-----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, TaTTahfNkBSmh4RpTgcl4kU0vpoF/HqawsuCAGhgS/9lyATWsgMuyzbRIKhrbAP5 p5RUuZaaSQivdAm2SjJ+5Q== 0001047469-03-007524.txt : 20030303 0001047469-03-007524.hdr.sgml : 20030303 20030303171513 ACCESSION NUMBER: 0001047469-03-007524 CONFORMED SUBMISSION TYPE: 35-CERT PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030303 EFFECTIVENESS DATE: 20030303 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: 03590031 BUSINESS ADDRESS: STREET 1: 1001 N 19TH ST STREET 2: STE 2000 CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7035221315 35-CERT 1 a2104859z35-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 December 31, 2002. Respectfully submitted, /s/ Earle H. O'Donnell ---------------------------------------------- Earle H. O'Donnell Andrew B. Young Hugh E. Hilliard Dewey Ballantine LLP 1775 Pennsylvania Avenue, N.W. Washington, D.C. 20006 Dated: March 3, 2003 THE AES CORPORATION SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER QUARTER ENDED DECEMBER 31, 2002 ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED): 1) Pro Rata Consolidated Statement of Operations of The AES Corporation for the 12 months ended December 31, 2002 2) Pro Rata Consolidated Balance Sheet of The AES Corporation at December 31, 2002 3) Statement of Consolidated Income of IPALCO for the 12 months ended December 31, 2002 4) Statement of Income of IPL for the 12 months ended December 31, 2002 5) Consolidated Balance Sheet of IPALCO at December 31, 2002 6) Balance Sheet of IPL at December 31, 2002 7) Statement of Operations and Comprehensive Income of CILCORP for the 12 months ended December 31, 2002 8) Consolidated Statement of Income of CILCO for the 12 months ended December 31, 2002 9) Consolidated Balance Sheet of CILCORP at December 31, 2002 10) Consolidated Balance Sheet of CILCO at December 31, 2002 2 THE AES CORPORATION - ------------------- CONSOLIDATED STATEMENT OF OPERATIONS (INCLUDES CILCORP AND IPALCO) FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 PRO RATA BASIS(1) (UNAUDITED)
- ---------------------------------------------------------------------------------- TWELVE MONTHS ENDED ($ in millions) 12/31/2002 - ---------------------------------------------------------------------------------- REVENUES: Sales and services $ 8,226 OPERATING COSTS AND EXPENSES: Cost of sales and services 6,371 Selling, general and administrative expenses 112 ------- TOTAL OPERATING COSTS AND EXPENSES 6,483 ------- OPERATING INCOME 1,743 OTHER INCOME AND (EXPENSE): Interest expense, net (1,616) Other (expense) income, net (532) (Loss) gain on sale of assets and asset impairment expense (2,212) ------- (LOSS) INCOME BEFORE INCOME TAXES (2,617) Income tax (benefit) expense (27) ------- (LOSS) INCOME FROM CONTINUING OPERATIONS (2,590) Loss from operations of discontinued components (net of income taxes) (573) ------- INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE (3,163) Cumulative effect of accounting change (net of income taxes) (346) ------- NET INCOME (LOSS) $(3,509) =======
- -------- (1) In accordance with the analysis used in the order requiring filing of this certificate, this table is calculated on a proportional consolidation basis whereby AES' subsidiaries are included by multiplying each applicable line item from the statement of operations of each AES subsidiary times AES' percentage ownership interest in such subsidiary. 3 THE AES CORPORATION - ------------------- PRO RATA BASIS(1) CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP AND IPALCO)
DECEMBER 31, 2002 ($ in millions, unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 961 Short-term investments 211 Accounts receivable, net 1,239 Inventory 384 Deferred income taxes 130 Prepaid expenses and other current assets 951 Current assets of discontinued operations and businesses held for sale 473 -------- TOTAL CURRENT ASSETS 4,349 PROPERTY, PLANT AND EQUIPMENT Land 703 Electric generation and distribution assets 19,125 Accumulated depreciation and amortization (4,204) Construction in progress 3,222 -------- PROPERTY, PLANT AND EQUIPMENT, NET 18,846 OTHER ASSETS Deferred financing costs, net 433 Project development costs 15 Investments in and advances to affiliates 194 Debt service reserves and other deposits 515 Goodwill, net 1,388 Deferred income taxes - non current 968 Long-term assets of discontinued operations and businesses held for sale 5,322 Other assets 1,746 -------- TOTAL OTHER ASSETS 10,581 TOTAL $ 33,776 ========
