-----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, QFRefa3RlS4/xBCr7vasZKLjAlEF2oGaAK6ReiDoAvPIkgKflqESKOJ7KTHTNdP3 Tvdan3ZkvTCPf0DXPsHJlg== 0000754737-96-000008.txt : 19960429 0000754737-96-000008.hdr.sgml : 19960429 ACCESSION NUMBER: 0000754737-96-000008 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960426 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCANA CORP CENTRAL INDEX KEY: 0000754737 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 570784499 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08809 FILM NUMBER: 96551317 BUSINESS ADDRESS: STREET 1: 1426 MAIN ST STREET 2: P O BOX 764 CITY: COLUMBIA STATE: SC ZIP: 29201 BUSINESS PHONE: 8037483000 MAIL ADDRESS: STREET 1: MAIL CODE 051 CITY: COLUMBIA STATE: SC ZIP: 29218 10-K/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K/A AMENDMENT NO. 2 (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended December 31, 1995 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission File Number 1-8809 SCANA CORPORATION (Exact name of registrant as specified in its charter) SOUTH CAROLINA 57-0784499 (State or other jurisdiction of (IRS employer incorporation or organization) identification no.) 1426 MAIN STREET, COLUMBIA, SOUTH CAROLINA 29201 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code (803) 748-3000 Securities registered pursuant to 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, without par value New York Stock Exchange Securities registered pursuant to 12(g) of the Act: None (Title of class) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ ] State the aggregate market value of the voting stock held by non- affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within 60 days prior to the date of filing. (See definition of affiliate in Rule 405.) Note: If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this form. The aggregate market value of the voting stock held by nonaffiliates of the registrant was $2,865,232,398 at February 29, 1996 based on the closing price of the Common Stock on such date, as reported by the New York Stock Exchange composite tape in The Wall Street Journal. APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No (APPLICABLE ONLY TO CORPORATE REGISTRANTS) Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. The total number of shares of the registrant's Common Stock, no par value, outstanding at February 29, 1996 was 104,190,269. DOCUMENTS INCORPORATED BY REFERENCE. List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security-holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security-holders for fiscal year ended December 24, 1980). (1) Specified sections of the Registrant's 1996 Proxy Statement, dated March 15, 1996, in connection with its 1996 Annual Meeting of Stockholders, are incorporated by reference in Part III hereof. 2 AMENDMENT NO. 2 The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Annual Report on Form 10-K for the year ended December 31, 1995, as set forth in the pages attached hereto: (List all such items, financial statements, exhibits or other portions amended.) Item 8: Financial Statements and Supplementary Data The above item has been amended to include the Financial Statements for the Company's Stock Purchase-Savings Plan and the Independent Auditors' Report therein. Item 14: Exhibits, Financial Statement Schedules and Reports on Form 8-K The above item has been amended to include the Financial Statements for the Company's Stock Purchase-Savings Plan and the Independent Auditors' Report thereon and Consent to the incorporation of such report in the Company's registration statements under the Securities Act of 1933, as amended. PART II ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA TABLE OF CONTENTS OF CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY FINANCIAL DATA *Independent Auditors' Report Consolidated Financial Statements: *Consolidated Balance Sheets as of December 31, 1995 and 1994 *Consolidated Statements of Income and Retained Earnings for the years ended December 31, 1995, 1994 and 1993 *Consolidated Statements of Cash Flows for the years ended December 31, 1995, 1994 and 1993 *Consolidated Statements of Capitalization as of December 31, 1995 and 1994 *Notes to Consolidated Financial Statements Stock Purchase-Savings Plan: Page **Independent Auditors' Report....................... 