-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F7iKv045Cb5DHRlWCa64DgKDDiiVCbh2SWu7/b5ZbbL+oV5RKyNAgkPHQ9BYaKXM r1YyQyrL+/N6+cAFWSnJjQ== 0000912057-01-530736.txt : 20010830 0000912057-01-530736.hdr.sgml : 20010830 ACCESSION NUMBER: 0000912057-01-530736 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AES CORPORATION CENTRAL INDEX KEY: 0000874761 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 541163725 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 35-CERT SEC ACT: 1935 Act SEC FILE NUMBER: 070-09779 FILM NUMBER: 1727224 BUSINESS ADDRESS: STREET 1: 1001 N 19TH ST STREET 2: STE 2000 CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7035221315 35-CERT 1 a2058313z35-cert.txt 35-CERT UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ) The AES Corporation ) File No. 70-9779 ) Certificate Pursuant to Rule 24 and Release No. 35-27363 Under the Public Utility Holding Company Act of 1935 On March 23, 2001, the Securities and Exchange Commission ("SEC") issued an order, Release No. 35-27363 in File No. 70-9779 ("Exemption Order"), granting an exemption under Section 3(a) of the Public Utility Holding Company Act of 1935, as amended, to The AES Corporation ("AES") in relation to its proposed acquisition of IPALCO Enterprises, Inc. ("IPALCO"), which has a public-utility subsidiary company, Indianapolis Power & Light Company ("IPL"). The Exemption Order required AES to file certain certificates (as described in the Exemption Order) under Rule 24 within 60 days of the close of each calendar quarter for a period of two years beginning March 31, 2001 and every six months thereafter. A certificate complying with the Exemption Order is set forth below (as an attachment) for the period ending June 30, 2001. AES is separately filing a certificate in File No. 70-9465 as required by the Commission's order in Release No. 35-27063 in connection with the AES acquisition of CILCORP Inc. ("CILCORP"), which has a public-utility subsidiary company, Central Illinois Light Company ("CILCO"). Respectfully submitted, /s/ EARLE H. O'DONNELL ---------------------- Earle H. O'Donnell Andrew B. Young Dewey Ballantine LLP 1775 Pennsylvania Avenue, N.W. Washington, D.C. 20006 Dated: August 29, 2001 THE AES CORPORATION SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER QUARTER ENDED JUNE 30, 2001 ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED): 1) Statement of Income of The AES Corporation for the 12 months ended June 30, 2001 2) Balance Sheet of The AES Corporation at June 30, 2001 3) Statement of Income of IPALCO for the 12 months ended June 30, 2001 4) Statement of Income of IPL for the 12 months ended June 30, 2001 5) Consolidated Balance Sheet of IPALCO at June 30, 2001 6) Consolidated Balance Sheet of IPL at June 30, 2001 7) Statement of Income of CILCORP for the 12 months ended June 30, 2001 8) Statement of Income of CILCO for the 12 months ended June 30, 2001 9) Consolidated Balance Sheet of CILCORP at June 30, 2001 10) Consolidated Balance Sheet of CILCO at June 30, 2001 2 THE AES CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (INCLUDES CILCORP AND IPALCO) FOR THE TWELVE MONTHS ENDED JUNE 30, 2001 - PRO RATA BASIS
- -------------------------------------------------------------------------------------- TWELVE MONTHS ENDED 6/30/2001 - -------------------------------------------------------------------------------------- ($ in millions, except per share amounts) REVENUES: Sales and services $ 9,579 OPERATING COSTS AND EXPENSES: Cost of sales and services 7,116 Selling, general and administrative expenses 105 ------- TOTAL OPERATING COSTS AND EXPENSES 7,221 ------- OPERATING INCOME 2,358 OTHER INCOME AND (EXPENSE): Interest expense, net (1,439) Other income (expense) (3) Nonrecurring severance and transaction costs (178) Loss on sale of Power Direct (31) ------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND EXTRAORDINARY ITEM 707 Income tax provision 97 ------- INCOME BEFORE EXTRAORDINARY ITEM 611 Extraordinary item 4 ------- NET INCOME $ 607 =======
3 THE AES CORPORATION PRO RATA CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP AND IPALCO) JUNE 30, 2001 ($ in millions) ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,270 Short-term investments 364 Accounts receivable, net 1,712 Inventory 516 Receivable from affiliates 18 Deferred income taxes 197 Prepaid expenses and other current assets 649 ------------ TOTAL CURRENT ASSETS 4,726 PROPERTY, PLANT AND EQUIPMENT Land 705 Electric generation and distribution assets 21,533 Accumulated depreciation and amortization (3,301) Construction in progress 3,900 ------------ PROPERTY, PLANT AND EQUIPMENT, NET 22,837 OTHER ASSETS Deferred financing costs, net 423 Project development costs 110 Investments in and advances to affiliates 3,671 Debt service reserves and other deposits 721 Excess of Cost over Net Assets Acquired 2,599 Other assets 2,306 ------------ TOTAL OTHER ASSETS 9,830 TOTAL $ 37,393 ============
