-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, JsdeO5k4p0zzeDdw67qVFzvZk+wIHjN3RggNH9JLgd7AgaKCQ43OLj1YWj6PmtpB F7abQbYl6XPuwLIwcwFPnw== 0000950147-95-000019.txt : 19950612 0000950147-95-000019.hdr.sgml : 19950612 ACCESSION NUMBER: 0000950147-95-000019 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950228 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PINNACLE WEST CAPITAL CORP CENTRAL INDEX KEY: 0000764622 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 860512431 STATE OF INCORPORATION: AZ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00306 FILM NUMBER: 95517222 BUSINESS ADDRESS: STREET 1: 400 E VAN BUREN ST P.O. BOX 52132 CITY: PHOENIX STATE: AZ ZIP: 85072-2132 BUSINESS PHONE: 6023792616 MAIL ADDRESS: STREET 1: 400 E VAN BUREN ST STREET 2: P.O. BOX 52132 CITY: PHOENIX STATE: AZ ZIP: 85072-2132 FORMER COMPANY: FORMER CONFORMED NAME: AZP GROUP INC DATE OF NAME CHANGE: 19870506 U-3A-2 1 STATEMENT CLAIMING EXEMPTION UNDER RULE U-2 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-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, (the "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 Claimant currently holds stock in the following subsidiaries: 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) 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. (2) Stagg Systems, Inc. ("Stagg") -- a New York corporation having been incorporated on March 25, 1970 and having its principal executive offices at 400 N. 5th Street, Phoenix, Arizona 85004, was organized primarily to design, implement, test and install control and energy management and general engineering processing systems for the electric utility and related process control and transportation industries. Stagg is a wholly-owned subsidiary of APS. b. SunCor Development Company ("SunCor") -- an Arizona corporation having been incorporated on June 30, 1965 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, is a wholly-owned subsidiary of Claimant engaged primarily in the owning, holding and development of real property. (1) SunCor Resort & Golf Management, Inc. ("Resort & Golf Management") (previously named "SunCor Resort Management, Inc." and "SunCor Farms, Inc.") -- an Arizona corporation having been incorporated on December 31, 1986 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004 operates and manages hotel, golf, food and beverage for the Wigwam Resort and Country Club and Palm Valley Golf Club. Resort & Golf Management 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 501 East Plaza Circle, 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) SunCor Homes, Inc. ("SunCor Homes") -- (previously named "LGR, Inc." and "WGP Realty, Inc.") an Arizona corporation having been incorporated on May 14, 1986 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, was organized to provide brokerage and realty services in the sale of commercial and residential real property. SunCor Homes is a wholly-owned subsidiary of SunCor. (4) SCM, Inc. ("SCM")-- an Arizona corporation having been incorporated on May 14, 1991 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, was organized to participate in real estate joint ventures and other real estate related activities. SCM is a wholly-owned subsidiary of SunCor. (5) 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 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, was organized to operate and manage the Real del Mar Golf Course in Mexico. (6) Russell Ranch Development Company ("Russell Ranch") -- an Arizona corporation having been incorpo- rated on April 1, 1994 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, was organized to partici- pate in real estate joint ventures and other real estate related activities. Russell Ranch is a wholly- owned subsidiary of SunCor. c. 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 600, Phoenix, Arizona 85004, is a wholly-owned subsidiary of Claimant engaged primarily in the acquisition and holding of stocks and securi- ties of other companies for investment purposes. 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 dis- tribution 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 Farming- ton, approximately 40 miles east of the Arizona-New Mexico border. APS' present generating facilities have an accredited capacity aggregating 4,022,410 kilowatts, comprised as follows: Coal: Capacity Units 1, 2 and 3 at Four Corners, -------- aggregating............................ 560,000 kw 15% owned Units 4 and 5 at Four Corners, representing........................... 