5 **Financial Statements and Notes thereto............. 6 Supplemental financial statement schedules are omitted because of the absence of conditions under which they are required or because the required information is included in the consolidated financial statements or in the notes thereto. * Previously filed with Form 10-K. ** Filed herein. 3 PART IV Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K (a) Documents filed as a part of this report: 1. Financial Statements and Schedules: See above for amended Table of Contents of Consolidated Financial Statements and Supplementary Financial Data of the Company's Annual Report on Form 10-K. 3. Exhibits: * Exhibits required to be filed with this Annual Report on Form 10-K are listed in the following Exhibit Index. Certain of such exhibits (except Exhibit 23) which have heretofore been filed with the Securities and Exchange Commission and which are designated by reference to their exhibit numbers in prior filings are incorporated herein by reference and made a part hereof. ** The Consent of the Independent Accountants (Exhibit 23) has been revised and is filed herein. As permitted under Item 601(b)(4)(iii), instruments defining the rights of holders of long-term debt of less than $400,000,000, or 10 percent of the total consolidated assets of the Company and its subsidiaries, have been omitted and the Company agrees to furnish a copy of such instruments to the Commission upon request. (b) Reports on Form 8-K None * Previously filed with Form 10-K. ** Filed herein. 4 TO PARTICIPATING EMPLOYEES: For your information there are submitted herewith the financial statements of the Stock Purchase-Savings Plan for the years ended December 31, 1995, 1994 and 1993, together with related Notes and Independent Auditors' Report. s/L. M. Gressette, Jr. L. M. Gressette, Jr. Chairman of the SCANA Corporation Stock Purchase-Savings Plan Committee INDEPENDENT AUDITORS' REPORT SCANA CORPORATION STOCK PURCHASE-SAVINGS PLAN: We have audited the Statements of Financial Position of the SCANA Corporation Stock Purchase-Savings Plan (the "Plan") as of December 31, 1995, 1994 and 1993, and the related Statements of Changes in Participants' Equity for the years then ended. These financial statements are the responsibility of the Committee for Administration of the Plan (the "Committee"). Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing stand-ards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant esti-mates made by the Committee, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the financial position of the Plan as of December 31, 1995, 1994 and 1993 and its changes in participants' equity for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and of reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan's management. Such supplemental schedules have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. s/Deloitte & Touche LLP DELOITTE & TOUCHE LLP Columbia, South Carolina February 23, 1996 5 SCANA CORPORATION STOCK PURCHASE-SAVINGS PLAN STATEMENTS OF FINANCIAL POSITION As of December 31, 1995, 1994 and 1993 (Thousands of Dollars) ACQUIRED WITH ACQUIRED WITH EMPLOYEES' COMPANY CONTRIBUTIONS CONTRIBUTIONS SCANA U.S. SCANA TOTAL COMMON SAVINGS COMMON December 31, 1995 PLAN STOCK BONDS STOCK Assets: Investments In Securities: SCANA Corporation - 8,333,328 shares of common stock - at market value (cost - $160,484) (Note 3)....................... $238,541 $115,464 $ - $123,077 United States Savings Bonds - Series E & EE - at cost........ 332 - 332 - Total Investments In Securities.................. 238,873 115,464 332 123,077 Cash............................. 5 5 - - Receivables From Participants (Note 2)........................ 12,448 12,448 - - Receivable From SCANA Corporation - Dividends......... 2,968 1,432 - 1,536 TOTAL ASSETS.............. $254,294 $129,349 $332 $124,613 PARTICIPANTS' EQUITY............. $254,294 $129,349 $332 $124,613 See Notes to Financial Statements. 