4 LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 845 Accrued interest 571 Accrued and other liabilities 1,619 Other notes payable - current portion 676 Project financing debt - current portion 2,137 ------------ TOTAL CURRENT LIABILITIES 5,848 LONG-TERM LIABILITIES Recourse Debt-LT 4,761 Project Financing Debt-LT 12,974 Other notes payable-LT 504 Deferred Tax Liability 2,056 Other long-term liabilities 2,431 ------------ TOTAL LONG-TERM LIABILITIES 22,726 TECONS 1,228 STOCKHOLDERS' EQUITY Common Stock 5 Contributed capital / Additional paid in capital 5,507 Retained earnings 4,641 Accumulated other comprehensive loss (2,562) ------------ TOTAL STOCKHOLDERS' EQUITY 7,591 TOTAL $ 37,393 ============
5 IPALCO Enterprises, Inc. Statement of Consolidated Income Period ending June 30, 2001 (Unaudited)
12 MONTHS ENDED 6/30/01 ------------- OPERATING REVENUES: Electric 846,764,442 Steam 10,507,556 ------------- GROSS OPERATING REVENUES 857,271,998 ------------- OPERATING EXPENSES AND TAXES: Production - Fuel 190,307,640 Production - Other 87,491,721 Power Purchased 12,295,572 Purchased Steam 2,028,215 ------------- Total 292,123,148 Transmission 5,115,133 Distribution - Electric 32,170,769 Customer and Distribution - Steam 992,757 Customer Accounts 16,043,283 Customer Service and Informational 9,281,213 Administrative and General 202,806,450 ------------- Total 558,532,753 Depreciation 110,067,640 Amortization of Regulatory Deferrals 1,054,476 Income Taxes - Net 50,476,493 Taxes Other than Income Taxes 38,079,475 Disposition of Allowances - Net (4,262,660) ------------- Total Operating Expenses and Taxes 753,948,177 ------------- OPERATING INCOME 103,323,821 ------------- OTHER INCOME AND DEDUCTIONS: Allowance for Funds During Construction 742,195 Carrying Charges on Regulatory Assets 156,783 IPL Miscellaneous Income & Deductions - Net (24,951,638) IPL Income Taxes - Net 9,779,573 IPALCO Enterprises, Inc. - Parent Co. (16,303,727) Mid-America Capital Resources, Inc. 2,665,890 Mid-America Energy Resources, Inc. 26,106,121 ------------- Total Other Income and Deductions (1,804,803) ------------- TOTAL INCOME 101,519,018 ------------- INTEREST CHARGES: Interest on Long-Term Debt 38,351,902 Allowance for Funds During Const-Credit (353,986) Deferred Return on Regulatory Assets (48,958) Other Interest Charges 430,422 Amortization - Debt Discount & Expense 1,966,009 Preferred Stock Transactions 3,213,312 ------------- Total Interest and Other Charges - Net 43,558,701 ------------- CUM. ACCOUNTING CHANGE - Net of Taxes 0 NET INCOME 57,960,317 =============
6 IPL Statement of Income Period ending June 30, 2001 (Unaudited)
12 MONTHS ENDED 6/30/01 ------------- OPERATING REVENUES: Electric 846,764,442 Steam 10,507,556 ------------- GROSS OPERATING REVENUES 857,271,998 ------------- OPERATING EXPENSES AND TAXES: Production - Fuel 190,307,640 Production - Other 87,491,721 Power Purchased 12,295,572 Purchased Steam 2,028,215 ------------- Total 292,123,148 Transmission 5,115,133 Distribution - Electric 32,170,769 Customer and Distribution - Steam 992,757 Customer Accounts 16,043,283 Customer Service and Informational 9,281,213 Administrative and General 202,806,450 ------------- Total 558,532,753 Depreciation 110,067,640 Amortization of Regulatory Deferrals 1,054,476 Income Taxes - Net 50,476,493 Taxes Other than Income Taxes 38,079,475 Disposition of Allowances - Net (4,262,660) ------------- Total Operating Expenses and Taxes 753,948,177 ------------- OPERATING INCOME 103,323,821 ------------- OTHER INCOME AND DEDUCTIONS: Allowance for Other Funds During Construction 742,195 Carrying Charges on Regulatory Assets 156,783 Miscellaneous Income and Deductions - Net (5,311,154) Income Taxes - Net 3,615,278 ------------- Total Other Income and Deductions (796,898) ------------- TOTAL INCOME 102,526,923 ------------- INTEREST CHARGES: Interest on Long-Term Debt 38,351,902 Allowance for Borrowed Funds Used During Const (353,986) Deferred Return on Regulatory Assets-Borrowed (48,958) Other Interest Charges 430,422 Amortization - Debt Discount & Expense 1,966,009 ------------- Total Interest and Other Charges - Net 40,345,389 ------------- INCOME BEFORE EXTRAORDINARY ITEMS AND CUMULATIVE ACCOUNTING CHANGE 62,181,534 Less Preferred Stock Transactions 3,213,312 ------------- INCOME APPLICABLE TO COMMON STOCK 58,968,222 ============= OPERATION 478,809,141 MAINTENANCE 79,723,608
7 IPALCO Enterprises, Inc. and Subsidiaries Balance Sheet Period Ending June 30, 2001 (Unaudited)