- -------- (1) In accordance with the analysis used in the order requiring filing of this certificate, this table is calculated on a proportional consolidation basis whereby AES' subsidiaries are included by multiplying each applicable line item from the balance sheet of each AES subsidiary times AES' percentage ownership interest in such subsidiary. 4 THE AES CORPORATION - ------------------- PRO RATA BASIS(1) CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP AND IPALCO)
DECEMBER 31, 2002 ($ in millions, unaudited) LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,139 Accrued interest 369 Accrued and other liabilities 1,165 Current liabilities of discontinued operations and businesses held for sale 497 Recourse debt--current portion 26 Non-recourse debt--current portion 3,315 -------- TOTAL CURRENT LIABILITIES 6,511 LONG-TERM LIABILITIES Recourse debt 5,778 Non-recourse debt 10,928 Deferred income taxes 981 Long-term liabilities of discontinued operations and businesses held for sale 4,785 Other long-term liabilities 3,338 -------- TOTAL LONG-TERM LIABILITIES 25,810 Minority interest 101 Company-obligated convertible mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of AES 978 STOCKHOLDERS' EQUITY Common stock 6 Additional paid-in capital 6,028 Retained earnings (699) Accumulated other comprehensive loss (4,959) -------- TOTAL STOCKHOLDERS' EQUITY 376 TOTAL $ 33,776 ========
- -------- (1) In accordance with the analysis used in the order requiring filing of this certificate, this table is calculated on a proportional consolidation basis whereby AES' subsidiaries are included by multiplying each applicable line item from the balance sheet of each AES subsidiary times AES' percentage ownership interest in such subsidiary. 5 IPALCO STATEMENT OF CONSOLIDATED INCOME (UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 OPERATING REVENUES: Electric $ 817,967,153 ------------- Gross Operating Revenues 817,967,153 ------------- OPERATING EXPENSES AND TAXES: Production - Fuel 173,028,348 Production - Other 63,534,650 Power Purchased 18,002,213 ------------- Total 254,565,211 Transmission 6,390,804 Distribution - Electric 35,493,236 Customer Accounts 15,119,142 Customer Service and Informational 3,441,762 Administrative and General 52,509,694 ------------- Total 367,519,849 Depreciation 116,930,438 Amortization of Regulatory Deferrals 1,054,471 Income Taxes - Net 106,391,931 Taxes Other than Income Taxes 30,595,335 Disposition of Allowances - Net (5,111,413) ------------- Total Operating Expenses and Taxes 617,380,611 ------------- OPERATING INCOME 200,586,542 ------------- OTHER INCOME AND DEDUCTIONS: Allowance for Funds During Construction 3,922,408 Carrying Charges on Regulatory Assets 4,299 IPL Miscellaneous Income and Deductions - Net 4,208,026 IPL Income Taxes - Net (1,323,030) IPALCO Enterprises, Inc. - Parent Co. (37,017,829) Mid-America Capital Resources, Inc. (1,284,461) Mid-America Energy Resources, Inc. (25,754) ------------- Total Other Income and Deductions (31,516,341) ------------- TOTAL INCOME 169,070,201 INTEREST CHARGES: Interest on Long-Term Debt 40,334,275 Allowance for Funds During Construction - Credit (1,800,366) Deferred Return on Regulatory Assets (10,459) Other Interest Charges 492,838 Amortization - Debt Discount and Expense 1,894,511 Preferred Stock Transactions 3,213,311 ------------- Total Interest and Other Charges-Net 44,124,110 ------------- NET INCOME $ 124,946,091 =============
6 INDIANAPOLIS POWER & LIGHT COMPANY STATEMENT OF INCOME (UNAUDITED)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2002 OPERATING REVENUES: Electric $ 817,967,153 ------------- Gross Operating Revenues 817,967,153 OPERATING EXPENSES AND TAXES: Production - Fuel 173,028,348 Production - Other 63,534,650 Power Purchased 18,002,213 ------------- Total 254,565,211 Transmission 6,390,804 Distribution - Electric 35,493,236 Customer and Distribution - Steam 0 Customer Accounts 15,119,142 Customer Service and Informational 3,441,762 Administrative and General 52,509,694 ------------- Total 367,519,849 Depreciation 116,930,438 Amortization of Regulatory Deferrals 1,054,471 Income Taxes - Net 106,391,931 Taxes Other than Income Taxes 