222,000 Units 1, 2, and 3 at the Cholla Plant, aggregating............................ 590,000 14% owned Units 1, 2 and 3 at the Navajo Plant, representing.................... 315,000 ------------ 1,687,000 kw ============ Gas or Oil: Two steam units at Ocotillo, two steam units at Saguaro and one steam unit at Yucca, aggregating............. 468,400 kw(1) Eleven combustion turbine units, aggregating.......................... 500,600 Three combined cycle units, aggregating.......................... 253,500 ------------ 1,222,500 kw ============ Nuclear: 29.1% owned or leased Units 1, 2 and 3 at Palo Verde, representing.......... 1,108,710 kw ============ Other.................................... 4,200 kw ============ - - - -------- (1) West Phoenix steam units (96,300 kw) are currently mothballed. APS' transmission facilities consist of approximately 4,845 pole miles of overhead lines and approximately 18 miles of underground lines, all of which are located within the State of Arizona. APS' distribution facilities consist of approximately 11,072 pole miles of overhead lines and approximately 8,477 miles of underground lines, all of which are located within the State of Arizona. 3. The following information for the last calendar year with respect to Claimant and each of its subsidiary public utility companies: a. Number of kwh of electric energy sold at retail or wholesale. Claimant APS -------- --- None 20,229,057,000 kwh of electric energy sold at wholesale or re- tail b. Number of kwh of electric energy distributed at retail outside the state in which each such company is organized. Claimant APS -------- --- None 59,171,000 kwh of electric energy distributed at retail outside Arizona c. Number of kwh of electric energy sold at wholesale outside the state in which each such company is organized, or at the state line. Claimant APS -------- --- None 1,070,200 kwh of electric energy sold at wholesale outside Arizona or at state line d. Number of kwh of electric energy purchased outside the state in which each such company is organized or at the state line. Claimant APS -------- --- None 16,579,915 kwh of electric energy purchased outside Arizona or at state line 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. 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 and El Dorado Investment Company. Subsidiaries have been consolidated for financial reporting purposes in accordance with Statement of Financial Accounting Standards No. 94, Consolidation of All Majority-Owned Sub- sidiaries. Also included are consolidating statements of income and consolidating balance sheets for SunCor Development Company and its subsidiaries. ... ... ... ... ... ... ... ... ... ... ... ... ... 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. 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. EXHIBIT D Exhibit D is a map of the state of Arizona showing the following: APS Service Area; Major APS Power Plants, including joint ownership; Principal APS Transmission Lines; and Transmission Lines Operated for Others. 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, 1995. Pinnacle West Capital Corporation --------------------------------- (Name of Claimant) By /s/ Michael S. Ash --------------------------------- Michael S. Ash Corporate Counsel [CORPORATE SEAL] Attest: /s/ Suzanne Debes ---------------------------------- Suzanne Debes Associate Secretary Name, title and address of officer to whom notices and cor- respondence concerning this statement should be addressed: Michael S. Ash Corporate Counsel ---------------------------------- (Name) (Title) 400 East Van Buren, Suite 700, Phoenix, Arizona 85004 --------------------------------------------------------- (Address) EXHIBIT A
PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING BALANCE SHEET December 31, 1994 (THOUSANDS OF DOLLARS) *ELIMINATIONS AND ADJUSTING ENTRIES* ------------------------------------ PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL ---------- --------- --------- -------- ------- ------------ --------- A S S E T S CURRENT ASSETS Cash and cash equivalents .............. 16,072 6,532 11,338 777 34,719 Trust fund for bond redemption ......... 0 0 Customer and other receivables - net ... 2,002 128,543 13,397 1,008 8,807(b,d) 136,143 Accrued utility revenue ................ 55,432 0(e) 55,432 Materials and supplies ................. 89,864 89,864 Fossil fuel ............................ 35,735 35,735 Deferred income taxes .................. 