6 ACQUIRED WITH ACQUIRED WITH EMPLOYEES' COMPANY CONTRIBUTIONS CONTRIBUTIONS SCANA U.S. SCANA TOTAL COMMON SAVINGS COMMON December 31, 1994 PLAN STOCK BONDS STOCK Assets: Investments In Securities: SCANA Corporation - 7,819,048 shares of common stock - at market value (cost - $144,864) (Note 3)....................... $164,689 $77,652 $ - $87,037 United States Savings Bonds - Series E & EE - at cost........ 366 - 366 - Total Investments In Securities.................. 165,055 77,652 366 87,037 Cash............................. 5 5 - - Receivables From Participants (Note 2)........................ 13,433 13,433 - - Receivable From SCANA Corporation - Dividends......... 2,715 1,273 - 1,442 TOTAL ASSETS.............. $181,208 $92,363 $366 $88,479 PARTICIPANTS' EQUITY............. $181,208 $92,363 $366 $88,479 See Notes to Financial Statements. 7 ACQUIRED WITH ACQUIRED WITH EMPLOYEES' COMPANY CONTRIBUTIONS CONTRIBUTIONS SCANA U.S. SCANA TOTAL COMMON SAVINGS COMMON December 31, 1993 PLAN STOCK BONDS STOCK Assets: Investments In Securities: SCANA Corporation - 7,077,446 shares of common stock - at market value (cost - $125,260) (Note 3)....................... $176,051 $79,734 $ - $96,317 United States Savings Bonds - Series E & EE - at cost........ 393 - 393 - Total Investments In Securities.................. 176,444 79,734 393 96,317 Cash............................. 5 3 - 2 Receivables From Participants (Note 2)........................ 14,089 14,068 21 - Receivable From SCANA Corporation - Dividends......... 2,387 1,076 - 1,311 TOTAL ASSETS.............. $192,925 $94,881 $414 $97,630 PARTICIPANTS' EQUITY............. $192,925 $94,881 $414 $97,630 See Notes to Financial Statements. 8 SCANA CORPORATION STOCK PURCHASE-SAVINGS PLAN STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY For the years ended December 31, 1995, 1994 and 1993 (Thousands of Dollars) ACQUIRED WITH ACQUIRED WITH EMPLOYEES' COMPANY CONTRIBUTIONS CONTRIBUTIONS SCANA U.S. SCANA Year Ended TOTAL COMMON SAVINGS COMMON December 31, 1995 PLAN STOCK BONDS STOCK Investment Income - Dividends On Common Stock Of SCANA Corporation And Other............ $ 12,570 $ 6,490 $ - $ 6,080 Net Appreciation In Market Value Of Common Stock Of SCANA Corporation............. 61,501 29,571 - 31,930 Contributions (Note 2): Company and participating subsidiaries.................... 8,561 - - 8,561 Participating employees.......... 9,350 9,350 - - Total....................... 91,982 45,411 - 46,571 Deduct: Distributions to participants.... 18,896 8,425 34 10,437 Net Increase (Decrease) In Participants' Equity.......... 73,086 36,986 (34) 36,134 Participants' Equity, Beginning Of Year.......................... 181,208 92,363 366 88,479 Participants' Equity, End Of Year. $254,294 $129,349 $332 $124,613 See Notes to Financial Statements. 9 ACQUIRED WITH ACQUIRED WITH EMPLOYEES' COMPANY CONTRIBUTIONS CONTRIBUTIONS SCANA U.S. SCANA Year Ended TOTAL COMMON SAVINGS COMMON December 31, 1994 PLAN STOCK BONDS STOCK Investment Income - Dividends On Common Stock Of SCANA Corporation and Other............ $ 11,414 $ 5,796 $ - $ 5,618 Contributions (Note 2): Company and participating subsidiaries.................... 8,986 - - 8,986 Participating employees.......... 9,849 9,849 - - Total....................... 30,249 15,645 - 14,604 Deduct: Distributions to participants.... 14,257 5,429 48 8,780 Net depreciation in market value of common stock of SCANA Corporation (Note 3)..... 27,709 12,734 - 14,975 Total....................... 41,966 18,163 48 23,755 Net Increase (Decrease) In Participants' Equity.......... (11,717) (2,518) (48) (9,151) Participants' Equity, Beginning Of Year.......................... 192,925 94,881 414 97,630 Participants' Equity, End Of Year. $181,208 $92,363 $366 $88,479 See Notes to Financial Statements. 10 ACQUIRED WITH ACQUIRED WITH EMPLOYEES' COMPANY CONTRIBUTIONS CONTRIBUTIONS SCANA U.S. SCANA Year Ended TOTAL COMMON SAVINGS COMMON December 31, 1993 PLAN STOCK BONDS STOCK Investment Income - Dividends On Common Stock Of SCANA Corporation and Other............ $ 10,218 $ 5,128 $ - $ 5,090 Net Appreciation In Market Value Of Common Stock Of SCANA Corporation (Note 3)....... 29,859 13,513 - 16,346 Contributions (Note 2): Company and participating subsidiaries.................... 8,869 - - 8,869 Participating employees.......... 9,755 9,755 - - Total....................... 58,701 28,396 - 30,305 Deduct - Distributions to participants.................... 17,547 6,172 6 11,369 Net Increase (Decrease) In Participants' Equity.......... 41,154 22,224 (6) 18,936 Transfer of Net Assets from ESOP (Note 2).................... 12,231 2,190 - 10,041 Participants' Equity, Beginning Of Year.......................... 139,540 70,467 420 68,653 Participants' Equity, End Of Year. $192,925 $94,881 $414 $97,630 See Notes to Financial Statements. 11
