U-3A-2 1 e-6365.txt FORM U-3A-2 OF PINNACLE WEST CAPITAL CORPORATION Adopted November 9, 1939 File No. 69-306 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 Pinnacle West Capital Corporation --------------------------------- (Name of Company) 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, 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. Pinnacle West Capital Corporation ("Claimant"), having been incorporated on February 20, 1985 under the laws of the State of Arizona, and having its principal executive offices at 400 East Van Buren, Suite 700, Phoenix, Arizona 85004, was organized principally to acquire and hold securities of other corporations for investment purposes. The following are the subsidiaries of the Claimant: a. Arizona Public Service Company ("APS" or the "Company"), is engaged principally in serving electricity in the State of Arizona. Incorporated in 1920 under the laws of the State of Arizona and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, APS became a subsidiary of the Claimant pursuant to a corporate restructuring plan approved by the Company's shareholders on April 18, 1985. (1) AXIOM Power Solutions, Inc. ("AXIOM") -- an Arizona corporation having been incorporated on October 29, 1996 and having its principal executive offices at 400 E. Van Buren, Phoenix, Arizona 85004, was organized primarily to sell security and energy management products and services. AXIOM is a wholly-owned subsidiary of APS. (2) Bixco, Inc. ("Bixco") -- an Arizona corporation having been incorporated on June 4, 1971 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized primarily to conduct exploration activities for energy resources and other valuable minerals. Subsequent to the sale of its oil and natural gas properties in 1981, Bixco has been inactive. Bixco is a wholly-owned subsidiary of APS. b. APS Energy Services Company, Inc. ("APSES") -- an Arizona corporation having been incorporated on November 6, 1998 and having its principal executive offices at 400 E. Van Buren, Phoenix, Arizona 85004, was organized primarily to sell energy, products and services. APSES is a wholly-owned subsidiary of the Claimant. c. SunCor Development Company ("SunCor") - an Arizona corporation having been incorporated on June 30, 1965 and having its principal executive offices at 3838 North Central Avenue, Suite 1500, 2 Phoenix, Arizona 85012, is a wholly-owned subsidiary of Claimant engaged primarily in the owning, holding and development of real property. (1) SunCor Golf, Inc. ("SunCor Golf") (previously named "SunCor Resort & Golf Management, Inc." and "SunCor Farms, Inc.") -- an Arizona corporation having been incorporated on December 31, 1986 and having its principal executive offices at 3838 North Central Avenue, Suite 1500, Phoenix, Arizona 85012, operates and manages golf, food and beverage for the Coral Canyon Golf Course, Sedona Golf Resort, SunRidge Canyon Golf Club, Sanctuary Golf Club at West World and Palm Valley Golf Club. SunCor Golf is a wholly-owned subsidiary of SunCor. (2) Litchfield Park Service Company ("LPSCO") -- an Arizona corporation having been incorporated on September 21, 1954 and having its principal executive offices at 111 West Wigwam Boulevard, Suite B, Litchfield Park, Arizona 85340, is a regulated public utility engaged in providing water and sewer services to commercial and residential customers. LPSCO became a wholly-owned subsidiary of SunCor on December 31,1986. (3) Golden Heritage Homes, Inc. ("Golden Heritage Homes") -- (previously named "SunCor Homes, Inc.", "LGR, Inc." and "WGP Realty, Inc.") an Arizona corporation having been incorporated on May 14, 1986 and having its principal executive offices at 7025 East Greenway Parkway, Suite 100, Scottsdale, Arizona 85254, builds and sells single family residential real property. Golden Heritage Homes is a wholly-owned subsidiary of SunCor. (4) Golden Heritage Construction, Inc. ("GH Construction") -- an Arizona corporation having been incorporated on December 30, 1993 and having its principal executive offices at 3838 North Central Avenue, Suite 1500, Phoenix, Arizona 85012, was organized to serve as a general residential contractor. GH Construction became a wholly-owned subsidiary of Golden Heritage Homes, Inc. on January 1, 1996. (5) SCM, Inc. ("SCM") -- an Arizona corporation having been incorporated on May 14, 1991 and having its principal executive offices at 3838 North Central Avenue, Suite 1500, Phoenix, Arizona 85012, was organized to participate in real 3 estate joint ventures and other real estate related activities. SCM is a wholly-owned subsidiary of SunCor. (6) Golf de Mexico, S.A. DE C.V. ("Golf de Mexico") -- a Mexican variable capital corporation having been incorporated on February 8, 1992 in Tijuana, Baja California, Mexico, and having its principal executive offices at 3838 North Central Avenue, Suite 1500, Phoenix, Arizona 85012, was organized to operate and manage the Real del Mar Golf Course in Mexico. Golf de Mexico has been inactive since 1997. (7) SunCor Realty & Management Company ("SunCor Realty") -- (previously named Russell Ranch Development Company) an Arizona corporation having been incorporated on April 1, 1994 and having its principal executive offices at 3838 North Central Avenue, Suite 1500, Phoenix, Arizona 85012 was organized to participate in real estate management and other real estate related activities. SunCor Realty is a wholly-owned subsidiary of SunCor. (8) Palm Valley Golf Club, Inc. ("Palm Valley Golf") -- an Arizona corporation having been incorporated on January 23, 1996 and having its principal executive offices at 3838 North Central Avenue, Suite 1500, Phoenix, Arizona 85012, was organized to hold title to the Palm Valley Golf Course. Palm Valley Golf is a wholly-owned subsidiary of SunCor. (9) Rancho Viejo de Santa Fe, Inc. ("Rancho Viejo") -- a New Mexico corporation having been incorporated on March 18, 1996 and having its principal executive offices at 1590-B Pacheco Street, Santa Fe, New Mexico 87505, was organized to engage in real estate development in New Mexico. Rancho Viego is a wholly-owned subsidiary of SunCor. (10) Ranchland Utility Company ("Ranchland") -- a New Mexico corporation having been incorporated on September 5, 1997 and having its principal executive offices at 1590-B Pacheco Street, Santa Fe, New Mexico 87505 is a waste water utility. Ranchland is a wholly-owned subsidiary of Rancho Viejo. d. El Dorado Investment Company -- an Arizona corporation having been incorporated on July 27, 1983 and having its principal executive offices at 400 East Van Buren, Suite 800, Phoenix, Arizona 85004, is a 4 wholly-owned subsidiary of Claimant engaged primarily in the acquisition and holding of stocks and securities of other companies for investment purposes. e. Pinnacle West Energy Corporation ("PWEC") - an Arizona corporation having been incorporated on September 27, 1999, and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized primarily for the development, production and sale of wholesale energy. PWEC is a wholly-owned subsidiary of the Claimant. 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. Neither the Claimant nor any of its subsidiaries own property used for the production, transmission and distribution of natural or manufactured gas. APS, a "public utility company" as that term is defined in the Public Utility Holding Company Act of 1935, is the only one of Claimant's subsidiaries that owns property used for the generation, transmission and distribution of electric energy for sale. Exhibit D attached hereto shows the location of APS' major generating plants (including those owned jointly with others), principal transmission lines (including those operated for others) and interconnections of transmission lines with out-of-state utilities at state lines. All of such facilities, except the Four Corners Generating Station ("Four Corners"), and all of APS' distribution facilities, are located within the State of Arizona. Four Corners is a mine-mouth power plant, located in the northwest corner of New Mexico, near the city of Farmington, approximately 40 miles east of the Arizona-New Mexico border. 5 APS' present generating facilities have an accredited capacity aggregating 3,987,300 kilowatts, comprised as follows: Coal: Capacity (kW) ---------- Units 1, 2 and 3 at Four Corners, aggregating................................................... 560,000 15% owned Units 4 and 5 at Four Corners, representing.................................................. 