30,595,335 Disposition of Allowances - Net (5,111,413) ------------- Total Operating Expenses and Taxes 617,380,611 ------------- OPERATING INCOME 200,586,542 ------------- OTHER INCOME AND DEDUCTIONS: Allowance for Other Funds During Construction 3,922,408 Carrying Charges on Regulatory Assets 4,299 Miscellaneous Income and Deductions - Net 4,208,026 Income Taxes - Net (1,323,030) ------------- Total Other Income and Deductions 6,811,703 ------------- TOTAL INCOME 207,398,245 ------------- INTEREST CHARGES: Interest on Long-Term Debt 40,334,275 Allowance for Borrowed Funds Used During Construction (1,800,366) Deferred Return on Regulatory Assets-Borrowed (10,459) Other Interest Charges 492,838 Amortization - Debt Discount and Expense 1,894,511 ------------- Total Interest and Other Charges-Net 40,910,799 ------------- INCOME BEFORE EXTRAORDINARY ITEMS AND CUMULATIVE ACCOUNTING CHANGE 166,487,446 Less Preferred Stock Transactions 3,213,311 ------------- INCOME APPLICABLE TO COMMON STOCK $ 163,274,135 =============
7 IPALCO ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 31, 2002 ----------------- ASSETS - ------ PROPERTY, PLANT AND EQUIPMENT: Utility plant, at original cost $ 3,229,099,796 Less accumulated provision for depreciation and amortization 1,536,986,053 --------------- Total utility plant - net 1,692,113,743 --------------- OTHER PROPERTY, INVESTMENTS AND ASSETS: Nonutility property 1,643,826 Less accumulated provision for depreciation 147,401 --------------- Total Nonutility property, net 1,496,425 Other investments 10,032,654 --------------- Total 11,529,079 --------------- CURRENT ASSETS: Cash 3,846,878 Working funds 75,138 Temporary cash investments 27,523,562 Accounts receivable - Associated Companies 58,057 Accounts Receivable Customers 36,145,561 Miscellaneous 6,952,492 Less reserve for uncollectible accounts (1,556,163) Interest receivable (16,256) Fuel 22,022,796 Materials and supplies, net 47,874,487 Net income tax refund receivable 3,305,247 Other current assets 4,458,550 --------------- Total current assets 150,690,349 --------------- DEFERRED DEBITS: Unamortized Petersburg Unit 4 carrying charges 15,934,329 Unamortized deferred return - Petersburg Unit 4 carrying charges 9,021,476 Unamortized reacquisition premium on debt 18,171,613 Other regulatory assets 97,640,284 Miscellaneous 15,100,265 Unamortized debt expense 13,936,996 --------------- Total deferred debits 169,804,963 --------------- TOTAL $ 2,024,138,134 ===============
8 IPALCO ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED)
DECEMBER 31, 2002 ----------------- CAPITALIZATION AND LIABILITIES - ------------------------------ CAPITALIZATION: Common shareholder's equity: Premium and net gain on preferred stock $ 648,700 Retained earnings (40,476,940) Accumulated other comprehensive income (52,621,296) --------------- Total (92,449,536) Non-redeemable cumulative preferred stock 59,135,300 Long-term debt 1,372,650,000 Unamortized premium on long-term debt, net (643,325) Total long-term debt 1,372,006,675 --------------- TOTAL CAPITALIZATION 1,338,692,439 --------------- CURRENT LIABILITIES: Accounts payable 53,534,703 Dividends payable 873,655 Customer deposits 9,045,580 Accrued Liabilities Interest on long-term debt 21,108,916 Interest on customer deposits, etc. 1,679,281 Taxes Federal taxes on income 3,352,146 Real estate and personal property 17,106,753 Miscellaneous 5,550,174 Deferred federal and state tax on fuel costs (due within one year) 812,264 Accounts Payable - associated companies 1,044,704 Miscellaneous 798,841 --------------- Total 114,906,917 --------------- Current maturity of long-term debt 300,000 Total current liabilities 115,206,917 --------------- DEFERRED CREDITS: FAS109 deferred income tax credit - net 96,761,231 Accumulated deferred income tax - net 241,175,191 Unamortized investment tax credit 30,926,930 Accrued postretirement benefits 5,965,347 Accrued pension benefits 186,760,982 Miscellaneous 8,649,097 --------------- Total deferred credits 570,238,778 --------------- TOTAL LIABILITIES $ 2,024,138,134 ===============
9 INDIANAPOLIS POWER & LIGHT COMPANY BALANCE SHEETS (UNAUDITED)