SCANA CORPORATION STOCK PURCHASE-SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS 1. Significant Accounting Policies: Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting. Investments Common stock investments in the accompanying financial statements are stated at market value and bonds are stated at cost, which approximates fair value. Costs of administering the Stock Purchase Savings Plan (Plan) are paid by the Plan sponsor, SCANA Corporation (Company). Restatement for Stock Split Shares of the Company's common stock for 1994 and 1993 have been restated to reflect a two-for-one stock split effected in May 1995. Reclassifications Certain 1994 and 1993 amounts have been reclassified to conform with the 1995 presentation. 2. Plan Information: The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a complete description of the Plan's provisions. The Plan is designed to encourage voluntary systematic savings by employees with the Company's and participating subsidiaries' contributions as an added incentive. The Company and participating subsidiaries match employee contributions made through payroll deductions of up to 6% of eligible earnings. Employees may contribute up to an additional 9% of eligible earnings but such additional contributions are not supplemented by the Company's and participating subsidiaries' contributions. Employee contributions are invested in common stock of the Company or, prior to November 1, 1988, such contributions could, in the alternative, have been invested in United States Savings Bonds. The Company's and participating subsidiaries' contributions are invested only in shares of common stock of the Company. Effective July 1, 1989, Company and participating subsidiaries' contributions are fully and immediately vested. The Plan, as amended, allows Participants to contribute up to 15% of eligible earnings on an after-tax basis (Regular Savings) or before-tax basis (Tax Deferred Savings), except that "highly compensated employees" within the context of Internal Revenue Code of 1986 ("Code"), as amended, Section 414(q) have been subject to Tax Deferred contribution limitations of 6% or less pursuant to the limitation of Code Section 401(k)(3) and the Regulations thereunder. Regular Savings are included in wages subject to federal or state income tax withholding, whereas Tax Deferred Savings are exempt from withholding of federal or state income tax. Participants may request a distribution in the form of whole shares or cash of all securities and earnings credited to their Regular Savings accounts (cash is distributed for fractional shares). The Plan does not guarantee that market value of the securities at date of distribution will equal or exceed cost. Participants may not request a distribution from their Tax Deferred Savings accounts before age 59-1/2 unless they can demonstrate a hardship. 12 Participants may request a loan from their Tax Deferred and Regular Savings accounts. Loans are made available based on the asset value in a Participant's Tax Deferred and Regular Savings accounts at the time of the loan, but in any case, not less than $500 or greater than $50,000. Assets equal to the amount of the loan are converted into cash by the Trustee and made available to the borrowing Participant; the Participant no longer earns interest or dividends on the liquidated assets. The period of repayment for any loan cannot exceed five years, except a loan used to acquire the principal residence of the Participant may be extended to a maximum of ten years. All payments of the loan, including interest, are used to repurchase shares of SCANA common stock on behalf of the Participant. A Participant may have no more than two loans from the Plan outstanding at a