222,000 Units 1, 2, and 3 at the Cholla Plant, aggregating................................................... 615,000 14% owned Units 1, 2 and 3 at the Navajo Plant, representing........................................... 315,000 ---------- 1,712,000 ========== Gas or Oil: Two steam units at Ocotillo and two steam units at Saguaro, aggregating................................. 435,000(1) Eleven combustion turbine units, aggregating................................................... 493,000 Three combined cycle units, aggregating................................................... 255,000 ---------- 1,183,000 ========== Nuclear: 29.1 % owned or leased Units 1, 2 and 3 at Palo Verde, representing 1,086,300 ========== Hydro and Solar 6,000 ========== ---------- (1) West Phoenix steam units (108,300 kw) are currently mothballed. APS' transmission facilities consist of approximately 4,855 pole miles of overhead lines and approximately 20 miles of underground lines, all of which are located within the State of Arizona. APS' distribution facilities consist of approximately 11,681 pole miles of overhead lines and approximately 11,331 miles of underground lines, all of which are located within the State of Arizona. 6 3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES: (DATA IS NOT MAINTAINED IN A FORMAT IDENTIFYING THE STATE IN WHICH THE SALES AND PURCHASES ARE MADE OR THE AMOUNT OF THEIR ASSOCIATED REVENUES OR EXPENSES.) a. NUMBER OF KWH OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE), AND MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL. 44,531,881,000 kwh of electric energy sold at wholesale or retail 0 Mcf. of natural or manufactured gas distributed at wholesale or retail 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. 63,234,000 kwh of electric energy was distributed at retail outside Arizona 0 Mcf. of natural or manufactured gas distributed at retail outside Arizona 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. 1,663,868,000 kwh of electric energy was sold at wholesale outside Arizona or at state line (excluding power marketing activities). 2,444,508 Mcf. of natural or manufactured gas sold at wholesale outside Arizona or at state line (excluding power marketing activities). 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. 1,149,715,000 kwh of electric energy was purchased outside Arizona or at state line (excluding power marketing activities). 7 30,143,707 Mcf. of natural or manufactured gas purchased outside Arizona or at state line (excluding power marketing activities). 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: The Claimant holds no interest, direct or indirect, in an EWG or a foreign utility company. 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. Not applicable. b. NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST HELD. Not applicable. 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. Not applicable. d. CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY DURING THE REPORTING PERIOD. Not applicable. 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). Not applicable. 8 EXHIBIT A A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE CLAIMANT AND ITS SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR, TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND ITS SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH CALENDAR YEAR. Exhibit A hereto includes consolidating statements of income and consolidating balance sheets for the Claimant and the following of its subsidiaries: Arizona Public Service Company, SunCor Development Company, El Dorado Investment Company, APS Energy Services Company, Inc. and Pinnacle West Energy Corporation. Subsidiaries have been consolidated for financial reporting purposes in accordance with Statement of Financial Accounting Standards No. 94, Consolidation of All Majority-Owned Subsidiaries. Also included are consolidating statements of income and consolidating balance sheets for SunCor Development Company and its subsidiaries. 9 EXHIBIT B FINANCIAL DATA STATEMENT IF, AT THE TIME A REPORT ON THIS FORM IS FILED, THE REGISTRANT IS REQUIRED TO SUBMIT THIS REPORT AND ANY AMENDMENTS THERETO ELECTRONICALLY VIA EDGAR, THE REGISTRANT SHALL FURNISH A FINANCIAL DATA SCHEDULE. THE SCHEDULE SHALL SET FORTH THE FINANCIAL AND OTHER DATA SPECIFIED BELOW THAT ARE APPLICABLE TO THE REGISTRANT ON A CONSOLIDATED BASIS. 1. TOTAL ASSETS. 2. TOTAL OPERATING REVENUES. 3. NET INCOME. See Exhibit B hereto. 10 EXHIBIT C AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR FOREIGN UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING-COMPANY SYSTEM. Not applicable. 11 EXHIBIT D In accordance with Item 304 of Regulation S-T of the Securities Exchange Act of 1934, APS' Service Territory map contained as Exhibit D to this Form U-3A-2 is a map of the State of Arizona showing APS' service area, the location of its major power plants and principal transmission lines, and the location of transmission lines operated by APS for others. The major power plants shown on such map are the Navajo Generating Station located in Coconino County, Arizona; the Four Corners Power Plant located near Farmington, New Mexico; the Cholla Power Plant, located in Navajo County, Arizona; the Yucca Power Plant, located near Yuma, Arizona; and the Palo Verde Nuclear Generating Station, located about 55 miles west of Phoenix, Arizona (each of which plants is reflected on such map as being jointly owned with other utilities), as well as the Ocotillo Power Plant and West Phoenix Power Plant, each located near Phoenix, Arizona, and the Saguaro Power Plant, located near Tucson, Arizona. APS' major transmission lines shown on such map are reflected as running between the power plants named above and certain major cities in the State of Arizona. The transmission lines operated for others shown on such map are reflected as running from the Four Corners Plant through a portion of northern Arizona to the California border. 12 The above-named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 28th day of February, 2001. Pinnacle West Capital corporation ---------------------------------------- (Name of Claimant) By Barbara M. Gomez ------------------------------------- Barbara M. Gomez Treasurer [CORPORATE SEAL] Attest: Betsy A. Pregulman ----------------------------------- Betsy A. Pregulman Associate Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: Barbara M. Gomez Treasurer ---------------- --------- (Name) (Title) 400 North Fifth Street, Station 9996, Phoenix, Arizona 85004 ------------------------------------------------------------ (Address) 13 PINNACLE WEST CAPITAL CORPORATION EXHIBIT B FINANCIAL DATA SCHEDULE HOLDING COMPANY REPORT 12/31/00 The Claimant submits the following consolidated financial information: 1 Total Assets: $ 7,149,151 2 Total Operating Revenues: $ 3,690,175 3 Net Income: $ 302,332 PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING BALANCE SHEET (unaudited) December 31, 2000 (THOUSANDS OF DOLLARS)
PWCC APS PWMT SUNCOR ELDO PWE ---------- ---------- --------- --------- --------- --------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,330 $ 2,609 $ 175 $ 5,149 $ 247 $ 73 Customer and other receivables - net 234,761 468,343 45,907 5,418 182 8,669 Accrued utility revenue 74,566 Materials and supplies 71,966 Fossil fuel 19,405 Deferred income taxes 5,793 Other current assets 6,692 55,920 34,439 2 ---------- ---------- --------- --------- --------- --------- Total current assets 242,783 698,602 46,082 45,006 429 8,744 ---------- ---------- --------- --------- --------- --------- INVESTMENTS AND OTHER ASSETS Real estate investments, net (cap interest) 1145.1 372,103 Other assets 2,478,599 269,678 7,413 20,999 ---------- ---------- --------- --------- --------- --------- Total investments and other 2,478,599 269,678 379,516 20,999 ---------- ---------- --------- --------- --------- --------- PROPERTY, PLANT AND EQUIPMENT Plant in service 7,805,025 Nuclear Fuel 47,389 Construction work in progress 245,749 20 218,663 ---------- ---------- --------- --------- --------- --------- Total 8,098,163 20 218,663 Less accumulated depreciation and amortization 3,187,328 ---------- ---------- --------- --------- --------- --------- Net Property, Plant and Equipment 4,910,835 20 218,663 ---------- ---------- --------- --------- --------- --------- DEFERRED DEBITS Deferred income taxes 26,920 Regulatory asset for income taxes Regulatory assets 469,867 Other deferred debits 50,733 192 10,464 1,140 ---------- ---------- --------- --------- --------- --------- Total deferred debits 520,600 192 37,384 1,140 ---------- ---------- --------- --------- --------- --------- TOTAL ASSETS $2,721,382 $6,399,715 $ 46,294 $ 461,906 $ 21,428 $ 228,547 ========== ========== ========= ========= ========= ========= *ELIMINATIONS AND ADJUSTING ENTRIES* ENERGY ------------------------- SERVICES DEBIT CREDIT TOTAL --------- --------- ---------- ---------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 780 $ 10,363 Customer and other receivables - net 15,265 $ 264,723(b) 513,822 Accrued utility revenue 74,566 Materials and supplies 71,966 Fossil fuel 19,405 Deferred income taxes 5,793 Other current assets 945 97,998 --------- --------- ---------- ---------- Total current assets 16,990 264,723 793,913 --------- --------- ---------- ---------- INVESTMENTS AND OTHER ASSETS Real estate investments, net (cap interest) 1145.1 $ 4,849 (f) 5,629(e) 371,323 Other assets 2,199 2,460,639(a,f,h) 318,249 --------- --------- ---------- ---------- Total investments and other 2,199 4,849 2,466,268 689,572 --------- --------- ---------- ---------- PROPERTY, PLANT AND EQUIPMENT Plant in service 4,541 7,809,566 Nuclear Fuel 47,389 Construction work in progress 108 464,540 --------- --------- ---------- ---------- Total 4,649 8,321,495 Less accumulated depreciation and amortization 974 3,188,302 --------- --------- ---------- ---------- Net Property, Plant and Equipment 3,675 5,133,193 --------- --------- ---------- ---------- DEFERRED DEBITS Deferred income taxes 26,920(o) Regulatory asset for income taxes Regulatory assets 469,867 Other deferred debits 77(h) 62,606 --------- --------- ---------- ---------- Total deferred debits 77 26,920 532,473 --------- --------- ---------- ---------- TOTAL ASSETS $ 22,864 $ 4,926 $2,757,911 $7,149,151 ========= ========= ========== ==========
PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING BALANCE SHEET December 31, 2000 (THOUSANDS OF DOLLARS)
PWCC APS PWMT SUNCOR ELDO PWE ---------- ---------- ---------- ---------- ---------- ---------- LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 12,609 $ 267,999 $ 51,033 $ 15,211 $ 129 $ 13,372 Accrued taxes 106,515 (1,870) 3,228 Accrued interest 2,647 39,488 819 Short-term borrowings 82,100 Current maturities of long-term debt 213,000 250,266 203 Customer Deposits 24,498 1,691 Other current liabilities 30,192 142,126 5,936 157 201,990 ---------- ---------- ---------- ---------- ---------- ---------- Total current liabilities 258,448 912,992 49,163 23,860 3,514 215,362 ---------- ---------- ---------- ---------- ---------- ---------- NON-CURRENT LIABILITIES Long-term debt less current maturities 25,000 1,806,908 123,175 ---------- ---------- ---------- ---------- ---------- ---------- Total 25,000 1,806,908 123,175 ---------- ---------- ---------- ---------- ---------- ---------- DEFERRED CREDITS AND OTHER Deferred income taxes 39,318 1,110,437 1,546 Unamortized gain 68,636 Other 15,902 380,974 6,686 ---------- ---------- ---------- ---------- ---------- ---------- Total deferred credits 55,220 1,560,047 6,686 1,546 ---------- ---------- ---------- ---------- ---------- ---------- COMMITMENTS AND CONTINGENCIES (NOTE) MINORITY INTERESTS: Non-Redeemable preferred stock of APS ---------- ---------- ---------- ---------- ---------- ---------- Redeemable preferred stock of APS ---------- ---------- ---------- ---------- ---------- ---------- Joint Ventures of SunCor 5,629 ---------- ---------- ---------- ---------- ---------- ---------- COMMON STOCK EQUITY: Common stock 2,005,932 1,424,966 356,391 14,046 15,626 Accumulated deficit 376,782 694,802 (2,869) (53,835) 2,322 (2,441) ---------- ---------- ---------- ---------- ---------- ---------- Total 2,382,714 2,119,768 (2,869) 302,556 16,368 13,185 ---------- ---------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND EQUITY $2,721,382 $6,399,715 $ 46,294 $ 461,906 $ 21,428 $ 228,547 ========== ========== ========== ========== ========== ========== *ELIMINATIONS* ENERGY --------------------------- ---------- SERVICES DEBIT CREDIT TOTAL ---------- ---------- ---------- ---------- LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 15,472 $ 20(I,p) $ 375,805 Accrued taxes 12 18,659(k) $ 20(i) 89,246 Accrued interest 42,954 Short-term borrowings 675 (m) 82,775 Current maturities of long-term debt 463,469 Customer Deposits 26,189 Other current liabilities 269,541(b,g) 110,860 ---------- ---------- ---------- ---------- Total current liabilities 16,159 288,220 20 1,191,298 ---------- ---------- ---------- ---------- NON-CURRENT LIABILITIES Long-term debt less current maturities 1,955,083 Other liabilites ---------- ---------- ---------- ---------- Total 1,955,083 ---------- ---------- ---------- ---------- DEFERRED CREDITS AND OTHER Deferred income taxes (8,261)(k,o) 1,143,040 Unamortized gain 68,636 Other 4,818(g) 408,380 ---------- ---------- ---------- ---------- Total deferred credits (3,443) 1,620,056 ---------- ---------- ---------- ---------- COMMITMENTS AND CONTINGENCIES (NOTE) MINORITY INTERESTS: Non-Redeemable preferred stock of APS ---------- ---------- ---------- ---------- Redeemable preferred stock of APS ---------- ---------- ---------- ---------- Joint Ventures of SunCor 5,629(e) ---------- ---------- ---------- ---------- COMMON STOCK EQUITY: Common stock 29,060 2,313,190(a) 1,532,831 Accumulated deficit (22,355) (142,523)(a) 849,883 ---------- ---------- ---------- ---------- Total 6,705 2,313,190 (142,523) 2,382,714 ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND EQUITY $ 22,864 $2,607,039 $ (145,946) $7,149,151 ========== ========== ========== ==========
ADJUSTING AND ELIMINATION ENTRIES DECEMBER 31, 2000 (a) Common stock $2,313,190 Accumulated deficit $ (142,523) Other investments 2,455,713 To eliminate PNW investment in subsidiaries Common Earnings/ Stock Dividends Total ---------- ---------- ---------- APS $1,898,067 $ 221,701 $2,119,768 Power Marketing (2,869) (2,869) Pinnacle West Energy 15,626 (2,441) 13,185 Energy Services 29,060 (22,355) 6,705 SunCor 356,391 (53,835) 302,556 El Dorado 14,046 2,322 16,368 ---------- ---------- ---------- Total $2,313,190 $ 142,523 $2,455,713 ========== ========== ========== (b) Other current liabilities $ 264,723 Customer and other receivables - net $ 264,723 To eliminate intercompany receivables/payables between all entities Intercompany Intercompany Receivables Payables ---------- ---------- Pinnacle West CC $ 236,628 $ 236,628 APS 24,463 24,463 Pinnacle West Energy 1,086 1,086 Energy Services 488 488 Power Marketing 1,484 1,484 Palo Verde (50) 497 497 Four Corners (10) 47 47 Cholla (30) 30 30 ---------- ---------- Total $ 264,723 $ 264,723 ========== ========== (e) Minority interest $ 5,629 Real estate investments - net $ 5,629 To eliminate minority interest of SunCor JV partners (f) Real estate investments - net $ 4,849 Other - assets $ 4,849 To reclass PNW capitalized interest related to SunCor (1145.1) (g) Other current liabilities $ 4,818 Other deferred credits $ 4,818 To reclass PNW deferred comp to long-term (2085) (h) Other deferred debits $ 77 Other - assets $ 77 To relcass PNW unamortized debt to long-term (1130-1131) Page 1 of 2 ADJUSTING AND ELIMINATION ENTRIES DECEMBER 31, 2000 (i) Accounts payable $ 20 Accrued taxes $ 20 To reclass PNW property tax (2002.1) (k) Accrued taxes $ 18,659 Other deferred debits $ 18,659 To reclass PNW accrued taxes (2090) (o) Deferred income taxes-current portion $ -- Deferred income taxes-noncurrent portion 26,920 Deferred income taxes $ 26,920 Page 2 of 2 PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING INCOME STATEMENT (unaudited) FOR THE PERIODS ENDED DECEMBER 31, (THOUSANDS OF DOLLARS)