54,385 19,114 0 73,499 Other current assets ................... 305 14,162 1,151 0 196(c) 15,422 ---------- --------- --------- -------- ------- --------- --------- Total current assets ................ 72,764 349,382 25,886 1,785 0 9,003 440,814 ---------- --------- --------- -------- ------- --------- --------- INVESTMENTS AND OTHER ASSETS Real estate investments, net (cap interest) 1145.1 ............... 11,494 402,477 5,466(f) 408,505 Other assets ........................... 1,989,129 90,105 3,125 50,922 1,979,897(a) 153,384 ---------- --------- --------- -------- ------- --------- --------- Total investments and other ......... 2,000,623 90,105 405,602 50,922 0 1,985,363 561,889 ---------- --------- --------- -------- ------- --------- --------- UTILITY PLANT Electric plant in service, including nuclear fuel ............... 6,602,799 6,602,799 Construction work in progress .......... 224,312 224,312 --------- --------- Total Utility Plant ................. 6,827,111 6,827,111 Less accumulated depreciation and amortization ..................... 2,203,038 2,203,038 --------- --------- Net Utility Plant ................... 4,624,073 4,624,073 ---------- --------- --------- -------- ------- --------- --------- DEFERRED DEBITS Regulatory asset for income taxes ...... 0 557,049 0(h) 557,049 Palo Verde Unit 3 cost deferral ........ 292,586 292,586 Palo Verde Unit 2 cost deferral ........ 171,936 171,936 Other deferred debits .................. 263,130 3,511 266,641 ---------- --------- --------- -------- ------- --------- --------- Total deferred debits ............... 0 1,284,701 3,511 0 0 0 1,288,212 ---------- --------- --------- -------- ------- --------- --------- TOTAL ASSETS ......................... 2,073,387 6,348,261 434,999 52,707 0 1,994,366 6,914,988 ========== ========= ========= ======== ======= ========= =========
PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING BALANCE SHEET December 31, 1994 (THOUSANDS OF DOLLARS) * E L I M I N A T I O N S * --------------------------- PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL --------- --------- -------- -------- --------- ------- --------- L I A B I L I T I E S A N D E Q U I T Y CURRENT LIABILITIES Accounts payable .......... 5,136 110,854 10,763 89 126,842 Accrued taxes ............. 3,908 89,412 93,320 Accrued interest .......... 10,657 45,170 228 3 0(e) 56,058 Dividend payable .......... 0 0 Short-term borrowings ..... 0 0 0 Commercial paper, net ..... 0 131,500 131,500 Current maturities of long-term debt ........... 75,000 3,428 84 78,512 Deferred fuel ............. 0 Other current liabilities . 1,576 50,487 196 6,804 9,003(b,d) 50,060 (c) --------- --------- -------- -------- --------- ------- --------- Total current liabilities 96,277 430,851 11,271 6,896 9,003 0 536,292 --------- --------- -------- -------- --------- ------- --------- NON-CURRENT LIABILITIES Long-term debt less current maturities ....... 354,827 2,181,832 51,866 2,588,525 Other liabilites .......... 5,260 3,419 8,679 --------- --------- -------- -------- --------- ------- --------- Total ................... 360,087 2,181,832 55,285 0 0 0 2,597,204 --------- --------- -------- -------- --------- ------- --------- DEFERRED CREDITS AND OTHER Deferred income taxes ..... (137,826) 1,436,184 1,298,358 Deferred investment tax credit 2123.1............ (21,568) 142,994 121,426 Unamortized gain-sale of utility plant ........... 98,551 98,551 Other deferred credits .... 218,168 11 218,179 --------- --------- -------- -------- --------- ------- --------- Total deferred credits . (159,394) 1,895,897 11 0 0 0 1,736,514 --------- --------- -------- -------- --------- ------- --------- COMMITMENTS AND CONTINGENCIES (NOTE) MINORITY INTERESTS: Non-Redeemable preferred stock of APS ............ 193,561 193,561 --------- --------- -------- -------- --------- ------- --------- Redeemable preferred stock of APS .................. 75,000 75,000 --------- --------- -------- -------- --------- ------- --------- Scottsdale Mountain of SunCor ................... 5,466 $5,466(f) 0 --------- --------- -------- -------- --------- ------- --------- COMMON STOCK EQUITY: Common stock .............. 2,114,297 1,217,465 492,691 78,546 2,261,803(a) 1,641,196 Accumulated deficit ....... (337,880) 353,655 (129,725) (32,735) 281,906(a) 135,221 --------- --------- -------- -------- --------- ------- --------- Total ................... 1,776,417 1,571,120 362,966 45,811 2,261,803 281,906 1,776,417 --------- --------- -------- -------- --------- ------- --------- TOTAL LIABILITIES AND EQUITY ................... 2,073,387 6,348,261 434,999 52,707 2,276,272 281,906 6,914,988 ========= ========= ======== ======== ========= ======= =========