time. Upon termination of employment or death, the outstanding balance of the loan may be paid in full or will be converted to taxable income on the distribution to the participant or the participant's beneficiary; if the terminating Participant elects to delay distribution (permissible when the present value of the Participant's vested accrued benefit exceeds $3,500), an unpaid loan balance may be converted to taxable income prior to the distribution of assets to the Participant. Participants may receive a distribution of all securities and earnings credited to their Tax Deferred Savings accounts in the event of retirement, disability, termination of employment or death. Participants may request a distribution of all Company Contributions which have been in existence for two years following the close of the Plan Year during which they were made, even if they elected to contribute on a tax deferred basis. If the participant has participated in the Plan for at least five years, all Company contributions are eligible for distribution. Distribution due to the death of the Participant will be made to the surviving spouse, unless there is no surviving spouse or the spouse has consented in writing to distribution to a beneficiary designated by the Participant. At December 31, 1995, 1994 and 1993, there were 795, 922 and 978 participants, respectively, (including former employees) in the Regular Savings Option and 2,876, 3,237 and 3,014 participants, respectively, in the Tax Deferred Savings Option. At March 1, 1996 all of the Company's and the Company's participating subsidiaries' 4,125 employees were eligible to participate in the Plan, and payroll deductions under the Plan were in effect for 3,685 employees. At the SCANA Board of Directors meeting held on August 25, 1993, the Board voted that all temporary employees hired in such capacity on or after October 30, 1993 not be permitted to participate in the Plan. On December 14, 1994, the Employee Plans Committee, created by the Board of Directors on December 15, 1993 for the purpose of reviewing and adopting most plan amendments, reversed the exclusion of temporary employees from plan participation. The Plan, as amended through 1995, has been approved by the Internal Revenue Service (IRS) as a qualified employees' trust under Section 401(a) of the Internal Revenue Code and, as such, is exempt from federal income taxes under Section 501(a). Participants are not taxed on the income earned or Company contributions made for their accounts, pursuant to the provisions of Section 401(a) of the Internal Revenue Code, until such time as the employees or their beneficiaries receive distributions from the Plan. At the SCANA Board of Directors meeting held on April 29, 1993 the Board voted that the SCANA Corporation Employee Stock Ownership Plan (ESOP) be merged with and into the Plan effective April 30, 1993. All remaining assets of the ESOP were transferred to the Plan on May 5, 1993. It is believed that this change enhanced the retirement savings purposes of those ESOP participants who retained their matured shares in the ESOP rather than electing to receive them in distribution, while at the same time significantly reducing the administrative cost associated with these plans. First Union National Bank of South Carolina is the Trustee pursuant to a Trust Agreement executed on December 16, 1991. 13 3. Appreciation (Depreciation) in Market Value of Common Stock: The cost, market value and appreciation (depreciation) in market value of common stock of SCANA Corporation as of and for the years ended December 31, 1995, 1994 and 1993 are summarized as follows (thousands of dollars): Market Excess of Market Number Quotation Value Over Cost of Shares Cost Value (Cost Over Market) December 31, 1995: Employee 4,033,676 $ 80,740 $115,464 $ 34,724 Company 4,299,652 79,744 123,077 43,333 Total 8,333,328 $160,484 $238,541 $ 78,057 December 31, 1994: 7,819,048 $144,864 $164,689 $ 19,825 Increase in Unrealized Appreciation, Net................................. 58,232 Appreciation Realized on Withdrawals..................................... 