PWCC APS PWMT SUNCOR ELDO ----------- ----------- ----------- ----------- ----------- OPERATING REVENUES: Electric $ 3,480,252 $ 52,337 Real Estate $ 158,365 ----------- ----------- ----------- ----------- ----------- Total -- 3,480,252 52,337 158,365 -- ----------- ----------- ----------- ----------- ----------- FUEL EXPENSES: Fuel for electric generation 333,265 -- Purchased power 1,547,464 54,054 ----------- ----------- ----------- ----------- ----------- Total -- 1,880,729 54,054 -- -- ----------- ----------- ----------- ----------- ----------- OPERATING EXPENSES: Utility operations and maintenance 430,696 3,016 Real estate operations 134,279 Depreciation and amortization $ 266 388,660 6 4,657 -- Taxes other than income taxes 99,730 -- ----------- ----------- ----------- ----------- ----------- Total 266 919,086 3,022 138,936 -- ----------- ----------- ----------- ----------- ----------- OPERATING INCOME (266) 680,437 (4,739) 19,429 -- ----------- ----------- ----------- ----------- ----------- OTHER INCOME (DEDUCTIONS): Energy Services -- -- Interest on long-term debt (11,472) (134,431) -- (10,672) -- Other interest (1,012) (14,352) -- -- -- Capitalized interest 31 10,894 -- 6,202 -- Preferred stock dividend requirements -- -- Other, net 305,998 (10,637) -- 4,343 3,677 ----------- ----------- ----------- ----------- ----------- Total 293,545 (148,526) -- (127) 3,677 ----------- ----------- ----------- ----------- ----------- Income from continuing operations b4 income taxes 293,279 531,911 (4,739) 19,302 3,677 Income Tax Expense (Benefit) (9,053) 225,317 (1,870) 7,764 1,694 ----------- ----------- ----------- ----------- ----------- Income from continuing operations 302,332 306,594 (2,869) 11,538 1,983 Extraordinary charge -- -- discontinued operations -- Accounting change -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- NET INCOME (L0SS) $ 302,332 $ 306,594 $ (2,869) $ 11,538 $ 1,983 =========== =========== =========== =========== =========== ADJUSTMENTS & ELIMINATIONS ENERGY -------------------------------- PWE SERVICES DEBIT CREDIT TOTAL ----------- ----------- ----------- ----------- ----------- OPERATING REVENUES: Electric $ 24,859 $ 25,638(f) $ 3,531,810 Real Estate 158,365 ----------- ----------- ----------- ----------- ----------- Total 24,859 25,638 -- 3,690,175 ----------- ----------- ----------- ----------- ----------- FUEL EXPENSES: Fuel for electric generation 333,265 Purchased power 25,638 25,638(f) 1,601,518 ----------- ----------- ----------- ----------- ----------- Total 25,638 -- 25,638 1,934,783 ----------- ----------- ----------- ----------- ----------- OPERATING EXPENSES: Utility operations and maintenance 2,441 14,656 450,809 Real estate operations 143(b) -- 134,422 Depreciation and amortization 821 394,410 Taxes other than income taxes 50(c) 99,780 ----------- ----------- ----------- ----------- ----------- Total 2,441 15,477 193 -- 1,079,421 ----------- ----------- ----------- ----------- ----------- OPERATING INCOME (2,441) (16,256) 25,445 (25,638) 675,971 ----------- ----------- ----------- ----------- ----------- OTHER INCOME (DEDUCTIONS): Energy Services Interest on long-term debt 159(h) (156,416) Other interest (4,487) (24) 5,052(e,g) (14,823) Capitalized interest 4,487 24 21,638 Preferred stock dividend requirements Other, net 3,090 306,850(a,e,g,h) 193(b,c) (186) ----------- ----------- ----------- ----------- ----------- Total -- 3,090 306,850 5,404 (149,787) ----------- ----------- ----------- ----------- ----------- Income from continuing operations b4 income taxes (2,441) (13,166) 281,405 (20,234) 526,184 Income Tax Expense (Benefit) 223,852 ----------- ----------- ----------- ----------- ----------- Income from continuing operations (2,441) (13,166) 281,405 (20,234) 302,332 Extraordinary charge discontinued operations Accounting change -- -- ----------- ----------- ----------- ----------- ----------- NET INCOME (L0SS) $ (2,441) $ (13,166) $ 281,405 $ (20,234) $ 302,332 =========== =========== =========== =========== ===========
ADJUSTING AND ELIMINATING ENTRIES FOR THE PERIODS ENDED DECEMBER 31, (a) Other - net (Subs income) $ 301,639 Retained Earnings $ 301,639 To eliminate PWCC Equity in earnings from subsidiairies PWCC ---------- APS $ 306,594 PWMT $ (2,869) Pinnacle West Energy (2,441) Energy Services (13,166) SunCor 11,538 El Dorado 1,983 ---------- Total $ 301,639 ========== (b) Real Estate Operations $ 143 Interest Expense (PWCC) 5849.0097 $ 143 To reclass Capitalized Interest for SunCor Land Sales. (c) Taxes other than income taxes $ 50 Other - net $ 50 To reclass PNW property taxes (650051) (e) Other, net (El Dorado interest income) $ 542 Other interest $ 542 To eliminate interest on ELD loan to PNW (650095) (f) Electricity Sales $ 25,638 Purchased Power $ 25,638 To eliminate sales from APS to APSES NOTE: As of July APSES is purchasing all power from SRP, in the future they will resume purchasing power from APS and we will have to eliminate. (g) Interest Income - PNW $ 4,510 Interest Expense - PWE $ 4,510 To eliminate interest expense/income on loan from PNW to PWE (h) Interest Income - PNW $ 159 Interest Expense - Suncor $ 159 To eliminate interest expense/income on unpaid Suncor dividend Page 1 of 1 SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET (unaudited) 31-DEC-00
1000 SCOTT D. LENA M. PAUL N. 3500 ACCOUNT DESCRIPTION SUNCOR LPSCO RANCHLAND SASI SMLP ------------------- ------------ ------------ ------------ ------------ ------------ CURRENT ASSETS CASH AND SHORT TERM INVESTMENTS 5,402,595 897,193 395,400 300,904 260,662 ACCOUNTS RECEIVABLE 85,856 375,064 14,396 113,166 INTERCOMPANY ACCOUNTS: SASI LPSCO 15,731 CORAL CANYON 650,044 SMLP 12,492 PVGC CORAL CANYON GOLF CC DEVELOPMENT FROM CC GOLF COURSE WWOS (92,907) GOLDEN HERITAGE - GENERAL 129 2,634,962 SCM-GENERAL 129 6,881,947 HOMEBUILDING I/C INTEREST 12904 5,748,529 HOMEBUILDING CASH ADVANCES 5,184,808 COMMERCIAL - GENERAL SUNRIDGE - DEVELOPMENT 103,351 SUNRIDGE - GOLF 194,492 SEDONA - DEVELOPMENT 29,014 SEDONA - GOLF 134,069 CLUB WEST 221,941 WIGWAM RESORT 51,837 HFS FINANCIAL SERVICES 7,966 WESTWORLD DEVELOPMENT 450 SANCTUARY GOLF 144,333 INTEREST RECEIVABLE 350,634 NOTES RECEIVABLE 102,032 INVENTORIES PREPAID EXPENSES 22,211 HOME INVENTORY GOLDEN HERITAGE 6,888 HOME INVENTORY RANCHO VIEJO HOME INVENTORY CORAL CANYON ------------ ------------ ------------ ------------ ------------ TOTAL CURRENT ASSETS 27,893,276 1,272,257 409,797 414,070 260,662 LONG-TERM ASSETS DEVELOPMENT PROJECTS CORAL CANYON HIDDEN HILLS RANCHO VIEJO PALM VALLEY LITCHFIELD GREENS VILLAGE OF LITCHFIELD GREENS SCOTTSDALE MOUNTAIN 3,300,313 MARKETPLACE - AUTOPLEX TATUM RANCH 498,513 TALAVI WIGWAM OUTLET STORES GOLDEN HERITAGE BILTMORE ESTATES BLACK CANYON COMMERCE PARK OTHER COMMERCIAL LAND EQUITY INVESTMENTS: EQUITY IN CTRPT ASSOC-LLP INVEST IN HAYDEN FERRY LAKESIDE INVEST IN KYRENE ASSOCIATES LLC INVEST IN PV APARTMENTS (I & II) INVESTMENT IN SUNRIDGE CANYON LLC 1,431,298 INVESTMENT IN SEDONA GOLF LC 4,856,237 INVEST IN TALAVI ASSOCIATES LLC INVESTMENT IN SANCTUARY GOLF 3,734,146 INVESTMENT IN HFS MORTGAGE CONSOLIDATED ELIMINATING ENTITIES: INVEST IN KABUTO/SUNCOR JV 6,616,664 INVEST IN SCOTTS MTN LTD PART 2,307,567 INVEST IN GOLDEN HERITAGE 6,640,236 GOLDEN HERITAGE DUE DILIGENCE INVESTMENT IN SCM 517,850 INVESTMENT IN LPSCO 15,473,739 INVESTMENT IN SASI INVESTMENT IN PALM VALLEY 151,156,985 INVESTMENT IN PALM VALLEY GOLF 4,744,115 INVESTMENT IN CLUB WEST G.C. 3,259,883 PALM VALLEY GOLF CONTRIB. CAP 4,940,770 INVESTMENT IN CORAL CANYON GOLF (153,937) INVESTMENT IN RANCHO VIEJO 18,763,648 INVESTMENT IN RANCHLAND UTILITY (152,101) INVESTMENT IN HIDDEN HILLS 11,382,590 INVESTMENT IN CORAL CANYON 26,874,578 INVESTMENT IN FIDDLESTICKS-SCOTTS (2,571,350) INVESTMENT IN FIDDLESTICKS-TEMPE (404,512) INVESTMENT IN FUNTASTICKS 146,585 INVESTMENT IN GENERAL COMM OPS 82,369,699 INVESTMENT IN PV MARKETPLACE 3,473,608 INVESTMENT IN DYSART/MCDOWELL 872,112 INVESTMENT IN PV PAVILIONS 3,821,322 INVESTMENT IN PV CROSSING 1,306,479 INVESTMENT IN PALM VALLEY OFFICE PARK 247,225 INVESTMENT IN AUTOPLEX (148,809) INVESTMENT IN TALAVI (221,422) INVESTMENT IN METROCENTER 281,411 INVESTMENT IN RESTORATION PLACE (178,047) INVESTMENT IN LITCHFIELD PARK OPS 168,239 INVESTMENT IN LP PROF. PLAZA 6,876 INVESTMENT IN WWOS LLC (1,319,040) INVESTMENT IN APS PROPERTIES 422,040 INVESTMENT IN BLACK CANYON CP 741,506 COMMERCIAL PROPERTIES WWOS LONG-TERM NOTES RECEIVABLE 3,574,077 SDC PHASE I LAND NOTE TO WWOS 962,496 SDC PAYOFF OF WWOS RLC 10,000,000 SDC LOAN TO LPSCO 300,000 PROPERTY & EQUIPMENT, NET 770,821 36,696 DEFERRED ASSETS 5,314,755 321,468 33,279 DEFERRED INCOME TAXES 26,533,921 WATER & SEWER UTILITY PROP, NET 22,254,148 1,149,961 LPSCO RESTRICTED CASH FUNDS 2,394,649 RANCHO VIEJO RESTRICTED CASH FUNDS SCOTTSDALE MOUNTAIN RESTRICTED CASH FUNDS DEPOSITS ------------ ------------ ------------ ------------ ------------ TOTAL LONG-TERM ASSETS 399,362,773 24,970,265 1,183,240 36,696 3,300,313 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 427,256,049 26,242,522 1,593,036 450,766 3,560,975 ============ ============ ============ ============ ============ LINDA H. TONYA GAYE LYNN LARRY W. 5500 ACCOUNT DESCRIPTION PVGC CLUB WEST CC GOLF GHH PV ------------------- ------------ ------------ ------------ ------------ ------------ CURRENT ASSETS CASH AND