THIS YEAR LAST YEAR CHANGE ASSETS: PROPERTY, PLANT AND EQUIPMENT Utility Plant, at Original Cost 3,027,420,139 3,093,191,663 (65,771,524) Less: Accum. Prov. for Deprec. & Amort 1,394,173,400 1,350,588,787 43,584,613 -------------- -------------- -------------- Total Utility Plant - Net 1,633,246,739 1,742,602,876 (109,356,137) -------------- -------------- -------------- OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS: Nonutility Property 2,684,122 85,040,344 (82,356,222) Less Accumulated Provision for Depreciation 913,434 17,428,971 (16,515,537) -------------- -------------- -------------- Total Nonutility Property - Net 1,770,688 67,611,373 (65,840,685) Other Investments 9,720,974 15,713,452 (5,992,478) -------------- -------------- -------------- Total 11,491,662 83,324,825 (71,833,163) -------------- -------------- -------------- CURRENT ASSETS: Cash 2,915,265 4,806,712 (1,891,447) Special Deposits 0 88 (88) Working Funds 267,775 164,582 103,193 Temporary Cash Investments 16,132,000 16,248,000 (116,000) Accounts Receivable - Associated Companies 3 (1) 4 Accounts Receivable: Customers 40,866,844 42,999,552 (2,132,708) Miscellaneous 9,237,723 7,870,676 1,367,047 Less: Reserve for Uncollectible Accounts (1,181,940) (1,521,416) 339,476 Interest Receivable 45,754 28,296 17,458 Notes Receivable 0 117,416 (117,416) Fuel 24,590,539 43,759,013 (19,168,474) Materials and Supplies - Net 47,679,837 49,076,476 (1,396,639) Other Current Assets 1,841,950 3,175,142 (1,333,192) Deferred Fuel Expense 0 484,414 (484,414) Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr -------------- -------------- -------------- Total Current Assets 142,395,750 167,208,950 (24,813,200) -------------- -------------- -------------- DEFERRED DEBITS: Unamortized Petersburg Unit 4 Carrying Charges 17,011,337 17,687,284 (675,947) Unamort. Def. Return-Pete Unit 4 Carrying Chgs 9,526,175 9,904,698 (378,523) Unamort. Reacquisition Premium on Debt 19,258,749 20,889,253 (1,630,504) Other Regulatory Assets 70,979,406 53,675,373 17,304,033 Miscellaneous 4,177,791 3,671,751 506,040 Unamortized Debt Expense 5,353,180 6,536,525 (1,183,345) -------------- -------------- -------------- Total Deferred Debits 126,306,638 112,364,884 13,941,754 -------------- -------------- -------------- TOTAL ASSETS 1,913,440,789 2,105,501,535 (192,060,746) ============== ============== ==============
8
THIS YEAR LAST YEAR CHANGE LIABILITIES CAPITALIZATION: Common Shareholder's Equity: Common Stock 0 439,234,044 (439,234,044) Unearned Compensation - Restricted Stock 0 (1,659,246) 1,659,246 Premium and Net Gain on Preferred Stock 648,700 648,700 0 Retained Earnings 685,785,468 783,904,322 (98,118,854) Accumulated Other Comprehensive Income (4,676,406) 112,130 (4,788,536) Common Stock held by Treasury 0 (556,754,453) 556,754,453 -------------- -------------- -------------- Total 681,757,762 665,485,497 16,272,265 -------------- -------------- -------------- Non-Redeemable Cumulative Preferred Stock 59,135,300 59,135,300 0 -------------- -------------- -------------- Long-Term Debt 622,650,000 790,350,000 (167,700,000) Unamort. Premium on LT Debt - Net (753,175) (817,885) 64,710 -------------- -------------- -------------- Total Long-Term Debt 621,896,825 789,532,115 (167,635,290) -------------- -------------- -------------- Total Capitalization 1,362,789,887 1,514,152,912 (151,363,025) -------------- -------------- -------------- CURRENT LIABILITIES: Notes Payable 0 5,999,999 (5,999,999) Accounts Payable 45,857,479 62,437,886 (16,580,407) Dividends Payable 981,382 14,921,124 (13,939,742) Customer Deposits 8,664,307 9,629,567 (965,260) Accrued Liabilities: Interest on Long-Term Debt 11,552,085 12,354,789 (802,704) Interest on Customer Deposits, etc 1,481,108 1,333,383 147,725 Taxes: Federal Taxes on Income 9,846,601 25,690,446 (15,843,845) State Taxes on Income 2,120,151 3,842,756 (1,722,605) Real Estate and Personal Property 19,166,902 20,136,210 (969,308) Miscellaneous 200,279 1,278,688 (1,078,409) Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr 341,465 0 341,465 Deferred Fuel Expense 6,126,941 0 6,126,941 Accounts Payable - Associated Companies 1 0 1 Miscellaneous 165,050 12,201 152,849 -------------- -------------- -------------- Total 106,503,751 157,637,049 (51,133,298) Current Maturity of Long Term Debt 300,000 34,431,000 (34,131,000) -------------- -------------- -------------- Total Current Liabilities 106,803,751 192,068,049 (85,264,298) -------------- -------------- -------------- DEFERRED CREDITS: FAS109 Net Deferred Income Tax - Credit 70,662,654 50,564,632 20,098,022 Accumulated Deferred Income Tax - Net 237,869,016 277,644,571 (39,775,555) Unamortized Investment Tax Credit 35,074,235 37,841,831 (2,767,596) Accrued Postretirement Benefits 5,304,434 1,072,001 4,232,433 Accrued Pension Benefits 90,445,291 26,939,064 63,506,227 Miscellaneous 4,491,524 5,218,475 (726,951) -------------- -------------- -------------- Total Deferred Credits 443,847,154 399,280,574 44,566,580 -------------- -------------- -------------- TOTAL LIABILITIES 1,913,440,792 2,105,501,535 (192,060,743) ============== ============== ==============
9 IPL Balance Sheet Period ending June 30, 2001 (Unaudited)