ELIMINATING AND ADJUSTING ENTRIES (a) Common stock.......................... $2,261,803 Notes payable - SunCor, El Dorado..... 0 Accumulated deficit........... 0 $ 281,906 Other investments............. 1,979,897 ---------- ---------- $2,261,803 $2,261,803 To eliminate PWCC investment in subsidiaries Common Earnings/ Stock Dividends Notes Total ----- --------- ----- ----- APS.......... $1,690,566 ($119,446) $0 $1,571,120 SunCor....... 492,691 (129,725) 0 362,966 El Dorado.... 78,546 (32,735) 0 45,811 total...... $2,261,803 ($281,906) $0 $1,979,897 (b) Other current liabilities $2,007 Customer and other receivables - net $2,007 To eliminate intercompany receivable/payable A/R A/P PWCC's Books SUB's Books ------------ ----------- APS............. $1,501 $1,501 SunCor.......... 490 490 El Dorado....... 16 16 ------ ------ $2,007 $2,007 (c) Other current liabilities (PWCC) (2070.1) $196 Other current assets (APS) $196 To eliminate PWCC payable to APS (d) Other current liabilities (El Dorado) $6,800 Customer and other receiv. (SunCor) $6,800 To eliminate El Dorado's note payable to SunCor (e) Interest payable (El Dorado) $0 Customer and other receiv. (SunCor) $0 To eliminate El Dorado's interest payable to SunCor (f) Scottsdale Mountain - Minority Interest $5,466 Real estate investments - net $5,466 To eliminate Minority Interest - SunCor Scottsdale Mountain
PINNACLE WEST CAPITAL CORPORATION ` CONSOLIDATING INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1994 (THOUSANDS OF DOLLARS) * E L I M I N A T I O N S * PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL ------- ---------- ------ ------- ------- ----- ---------- OPERATING REVENUES: Electric $1,626,168 $1,626,168 Real Estate 59,253 59,253 ------- ---------- ------ ------- ------- ----- ---------- Total 0 1,626,168 59,253 0 0 0 1,685,421 ------- ---------- ------ ------- ------- ----- ---------- FUEL EXPENSES: Fuel for electric generation 237,103 237,103 Purchased power 63,586 63,586 ------- ---------- ------ ------- ------- ----- ---------- Total 0 300,689 0 0 0 0 300,689 ------- ---------- ------ ------- ------- ----- ---------- OPERATING EXPENSES: Utility operations and maintenance 411,921 411,921 Real estate operations 58,851 938(c) 59,789 Depreciation and amortization 464 236,108 754 0 237,326 Taxes other than income taxes 37 140,815 1,074 141,926 ------- ---------- ------ ------- ------- ----- ---------- Total 501 788,844 60,679 0 938 0 850,962 ------- ---------- ------ ------- ------- ----- ---------- OPERATING INCOME (501) 536,635 (1,426) 0 (938) 0 533,770 ------- ---------- ------ ------- ------- ----- ---------- OTHER INCOME (DEDUCTIONS): Allowance for equity funds used during construction 3,941 3,941 Palo Verde accretion income 33,596 33,596 Interest on long-term debt (69,470) (159,840) (1,438) 0 938(c) (229,810) Other interest (117) (15,059) 0 (643) 634(b) (15,185) Allowance for borrowed funds used during construction 5,442 5,442 Preferred stock dividend requirements (25,274) (25,274) Other, net 216,410 16,015 3,403 (3,341) 215,378(a,b) 17,109 ------- ---------- ------ ------- ------- ----- ---------- Total 146,823 (141,179) 1,965 (3,984) 215,378 1,572 (210,181) ------- ---------- ------ ------- -------- ----- ---------- INCOME FROM CONTINUING OPERATIONS B-4 INCOME TAXES 146,322 395,456 539 (3,984) 216,316 1,572 323,589 PROVISION FOR INCOME TAXES benefit 27,527 (177,244) (23) (149,740) 26,770 26,770 ------- ---------- ------ ------- ------- ----- ---------- INCOME (LOSS) B-4 CUMU EFFECT OF ACCTG CHG 200,619 218,212 539 (4,007) 216,316 1,572 200,619 CUMULATIVE EFFECT OF ACCOUNTING CHANGE 0 0 0 0 0 0 0 ------- ---------- ------ ------- ------- ----- ---------- NET INCOME (L0SS) 200,619 218,212 539 (4,007) 216,316 1,572 200,619 ======= ========== ====== ======= ======= ===== ==========
ELIMINATING ENTRIES (a) Income from Subsidiaries $214,744 Retained Earnings $214,744 To eliminate PWCC Equity in earnings from subsidiairies PWCC ---- APS $218,212 SUNCOR 539 EL DORADO (4,007) -------- $214,744 -------- (b) Interest Income (SunCor) $634 Interest Expense (El Dorado) $634 To eliminate SunCor interest charges to El Dorado. (c) Real Estate Operations $938 Interest Expense (PWCC) $938 To reclass Capitalized Interest for SunCor Land Sales.