SHORT TERM INVESTMENTS 43,711 131,857 38,384 89,108 (597,619) ACCOUNTS RECEIVABLE 30,741 11,879 12,927 708,060 (6,165) INTERCOMPANY ACCOUNTS: SASI LPSCO CORAL CANYON SMLP PVGC (4,940,770) CORAL CANYON GOLF (54,809) CC DEVELOPMENT FROM CC GOLF COURSE WWOS GOLDEN HERITAGE - GENERAL 129 (1,202,697) SCM-GENERAL 129 (6,881,947) HOMEBUILDING I/C INTEREST 12904 (5,748,529) HOMEBUILDING CASH ADVANCES COMMERCIAL - GENERAL SUNRIDGE - DEVELOPMENT SUNRIDGE - GOLF SEDONA - DEVELOPMENT SEDONA - GOLF CLUB WEST WIGWAM RESORT HFS FINANCIAL SERVICES WESTWORLD DEVELOPMENT SANCTUARY GOLF INTEREST RECEIVABLE NOTES RECEIVABLE INVENTORIES 87,838 81,616 52,335 PREPAID EXPENSES 42,756 7,315 200 24,342 HOME INVENTORY GOLDEN HERITAGE 30,168,781 HOME INVENTORY RANCHO VIEJO HOME INVENTORY CORAL CANYON ------------ ------------ ------------ ------------ ------------ TOTAL CURRENT ASSETS (4,735,724) 232,667 49,036 17,157,117 (603,783) LONG-TERM ASSETS DEVELOPMENT PROJECTS CORAL CANYON HIDDEN HILLS RANCHO VIEJO PALM VALLEY 153,033,673 LITCHFIELD GREENS 68,157 VILLAGE OF LITCHFIELD GREENS SCOTTSDALE MOUNTAIN MARKETPLACE - AUTOPLEX TATUM RANCH TALAVI WIGWAM OUTLET STORES GOLDEN HERITAGE BILTMORE ESTATES BLACK CANYON COMMERCE PARK OTHER COMMERCIAL LAND EQUITY INVESTMENTS: EQUITY IN CTRPT ASSOC-LLP INVEST IN HAYDEN FERRY LAKESIDE INVEST IN KYRENE ASSOCIATES LLC INVEST IN PV APARTMENTS (I & II) 275,488 INVESTMENT IN SUNRIDGE CANYON LLC INVESTMENT IN SEDONA GOLF LC INVEST IN TALAVI ASSOCIATES LLC INVESTMENT IN SANCTUARY GOLF INVESTMENT IN HFS MORTGAGE CONSOLIDATED ELIMINATING ENTITIES: INVEST IN KABUTO/SUNCOR JV INVEST IN SCOTTS MTN LTD PART INVEST IN GOLDEN HERITAGE GOLDEN HERITAGE DUE DILIGENCE INVESTMENT IN SCM INVESTMENT IN LPSCO INVESTMENT IN SASI 235,243 INVESTMENT IN PALM VALLEY INVESTMENT IN PALM VALLEY GOLF INVESTMENT IN CLUB WEST G.C. PALM VALLEY GOLF CONTRIB. CAP INVESTMENT IN CORAL CANYON GOLF INVESTMENT IN RANCHO VIEJO INVESTMENT IN RANCHLAND UTILITY INVESTMENT IN HIDDEN HILLS INVESTMENT IN CORAL CANYON INVESTMENT IN FIDDLESTICKS-SCOTTS INVESTMENT IN FIDDLESTICKS-TEMPE INVESTMENT IN FUNTASTICKS INVESTMENT IN GENERAL COMM OPS INVESTMENT IN PV MARKETPLACE INVESTMENT IN DYSART/MCDOWELL INVESTMENT IN PV PAVILIONS INVESTMENT IN PV CROSSING INVESTMENT IN PALM VALLEY OFFICE PARK INVESTMENT IN AUTOPLEX INVESTMENT IN TALAVI INVESTMENT IN METROCENTER INVESTMENT IN RESTORATION PLACE INVESTMENT IN LITCHFIELD PARK OPS INVESTMENT IN LP PROF. PLAZA INVESTMENT IN WWOS LLC INVESTMENT IN APS PROPERTIES INVESTMENT IN BLACK CANYON CP COMMERCIAL PROPERTIES 12,382,937 8,478,448 6,395,332 WWOS LONG-TERM NOTES RECEIVABLE 498,808 SDC PHASE I LAND NOTE TO WWOS SDC PAYOFF OF WWOS RLC SDC LOAN TO LPSCO PROPERTY & EQUIPMENT, NET 397,125 288,460 867,751 290,466 DEFERRED ASSETS 149,715 144,112 DEFERRED INCOME TAXES WATER & SEWER UTILITY PROP, NET LPSCO RESTRICTED CASH FUNDS RANCHO VIEJO RESTRICTED CASH FUNDS SCOTTSDALE MOUNTAIN RESTRICTED CASH FUNDS DEPOSITS 62,330 ------------ ------------ ------------ ------------ ------------ TOTAL LONG-TERM ASSETS 12,929,777 8,478,448 6,683,792 930,081 154,545,948 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 8,194,053 8,711,115 6,732,828 18,087,198 153,942,164 ============ ============ ============ ============ ============ 5501 3300 R. VIEJO 3900 ACCOUNT DESCRIPTION KABUTO JV COMM. H HILLS JOYCE L. C. CANYON ------------------- ------------ ------------ ------------ ------------ ------------ CURRENT ASSETS CASH AND SHORT TERM INVESTMENTS 5,182 (928,950) (101,122) (312,157) (475,687) ACCOUNTS RECEIVABLE 598,897 200,169 500,275 INTERCOMPANY ACCOUNTS: SASI LPSCO CORAL CANYON SMLP PVGC CORAL CANYON GOLF CC DEVELOPMENT FROM CC GOLF COURSE 6,840,673 WWOS GOLDEN HERITAGE - GENERAL 129 SCM-GENERAL 129 HOMEBUILDING I/C INTEREST 12904 HOMEBUILDING CASH ADVANCES COMMERCIAL - GENERAL SUNRIDGE - DEVELOPMENT SUNRIDGE - GOLF SEDONA - DEVELOPMENT SEDONA - GOLF CLUB WEST WIGWAM RESORT HFS FINANCIAL SERVICES WESTWORLD DEVELOPMENT SANCTUARY GOLF INTEREST RECEIVABLE NOTES RECEIVABLE 208,620 INVENTORIES 40,362 PREPAID EXPENSES 11,324 450 115,455 HOME INVENTORY GOLDEN HERITAGE HOME INVENTORY RANCHO VIEJO 4,430,162 HOME INVENTORY CORAL CANYON 2,449,435 ------------ ------------ ------------ ------------ ------------ TOTAL CURRENT ASSETS 5,182 (278,367) (101,122) 4,318,624 9,638,771 LONG-TERM ASSETS DEVELOPMENT PROJECTS CORAL CANYON 17,678,943 HIDDEN HILLS 17,088,092 RANCHO VIEJO 13,869,468 PALM VALLEY 15,792,205 LITCHFIELD GREENS VILLAGE OF LITCHFIELD GREENS 13,839,065 SCOTTSDALE MOUNTAIN MARKETPLACE - AUTOPLEX 4,913,292 TATUM RANCH TALAVI 782,548 WIGWAM OUTLET STORES GOLDEN HERITAGE BILTMORE ESTATES BLACK CANYON COMMERCE PARK 1,474,224 OTHER COMMERCIAL LAND 2,124,954 EQUITY INVESTMENTS: EQUITY IN CTRPT ASSOC-LLP 22,080,662 INVEST IN HAYDEN FERRY LAKESIDE 3,132,793 INVEST IN KYRENE ASSOCIATES LLC INVEST IN PV APARTMENTS (I & II) INVESTMENT IN SUNRIDGE CANYON LLC INVESTMENT IN SEDONA GOLF LC INVEST IN TALAVI ASSOCIATES LLC 2,500,094 INVESTMENT IN SANCTUARY GOLF INVESTMENT IN HFS MORTGAGE CONSOLIDATED ELIMINATING ENTITIES: INVEST IN KABUTO/SUNCOR JV INVEST IN SCOTTS MTN LTD PART INVEST IN GOLDEN HERITAGE GOLDEN HERITAGE DUE DILIGENCE INVESTMENT IN SCM INVESTMENT IN LPSCO INVESTMENT IN SASI INVESTMENT IN PALM VALLEY INVESTMENT IN PALM VALLEY GOLF INVESTMENT IN CLUB WEST G.C. PALM VALLEY GOLF CONTRIB. CAP INVESTMENT IN CORAL CANYON GOLF INVESTMENT IN RANCHO VIEJO INVESTMENT IN RANCHLAND UTILITY 1,109,212 INVESTMENT IN HIDDEN HILLS INVESTMENT IN CORAL CANYON INVESTMENT IN FIDDLESTICKS-SCOTTS INVESTMENT IN FIDDLESTICKS-TEMPE INVESTMENT IN FUNTASTICKS INVESTMENT IN GENERAL COMM OPS INVESTMENT IN PV MARKETPLACE INVESTMENT IN DYSART/MCDOWELL INVESTMENT IN PV PAVILIONS INVESTMENT IN PV CROSSING INVESTMENT IN PALM VALLEY OFFICE PARK INVESTMENT IN AUTOPLEX INVESTMENT IN TALAVI INVESTMENT IN METROCENTER INVESTMENT IN RESTORATION PLACE INVESTMENT IN LITCHFIELD PARK OPS INVESTMENT IN LP PROF. PLAZA INVESTMENT IN WWOS LLC INVESTMENT IN APS PROPERTIES INVESTMENT IN BLACK CANYON CP COMMERCIAL PROPERTIES 34,090,144 WWOS 13,806,739 LONG-TERM NOTES RECEIVABLE SDC PHASE I LAND NOTE TO WWOS SDC PAYOFF OF WWOS RLC SDC LOAN TO LPSCO PROPERTY & EQUIPMENT, NET 168,808 519,401 DEFERRED ASSETS 1,441,156 1,989 DEFERRED INCOME TAXES WATER & SEWER UTILITY PROP, NET 264,261 LPSCO RESTRICTED CASH FUNDS RANCHO VIEJO RESTRICTED CASH FUNDS 600,357 SCOTTSDALE MOUNTAIN RESTRICTED CASH FUNDS DEPOSITS ------------ ------------ ------------ ------------ ------------ TOTAL LONG-TERM ASSETS 13,839,065 102,138,809 17,088,092 16,012,106 18,200,333 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS 13,844,247 101,860,441 16,986,970 20,330,730 27,839,104 ============ ============ ============ ============ ============ CONSOLIDATING & ELIMINATING ENTRIES ------------------------------------------------------------ ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED ------------------- ----------------- ------------ ------- ------------ --------------- CURRENT ASSETS CASH AND SHORT TERM INVESTMENTS 5,149,460.86 ACCOUNTS RECEIVABLE Y 177,220 2,468,046.09 INTERCOMPANY ACCOUNTS: SASI 0.00 LPSCO H 15,731 0.00 CORAL CANYON X 650,044 0.00 SMLP J 12,492 0.00 PVGC N 4,940,770 0.00 CORAL CANYON GOLF AA 54,809 0.00 CC DEVELOPMENT FROM CC GOLF COURSE AA 6,840,673 0.00 WWOS Q 92,907 0.00 GOLDEN HERITAGE - GENERAL 129 A 1,202,697 A 2,634,962 0.00 SCM-GENERAL 129 6,881,947 A 6,881,947 0.00 HOMEBUILDING I/C INTEREST 12904 C 5,748,529 C 5,748,529 0.00 HOMEBUILDING CASH ADVANCES B 5,184,808 0.00 COMMERCIAL - GENERAL 0.00 SUNRIDGE - DEVELOPMENT 103,350.90 SUNRIDGE - GOLF 194,492.38 SEDONA - DEVELOPMENT 29,013.66 SEDONA - GOLF 134,068.70 CLUB WEST Z 221,941 0.00 WIGWAM RESORT 51,837.48 HFS FINANCIAL SERVICES 7,965.90 WESTWORLD DEVELOPMENT 450.00 SANCTUARY GOLF 144,332.99 INTEREST RECEIVABLE P 96,097 254,536.60 NOTES RECEIVABLE 310,652.44 INVENTORIES 262,150.82 PREPAID EXPENSES 224,052.95 HOME INVENTORY GOLDEN HERITAGE E 3,101,379 27,074,290.21 HOME INVENTORY RANCHO VIEJO 4,430,162.42 HOME INVENTORY CORAL CANYON 2,449,435.00 0.00 ------------ ------------ --------------- TOTAL CURRENT ASSETS 18,921,661 31,565,823 43,288,299.40 LONG-TERM ASSETS DEVELOPMENT PROJECTS CORAL CANYON 17,678,943.00 HIDDEN HILLS T 4,474,530 12,613,561.57 RANCHO VIEJO 13,869,468.43 PALM VALLEY 168,825,877.83 LITCHFIELD GREENS 68,156.70 VILLAGE OF LITCHFIELD GREENS 13,839,064.56 SCOTTSDALE MOUNTAIN 3,300,312.71 MARKETPLACE - AUTOPLEX 4,913,291.55 TATUM RANCH 498,513.15 TALAVI 782,547.91 WIGWAM OUTLET STORES 0.00 GOLDEN HERITAGE 