THIS YEAR LAST YEAR CHANGE ASSETS: PROPERTY, PLANT AND EQUIPMENT Utility Plant, at Original Cost 3,027,420,139 3,074,206,259 (46,786,120) Less: Accum. Prov. for Deprec. & Amort 1,394,173,400 1,350,588,787 43,584,613 -------------- -------------- -------------- Total Utility Plant - Net 1,633,246,739 1,723,617,472 (90,370,733) -------------- -------------- -------------- OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS: Nonutility Property 2,474,502 1,757,280 717,222 Less Accumulated Provision for Depreciation 716,450 78,641 637,809 -------------- -------------- -------------- Total Nonutility Property - Net 1,758,052 1,678,639 79,413 Other Investments 4,144,430 4,032,381 112,049 -------------- -------------- -------------- Total 5,902,482 5,711,020 191,462 -------------- -------------- -------------- CURRENT ASSETS: Cash 2,794,219 3,261,424 (467,205) Special Deposits 0 88 (88) Working Funds 267,775 162,479 105,296 Temporary Cash Investments 13,471,000 6,926,000 6,545,000 Accounts Receivable - Associated Companies 0 643,619 (643,619) Accounts Receivable: Customers 40,847,641 39,155,140 1,692,501 Miscellaneous 9,010,298 7,573,292 1,437,006 Less: Reserve for Uncollectible Accounts (1,152,015) (1,351,544) 199,529 Interest Receivable 44,410 28,543 15,867 Notes Receivable 0 0 0 Fuel 24,590,539 43,544,196 (18,953,657) Materials and Supplies - Net 47,683,513 48,466,637 (783,124) Other Current Assets 1,841,950 2,688,173 (846,223) Deferred Fuel Expense 0 484,414 (484,414) Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr Tax Refund Receivable 39,794 39,794 0 -------------- -------------- -------------- Total Current Assets 139,439,124 151,622,255 (12,183,131) -------------- -------------- -------------- DEFERRED DEBITS: Unamortized Petersburg Unit 4 Carrying Charges 17,011,337 17,687,284 (675,947) Unamort. Def. Return-Pete Unit 4 Carrying Chgs 9,526,175 9,904,698 (378,523) Unamort. Reacquisition Premium on Debt 19,258,749 20,889,253 (1,630,504) Other Regulatory Assets 70,979,406 53,675,373 17,304,033 Miscellaneous 3,769,260 224,555 3,544,705 Unamortized Debt Expense 5,301,747 5,576,296 (274,549) -------------- -------------- -------------- Total Deferred Debits 125,846,674 107,957,459 17,889,215 -------------- -------------- -------------- TOTAL ASSETS 1,904,435,019 1,988,908,206 (84,473,187) ============== ============== ==============
10
THIS YEAR LAST YEAR CHANGE LIABILITIES CAPITALIZATION: Common Shareholder's Equity: Common Stock 324,536,675 324,536,675 0 Premium and Net Gain on Preferred Stock 2,642,134 2,642,134 0 Retained Earnings 339,753,529 456,003,357 (116,249,828) Accumulated Other Comprehensive Income (4,679,016) 0 (4,679,016) -------------- -------------- -------------- Total 662,253,322 783,182,166 (120,928,844) -------------- -------------- -------------- Non-Redeemable Cumulative Preferred Stock 59,135,300 59,135,300 0 -------------- -------------- -------------- Long-Term Debt 622,650,000 628,800,000 (6,150,000) Unamort. Premium on LT Debt - Net (753,175) (817,885) 64,710 -------------- -------------- -------------- Total Long-Term Debt 621,896,825 627,982,115 (6,085,290) -------------- -------------- -------------- Total Capitalization 1,343,285,447 1,470,299,581 (127,014,134) -------------- -------------- -------------- CURRENT LIABILITIES: Accounts Payable 44,408,948 57,150,650 (12,741,702) Dividends Payable 805,604 17,737,176 (16,931,572) Customer Deposits 8,664,307 8,379,567 284,740 Accrued Liabilities: Interest on Long-Term Debt 11,518,335 11,545,837 (27,502) Interest on Customer Deposits, etc 1,481,108 1,327,416 153,692 Taxes: Federal Taxes on Income 21,446,296 4,945,403 16,500,893 State Taxes on Income 358,514 943,108 (584,594) Real Estate and Personal Property 19,165,632 19,003,309 162,323 Miscellaneous 194,873 891,643 (696,770) Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr 341,465 0 341,465 Deferred Fuel Expense 6,126,941 0 6,126,941 Accounts Payable - Associated Companies 2,239,776 0 2,239,776 Miscellaneous 165,050 11,104 153,946 -------------- -------------- -------------- Total 116,916,849 121,935,213 (5,018,364) -------------- -------------- -------------- Total Current Liabilities 116,916,849 121,935,213 (5,018,364) -------------- -------------- -------------- DEFERRED CREDITS: FAS109 Net Deferred Income Tax - Credit 70,662,654 50,564,632 20,098,022 Accumulated Deferred Income Tax - Net 238,254,602 277,305,150 (39,050,548) Unamortized Investment Tax Credit 35,074,235 37,841,831 (2,767,596) Accrued Postretirement Benefits 5,304,434 1,072,001 4,232,433 Accrued Pension Benefits 90,445,291 26,939,064 63,506,227 Miscellaneous 4,491,509 2,950,727 1,540,782 -------------- -------------- -------------- Total Deferred Credits 444,232,725 396,673,405 47,559,320 -------------- -------------- -------------- TOTAL LIABILITIES 1,904,435,021 1,988,908,199 (84,473,178) ============== ============== ==============