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET FOR THE MONTH ENDED DECEMBER 31, 1994 * * * * * * * * * * * * * * * * **F** **G** **H** **I** **J** **K** **L** ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM WWOS ------------------- ------------ --------- ------- ---------- --------- --------- ---------- ASSETS: CURRENT ASSETS CASH 9,222,098 244,107 393,472 836,643 62,573 210,863 696,224 ACCOUNTS RECEIVABLE 756,408 68,811 289,674 1,366,450 70,709 282,255 INTEREST RECEIVABLE 63,013 NOTES RECEIVABLE OTHER 10,421,938 INVENTORIES 110,074 OTHER RECEIVABLES 7,634 PREPAID EXPENSE 197,419 629 HOME INVENTORY 1,151,076 ------------ --------- ------- ---------- --------- --------- -------- TOTAL CURRENT ASSETS 20,463,457 517,971 683,146 2,203,093 243,356 1,361,939 979,108 ------------ --------- ------- ---------- --------- --------- -------- LONG-TERM ASSETS DEVELOPMENT PROJECTS 324,875,318 13,548,661 13,351,805 INVESTMENT IN JOINT VENTURES 43,876,611 INVESTMENT IN BILTMORE ESTATES 1,488,425 INVESTMENT IN WIGWAM (1,238,616) COMMERCIAL PROPERTIES 6,700,621 4,629,015 INVESTMENT IN LPSCO 1,571,277 LONG-TERM NOTES RECEIVABLE 3,973,864 497,410 INVESTMENT IN SASI 481,379 INVESTMENT IN PALM VALLEY GOLF 4,751,314 BUILDING, EQUIPMENT AND OTHER 847,186 DEFERRED ASSETS 2,965,009 13,218 68,753 453,448 CAPITALIZED INTEREST ACCUMULATED AMORTIZATION HOTEL PROPERTIES ACCUMULATED DEPRECIATION WATER, SEWER UTILITY PROP 2,741,843 ACCUMULATED DEPRECIATION (870,539) CONTRIBUTED PROPERTY 1,114,676 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL LONG-TERM ASSETS 390,292,389 2,985,980 0 14,059,289 4,697,768 0 13,805,253 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL ASSETS 410,755,845 3,503,951 683,146 16,262,382 4,941,125 1,361,939 14,784,361 =========== ========= ======= ========== ========== ========== ==========
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET--(CONTINUED) FOR THE MONTH ENDED DECEMBER 31, 1994 * * * * * * ELIMINATIONS ------------------------------------ **R** ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED ------------------- --- ---------- ----- --------- ------------ ASSETS: CURRENT ASSETS CASH E 327,752 11,338,228 ACCOUNTS RECEIVABLE E 2,944,837 CDGJ 178,971 5,600,173 INTEREST RECEIVABLE 63,013 NOTES RECEIVABLE OTHER E 35,797 G 3,200,000 7,257,735 INVENTORIES 110,074 OTHER RECEIVABLES 7,634 PREPAID EXPENSE E 160,004 358,052 HOME INVENTORY 1,151,076 ---------- TOTAL CURRENT ASSETS 25,885,985 ---------- LONG-TERM ASSETS DEVELOPMENT PROJECTS FK 1,312,310 350,463,474 EQUITY IN JOINT VENTURES FK 7,668,060 36,208,551 INVESTMENT IN BILTMORE ESTATES 1,488,425 INVESTMENT IN WIGWAM E 1,238,616 (0) COMMERCIAL PROPERTIES 11,329,637 INVESTMENT IN LPSCO A 1,571,277 0 LONG-TERM NOTES RECEIVABLE BK 2,193,095 2,278,179 INVESTMENT IN SASI H 481,379 0 INVESTMENT IN PALM VALLEY GOLF J 4,751,314 (0) BUILDING, EQUIPMENT AND OTHER 847,186 DEFERRED ASSETS 3,500,428 CAPITALIZED INTEREST 0 ACCUMULATED AMORTIZATION 0 HOTEL PROPERTIES 0 ACCUMULATED DEPRECIATION 0 WATER, SEWER UTILITY PROP 2,741,843 ACCUMULATED DEPRECIATION (870,539) CONTRIBUTED PROPERTY 1,114,676 ----------- TOTAL LONG-TERM ASSETS 409,101,859 ----------- TOTAL ASSETS 434,987,844 ===========