0.00 BILTMORE ESTATES 0.00 BLACK CANYON COMMERCE PARK 1,474,223.57 OTHER COMMERCIAL LAND 2,124,953.97 EQUITY INVESTMENTS: 0.00 EQUITY IN CTRPT ASSOC-LLP 22,080,661.88 INVEST IN HAYDEN FERRY LAKESIDE 3,132,792.60 INVEST IN KYRENE ASSOCIATES LLC 0.00 INVEST IN PV APARTMENTS (I & II) 275,488.32 INVESTMENT IN SUNRIDGE CANYON LLC 1,431,298.36 INVESTMENT IN SEDONA GOLF LC 4,856,237.26 INVEST IN TALAVI ASSOCIATES LLC 2,500,094.19 INVESTMENT IN SANCTUARY GOLF 3,734,146.32 INVESTMENT IN HFS MORTGAGE 0.00 CONSOLIDATED ELIMINATING ENTITIES: 0.00 INVEST IN KABUTO/SUNCOR JV R 9,610,458 (2,993,794.72) INVEST IN SCOTTS MTN LTD PART I 20,413,693 I 22,727,157 (5,896.38) INVEST IN GOLDEN HERITAGE - D 6,640,236 0.00 GOLDEN HERITAGE DUE DILIGENCE 0.00 INVESTMENT IN SCM D 517,850 0.00 INVESTMENT IN LPSCO F 15,087,805 385,934.07 INVESTMENT IN SASI L 650,000 L 885,243 0.00 INVESTMENT IN PALM VALLEY - V 151,156,985 0.00 INVESTMENT IN PALM VALLEY GOLF M 1,414,058 M 6,158,173 0.00 INVESTMENT IN CLUB WEST G.C. Z 182,143 Z 3,442,026 0.00 PALM VALLEY GOLF CONTRIB. CAP N 4,940,770 0.00 INVESTMENT IN CORAL CANYON GOLF AA 208,746 AA 54,809 0.00 INVESTMENT IN RANCHO VIEJO U 18,763,648 0.00 INVESTMENT IN RANCHLAND UTILITY Y 152,101 Y 1,109,212 0.00 INVESTMENT IN HIDDEN HILLS T 11,382,590 0.00 INVESTMENT IN CORAL CANYON W 199,345 W 27,073,923 0.00 INVESTMENT IN FIDDLESTICKS-SCOTTS S 4,393,865 S 1,822,515 0.00 INVESTMENT IN FIDDLESTICKS-TEMPE S 1,708,971 S 1,304,459 0.00 INVESTMENT IN FUNTASTICKS S 475,282 S 621,867 0.00 INVESTMENT IN GENERAL COMM OPS S 82,369,699 0.00 INVESTMENT IN PV MARKETPLACE S 3,473,608 0.00 INVESTMENT IN DYSART/MCDOWELL S 872,112 0.00 INVESTMENT IN PV PAVILIONS S 3,821,322 0.00 INVESTMENT IN PV CROSSING S 1,306,479 0.00 INVESTMENT IN PALM VALLEY OFFICE PARK S 247,225 0.00 INVESTMENT IN AUTOPLEX S 148,809 0.00 INVESTMENT IN TALAVI S 221,422 0.00 INVESTMENT IN METROCENTER S 281,411 0.00 INVESTMENT IN RESTORATION PLACE S 178,047 0.00 INVESTMENT IN LITCHFIELD PARK OPS S 168,239 0.00 INVESTMENT IN LP PROF. PLAZA S 6,876 0.00 INVESTMENT IN WWOS LLC S 1,319,040 0.00 INVESTMENT IN APS PROPERTIES S 422,040 0.00 INVESTMENT IN BLACK CANYON CP S 741,506 0.00 COMMERCIAL PROPERTIES 61,346,861.38 WWOS 13,806,738.53 LONG-TERM NOTES RECEIVABLE 4,072,885.45 SDC PHASE I LAND NOTE TO WWOS P 962,496 0.00 SDC PAYOFF OF WWOS RLC P 10,000,000 0.00 SDC LOAN TO LPSCO G 300,000 0.00 PROPERTY & EQUIPMENT, NET 3,339,527.65 DEFERRED ASSETS 7,406,474.15 DEFERRED INCOME TAXES 26,533,921.39 WATER & SEWER UTILITY PROP, NET 23,668,369.51 LPSCO RESTRICTED CASH FUNDS 2,394,648.90 RANCHO VIEJO RESTRICTED CASH FUNDS 600,356.97 SCOTTSDALE MOUNTAIN RESTRICTED CASH FUNDS 0.00 0.00 DEPOSITS 62,330.00 ------------ ------------ --------------- TOTAL LONG-TERM ASSETS 31,665,522 392,747,268 418,617,990.78 ------------ ------------ --------------- TOTAL ASSETS 50,587,183 424,313,091 461,906,290.18 ============ ============ ===============
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET 31-DEC-00
1000 SCOTT D. LENA M. PAUL N. 3500 ACCOUNT DESCRIPTION SUNCOR LPSCO RANCHLAND SASI SMLP ------------------- ------------ ------------ ------------ ------------ ------------ LIABILITIES: CURRENT LIABILITIES A/P & RETENTION 112,349 432,083 (43) 39,817 5,066 ACCRUED LIABILITIES 4,629,880 944,416 403 133,843 10,676 INTERCOMPANY ACCOUNTS: LPSCO - SDC 15,731 SMLP - SDC 12,492 SCM-SDC CASH ADVANCES 267 GH-SDC INTERCO CAPITAL 265 WWOS-SDC CLUB WEST CORAL CANYON CC GOLF COURSE TO CC DEVELOPMENT RANCHLAND-RANCHO VIEJO 176,174 INTEREST PAYABLE 818,757 S/T NOTES PAYABLE $45 MILLION TERM LOAN $55 MILLION RLC TEXTRON LOAN - PVGC DEF PROFIT & UNEARNED REVENUE 3,101,379 PWCC INTERCO PAYABLE 210,445 APS LAND INTERCO PAYABLE CUSTOMER DEPOSITS 41,864 ------------ ------------ ------------ ------------ ------------ 8,872,810 1,392,229 176,534 215,524 28,234 LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE WWOS OWES SDC PH I LAND NOTE WWOS RLC PAYOFF BY SDC CORPORATE TERM NOTE CORPORATE RLC 110,000,000 LPSCO BONDS 5,215,000 TEXTRON LOAN - PVGC LOAN - CLUB WEST PENSION LIABILITY - SUNCOR 5,415,169 PENSION LIABILITY - WIGWAM RESORT 310,840 OTHER ACCRUED LIABILITIES 102,085 432,965 113,584 DEFERRED TAXES 17,613 LONG-TERM CUSTOMER DEPOSITS 3,796,171 346,275 CONTRIB PROPERTY AIA ------------ ------------ ------------ ------------ ------------ TOTAL L/T LIABILITIES 115,828,094 9,461,749 459,859 0 0 ------------ ------------ ------------ ------------ ------------ TOTAL LIABILITIES 124,700,904 10,853,978 636,393 215,524 28,234 MINORITY INTEREST SDC COMMON STOCK 1,022,000 SDC ADDITIONAL PAID IN CAPITAL 355,368,522 SDC EARNED SURPLUS-BEGINNING (65,374,629) SDC EARNED SURPLUS-CURRENT 11,539,252 SUBSIDIARY EARNINGS-CURRENT 365,082 (60,243) (76,048) 45,973 SUBSIDIARY EQUITY: LPSCO 15,023,462 SASI 311,291 SMLP #3500 3,486,768 PVGC CLUB WEST HOMEBUILDING PALM VALLEY #5500 KABUTO JV #3000 COMMERCIAL PROPERTIES #2000 HIDDEN HILLS #3300 RANCHO VIEJO #6600 RANCHLAND UTILITY 1,016,886 CORAL CANYON #3900 ------------ ------------ ------------ ------------ ------------ TOTAL EQUITY 302,555,145 15,388,544 956,643 235,243 3,532,741 ------------ ------------ ------------ ------------ ------------ TOTAL LIABS AND EQUITY 427,256,049 26,242,522 1,593,036 450,767 3,560,975 ============ ============ ============ ============ ============ LINDA H. TONYA GAYE LYNN LARRY W. 5500 ACCOUNT DESCRIPTION PVGC CLUB WEST CC GOLF GHH PV ------------------- ------------ ------------ ------------ ------------ ------------ LIABILITIES: CURRENT LIABILITIES A/P & RETENTION 73,611 50,836 30,267 2,616,983 441,477 ACCRUED LIABILITIES 43,641 56,696 72,137 270,000 829,549 INTERCOMPANY ACCOUNTS: LPSCO - SDC SMLP - SDC SCM-SDC CASH ADVANCES 267 5,184,808 GH-SDC INTERCO CAPITAL 265 1,432,265 WWOS-SDC CLUB WEST 221,941 CORAL CANYON CC GOLF COURSE TO CC DEVELOPMENT 6,840,673 RANCHLAND-RANCHO VIEJO INTEREST PAYABLE S/T NOTES PAYABLE $45 MILLION TERM LOAN $55 MILLION RLC TEXTRON LOAN - PVGC DEF PROFIT & UNEARNED REVENUE PWCC INTERCO PAYABLE APS LAND INTERCO PAYABLE CUSTOMER DEPOSITS 1,425,056 ------------ ------------ ------------ ------------ ------------ 117,253 329,473 6,943,077 10,929,112 1,271,026 LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE WWOS OWES SDC PH I LAND NOTE WWOS RLC PAYOFF BY SDC CORPORATE TERM NOTE CORPORATE RLC LPSCO BONDS TEXTRON LOAN - PVGC 3,332,685 LOAN - CLUB WEST 4,830,474 PENSION LIABILITY - SUNCOR PENSION LIABILITY - WIGWAM RESORT OTHER ACCRUED LIABILITIES 1,514,152 DEFERRED TAXES LONG-TERM CUSTOMER DEPOSITS CONTRIB PROPERTY AIA ------------ ------------ ------------ ------------ ------------ TOTAL L/T LIABILITIES 3,332,685 4,830,474 0 0 1,514,152 ------------ ------------ ------------ ------------ ------------ TOTAL LIABILITIES 3,449,938 5,159,946 6,943,077 10,929,112 2,785,178 MINORITY INTEREST SDC COMMON STOCK SDC ADDITIONAL PAID IN CAPITAL SDC EARNED SURPLUS-BEGINNING SDC EARNED SURPLUS-CURRENT SUBSIDIARY EARNINGS-CURRENT (952,440) (267,857) (210,248) 4,279,761 18,413,384 SUBSIDIARY EQUITY: LPSCO SASI SMLP #3500 PVGC 5,696,556 CLUB WEST 3,819,026 HOMEBUILDING 2,878,324 PALM VALLEY #5500 132,743,601 KABUTO JV #3000 COMMERCIAL PROPERTIES #2000 HIDDEN HILLS #3300 RANCHO VIEJO #6600 RANCHLAND UTILITY CORAL CANYON #3900 ------------ ------------ ------------ ------------ ------------ TOTAL EQUITY 4,744,115 3,551,169 (210,248) 7,158,086 151,156,985 ------------ ------------ ------------ ------------ ------------ TOTAL LIABS AND EQUITY 8,194,053 8,711,115 6,732,829 18,087,198 153,942,163 ============ ============ ============ ============ ============ 5501 3300 R. VIEJO 3900 ACCOUNT DESCRIPTION KABUTO JV COMM. H HILLS JOYCE L. C. CANYON ------------------- ------------ ------------ ------------ ------------ ------------ LIABILITIES: CURRENT LIABILITIES A/P & RETENTION 32,619 182,016 612,629 1,113,628 262,717 ACCRUED LIABILITIES 84,320 1,336,432 517,221 229,442 46,428 INTERCOMPANY ACCOUNTS: LPSCO - SDC SMLP - SDC SCM-SDC CASH ADVANCES 267 GH-SDC INTERCO CAPITAL 265 WWOS-SDC (92,907) CLUB WEST CORAL CANYON 655,381 CC GOLF COURSE TO CC DEVELOPMENT RANCHLAND-RANCHO VIEJO INTEREST PAYABLE 96,097 S/T NOTES PAYABLE $45 MILLION TERM LOAN $55 MILLION RLC TEXTRON LOAN - PVGC DEF PROFIT & UNEARNED REVENUE PWCC INTERCO PAYABLE APS LAND INTERCO PAYABLE CUSTOMER DEPOSITS 224,013 ------------ ------------ ------------ ------------ ------------ 116,939 1,521,639 1,129,850 1,567,083 964,526 LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE WWOS OWES SDC PH I LAND NOTE 962,496 WWOS RLC PAYOFF BY SDC 10,000,000 