11 CILCORP CONSOLIDATED INCOME STATMENT TWELVE MONTHS ENDED 6/30/2001 (Unaudited) REVENUE: CILCO ELECTRIC $ 398,889 CILCO GAS 335,395 CILCO OTHER 68,785 OTHER BUSINESSES 52,452 ------------------ TOTAL 855,521 ------------------ OPERATING EXPENSES: FUEL FOR GENERATION AND PURCHASED POWER 222,049 GAS PURCHASED FOR RESALE 285,314 OTHER OPERATIONS AND MAINTENANCE 124,552 DEPRECIATION AND AMORTIZATION 87,418 TAXES, OTHER THAN INCOME TAXES 40,573 ------------------ TOTAL 759,906 ------------------ FIXED CHARGES AND OTHER: INTEREST EXPENSE 72,832 PREFERRED STOCK DIVIDENDS OF SUBSIDIARY 2,158 ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (375) OTHER 1,318 ------------------ TOTAL 75,933 ------------------ INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 19,682 INCOME TAXES 10,162 ------------------ NET INCOME (LOSS) FROM CONTINUING OPERATIONS 9,520 INCOME (LOSS) FROM OPERATIONS OF DISCONTINUED BUSINESS, NET OF TAXES - EXTRAORDINARY ITEM - ------------------ NET INCOME (LOSS) BEFORE MINORITY INTEREST 9,520 MINORITY INTEREST - ------------------ NET INCOME (LOSS) 9,520 OTHER COMPREHENSIVE INCOME (7,319) ------------------ COMPREHENSIVE INCOME (LOSS) $ 2,201 ==================
12 CENTRAL ILLINOIS LIGHT COMPANY CONSOLIDATED STATEMENT OF INCOME (Unaudited)
TWELVE MONTHS ENDED 6/30/2001 Operating Revenues: Electric $ 398,889 Gas 335,395 --------- 734,284 --------- Operating Expenses: Cost of Fuel 117,127 Cost of Gas 246,996 Purchased Power 49,148 Other Operation & Maintenance Expenses 118,792 Depreciation and Amortization 68,797 Income Taxes 26,582 Other Taxes 40,485 --------- Total Operating Expenses 667,927 --------- Operating Income 66,357 Other Income and Deductions CILCO Owned Life Insurance (1,318) Other, Net 4,599 --------- Total other income and (deductions) 3,281 --------- Income Before Interest Expenses 69,638 Interest Expenses: Interest on Long-Term Debt 17,313 Cost of Borrowed Funds Capitalized (375) Other 7,626 --------- Total interest expense 24,564 --------- Net (loss) Income Before Preferred Dividends 45,074 --------- Preferred Stock Dividends 2,158 --------- Net Inc Available for Common Stock $ 42,916 =========
13 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) (Unaudited)
JUNE 30, 2001 ASSETS Current assets: Cash and temporary cash investments $ 11,046 Receivables, less reserves of $1,151 and $1,343 88,753 Accrued unbilled revenue 27,017 Fuel, at average cost 16,166 Materials and supplies, at average cost 18,567 Gas in underground storage, at average cost 20,439 FAC/PGA underrecoveries 870 Prepayments and other 9,029 ---------- Total current assets 191,887 ---------- Investments and other property: Investment in leveraged leases 136,261 Other investments 20,150 ---------- Total investments and other property 156,411 ---------- Property, plant and equipment: Utility plant, at original cost Electric 703,065 Gas 221,063 ---------- 924,128 Less - accumulated provision for depreciation 97,273 ---------- 826,855 Construction work in progress 40,137 Other, net of depreciation 79 ---------- Total property, plant and equipment 867,071 ---------- Other assets: Goodwill, net of accumulated amortization of $26,087 and $18,422 586,877 Other 68,495 ---------- Total other assets 655,372 ---------- Total assets $1,870,741 ==========
14 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) (Unaudited)
JUNE 30, 2001 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current portion of long-term debt $ 18,900 Notes payable 111,434 Accounts payable 66,001 Accrued taxes 19,476 Accrued interest 17,386 FAC/PGA overrecoveries 1,841 Other 17,064 ---------- Total current liabilities 252,102 ---------- Long-term debt 719,106 ---------- Deferred credits and other liabilities: Deferred income taxes 188,386 Regulatory liability of regulated subsidiary 43,147 Deferred investment tax credits 15,356 Freeman contract liability 83,524 Other 79,231 ---------- Total deferred credits and other liabilities 409,644 ---------- Preferred stock of subsidiary without mandatory redemption 19,120 Preferred stock of subsidiary with mandatory redemption 22,000 ---------- Total preferred stock of subsidiary 41,120 ---------- Stockholder's equity: Common stock, no par value; authorized 10,000 shares - outstanding 1,000 shares -- Additional paid-in capital 468,833 Retained earnings (deficit) (12,745) Accumulated other comprehensive income (loss) (7,319) ---------- Total stockholder's equity 448,769 ---------- Total liabilities and stockholder's equity $1,870,741 ==========
15 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (In thousands) (Unaudited)
JUNE 30, 2001 ASSETS Utility plant, at original cost: Electric $1,312,960 Gas 444,429 ---------- 1,757,389 Less - accumulated provision for depreciation 956,526 ---------- 800,863 Construction work in progress 40,137 ---------- Total utility plant 841,000 ---------- Other property and investments: Cash surrender value of company-owned life insurance (net of related policy loans of $63,483 and $59,292) 3,098 Other 1,130 ---------- Total other property and investments 4,228 ---------- Current assets: Cash and temporary cash investments 5,616 Receivables, less reserves of $1,151 and $1,343 76,835 Accrued unbilled revenue 24,857 Fuel, at average cost 16,166 Materials and supplies, at average cost 15,822 Gas in underground storage, at average cost 20,439 Prepaid taxes 6,171 FAC/PGA underrecoveries 870 Other 8,987 ---------- Total current assets 175,763 ---------- Deferred debits: Unamortized loss on reacquired debt 2,570 Unamortized debt expense 1,366 Prepaid pension cost 229 Other 39,844 ---------- Total deferred debits 44,009 ---------- Total assets $1,065,000 ==========