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET--(CONTINUED) FOR THE MONTH ENDED DECEMBER 31, 1994 * * * * * * * * * * * * * * * * **F** **G** **H** **I** **J** **K** **L** ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM WWOS ------------------- ------------ --------- ------- ---------- --------- --------- ---------- LIABILITIES: CURRENT LIABILITIES A/P & OTHER ACCRUED LIAB 2,975,506 95,225 201,767 3,536,827 (113,632) 1,183,320 1,628,747 INTEREST PAYABLE 228,180 S/T NOTES PAYABLE OTHER 18,860 PWCC INTERCO PAYABLE 195,527 ACCRUED FEDERAL & STATE TAXES 18,275 ACC TAXES OTHER THAN INCOME 37,788 MISCELLANEOUS LIABILITIES 21,960 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL CURRENT LIABILITIES 3,418,073 173,248 201,767 3,536,827 (113,632) 1,183,320 1,628,747 ------------ --------- ------- ---------- --------- --------- ---------- LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE 12,453,553 300,000 11,393,095 LONG-TERM BONDS PAYBLE 30,000,000 OTHER ACCRUED LIABILITIES 1,918,691 41,377 DEFERRED TAXES 101,862 LONG-TERM ADVANCE-IN-AID 49,688 LONG-TERM METER DEPOSITS 192,557 CONTRIB PROPERTY AIA 1,115,319 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL L/T LIABILITIES 44,372,244 1,759,426 0 41,377 0 0 11,393,095 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL LIABILITIES 47,790,317 1,932,674 201,767 3,578,204 (113,631) 1,183,320 13,021,842 ------------ --------- ------- ---------- --------- --------- ---------- SCOTTS MTN MINORITY INTEREST 1,933,366 ------------ --------- ------- ---------- --------- --------- ---------- EQUITY: COMMON STOCK 1,022,000 78,200 166,635 ADDITIONAL PAID IN CAPITAL 491,668,522 724,000 70,000 490,147 4,909,299 EARNED SURPLUS-BEGINNING (130,263,900) 678,900 103,443 2,361,426 119,243 82,229 1,637,765 EARNED SURPLUS-CURRENT 538,906 90,177 307,936 7,732,604 26,214 96,390 124,754 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL EQUITY 362,965,528 1,571,277 481,379 10,750,812 5,054,756 178,619 1,762,519 ------------ --------- ------- ---------- --------- --------- ---------- TOTAL LIABILITIES AND EQUITY 410,755,845 3,503,951 683,146 16,262,382 4,941,124 1,361,939 14,784,361 ============ ========= ======= ========== ========= ========== ==========
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET--(CONTINUED) FOR THE MONTH ENDED DECEMBER 31, 1994 * * * * * * ELIMINATIONS ------------------------------------ **R** ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED ------------------- --- ---------- ----- --------- ------------ LIABILITIES: CURRENT LIABILITIES A/P & OTHER ACCRUED LIAB DGI 4,462,422 EIIJ 5,619,147 10,664,485 INTEREST PAYABLE 228,180 S/T NOTES PAYABLE OTHER 18,860 PWCC INTERCO PAYABLE 195,527 ACCRUED FEDERAL & STATE TAXES 18,275 ACC TAXES OTHER THAN INCOME 37,788 MISCELLANEOUS LIABILITIES C 2,133 19,827 ----------- TOTAL CURRENT LIABILITIES 11,182,942 ----------- LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE BK 2,193,095 21,953,553 LONG-TERM BONDS PAYBLE 30,000,000 OTHER ACCRUED LIABILITIES 1,960,068 DEFERRED TAXES 101,862 LONG-TERM ADVANCE-IN-AID 49,688 LONG-TERM METER DEPOSITS 192,557 CONTRIB PROPERTY