -- 5,836 -- --- ------ --- ------- ------- $ 18 29,926 385 (37,208) $49,678 ==== ====== === ======= ======= LIABILITIES AND STOCKHOLDER'S EQUITY ------------------------------------ Accounts payable $ -- 92 -- 1,108 $ 799 Short-term borrowings -- 35,272 384 41,936 25,095 Deferred income taxes (19) -- -- -- (121) Unamortized tax credits -- -- -- -- 2 Other (4) 163 -- -- (1,788) --- ------ --- ------- ------- (23) 35,527 384 43,044 23,987 --- ------ --- ------- ------- Stockholder's equity Common stock 1 1 1 5,272 29,975 Retained earnings (deficit) 40 (5,602) -- (11,108) (4,284) --- ------ --- ------- ------- 41 (5,601) 1 (5,836) 25,691 --- ------ --- ------- ------- $18 29,926 385 37,208 $49,678 === ====== === ======= =======
27 MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4 Consolidating Schedule - Income Information Page 3 of 4 Year ended December 31, 1993 (Unaudited) (in thousands)
Malama Malama Malama Malama ML Water- Property Malama Pacific Project-I, Holdings, front Invest. Dev. Corp. Inc. Ltd. Corp. Corp. Corp. -------- ---------- --------- ------ -------- ------ REVENUES Other $ 2,254 -- (16) -- -- $ 4,666 Equity in net loss of subsidiaries (3,169) -- -- -- -- -- ------- --- --- ---- --- ------- (915) -- (16) -- -- 4,666 ------- --- --- ---- --- ------- EXPENSES 586 -- (9) 391 -- 4,942 ------- --- --- ---- --- ------- OPERATING INCOME (LOSS) (1,501) -- (7) (391) -- (276) Interest expense -- electric utility and other (1,003) -- 19 (47) -- (1,246) ------- --- --- ---- --- ------- INCOME (LOSS) BEFORE INCOME TAX EXPENSE (2,504) -- 12 (438) -- (1,522) Income tax expense (benefit) (49) -- 4 1 -- -- ------- --- --- ---- --- ------- NET INCOME (LOSS) $(2,455) -- 8 (439) -- $(1,522) ======= === === ==== === =======
Continued below. MALAMA PACIFIC CORP. AND SUBSIDIARIES Consolidating Schedule - Income Information Year ended December 31, 1993 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama Malama Malama and Makakilo Mohala Elua Eliminations Corp. Corp. Corp. Dr. (Cr.) Consolidated -------- ------ ------ ------------ ------------ REVENUES Other $31 12,397 -- 2,093 $17,239 Equity in net loss of subsidiaries -- -- -- (3,169) -- --- ------ ---- ------ ------- 31 12,397 -- (1,076) 17,239 --- ------ ---- ------ ------- EXPENSES -- 11,899 -- -- 17,809 --- ------ ---- ------ ------- OPERATING INCOME (LOSS) 31 498 -- (1,076) (570) Interest expense -- electric utility and other -- (1,723) -- (2,093) (1,907) --- ------ ---- ------ ------- INCOME (LOSS) BEFORE INCOME TAX EXPENSE 31 (1,225) -- (3,169) (2,477) Income tax expense (benefit) 22 -- -- -- (22) --- ------ ---- ------ ------- NET INCOME (LOSS) $ 9 (1,225) -- (3,169) $(2,455) === ====== ==== ====== =======
28 MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4 Consolidating Schedule - Retained Earnings Information Page 4 of 4 Year ended December 31, 1993 (Unaudited) (in thousands)
Malama Malama Malama Malama ML Water- Property Malama Pacific Project-I, Holdings, front Invest. Dev. Corp. Inc. Ltd. Corp. Corp. Corp. ------- ---------- --------- ------- -------- ------- Retained earnings (deficit), beginning of year $(1,829) (1,187) (10) (1,557) -- $ (839) Acquisition of control of joint venture -- -- -- -- -- -- Dividends -- -- -- -- -- -- Net income (loss) (2,455) -- 8 (439) -- (1,522) ------- ------ --- ------ ---- ------- Retained earnings (deficit), end of year $(4,284) (1,187) (2) (1,996) -- $(2,361) ======= ====== === ====== ==== =======
Continued below. MALAMA PACIFIC CORP. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 1993 (Unaudited) (in thousands) (Continued)
Reclassifi- cations Malama Malama Malama and Makakilo Mohala Elua Eliminations Corp. Corp. Corp. Dr. (Cr.) Consolidated ------- ------ ------ ------------ ------------ Retained earnings (deficit), beginning of year $ 3,431 (5,001) -- ( 5,163) $(1,829) Acquisition of control of joint venture -- 624 -- 624 -- Dividends (3,400) -- -- (3,400) -- Net income (loss) 9 (1,225) -- (3,169) (2,455) ------- ------ ---- ------- ------- Retained earnings (deficit), end of year $ 40 (5,602) -- (11,108) $(4,284) ======= ====== ==== ======= =======
29 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit B FINANCIAL DATA SCHEDULE Page 1 of 1 (in thousands)
Year ended December 31, Item No. 1993 -------- ------------ 1 Total Assets (at December 31) . . . . . . . . . . . . . . . $4,521,592 2 Total Operating Revenues . . . . . . . . . . . . . . . . . 1,142,170 3 Net Income . . . . . . . . . . . . . . . . . . . . . . . . 48,659
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