16 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (In thousands) (Unaudited)
JUNE 30, 2001 CAPITALIZATION AND LIABILITIES Capitalization: Common stockholder's equity: Common stock, no par value; authorized 20,000,000 shares; outstanding 13,563,871 shares $ 185,661 Additional paid-in capital 27,000 Retained earnings 129,190 Accumulated other comprehensive income (loss) (7,844) ---------- Total common stockholder's equity 334,007 Preferred stock without mandatory redemption 19,120 Preferred stock with mandatory redemption 22,000 Long-term debt 244,107 ---------- Total capitalization 619,234 ---------- Current liabilities: Current maturities of long-term debt 1,400 Notes payable 80,434 Accounts payable 55,686 Accrued taxes 24,351 Accrued interest 7,985 FAC/PGA overrecoveries 1,841 Other 16,992 ---------- Total current liabilities 188,689 ---------- Deferred credits and other liabilities: Deferred income taxes 114,004 Regulatory liability 43,146 Deferred investment tax credit 15,356 Capital lease obligation 315 Other 84,256 ---------- Total deferred credits and other liabilities 257,077 ---------- Total capitalization and liabilities $1,065,000 ==========
17 ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED): CILCO AND IPL CONTRIBUTIONS TO AES/CILCORP/IPALCO(1) CONSOLIDATED HOLDING COMPANY (PRO RATA CONSOLIDATION BASIS) ($MM)
- ----------------------------------------------------------------------------------------------------------- 12 MOS. ENDED 12/31/00 12 MOS. ENDED 6/30/01 - ----------------------------------------------------------------------------------------------------------- GROSS REVENUES(2) 16.94% 17.22% CILCO 636 803 CILCORP (excluding CILCO) 87 53 IPL 831 847 IPALCO (excluding IPL) 28 11 AES (excluding CILCORP and IPALCO) 7,079 7,865 AES/CILCORP/IPALCO 8,661 9,579 - ----------------------------------------------------------------------------------------------------------- OPERATING INCOME 14.20% 8.48% CILCO 97 97 CILCORP (excluding CILCO) 12 1 IPL 205 103 IPALCO (excluding IPL) (36) 0 AES (excluding CILCORP and IPALCO) 1,849 2,157 AES/CILCORP/IPALCO 2,127 2,358 - ----------------------------------------------------------------------------------------------------------- NET INCOME 15.99% 16.8% CILCO 45 43 CILCORP (excluding CILCO) (33) (34) IPL 82 59 IPALCO (excluding IPL) 73 (1) AES (excluding CILCORP and IPALCO) 629 540 AES/CILCORP/IPALCO 797 607 - ----------------------------------------------------------------------------------------------------------- NET ASSETS 8.49% 5.90% CILCO 1,107 302 CILCORP (excluding CILCO) 841 1,140 IPL 1,905 1,904 IPALCO (excluding IPL) - 9 AES (excluding CILCORP and IPALCO) 31,326 34,038 AES/CILCORP/IPALCO 35,479 37,393 - -----------------------------------------------------------------------------------------------------------
- ------------------------- (1) As a result of AES' acquisition of IPALCO, the results of AES/CILCORP/IPALCO for the twelve-month periods have been restated to include IPALCO. (2) Gross business revenues (utility and non-utility) of IPALCO and CILCO combined as a percentage of total gross business revenues (including IPALCO/IPL and CILCORP/CILCO, utility and non-utility) of AES. 18 IPL CONTRIBUTIONS TO AES/IPALCO(1) CONSOLIDATED HOLDING COMPANY (PRO RATA CONSOLIDATION BASIS) ($MM)
- ----------------------------------------------------------------------------------------------------------- 12 MOS. ENDED 12/31/00 12 MOS. ENDED 6/30/01 - ----------------------------------------------------------------------------------------------------------- GROSS REVENUES(2) 10.06% 9.41% IPL 831 847 IPALCO (excluding IPL) 28 11 AES (excluding CILCO jurisdictional activities) 7,404 8,146 AES/IPALCO 8,263 9,004 - ----------------------------------------------------------------------------------------------------------- OPERATING INCOME 10.73% 4.55% IPL 205 103 IPALCO (excluding IPL) (36) 0 AES (excluding CILCO jurisdictional activities) 1,741 2,162 AES/IPALCO 1,910 2,265 - ----------------------------------------------------------------------------------------------------------- NET INCOME 10.91% 10.54% IPL 82 59 IPALCO (excluding IPL) 73 (1) AES (excluding CILCO jurisdictional activities) 600 502 AES/IPALCO 755 560 - ----------------------------------------------------------------------------------------------------------- NET ASSETS 5.49% 5.20% IPL 1,905 1,904 IPALCO (excluding IPL) - 9 AES (excluding CILCO jurisdictional activities) 32,781 34,717 AES/IPALCO 34,686 36,630 - -----------------------------------------------------------------------------------------------------------