3,269 Net Appreciation in Market Value of Common Stock - Year ended December 31, 1995.............................................. $ 61,501 December 31, 1993: 7,077,446 $125,260 $176,051 $ 50,791 Decrease in Unrealized Appreciation, Net................................. $(30,966) Appreciation Realized on Withdrawals..................................... 3,257 Net Depreciation in Market Value of Common Stock - Year ended December 31, 1994.............................................. $(27,709) December 31, 1992: 6,144,920 $104,038 $124,435 $ 20,397 Increase in Unrealized Appreciation, Net................................. $ 30,394 Unrealized Appreciation on Shares Transferred from ESOP (Note 2)......... (7,010) Appreciation Realized on Withdrawals..................................... 6,475 Net Appreciation in Market Value of Common Stock - Year ended December 31, 1993.............................................. $ 29,859
14 4. Accounts Payable to Participants and Former Participants: Amounts included in participants' equity to be distributed to participants and former participants were $1,648,543, $1,219,970 and $1,890,124 at December 31, 1995, 1994 and 1993, respectively. 5. Appreciation in Market Value of U. S. Savings Bonds: Investments in U. S. Savings Bonds are reported at cost. When a participant requests a loan, the U. S. Savings Bonds are redeemed at their market value (cost plus interest earned) and the cash is provided to the participant. Therefore, although the U. S. Savings Bonds are reported at cost, appreciation is realized when the bonds are redeemed for purposes of providing a loan. 15 SCANA Corporation STOCK PURCHASE-SAVINGS PROGRAM FOR EMPLOYEES SUPPLEMENTAL SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (ITEM 27a) AS OF DECEMBER 31, 1995 (Thousands of Dollars) CURRENT DESCRIPTION COST VALUE SCANA Corporation Common Stock $160,484 $238,541 United States Savings Bonds 332 332 Loans to participants 12,448 12,448 $173,264 $251,321 16 SCANA CORPORATION STOCK PURCHASE-SAVINGS PROGRAM FOR EMPLOYEES SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS (ITEM 27d) AS OF DECEMBER 31, 1995 (Thousands of Dollars) DURING THE YEAR ENDED December 31, 1995 THE FOLLOWING TRANSACTIONS WERE MADE IN THE COMMON STOCK OF SCANA CORPORATION, WHOSE EMPLOYEES ARE COVERED BY THE PROGRAM. COST OF NET GAIN PURCHASE SELLING ASSETS FROM NUMBER OF SHARES PRICE PRICE SOLD SALE $ $ $ $ PURCHASED 1,588,901 36,338 SALES FOR DISTRIBUTION TO PARTICIPANTS FOR WITHDRAWALS 820,326 18,200 15,220 2,980 SALES FOR 401K EMPLOYEE LOANS - STOCK 254,295 5,787 5,498 289 17
INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Post- Effective Amendment No. 1 to Registration Statement No. 33- 32107 on Form S-3, Post-Effective Amendment No. 1 to Registration Statement No. 33-43636 on Form S-3, Post-Effective Amendment No. 1 to Registration Statement No. 33-49333 on Form S-8, Post Effective Amendment No. 1 to Registration Statement No. 33-55861 on Form S-3, Post-effective Amendment No. 2 on Registration No. 33-50571 on Form S-3 and Post-Effective Amendment No. 1 to Registration Statement No. 33-56923 on Form S- 8 of our report dated February 7, 1996 on the consolidated financial statements of SCANA Corporation incorporated by reference in this Amendment No. 2 to the Annual Report on Form 10-K of SCANA Corporation for the year ended December 31, 1995. We also consent to the incorporation by reference in Post- Effective Amendment No. 1 to Registration Statement No. 33- 32107 on Form S-3, Post-Effective Amendment No. 1 to Registration Statement No. 33-43636 on Form S-3, Post-Effective Amendment No. 1 to Registration Statement No. 33-49333 on Form S-8, Post Effective Amendment No. 1 to Registration Statement No. 33-55861 on Form S-3, Post-effective Amendment No. 2 on Registration No. 33-50571 on Form S-3 and Post-Effective Amendment No. 1 to Registration Statement No. 33-56923 on Form S- 8 of our report dated February 23, 1996 appearing with these financial statements of the SCANA Corporation Stock Purchase-Savings Plan for the year ended December 31, 1995 appearing in this Amendment No. 2 to the Annual Report of Form 10-K of SCANA Corporation for the year ended December 31, 1995. s/Deloitte & Touche LLP DELOITTE & TOUCHE LLP Columbia, South Carolina April 24, 1996 18 -----END PRIVACY-ENHANCED MESSAGE-----