CORPORATE TERM NOTE CORPORATE RLC LPSCO BONDS TEXTRON LOAN - PVGC LOAN - CLUB WEST PENSION LIABILITY - SUNCOR PENSION LIABILITY - WIGWAM RESORT OTHER ACCRUED LIABILITIES 363,450 DEFERRED TAXES LONG-TERM CUSTOMER DEPOSITS CONTRIB PROPERTY AIA ------------ ------------ ------------ ------------ ------------ TOTAL L/T LIABILITIES 0 11,325,947 0 0 0 ------------ ------------ ------------ ------------ ------------ TOTAL LIABILITIES 116,939 12,847,586 1,129,850 1,567,083 964,526 MINORITY INTEREST SDC COMMON STOCK SDC ADDITIONAL PAID IN CAPITAL SDC EARNED SURPLUS-BEGINNING SDC EARNED SURPLUS-CURRENT SUBSIDIARY EARNINGS-CURRENT (1,919) 4,796,651 1,396,891 2,607,778 (156,726) SUBSIDIARY EQUITY: LPSCO SASI SMLP #3500 PVGC CLUB WEST HOMEBUILDING PALM VALLEY #5500 KABUTO JV #3000 13,729,227 COMMERCIAL PROPERTIES #2000 84,216,204 HIDDEN HILLS #3300 14,460,229 RANCHO VIEJO #6600 16,155,869 RANCHLAND UTILITY CORAL CANYON #3900 27,031,304 ------------ ------------ ------------ ------------ ------------ TOTAL EQUITY 13,727,308 89,012,855 15,857,120 18,763,647 26,874,578 ------------ ------------ ------------ ------------ ------------ TOTAL LIABS AND EQUITY 13,844,247 101,860,441 16,986,970 20,330,730 27,839,104 ============ ============ ============ ============ ============ CONSOLIDATING & ELIMINATING ENTRIES ------------------------------------------------------------------ ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED ------------------- ----------------- ------------ ------- ------------ --------------- LIABILITIES: CURRENT LIABILITIES A/P & RETENTION 6,006,056.03 ACCRUED LIABILITIES 9,205,082.56 INTERCOMPANY ACCOUNTS: 0.00 LPSCO - SDC H 15,731 0.00 SMLP - SDC J 12,492 0.00 SCM-SDC CASH ADVANCES 267 B 5,184,808 0.00 GH-SDC INTERCO CAPITAL 265 A 1,432,265 0.00 WWOS-SDC Q 92,907 0.00 CLUB WEST Z 221,941 0.00 CORAL CANYON X 655,381 0.00 CC GOLF COURSE TO CC DEVELOPMENT AA 6,840,673 0.00 RANCHLAND-RANCHO VIEJO Y 176,174 0.00 INTEREST PAYABLE P 96,021 818,832.84 S/T NOTES PAYABLE 0.00 $45 MILLION TERM LOAN 0.00 $55 MILLION RLC 0.00 TEXTRON LOAN - PVGC 0.00 DEF PROFIT & UNEARNED REVENUE E 3,101,379 0.00 PWCC INTERCO PAYABLE 210,445.06 APS LAND INTERCO PAYABLE 0.00 CUSTOMER DEPOSITS 1,690,933.37 ------------ ------------ --------------- 17,736,865 92,907 17,931,349.86 LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE WWOS OWES SDC PH I LAND NOTE P 962,496 0.00 WWOS RLC PAYOFF BY SDC P 10,000,000 0.00 CORPORATE TERM NOTE 0.00 CORPORATE RLC 110,000,000.00 LPSCO BONDS 5,215,000.00 TEXTRON LOAN - PVGC 3,332,685.27 LOAN - CLUB WEST 4,830,473.75 PENSION LIABILITY - SUNCOR 5,415,168.77 PENSION LIABILITY - WIGWAM RESORT 310,840.34 OTHER ACCRUED LIABILITIES 2,526,236.90 DEFERRED TAXES 17,613.00 LONG-TERM CUSTOMER DEPOSITS 4,142,445.64 CONTRIB PROPERTY AIA 0.00 ------------ ------------ --------------- TOTAL L/T LIABILITIES 10,962,496 0 135,790,463.67 ------------ ------------ --------------- TOTAL LIABILITIES 28,699,361 92,907 153,721,813.53 MINORITY INTEREST I,Z 10,592,754 I,R,Z 16,222,086 5,629,331.34 SDC COMMON STOCK 1,022,000.00 SDC ADDITIONAL PAID IN CAPITAL 355,368,521.94 SDC EARNED SURPLUS-BEGINNING (65,374,628.73) SDC EARNED SURPLUS-CURRENT 11,539,252.10 SUBSIDIARY EARNINGS-CURRENT D,F,I,S,U,V,T 31,905,521 L,M,R,Q,Y,Z,AA 1,725,482 0.00 SUBSIDIARY EQUITY: LPSCO F,G 15,023,462 0.00 SASI L 961,291 L 650,000 0.00 SMLP #3500 I 34,407,501 I 30,920,733 0.00 PVGC M 6,158,173 M 461,618 0.00 CLUB WEST Z 3,819,026 0.00 HOMEBUILDING D 2,878,324 0.00 PALM VALLEY #5500 V 132,743,601 0.00 KABUTO JV #3000 R 13,729,227 (0.00) COMMERCIAL PROPERTIES #2000 S 84,216,204 0.00 HIDDEN HILLS #3300 T 14,460,229 0.00 RANCHO VIEJO #6600 U 16,155,869 0.00 RANCHLAND UTILITY Y 1,109,212 Y 92,325 0.00 CORAL CANYON #3900 W 27,073,924 W 42,620 (0.00) ------------ ------------ --------------- TOTAL EQUITY 384,641,564 33,892,778 302,555,145.31 ------------ ------------ --------------- TOTAL LIABS AND EQUITY 423,933,680 50,207,770 461,906,290.18 ============ ============ ===============
SUNCOR DEVELOPMENT COMPANY CONSOLIDATING INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2000 (UNAUDITED)
RANCHLAND ACCOUNT DESCRIPTION SUNCOR LPSCO UTILITY SCTS MTN ------------------- ------------ ------------ ------------ ------------ REVENUES Home Sales Land Sales 42,691,399 294,150 Commercial Properties 8,757,862 Utility Sales 3,323,224 65,146 Management Fees 845,515 ------------ ------------ ------------ ------------ TOTAL OPERATING REVENUES 52,294,776 3,323,224 65,146 294,150 OPERATING EXPENSES Cost of Homes Sold Cost of Land Sold 17,223,011 250,416 Commercial Properties 7,886,356 Utility Expense 2,292,872 86,505 Land Project Costs 1,390,669 18,155 General & Administrative 11,306,175 59,269 Depreciation & Amortization 2,103,895 335,546 38,884 ------------ ------------ ------------ ------------ TOTAL OPERATING EXPENSES 39,910,106 2,628,418 125,389 327,840 NET OPERATING INCOME/(LOSS) 12,384,670 694,806 (60,243) (33,690) OTHER INCOME AND GAINS Equity in Joint Ventures 2,324,093 Interest Income 843,509 223,432 45,877 Other 1,063,507 3,106 ------------ ------------ ------------ ------------ TOTAL OTHER INCOME AND GAINS 4,231,109 226,537 45,877 INTEREST EXPENSE, NET Interest Expense 8,968,228 307,700 1,780 Less: Capitalized Interest (6,201,668) ------------ ------------ ------------ ------------ TOTAL INTEREST EXPENSE, NET 2,766,560 307,700 1,780 Minority Interest (85,715) 575,693 INCOME BEFORE TAXES 13,934,934 613,643 (60,243) (565,286) Income Taxes 7,515,478 248,562 ------------ ------------ ------------ ------------ NET INCOME/(LOSS) $ 6,419,456 $ 365,081 $ (60,243) $ (565,286) ============ ============ ============ ============ HIDDEN ACCOUNT DESCRIPTION PVGC GHH WWOS HILLS ------------------- ------------ ------------ ------------ ------------ REVENUES Home Sales 62,417,638 Land Sales 540,000 4,975,000 Commercial Properties 2,712,685 1,996,347 Utility Sales Management Fees ------------ ------------ ------------ ------------ TOTAL OPERATING REVENUES 2,712,685 62,957,638 1,996,347 4,975,000 OPERATING EXPENSES Cost of Homes Sold 52,467,030 Cost of Land Sold 400,379 4,060,531 Commercial Properties 300,823 846,272 Utility Expense Land Project Costs 268,745 General & Administrative 2,403,103 5,449,460 128,731 Depreciation & Amortization 575,122 552,175 774,396 ------------ ------------ ------------ ------------ TOTAL OPERATING EXPENSES 3,279,048 58,869,044 1,620,668 4,458,007 NET OPERATING INCOME/(LOSS) (566,363) 4,088,594 375,679 516,993 OTHER INCOME AND GAINS Equity in Joint Ventures Interest Income 6,244 8,350 Other 207,146 ------------ ------------ ------------ ------------ TOTAL OTHER INCOME AND GAINS 207,146 6,244 8,350 INTEREST EXPENSE, NET Interest Expense 386,077 1,008,243 Less: Capitalized Interest ------------ ------------ ------------ ------------ TOTAL INTEREST EXPENSE, NET 386,077 1,008,243 Minority Interest INCOME BEFORE TAXES (952,440) 4,295,740 (626,320) 525,343 Income Taxes ------------ ------------ ------------ ------------ NET INCOME/(LOSS) $ (952,440) $ 4,295,740 $ (626,320) $ 525,343 ============ ============ ============ ============ CORAL RANCHO CONSOLIDATED ACCOUNT DESCRIPTION CANYON VIEJO INCOME ------------------- ------------ ------------ ------------ REVENUES Home Sales 5,438,779 21,822,719 89,679,136 Land Sales 1,311,125 847,651 50,659,325 Commercial Properties 13,466,894 Utility Sales 3,388,370 Management Fees 845,515 ------------ ------------ ------------ TOTAL OPERATING REVENUES 6,749,904 22,670,370 158,039,240 OPERATING EXPENSES Cost of Homes Sold 4,429,026 17,345,849 74,241,905 Cost of Land Sold 1,083,259 458,306 23,475,902 Commercial Properties 9,033,451 Utility Expense 2,379,377 Land Project Costs 22,331 241,396 1,941,295 General & Administrative 1,505,561 1,974,067 22,826,366 Depreciation & Amortization 31,209 246,078 4,657,305 ------------ ------------ ------------ TOTAL OPERATING EXPENSES 7,071,386 20,265,696 138,555,601 NET OPERATING INCOME/(LOSS) (321,482) 2,404,674 19,483,639 OTHER INCOME AND GAINS Equity in Joint Ventures 2,324,093 Interest Income 7,069 371 1,134,851 Other 16,384 30,903 1,321,046 ------------ ------------ ------------ TOTAL OTHER INCOME AND GAINS 23,453 31,275 4,779,990 INTEREST EXPENSE, NET Interest Expense 10,672,028 Less: Capitalized Interest (6,201,668) ------------ ------------ ------------ TOTAL INTEREST EXPENSE, NET 4,470,360 Minority Interest 489,978 INCOME BEFORE TAXES (298,030) 2,435,949 19,303,291 Income Taxes 7,764,040 ------------ ------------ ------------ NET INCOME/(LOSS) $ (298,030) $ 2,435,949 $ 11,539,251 ============ ============ ============