AIA 1,115,319 ----------- TOTAL L/T LIABILITIES 55,373,047 ----------- TOTAL LIABILITIES 66,555,989 ----------- SCOTTS MTN MINORITY INTEREST F 3,532,960 5,466,326 ----------- EQUITY: COMMON STOCK AF 244,835 1,022,000 ADDITIONAL PAID IN CAPITAL AFHJ 6,193,446 491,668,522 EARNED SURPLUS-BEGINNING AFHIJK 4,983,006 (130,263,901) EARNED SURPLUS-CURRENT AFHIJK 8,378,075 538,906 ----------- TOTAL EQUITY 362,965,528 ---------- ---------- ----------- TOTAL LIABILITIES AND EQUITY 30,836,266 30,836,266 434,987,844 ========== ========== ===========
NOTES TO DECEMBER 1994 CONSOLIDATED WORKSHEET A. COMMON STOCK 78,200 EARNED SURPLUS - BEGINNING 678,900 ADDITIONAL PAID IN CAPITAL 724,000 EARNED SURPLUS - CURRENT 90,177 INVESTMENT IN LPSCO 1,571,277 ELIMINATE INVESTMENT IN LPSCO B. LONG-TERM NOTES PAYABLE 300,000 LONG-TERM NOTES RECEIVABLE 300,000 ELIMINATE INTERCOMPANY NOTES (LPSCO) C. MISCELLANEOUS LIABILITIES 2,133 ACCOUNTS RECEIVABLE 2,133 ELIMINATE INTERCOMPANY INTEREST WITH LPSCO D. ACCOUNTS PAYABLE 80,819 ACCOUNTS RECEIVABLE 80,819 ELIMINATE LPSCO RECEIVABLE ON SUNCOR'S BOOKS E. CASH 327,752 ACCOUNTS RECEIVABLE 2,944,837 PREPAIDS 160,004 SECURITY DEPOSITS (OTHER REC) 35,797 ACCOUNTS PAYABLE 4,051,502 INVESTMENT IN WIGWAM 1,238,616 ELIMINATE INVESTMENT IN WIGWAM F. COMMON STOCK 166,635 ADDITIONAL PAID IN CAPITAL 490,147 EARNED SURPLUS - BEGINNING 2,361,426 EARNED SURPLUS - CURRENT 7,732,604 MINORITY INTEREST - PRIOR YEAR 826,547 MINORITY INTEREST - CURRENT YEAR 2,706,413 INVESTMENT IN SCOTTSDALE MTN LTD PART 7,061,281 LAND 156,571 ELIMINATE INVESTMENT IN SME LTD PART G. ACCOUNTS PAYABLE 3,230,107 ACCOUNTS RECEIVABLE 30,107 NOTES RECEIVABLE 3,200,000 ELIMINATE NOTE & INTEREST AND A/R WITH SMLP H. EARNED SURPLUS - CURRENT 307,936 EARNED SURPLUS - BEGINNING 103,443 ADDITIONAL PAID IN CAPITAL 70,000 INVESTMENT IN SASI 481,379 ELIMINATE INVESTMENT IN SASI I. EARNED SURPLUS - CURRENT 96,390 EARNED SURPLUS - BEGINNING 82,229 INTERCOMPANY - OTHER(LIAB) A/P & OTHER 178,619 INTERCOMPANY - OTHER(LIAB) A/P & OTHER 1,151,496 ACCOUNTS PAYABLE 1,151,496 ELIMINATE SCM INTERCOMPANY J. EARNED SURPLUS - CURRENT 26,214 EARNED SURPLUS - BEGINNING 119,243 ADDITIONAL PAID IN CAPITAL 4,909,299 ACCOUNTS PAYABLE 237,530 INVESTMENT IN PV GOLF CLUB 4,751,314 ACCOUNTS RECEIVABLE 65,912 ELIMINATE PALM VALLEY GOLF K. BEGINNING EARNED SURPLUS 1,637,765 CURRENT EARNED SURPLUS 124,754 N/P 1,893,095 INVESTMENT IN WWOS 606,780 N/R 1,893,095 LAND 1,155,739 ELIMINATE WIGWAM OUTLET STORES 30,836,266 30,836,266
SUNCOR DEVELOPMENT COMPANY INCOME STATEMENT FOR THE PERIOD ENDING 12/31/94 SUNCOR LPSCO SMLP PV GOLF SCM ---------- --------- ---------- --------- --------- REVENUES: DEFERRED RECOGNITION OF PROFITS 788,227 0 0 0 0 LAND & HOME SALES 37,149,289 0 15,580,688 0 2,410,489 COMMERCIAL & PROPERTY MANAGEMENT 2,181,070 0 0 1,690,209 0 UTILITY SALES (1) 1,106,996 0 0 0 ---------- --------- ---------- --------- --------- TOTAL OPERATING REVENUES 40,118,585 1,106,996 15,580,688 1,690,209 2,410,489 ---------- --------- ---------- --------- --------- OPERATING EXPENSES: COST OF PROPERTY SOLD 32,729,510 0 6,676,913 0 2,314,098 LAND PROJECT COSTS 2,721,408 0 747,016 0 0 COMMERCIAL & PROP. MANGMNT