DECEMBER 31, 2002 ----------------- ASSETS: - ------ PROPERTY, PLANT AND EQUIPMENT Utility Plant, at Original Cost $ 3,229,099,796 Less accumulated provision for depreciation and amortization 1,536,986,053 ----------------- Total utility plant - net 1,692,113,743 ----------------- OTHER PROPERTY, INVESTMENTS AND ASSETS: Nonutility property 1,536,745 Less accumulated provision for depreciation 147,401 ----------------- Total Nonutility Property - Net 1,389,344 Other Investments 3,651,033 ----------------- Total 5,040,377 ----------------- CURRENT ASSETS: Cash 3,864,204 Working funds 75,138 Temporary cash investments 21,153,565 Accounts receivable - associated companies 80,901 Accounts Receivable: Customers 36,128,320 Miscellaneous 6,870,571 Less: Reserve for Uncollectible Accounts (1,526,238) Interest Receivable (15,473) Fuel 22,022,796 Materials and Supplies - Net 47,879,590 Other Current Assets 4,458,550 Tax Refund Receivable 4,205,735 ----------------- Total Current Assets 145,197,659 ----------------- DEFERRED DEBITS: Unamortized Petersburg Unit 4 carrying charges 15,934,329 Unamortized deferred return-Petersburg Unit 4 carrying charges 9,021,476 Unamortized reacquisition premium on debt 18,171,613 Other regulatory assets 97,640,284 Miscellaneous 15,092,152 Unamortized debt expense 5,060,493 ----------------- Total deferred debits 160,920,347 ----------------- TOTAL ASSETS $ 2,003,272,126 =================
10 INDIANAPOLIS POWER & LIGHT COMPANY BALANCE SHEETS (UNAUDITED)
DECEMBER 31, 2002 ----------------- CAPITALIZATION AND LIABILITIES - ------------------------------ CAPITALIZATION: Common Shareholder's Equity: Common stock $ 324,536,675 Premium and net gain on preferred stock 2,642,134 Retained earnings 368,950,396 Accumulated other comprehensive income (52,618,821) --------------- Total 643,510,384 Non-redeemable cumulative preferred stock 59,135,300 --------------- Long-term debt 622,650,000 Unamortized premium on long-term debt - net (643,325) --------------- Total Long-Term Debt 622,006,675 --------------- TOTAL CAPITALIZATION 1,324,652,359 --------------- CURRENT LIABILITIES: Accounts payable 51,503,393 Dividends payable 796,870 Customer deposits 9,045,580 Accrued liabilities: Interest on long-term debt 12,950,166 Interest on customer deposits, etc 1,679,281 Taxes: Federal taxes on income 7,427,144 Real estate and personal property 17,103,804 Miscellaneous 5,539,882 Deferred federal and state tax on fuel costs (due within one year) 812,264 Accounts payable - associated companies 339,176 Miscellaneous 798,841 --------------- Total Current Liabilities 107,996,401 --------------- DEFERRED CREDITS: FAS109 deferred income tax-credit - net 96,761,231 Accumulated deferred income tax - net 241,559,794 Unamortized investment tax credit 30,926,930 Accrued postretirement benefits 5,965,347 Accrued pension benefits 186,760,982 Miscellaneous 8,649,082 --------------- Total Deferred Credits 570,623,366 --------------- TOTAL LIABILITIES $ 2,003,272,126 ===============
11 CILCORP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Twelve Months Ended 12/31/2002 (In thousands) Revenue: CILCO Electric $ 390,549 CILCO Gas 211,879 CILCO Other 116,510 Other businesses 62,882 --------- Total 781,820 --------- Operating expenses: Cost of fuel and purchased power 237,857 Cost of gas 184,086 Other operations and maintenance 137,093 Depreciation and amortization 72,321 State and local revenue taxes 28,959 Other Taxes 12,585 --------- Total 672,901 --------- Fixed Charges and Other: Interest expense 66,025 Preferred stock dividends of subsidiary 2,159 Allowance for funds used during construction (1,509) Other 1,042 --------- Total 67,717 --------- Income from continuing operations before income taxes 41,202 Income taxes 10,695 --------- Net income from continuing operations 30,507 Loss from operations of discontinued business, net of tax of $(47) (73) --------- Net Income 30,434 Other comprehensive loss (45,536) --------- Comprehensive income (loss) $ (15,102) =========
12 CENTRAL ILLINOIS LIGHT COMPANY CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)