SUNCOR DEVELOPMENT COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 2000 CONSOLIDATING & ELIMINATING ENTRIES
DEBIT CREDIT ------------- ------------- A. SCM INTERCO A/P TO SDC $6,881,947.37 SDC A/R FROM SCM $6,881,947.37 GH INTERCO CAPITAL FROM SDC - ACQUISITION $1,432,265.22 GH INTERCO A/P TO SDC $1,202,697.24 SDC A/R FROM GH $2,634,962.43 B. HOMEBUILDING CASH ADVANCES FROM SDC $5,184,807.73 SDC CASH ADVANCES TO HOMEBUILDING $5,184,807.73 C. SCM INTERCO CAPPED INTEREST $5,748,529.44 SDC INTERCO INTEREST A/R FROM SCM $5,748,529.47 ELIMINATE INTERCO RECEIVABLES/PAYABLES BETWEEN HOMEBUILDING AND SDC D. HOMEBUILDING ACCUMULATED EARNINGS $2,878,324.34 SDC INVESTMENT IN GH $6,640,235.87 SDC DUE DILIGENCE COSTS - GHH ACQUISITION SDC INVESTMENT IN SCM $ 517,849.94 HOMEBUILDING CURRENT YEAR EARNINGS $4,279,761.47 ELIMINATE SDC INVESTMENT IN GOLDEN HERITAGE & SCM E. DEFERRED INTERCO PROFIT $3,101,378.61 HOME INVENTORY $3,101,378.61 ELIMINATE DEFERRED PROFIT ON INTERCO LOT SALES TO HOMEBUILDING F. LPSCO COMMON STOCK X 78,200.00 LPSCO PAID IN CAPITAL 13,128,556.85 LPSCO EARNINGS - PRIOR 1,516,705.00 LPSCO EARNINGS - CURRENT YEAR 365,081.67 SDC INVESTMENT IN LPSCO - CONTRIB CAPITAL 13,206,756.86 SDC INVESTMENT IN LPSCO - EARNINGS 1,881,048.20 SDC DEFERRED TAXES DIFFERENTIAL ELIMINATE SDC INVESTMENT IN LPSCO G. LPSCO LONG-TERM NOTES PAYABLE X 300,000.00 SDC LONG-TERM NOTES RECEIVABLE 300,000.00 ELIMINATE LPSCO INTERCOMPANY NOTE WITH SDC H. LPSCO ACCOUNTS PAYABLE 15,730.51 SDC ACCOUNTS RECEIVABLE 15,730.51 ELIMINATE LPSCO INTERCOMPANY A/R WITH SDC I. SMLP CONTRIBUTED CAPITAL - MINORITY INT X 10,507,040.00 SMLP CONTRIBUTED CAPITAL - SDC GP 490,147.01 SMLP DISTRIBUTED CAPITAL - SDC GP 13,483,361.00 SMLP CONTRIBUTED CAPITAL - SDC LP 2,100,000.00 SMLP DISTRIBUTED CAPITAL - SDC LP 6,930,332.00 SMLP EARNINGS - PRIOR 31,817,353.69 SMLP EARNINGS - CURRENT YEAR 45,973.27 MINORITY INTEREST CONTRIBUTED CAPITAL 10,507,040.00 MINORITY INTEREST - PRIOR (35%) 11,710,226.79 MINORITY INTEREST - CURRENT YEAR (35%) 16,090.64 SDC INVESTMENT IN SMLP - LP 2,100,000.00 SDC DISTRIBUTIONS FROM SMLP - LP 6,955,259.26 SDC INVESTMENT IN SMLP - GP 490,147.01 SDC DISTRIBUTIONS FROM SMLP - GP 13,458,433.74 SDC INVESTMENT IN SMLP - EARNINGS 20,137,009.52 SDC LAND BASIS DIFFERENTIAL ELIMINATE SDC INVESTMENT IN SMLP #3500 J. SMLP ACCOUNTS PAYABLE X 12,491.79 SDC ACCOUNTS RECEIVABLE 12,491.79
SUNCOR DEVELOPMENT COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 2000 CONSOLIDATING & ELIMINATING ENTRIES
DEBIT CREDIT ------------- ------------- ELIMINATE SMLP INTERCOMPANY A/R WITH SDC AND HOMEBUILDING (PREMIUMS) L. SASI CONTRIBUTED CAPITAL X 489,023.22 SASI CAPITAL DISTRIBUTIONS 650,000.00 SASI EARNINGS - PRIOR YEARS 472,267.95 SASI EARNINGS - CURRENT YEAR 76,048.00 PV INVESTMENT IN SASI - CONTRIB CAPITAL 489,023.22 PV INVESTMENT IN SASI - DISTRIBUTIONS 650,000.00 PV INVESTMENT IN SASI - EARNINGS 396,219.95 ELIMINATE PALM VALLEY INVESTMENT IN SASI M. PVGC BOOKS - SDC CONTRIBUTED CAPITAL X 6,158,173.14 PVGC EARNINGS - PRIOR YEARS 461,617.51 PVGC EARNINGS - CURRENT 952,440.16 SDC INVESTMENT IN PVGC - EARNINGS 1,414,057.67 SDC INVESTMENT IN PVGC - CONTRIB CAPITAL 6,158,173.14 ELIMINATE SDC INVESTMENT IN PALM VALLEY GOLF N. SDC CONTRIB. CAPITAL TO PVGC X 4,940,770.42 PVGC ACCOUNTS RECEIVABLE 4,940,770.42 O. INTENTIONALLY LEFT BLANK. P. WWOS INTEREST PAYABLE - RLC X 96,097.45 SDC INTEREST RECEIVABLE - PHASE 1 LAND 21,834.16 SDC INTEREST RECEIVABLE - RLC 74,263.29 WWOS NOTES PAYABLE - PHASE 1 LAND 962,496.44 SDC NOTES RECEIVABLE - PHASE 1 LAND 962,496.44 WWOS NOTES PAYABLE - RLC X 10,000,000.00 SDC NOTES RECEIVABLE - RLC 10,000,000.00 ELIMINATE WWOS INTERCOMPANY NOTES AND INTEREST WITH SDC Q. WWOS ACCOUNTS PAYABLE X 92,906.63 SDC ACCOUNTS RECEIVABLE 92,906.63 ELIMINATE WWOS INTERCOMPANY A/R WITH SDC R. KABUTO CONTRIBUTED CAPITAL - SDC X 9,610,458.25 KABUTO CONTRIBUTED CAPITAL - KABUTO 4,118,768.30 KABUTO CURRENT PERIOD EARNINGS 1,918.95 MINORITY INTEREST 4,118,768.30 SDC INVESTMENT IN KABUTO - CONTR CAPITAL 9,610,458.25 SDC INVESTMENT IN KABUTO - EARNINGS 1,918.95 ELIMINATE SDC INVESTMENT IN KABUTO JV #3000 S. COMMERCIAL OPS CONTRIBUTED CAPITAL X 74,021,688.26 COMMERCIAL EARNINGS - PRIOR 10,194,516.13 COMMERCIAL EARNINGS - CURRENT YEAR 4,796,650.73 SDC INVEST IN GEN COMMERCIAL OPS - EARNINGS 4,222,681.73 SDC INVEST IN GEN COMMERCIAL OPS - CONT CAPITAL 75,133,507.87 SDC INVEST IN HAYDEN FERRY LAKESIDE 3,013,509.35 SDC INVESTMENT IN OUTER LIMITS - PURCHASE 1,822,514.94 SDC INVESTMENT IN FIDDLE (SCOTTS) - CONT CAPITAL 3,761,778.75 SDC INVESTMENT IN FIDDLE (SCOTTS) - EARNINGS 632,086.48 SDC INVESTMENT IN FUNTASTICKS - CONT CAPITAL 475,281.57 SDC INVESTMENT IN FUNTASTICKS - EARNINGS 621,866.50 SDC INVESTMENT IN FIDDLE (TEMPE) - CONT CAPITAL 1,708,971.07 SDC INVESTMENT IN FIDDLE (TEMPE) - EARNINGS 1,304,459.03 SDC INVESTMENT IN APS PROPERTIES - EARNINGS 422,039.77 SDC INVESTMENT IN BLACK CANYON CP - EARNINGS 741,505.80 SDC INVESTMENT IN PV MARKETPLACE - EARNINGS 3,473,608.17 SDC INVESTMENT IN PV PAVILIONS - EARNINGS 3,821,321.75
SUNCOR DEVELOPMENT COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 2000 CONSOLIDATING & ELIMINATING ENTRIES
DEBIT CREDIT ------------- ------------- SDC INVESTMENT IN DYSART/MCDOWELL CENTER 872,111.61 SDC INVESTMENT IN PV CROSSING 1,306,478.79 SDC INVESTMENT IN PV OFFICE PARK 247,225.04 SDC INVESTMENT IN METROCENTER 281,410.66 SDC INVESTMENT IN RESTORATION PALACE 178,046.92 SDC INVESTMENT IN LITCHFIELD PARK OPS 168,239.27 SDC INVESTMENT IN AUTOPLEX 148,809.37 SDC INVESTMENT IN TALAVI - EARNINGS 221,422.43 SDC INVESTMENT IN WWOS - EARNINGS 1,319,039.52 SDC INVESTMENT IN LP PROF. PLAZA - EARNINGS 6,875.56 ELIMINATE SDC INVESTMENT IN COMMERCIAL OPERATIONS #2000 T. HIDDEN HILLS SDC CONTRIBUTED CAPITAL X 9,898,479.18 GLAZ CONTRIBUTED CAPITAL, NET 4,474,530.28 GLAZ INVESTMENT IN HIDDEN HILLS - CONT CAPITAL 4,474,530.28 HIDDEN HILLS EARNINGS - PRIOR 87,219.79 HIDDEN HILLS EARNINGS - CURRENT YEAR 1,396,891.01 SDC INVESTMENT IN HIDDEN HILLS - EARNINGS 1,484,110.80 SDC INVESTMENT IN HIDDEN HILLS - CONT CAPITAL 9,898,478.90 ELIMINATE SDC INVESTMENT IN HIDDEN HILLS JV #3300 U. SDC INVESTMENT IN RANCHO VIEJO - EARNINGS X 3,936,793.89 SDC INVESTMENT IN RANCHO VIEJO - CAPITAL 14,826,853.90 RANCHO VIEJO CONTRIBUTED CAPITAL 14,826,853.90 RANCHO VIEJO EARNINGS - PRIOR 1,329,014.88 RANCHO VIEJO EARNINGS - CURRENT YEAR 2,607,778.40 ELIMINATE SDC INVESTMENT IN RANCHO VIEJO JV #6600 V. PV CONTRIBUTED CAPITAL X 118,191,627.22 PV EARNINGS - PRIOR 14,551,973.51 PV EARNINGS - CURRENT YEAR 18,413,384.22 SDC INVESTMENT IN PALM VALLEY - EARNINGS 32,965,357.73 SDC INVESTMENT IN PALM VALLEY - DEVELOP 118,191,627.22 ELIMINATE SDC INVESTMENT IN PALM VALLEY #5500 W. CORAL CANYON CONTRIBUTED CAPITAL 27,073,924.12 CORAL CANYON - PRIOR 42,620.30 CORAL CANYON - CURRENT YEAR 156,726.00 SDC INVESTMENT IN CORAL CANYON - DEVELOP 27,073,923.10 SDC INVESTMENT IN CORAL CANYON - EARNINGS 199,345.28 X. CORAL CANYON ACCOUNTS PAYABLE 655,380.98 CORAL CANYON INTERCOMPANY INVOICES 5,708.26 SDC ACCOUNTS RECEIVABLE 650,044.04 ELIMINATE SDC INVESTMENT IN CORAL CANYON #3900 Y. RANCHLAND - CURRENT YEAR 60,243.14 RANCHLAND - PRIOR YEARS EARNINGS 92,325.37 RANCHLAND - CONTRIBUTED CAPITAL 1,109,211.60 RANCHLAND - DUE TO/FROM RANCHO VIEJO 176,174.00 RANCHO INVESTMENT IN RANCHLAND UTILTY-CAPITAL 1,109,211.60 SDC INVESTMENT IN RL UTILTY-EARNINGS PRIOR 92,325.37 SDC INVESTMENT IN RL UTILTY-EARNINGS CURRENT 59,775.62 RANCHO - DUE TO/FROM RANCHLAND UTILITIES 177,219.76 ELIMINATE RANCHO INVESTMENT IN RANCHLAND UTILITY Z. CLUB WEST - MINORITY INTEREST 377,000.00 CLUB WEST - SDC CONTRIBUTED CAPITAL 3,442,026.39 CLUB WEST - CURRENT YEAR EARNINGS 267,857.48 CLUB WEST - PRIOR EARNINGS CLUB WEST - INTERCOMPANY WITH SDC 221,941.29 MINORITY INTEREST-32% 85,714.39 SDC INVESTMENT - EARNINGS 182,143.09 SDC INVESTMENT - CAPITAL 3,442,026.39 CWGC CONTRIBUTED CAPITAL - MINORITY INT 377,000.00 SDC INTERCOMPANY WITH CLUB WEST 221,941.29
SUNCOR DEVELOPMENT COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 2000 CONSOLIDATING & ELIMINATING ENTRIES
DEBIT CREDIT ------------- ------------- ELIMINATE SDC INVESTMENT IN CLUB WEST AA CORAL CANYON GOLF - CURRENT YEAR EARNINGS 210,248.19 CORAL CANYON GOLF COURSE - INTERCOMPANY WITH CORAL CANYON DEVELOPMENT 6,840,673.36 CORAL CANYON DEVELOPMENT - INTERCOMPANY WITH CORAL CANYON GOLF COURSE 6,840,673.00 54,809.40 54,809.40 SDC INVESTMENT EARNINGS 208,745.93 ELIMINATE SDC INVESTMENT IN CORAL CANYON GOLF CLUB