- ------------------------- (1) As a result of AES' acquisition of IPALCO, the results of AES/CILCORP/IPALCO for the twelve-month periods have been restated to include IPALCO. (2) Gross business revenues (utility and non-utility) of IPL as a percentage of total gross business revenues (including IPALCO/IPL utility and non-utility) of AES. 19 ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION: AES Generating Plants in Operation at June 30, 2001 (excluding CILCORP and IPALCO):
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ------ ------ AES Deepwater USA 143 100% 143 QF AES Beaver Valley USA 125 100% 125 QF AES Placerita USA 120 100% 120 QF AES Thames USA 181 100% 181 QF AES Shady Point USA 320 100% 320 QF AES Hawaii USA 180 100% 180 QF AES Warrior Run USA 180 100% 180 QF AES Somerset USA 675 100% 675 EWG AES Cayuga USA 306 100% 306 EWG AES Greenidge USA 161 100% 161 EWG AES Westover USA 126 100% 126 EWG AES Alamitos USA 2,083 100% 2,083 EWG AES Redondo Beach USA 1,310 100% 1,310 EWG AES Huntington Beach USA 563 100% 563 EWG AES Thermo Ecotek - Hemphill USA 14 67% 9 QF AES Thermo Ecotek - Whitefield USA 14 100% 14 QF AES Thermo Ecotek - Woodland USA 25 100% 25 QF DOMESTIC SUBTOTAL: 6,526 6,521
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ------ ------ AES Kingston Canada 110 50% 55 EWG AES San Nicholas Argentina 650 69% 449 EWG AES Cabra Corral Argentina 102 98% 100 FUCO AES El Tunal Argentina 10 98% 10 FUCO AES Sarmiento Argentina 33 98% 32 FUCO AES Ullum Argentina 45 98% 44 FUCO AES Quebrada de Ullum Argentina 45 100% 45 FUCO AES Alicura Argentina 1,000 98% 980 FUCO Fontes Nova - Light Brazil 144 21% 30 FUCO Ilha dos Pombos - Light Brazil 164 21% 34 FUCO Nilo Pecanha - Light Brazil 380 21% 80 FUCO Pereira Passos - Light Brazil 100 21% 21 FUCO CEMIG - Miranda Brazil 390 9% 35 FUCO CEMIG - Igarapava Brazil 210 1% 2 FUCO CEMIG (35 plants) Brazil 5,068 9% 441 FUCO AES Bayano Panama 150 49% 74 FUCO AES Panama Panama 42 49% 21 FUCO
20 AES Chiriqui - La Estrella Panama 42 49% 21 FUCO AES Chiriqui - Los Valles Panama 48 49% 24 FUCO AES Los Mina Dom. Rep. 210 100% 210 EWG AES Yarra Australia 510 100% 510 FUCO AES Jeeralang Australia 449 100% 449 FUCO AES Mt. Stuart Australia 288 100% 288 FUCO AES Xiangci - Cili China 26 51% 13 FUCO Wuhu Grassy Lake China 250 25% 63 FUCO Yangchun China 15 25% 4 FUCO Chengdu Lotus City China 48 35% 17 FUCO AES Jiaozuo China 250 70% 175 FUCO AES Hefei China 76 70% 53 FUCO AES Hefei II China 39 70% 27 FUCO AES Chongqing Nanchuan China 50 70% 35 FUCO Yangcheng (1st Unit) China 350 25% 88 FUCO AES Ekibastuz Kazakhstan 4,000 100% 4,000 FUCO AES Ust-Kamenogorsk GES Kazakhstan 331 100% 331 FUCO AES Shulbinsk GES Kazakhstan 702 100% 702 FUCO AES Ust-Kamenogorsk TETS Kazakhstan 1,464 100% 1,464 FUCO AES Leninogorsk TETS Kazakhstan 418 100% 418 FUCO AES Sogrinsk TETS Kazakhstan 349 100% 349 FUCO AES Semipalatinsk TETS Kazakhstan 840 100% 840 FUCO AES Ust-Kamenogorsk Heat Nets Kazakhstan 310 Mgmt. 0 FUCO OPGC India 420 49% 206 FUCO AES Lal Pir Pakistan 351 90% 316 FUCO AES PakGen Pakistan 344 90% 310 FUCO AES Borsod Hungary 171 100% 171 FUCO AES Tisza II Hungary 860 100% 860 FUCO AES Tiszapalkonya Hungary 250 100% 250 FUCO AES Elsta Netherlands 405 50% 203 FUCO Medway U.K. 688 25% 172 FUCO AES Indian Queens U.K. 140 100% 140 EWG AES Kilroot U.K. 520 97% 504 FUCO AES Belfast West U.K. 120 97% 116 FUCO AES Barry U.K. 230 100% 230 FUCO AES Drax Power Ltd. U.K. 4,065 100% 4,065 FUCO AES Fifoots Point U.K. 360 100% 360 FUCO AES Uruguaiana Brazil 600 100% 600 FUCO AES Tiete (10 plants) Brazil 2,650 44% 1,166 FUCO EDC (4 plants) Venezuela 2,265 87% 1,971 FUCO AES Merida III Mexico 484 55% 266 FUCO AES Mtkvari Georgia 600 100% 600 FUCO AES Khrami I Georgia 113 100% 113 FUCO AES Khrami II Georgia 110 100% 110 FUCO AES Ottana Italy 140 100% 140 FUCO AES Mamonal (KMR) Columbia 90 62% 56 FUCO AES Termo Candelaria (KMR) Columbia 314 100% 314 FUCO AES Centrogener (Gener - 8 Chile 756 99% 748 FUCO plants) AES Chivor (Gener) Columbia 1,000 96% 960 FUCO AES Electrica de Santiago (Gener) Chile 379 74% 280 FUCO
21 AES Energia Verde (Gener - 2 Chile 17 99% 17 FUCO plants) AES Guacolda (Gener) Chile 304 49% 149 FUCO AES Norgener (Gener - 2 plants) Chile 276 99% 273 FUCO Itabo (Gener - 7 plants) Dom. Rep. 587 24% 141 FUCO AES Thermo Ecotek - ECS Czech Rep. 50 83 42 FUCO AES Thermo Ecotek - Premnitz Germany 58 65 38 FUCO FOREIGN SUBTOTAL: 39,425 28,421 TOTAL - June 30, 2001 45,951 34,942 Foreign Generation as a Percentage of Total: 86% 81%
CILCORP Generating Plants at June 30, 2001:
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ------ ------ Edwards (3 units) USA 740 100 740 IL PUC Duck Creek USA 366 100 366 IL PUC Indian Trails USA 10 100 10 IL PUC Sterling Avenue USA 30 100 30 IL PUC Hallock Power Modules USA 13 100 13 IL PUC Kickapoo Power Modules USA 13 100 13 IL PUC TOTAL - June 30, 2001 1,172 1,172