Twelve Months Ended December 31, 2002 (In thousands) Operating Revenues: Electric $ 390,549 Gas 211,879 --------- Total Operating Revenues 602,428 --------- Operating Expenses: Cost of fuel 100,069 Cost of gas 128,471 Purchased power 48,101 Other operation and maintenance expenses 126,935 Depreciation and amortization 70,908 Income taxes 24,371 State and local taxes on revenue 28,959 Other taxes 12,457 --------- Total Operating Expenses 540,271 --------- Operating Income 62,157 Other Income and Deductions: Cost of equity funds capitalized 27 Company-owned life insurance - net (1,042) Other, net 14,495 --------- Total Other Income and (Deductions) 13,480 --------- Interest Expense: Interest on long-term debt 19,006 Cost of borrowed funds capitalized (1,482) Other 3,352 --------- Total Interest Expense 20,876 --------- Net income before preferred dividends 54,761 --------- Dividends on preferred stock 2,159 --------- Net income available for common stock 52,602 Other comprehensive loss (22,917) --------- Comprehensive income $ 29,685 =========
13 CILCORP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2002 (In thousands) ASSETS Current Assets: Cash and temporary cash investments $ 31,821 Receivables, less allowance for uncollectible accounts of $1,989 56,347 Accrued unbilled revenue 37,256 Fuel, at average cost 14,724 Materials and supplies, at average cost 17,727 Gas in underground storage, at average cost 27,209 FAC underrecoveries 1,259 PGA underrecoveries 2,635 Prepayments and other 26,240 ---------- Total Current Assets 215,218 ---------- Investments and Other Property: Investment in leveraged leases 134,897 Other investments 17,850 ---------- Total Investments and Other Property 152,747 ---------- Property, Plant and Equipment: Utility Plant, at original cost Electric 739,779 Gas 245,944 ---------- 985,723 Less accumulated provision for depreciation 175,972 ---------- 809,751 Construction work in progress 102,071 Other, net of depreciation 22 ---------- Total Property, Plant and Equipment 911,844 ---------- Other Assets: Goodwill, net of accumulated amortization of $33,753 579,211 Other 40,130 ---------- Total Other Assets 619,341 ---------- Total Assets $1,899,150 ==========
14 CILCORP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2002 (In thousands) LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current Portion of long-term debt $ 26,750 Notes payable 10,000 Accounts payable 75,689 Accrued taxes 8,781 Accrued interest 18,712 Other 9,935 ----------- Total Current Liabilities 149,867 ----------- Long-term debt 791,028 ----------- Deferred Credits and Other Liabilities: Deferred income taxes 194,298 Regulatory liability of regulated subsidiary 19,230 Deferred investment tax credit 12,958 Other 190,039 ----------- Total Deferred Credits and Other Liabilities 416,525 ----------- 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 Outstanding 1,000 -- Additional paid-in capital 519,433 Retained earnings 40,739 Accumulated other comprehensive income (59,562) ----------- Total Stockholder's Equity 500,610 ----------- Total Liabilities and Stockholder's Equity $ 1,899,150 ===========
15 CENTRAL ILLINOIS LIGHT COMPANY CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2002 (In thousands) ASSETS Utility Plant, at Original Cost: Electric $1,349,153 Gas 469,831 ---------- 1,818,984 Less-Accumulated Provision for Depreciation 1,033,095 ---------- 785,889 Construction work in progress 102,071 ---------- Total Utility Plant 887,960 ---------- Other Property and Investments: Cash surrender value of company-owned life insurance (net of related policy loans of $69,634) 4,268 Other 892 ---------- Total Other Property and Investments 5,160 ---------- Current Assets: Cash and temporary cash investments 22,256 Receivables, less allowance for uncollectible accounts of $1,989 49,664 Accrued unbilled revenue 32,162 Fuel, at average cost 14,724 Materials and supplies, at average cost 16,447 Gas in underground storage, at average cost 27,209 Prepaid taxes 886 FAC underrecoveries 1,259 PGA underrecoveries 2,635 Other 26,171 ---------- Total Current Assets 193,413 ---------- Deferred Debits: Unamortized loss on reacquired debt 2,206 Unamortized debt expense 1,581 Prepaid pension cost 7,250 Other 8,967 ---------- Total Deferred Debits 20,004 ---------- Total Assets $1,106,537 ==========