EXPENSES 1,332,056 0 0 1,463,745 0 GENERAL AND ADMINISTRATIVE 8,628,271 0 315,270 0 0 RESORT OPERATIONS 1,218,498 0 0 0 0 UTILITY EXPENSES 0 940,837 0 0 0 DEPRECIATION 477,864 75,984 0 200,250 0 ---------- --------- ---------- --------- --------- TOTAL OPERATING EXPENSES 47,107,608 1,016,821 7,739,199 1,663,995 2,314,098 ---------- --------- ---------- --------- --------- NET OPERATING INCOME (6,989,023) 90,175 7,841,489 26,214 96,390 ---------- --------- ---------- --------- --------- OTHER INCOME AND GAINS: EQUITY IN JOINT VENTURES 66,265 0 0 0 0 MANAGEMENT FEES 128,339 0 0 0 0 INTEREST INCOME 1,734,735 0 62,682 0 0 OTHER, NET 815,177 0 0 0 0 ---------- --------- ---------- --------- --------- TOTAL OTHER INCOME AND GAINS 3,344,516 0 62,682 0 0 ---------- --------- ---------- --------- --------- INTEREST EXPENSE INTEREST EXPENSE 2,957,628 0 365,258 0 0 LESS CAPITALIZED INTEREST (1,777,315) 0 (193,690) 0 0 ---------- --------- ---------- --------- --------- TOTAL INTEREST EXPENSE 1,180,313 0 171,567 0 0 ---------- --------- ---------- --------- --------- NET INCOME BEFORE MINORITY INT (4,824,820) 90,175 7,732,604 26,214 96,390 MINORITY INTEREST 0 0 2,706,411 0 0 ---------- --------- ---------- --------- --------- NET INCOME/(LOSS) (4,824,820) $90,175 $5,026,192 $26,214 $96,390 =========== ========= ========== ========= =========
SUNCOR DEVELOPMENT COMPANY INCOME STATEMENT--(CONTINUED) FOR THE PERIOD ENDING 12/31/94 ELIMINATING CONSOLIDATED WWOS ENTRIES INCOME ------- ---------- ---------- REVENUES: DEFERRED RECOGNITION OF PROFITS 0 0 788,227 LAND & HOME SALES 450,000 (2,410,489) 53,179,977 COMMERCIAL & PROPERTY MANAGEMENT 307,049 0 2,181,070 UTILITY SALES 0 0 1,106,995 ------- ---------- ---------- TOTAL OPERATING REVENUES 757,049 (2,410,489) 59,253,527 ------- ---------- ---------- OPERATING EXPENSES: COST OF PROPERTY 271,644 (2,410,489) 39,581,677 LAND PROJECT COSTS 0 0 3,468,424 COMMERCIAL & PROP. MANGMNT EXPENSES 274,605 0 3,070,406 GENERAL AND ADMINISTRATIVE 0 0 8,943,541 RESORT OPERATIONS 0 0 1,218,498 UTILITY EXPENSES 0 (24,414) 916,423 DEPRECIATION 0 0 754,099 ------- ---------- ---------- TOTAL OPERATING EXPENSES 546,249 (2,434,903) 57,953,068 ------- ---------- ---------- NET OPERATING INCOME 210,800 24,414 1,300,459 ------- ---------- ---------- OTHER INCOME AND GAINS: EQUITY IN JOINT VENTURES 0 0 66,265 MANAGEMENT FEES 0 0 128,339 INTEREST INCOME 0 (24,414) 1,773,003 OTHER, NET 0 0 815,177 ------- ---------- ---------- TOTAL OTHER INCOME AND GAINS 0 (24,414) 3,382,784 ------- ---------- ---------- INTEREST EXPENSE INTEREST EXPENSE 86,045 0 3,408,931 LESS CAPITALIZED INTEREST 0 0 (1,971,005) ------- ---------- ---------- TOTAL INTEREST EXPENSE 86,045 0 1,437,925 ------- ---------- ---------- NET INCOME BEFORE MINORITY INT 124,755 0 3,245,318 MINORITY INTEREST 0 0 2,706,411 ------- ---------- ---------- NET INCOME/(LOSS) $124,755 $0 $538,907 ======== ========== ==========
EXHIBIT B Financial Data Schedule The Claimant submits the following consolidated financial information: 1. Total Assets: $6,914,988,000 2. Total Operating Revenues: $1,685,421,000 3. Net Income: $200,619,000 -----END PRIVACY-ENHANCED MESSAGE-----