IPALCO Generating Plants at June 30, 2001:
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ------ ------ Petersburg USA 1,873 100 1,873 IN PUC H.T. Pritchard USA 393 100 393 IN PUC E.W. Stout USA 1,017 100 1,017 IN PUC Georgetown USA 80 100 80 IN PUC TOTAL - June 30, 2001 3,363 3,363
Revenues from electric generation capacity - 12 months ended June 30, 2001 (millions of dollars): IPALCO 186 5% CILCORP 160 4% AES (excluding CILCORP and IPALCO) 3,594 91% ----- --- Total 3,940 100%
22 IPALCO's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. CILCORP's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. AES generation revenues are derived from the total generation revenues earned by AES subsidiaries times the percentage ownership interest of AES in those subsidiaries. There has been no change in the amount of generation capacity owned by CILCORP or IPALCO and a 172 MW increase in the amount of generation capacity owned by AES (excluding CILCORP and IPALCO) from 34,770 to 34,942 MW since March 31, 2001. There has been a 6% increase in the total revenues earned from the capacity owned by AES, IPALCO and CILCORP in the twelve-month period ended June 30, 2001 compared with the twelve-month period ended March 31, 2001. The percentage of total revenues derived from the generation capacity owned by CILCORP has stayed the same at 4%. The percentage of total revenues derived from the generation capacity owned by IPALCO stayed the same at 5%. The physical location of the MW capacity added by AES since March 31, 2001 is in the United States, the Czech Republic and Germany. ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS DISTRIBUTION: Electric transmission and distribution and gas distribution assets owned as of June 30, 2001 (millions of dollars): IPALCO 1,012 CILCORP 763 Total AES (excluding CILCORP and IPALCO) 5,000 ----- Total 6,775
Electric transmission and distribution and gas distribution revenues for 12 months ending June 30, 2001 (millions of dollars): IPALCO 661 CILCORP 575 AES (excluding CILCORP and IPALCO) 4,403 ----- Total 5,639
IPALCO's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. CILCORP's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. AES transmission and distribution 23 revenues are derived from the total revenues earned by AES transmission and distribution subsidiaries by multiplying these revenues by the percentage ownership interest of AES in those subsidiaries. The total transmission and distribution assets owned by AES, CILCORP and IPALCO has increased since March 31, 2001. CILCORP's transmission and distribution assets have decreased while the revenues derived from such assets have increased since March 31, 2001. IPALCO's transmission and distribution assets have stayed almost the same while the revenues derived from such assets have increased slightly since March 31, 2001. AES' transmission and distribution assets have increased, and the revenues derived from such assets have increased since March 31, 2001. CILCORP's percentage of the total transmission and distribution assets has decreased from 12% to 11% and CILCORP's percentage of the total revenues from such assets has decreased from 12% to 10% for the twelve-month period ending June 30, 2001 compared to the twelve-month period ending March 31, 2001. IPALCO's percentage of the total transmission and distribution assets has stayed the same at 15% and IPALCO's percentage of the total revenues from such assets has decreased from 14% to 12% for the twelve-month period ending June 30, 2001 compared to the twelve-month period ending March 31, 2001. ITEM (5) PER EXEMPTION ORDER: Neither CILCO nor IPL has sold or transferred any electric and/or gas utility assets to any affiliate company of the AES consolidated holding company system during the second quarter of 2001. ITEM (6) PER EXEMPTION ORDER: During the second quarter of 2001, no application has been made to nor has any order been received from the Illinois Commerce Commission that involves AES' ownership position or AES' oversight over the operations of CILCO or CILCORP. During the second quarter of 2001, no application has been made to nor has any order been received from the Indiana Utility Regulatory Commission that involves AES' ownership position or AES' oversight over the operations of IPL or IPALCO. ITEM (7) PER EXEMPTION ORDER: During the second quarter of 2001, AES has taken no action regarding the divestiture of the jurisdictional business of CILCO. 24 SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, AES has duly caused this certificate to be signed on its behalf on this 29th day of August, 2001 by the undersigned thereunto duly authorized. The AES Corporation By: /s/ WILLIAM R. LURASCHI -------------------------------- William R. Luraschi Vice President and Secretary 25 -----END PRIVACY-ENHANCED MESSAGE-----