16 CENTRAL ILLINOIS LIGHT COMPANY CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of December 31, 2002 (In thousands) 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 52,000 Retained Earnings 120,147 Accumulated Other Comprehensive Income (28,722) ----------- Total Common Stockholder's Equity 329,086 Preferred Stock Without Mandatory Redemption 19,120 Preferred Stock With Mandatory Redemption 22,000 Long-term Debt 316,028 ----------- Total Capitalization 686,234 ----------- Current Liabilities: Current Maturities of Long-Term Debt 26,750 Notes Payable 10,000 Accounts Payable 67,223 Accrued Taxes 18,439 Accrued Interest 9,437 Other 9,935 ----------- Total Current Liabilities 141,784 ----------- Deferred Liabilities and Credits: Accumulated Deferred Income Taxes 98,747 Regulatory Liability 19,230 Investment Tax Credits 12,958 Other 147,584 ----------- Total Deferred Liabilities and Credits 278,519 ----------- Total Capitalization and Liabilities $ 1,106,537 ===========
17 ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED): CILCO AND IPL CONTRIBUTIONS TO AES/CILCORP/IPALCO CONSOLIDATED HOLDING COMPANY (PRO RATA CONSOLIDATION BASIS(1)) ($MM)
--------------------------------------------------------------------------------------------------------------------- 12 MOS. ENDED 12/31/01 12 MOS. ENDED 12/31/02(2) --------------------------------------------------------------------------------------------------------------------- GROSS REVENUES(3) 15.14% 17.06% CILCO 760 719 CILCORP (excluding CILCO) 55 63 IPL 828 818 IPALCO (excluding IPL) 0 0 AES (excluding CILCORP and IPALCO) 8,843 7,408 AES/CILCORP/IPALCO 10,486 9,008 ------------------------------------------------------------------------------------------------------------- OPERATING INCOME 12.10% 16.58% CILCO 48 106 CILCORP (excluding CILCO) 78 3 IPL 256 201 IPALCO (excluding IPL) 5 0 AES (excluding CILCORP and IPALCO) 2,125 1,542 AES/CILCORP/IPALCO 2,512 1,852 ------------------------------------------------------------------------------------------------------------- NET INCOME 22.97% (6.16)% CILCO 13 53 CILCORP (excluding CILCO) 11 (23) IPL 154 163 IPALCO (excluding IPL) (5) (38) AES (excluding CILCORP and IPALCO) 554 (3,664) AES/CILCORP/IPALCO 727 (3,509) ------------------------------------------------------------------------------------------------------------- NET ASSETS 8.08% 9.21% CILCO 1,042 1,107 CILCORP (excluding CILCO) 770 792 IPL 1,919 2,003 IPALCO (excluding IPL) 76 21 AES (excluding CILCORP and IPALCO) 32,852 29,853 AES/CILCORP/IPALCO 36,659 33,776 -------------------------------------------------------------------------------------------------------------
- -------- (1) In accordance with the analysis used in the order requiring filing of this certificate, the AES line items in this table are calculated on a proportional consolidation basis whereby AES' subsidiaries are included by multiplying each applicable line item from the statement of operations or balance sheet, as applicable, of each AES subsidiary times AES' percentage ownership interest in such subsidiary. (2) For purposes of comparison with the prior period, the CILCORP and CILCO data for gross revenues and operating income were added to AES consolidated data to arrive at AES/CILCORP/IPALCO amounts. (3) 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 CONSOLIDATED HOLDING COMPANY (PRO RATA CONSOLIDATION BASIS(1)) ($MM)
------------------------------------------------------------------------------------------------------------------- 12 MOS. ENDED 12/31/01 12 MOS. ENDED 12/31/02(2) ------------------------------------------------------------------------------------------------------------------- GROSS REVENUES(3) 8.30% 9.55% IPL 828 818 IPALCO (excluding IPL) 0 0 AES (excluding CILCO jurisdictional activities) 9,151 7,744 AES/IPALCO 9,979 8,562 ----------------------------------------------------------------------------------------------------------------- OPERATING INCOME 10.32% 11.20% IPL 256 201 IPALCO (excluding IPL) 5 0 AES (excluding CILCO jurisdictional activities) 2,220 1,593 AES/IPALCO 2,481 1,794 ----------------------------------------------------------------------------------------------------------------- NET INCOME 21.48% (4.60)% IPL 154 163 IPALCO (excluding IPL) (5) (38) AES (excluding CILCO jurisdictional activities) 568 (3,669) AES/IPALCO 717 (3,544) ----------------------------------------------------------------------------------------------------------------- NET ASSETS 5.34% 6.07% IPL 1,919 2,003 IPALCO (excluding IPL) 76 21 AES (excluding CILCO jurisdictional activities) 33,918 30,959 AES/IPALCO 35,913 32,983 -----------------------------------------------------------------------------------------------------------------
- -------- (1) In accordance with the analysis used in the order requiring filing of this certificate, the AES line items in this table are calculated on a proportional consolidation basis whereby AES' subsidiaries are included by multiplying each applicable line item from the statement of operations or balance sheet, as applicable, of each AES subsidiary times AES' percentage ownership interest in such subsidiary. (2) For purposes of comparison with the prior period, the CILCORP and CILCO data for gross revenues and operating income were added to AES consolidated data to arrive at AES/CILCORP/IPALCO amounts. (3) 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. 19 ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION: AES Generating Plants in Operation at December 31, 2002 (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 Hemphill USA 14 70 10 QF AES Mendota USA 25 100 25 QF AES Delano USA 50 100 50 QF AES Mountainview* USA 126 100 126 EWG AES Medina Valley* USA 47 100 47 EWG AES Ironwood USA 705 100 705 EWG AES Red Oak USA 832 100 832 EWG AES Riverside* USA 154 100 154 EWG DOMESTIC SUBTOTAL: 8,426 8,422
- -------- * Currently in discontinued operations status.
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
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AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- -------- -------- -------- ---------- AES Quebrada Argentina 45 100 45 FUCO AES Alicura Argentina 1,000 100 1,000 FUCO CEMIG - Miranda Brazil 390 9 35 FUCO CEMIG - Igarapava Brazil 210 1 2 FUCO CEMIG (35 plants) Brazil 5,068 9 456 FUCO AES Bayano Panama 236 49 116 FUCO AES Panama Panama 42 49 21 FUCO 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 China 250 25 63 FUCO Chengdu Lotus City China 48 35 17 FUCO AES Jiaozuo China 250 70 175 FUCO AES Hefei China 115 70 81 FUCO AES Chongqing Nanchuan China 50 70 35 FUCO Yangcheng China 2,100 25 525 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 Managt 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 92 479 FUCO AES Barry U.K. 230 100 230 FUCO AES Drax U.K. 4,065 100 4,065 FUCO AES Uruguaiana Brazil 600 100 600 FUCO AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO AES EDC 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 Managt 0 FUCO AES Khrami II Georgia 110 Managt 0 FUCO AES Ottana Italy 140 100 140 FUCO AES Mammonal Columbia 90 62 56 FUCO AES Chivor Columbia 1,000 96 960 FUCO AES Gener-Electrica de Santiago Chile 379 89 337 FUCO AES Gener-Energia Verde Chile 39 99 39 FUCO
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AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- -------- -------- -------- ---------- AES Gener-Guacolda Chile 304 49 149 FUCO AES Gener-Norgener Chile 277 99 274 FUCO Itabo (pending sale) Dom. Rep. 587 24 141 FUCO AES Bohemia Czech Rep. 50 83 42 FUCO AES SONEL Cameroon 800 51 408 FUCO Central Dique Argentina 68 51 35 FUCO AES Termoandes Argentina 643 99 637 FUCO AES Parana Argentina 845 67 566 FUCO AES Kelvin* Rep. South 600 95 570 FUCO Africa Ebute Nigeria 290 95 276 FUCO AES Gener - Cordillera Chile 245 99 243 FUCO AES Gener - Costa Chile 512 99 507 FUCO AES Haripur Bangladesh 360 100 360 FUCO FOREIGN SUBTOTAL: 43,236 30,864 TOTAL - December 31, 2002 51,662 39,286 Foreign Generation as a Percentage of Total: 84% 79%
- -------- * Currently in discontinued operations status. CILCORP Generating Plants at December 31, 2002:
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 - December 31, 2002 1,172 1,172
IPALCO Generating Plants at December 31, 2002:
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- -------- -------- -------- ---------- Petersburg USA 1,715 100 1,715 IN PUC H.T. Pritchard (Eagle Valley) USA 367 100 367 IN PUC E.W. Stout USA 1,116 100 1,116 IN PUC Georgetown USA 80 100 80 IN PUC TOTAL - December 31, 2002 3,278 3,278
22 Revenues from electric generation capacity - 12 months ended December 31, 2002 (millions of dollars):
IPALCO 573 13% CILCORP 156 4% AES (excluding CILCORP and IPALCO) 3,682 83% ----- ----- Total 4,411 100%
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, the amount of generation capacity owned by IPALCO has been restated from 3,363 MW to 3,278 MW and there has been no material change in the amount of generation capacity owned by AES (excluding CILCORP and IPALCO) since September 30, 2002. There has been a less than 1% increase in the total revenues earned from the capacity owned by AES, IPALCO and CILCORP in the 12-month period ended December 31, 2002 compared with the 12-month period ended September 30, 2002. The percentage of the total revenues derived from the generation capacity owned by CILCORP has remained the same at 4%. The percentage of the total revenues derived from the generation capacity owned by IPALCO has remained the same at 13%. ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS DISTRIBUTION: Electric transmission and distribution and gas distribution assets owned as of December 31, 2002 (millions of dollars):
IPALCO 1,356 CILCORP 793 Total AES (excluding CILCORP and IPALCO) 5,082 ----- Total 7,231
Electric transmission and distribution and gas distribution revenues for 12 months ending December 31, 2002 (millions of dollars):
IPALCO 245 CILCORP 446 Total AES (excluding CILCORP and IPALCO) 3,726 ----- Total 4,417
23 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 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 have increased since September 30, 2002. CILCORP's transmission and distribution assets have increased slightly and the revenues derived from such assets have increased since September 30, 2002. IPALCO's transmission and distribution assets have increased while the revenues derived from such assets have increased slightly since September 30, 2002. AES' transmission and distribution assets have decreased and the revenues derived from such assets have decreased since September 30, 2002. CILCORP's percentage of the total transmission and distribution assets has remained the same at 11%, and CILCORP's percentage of the total revenues from such assets has increased from 9% to 10% for the 12-month period ending December 31, 2002 compared to the 12-month period ending September 30, 2002. IPALCO's percentage of the total transmission and distribution assets has increased from 15% to 19%, and IPALCO's percentage of the total revenues from such assets has increased from 5% to 6% for the 12-month period ending December 31, 2002 compared to the 12-month period ending September 30, 2002. 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 fourth quarter of 2002. ITEM (6) PER EXEMPTION ORDER: On June 19, 2002, CILCO and Ameren Corporation ("Ameren") filed a joint application with the Illinois Commerce Commission in Docket No. 02-0428 for authority to engage in a reorganization, and to enter into various agreements in connection therewith, including agreements with affiliated interests, and for such other approvals as may be required under the Illinois Public Utilities Act to effectuate the reorganization. A final order in the proceeding was issued December 4, 2002, authorizing, among other things, the purchase by Ameren of all of the outstanding common stock of CILCORP from AES. During the fourth quarter of 2002, 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. 24 ITEM (7) PER EXEMPTION ORDER: AES announced on April 29, 2002 an agreement with Ameren to sell 100% of AES's ownership interest in CILCORP, including the jurisdictional business and assets of CILCO. In addition to the filing with the Illinois Commerce Commission discussed in item (6) above, on July 19, 2002, CILCO and Ameren Services Company, on behalf of the public utility company subsidiaries of Ameren, filed an application requesting authorization from the Federal Energy Regulatory Commission for Ameren to acquire CILCO through the acquisition from AES of all of the outstanding common stock of CILCORP. FERC approved the application in an order issued on November 21, 2002 in Docket No. EC02-96-000. Ameren Services Co., 101 FERC P. 61,202 (2002). Also, on August 2, 2002, as amended on October 28, 2002, January 28, 2003 and January 29, 2003, Ameren and CILCORP filed with the SEC a Form U-1 application/declaration in File No. 70-10078 seeking approval for the acquisition by Ameren of CILCORP and certain associated transactions. The SEC approved the proposed acquisition in an order issued on January 29, 2003, Holding Company Act Release No. 27645. On January 31, 2003, AES announced completion of the sale of CILCORP, including CILCO, to Ameren. 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 3rd day of March, 2003 by the undersigned thereunto duly authorized. The AES Corporation /s/ Erik W. Luckau ------------------- By: Erik W. Luckau General Counsel, International 25 -----END PRIVACY-ENHANCED MESSAGE-----