-----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, NJq4oM9iEeJziRSmBrAL6NcWUcclVz/C1Gf4C8Aq9BgacnKfEWiAyxB4bw4AJwM7 P1hloEBQZ1Dopp2NYarUVA== 0000874761-97-000010.txt : 19970410 0000874761-97-000010.hdr.sgml : 19970410 ACCESSION NUMBER: 0000874761-97-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970408 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970409 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AES CHINA GENERATING CO LTD CENTRAL INDEX KEY: 0000916792 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23148 FILM NUMBER: 97577205 BUSINESS ADDRESS: STREET 1: ALLIED CAPITAL RESOURCES BLDG - 9TH FLRC STREET 2: 32-38 ICE HOUSE ST CITY: CENTRAL HONG KONG STATE: K3 BUSINESS PHONE: 8528425111 MAIL ADDRESS: STREET 1: ALLIED CAPITAL RESOURCES BLDG 9TH FL STREET 2: 32-38 ICE HOUSE STREET CITY: CENTRAL HOND KONG STATE: K3 ZIP: 00000 8-K 1 8-K FOR AES CHINA GENERATING CO. LTD. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 8, 1997 Date of Report (Date of earliest event reported) Commission File Number: 0-23148 AES CHINA GENERATING CO. LTD. (Exact name of registrant as specified in its charter) Bermuda (State or other jurisdiction of incorporation or organization) 98-0152612 (IRS Employer Identification No.) 3/F(W), Golden Bridge Plaza No. 1(A) Jianguomenwai Avenue Beijing, 100020 Peoples Republic of China (Address of principal executive office) Telephone Number (8610) 6508-9619 (Registrant's telephone number, including area code) Item 5. Other Events. On April 8, 1997, AES China Generating Co. Ltd. (the "Company") announced its first quarter earnings. Item 7. Financial Statements and Exhibits. The following is filed as an Exhibit to this Report. Exhibit Number 20 Description News Release Announcing the Company's first quarter earnings. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. AES China Generating Co. Ltd. (Registrant) BY: JEFFERY A. SAFFORD JEFFERY A. SAFFORD VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Dated: April 9, 1997 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION 20 News Release Announcing the Company's First Quarter Earnings. EX-20 2 NEWS RELEASE EXHIBIT 20 NEWS RELEASE FOR IMMEDIATE RELEASE AES CHIGEN ANNOUNCES 1ST QUARTER NET INCOME OF $1.1 MILLION (April 8, 1997, Beijing) - AES China Generating Co. Ltd. [NASDAQ: CHGNF] ("AES Chigen") announced today that net income for the three months ended February 28, 1997 was $1.1 million or earnings per share of $0.07. This compares to net income of $0.3 million or $0.02 per share for the first quarter of last year. Revenues for the quarter were $2.5 million compared to $0.4 million for the same period last year. The increases were primarily due to a full quarter of commercial operation of AES Chigen's Wuxi Tin Hill facility and shareholder loan investment in Jiaozuo Aluminum Power. During the quarter, AES Chigen raised approximately $174 million, net of underwriting discounts, commissions and expenses, through a public bond offering. Interest expense, net of amounts capitalized, related to the bonds were more than offset by interest income generated on the proceeds of the offering awaiting investment in projects. The first quarter saw the completion of construction of AES Chigen's Cili Misty Mountain facility when the 10.5 MW Unit 3 passed its performance test on February 22, 1997. The Wuxi Tin Hill joint venture also reached agreement on the amount of payment for required minimum offtake of electricity for 1996. The agreement included the deferral of certain amounts scheduled to be paid in 1996 and a corresponding adjustment upward of future scheduled payments of capital return. Shortly after the end of the first quarter on March 17, 1997, the second unit of the Wuhu Grassy Lake 250 MW coal-fired facility passed its output performance test. This essentially completes the construction of the facility. However, the project has experienced delays in obtaining approvals for electricity tariff to be paid to the joint venture. Due to this delay and uncertainty related to the actual level of tariff to be approved, no amount for equity earnings has been recognized in the statement of operations for the Wuhu project. AES Chigen, an affiliate of The AES Corporation, a U.S. corporation based in Arlington, Virginia, develops, owns and operates power generation facilities in the People's Republic of China. It currently has investments in eight projects in China representing a nameplate capacity of 818 megawatts. AES CHINA GENERATING CO. LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended February 28, 1997 February 29, 1996 -------------------------------------- (unaudited) REVENUES: Electricity sales US$ 2,507 US$ 64 Construction delay fee - 360 ----------- ----------- Total revenues 2,507 424 OPERATING COSTS AND EXPENSES: Costs of sales 1,726 231 Development, selling, general and administrative expenses 1,637 1,992 ----------- ----------- Total operating costs and expenses 3,363 2,223 ----------- ----------- OPERATING LOSS (856) (1,799) OTHER INCOME/(EXPENSES): Interest income 3,215 1,978 Interest expense (1,170) - Equity in earnings of affiliates 107 126 Amalgamation cost (143) - ------------ ----------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 1,153 305 Income taxes 86 - Minority interest (56) (11) ------------ ----------- NET INCOME US$ 1,123 US$ 316 ------------ ----------- NET INCOME PER SHARE US$ 0.07 US$ 0.02 ============ =========== AES CHINA GENERATING CO. LTD. CONSOLIDATED BALANCE SHEETS (In thousands, except par values and share amounts) As of As of February 28, 1997 November 30, 1996 ------------------ ----------------- (unaudited) ASSETS Current Assets: Cash and cash equivalents US$ 145,738 US$ 56,200 Investments - held-to-maturity 43,572 8,995 Investments - available-for-sale 12,993 - Accounts receivable from related parties 3,264 6,809 Interest receivable 737 286 Inventory 1,057 765 Prepaid expenses and other current assets 653 874 ----------- ----------- Total current assets 208,014 73,929 Property, Plant and Equipment: Electric generating facilities 71,474 64,185 Equipment, furniture and leasehold improvements 2,863 2,646 Accumulated depreciation and amortization (4,016) (3,143) Construction in progress 135,487 98,912 ------------ ----------- Total property, plant and equipment, net 205,808 162,600 Other Assets: Deferred costs, net 5,935 407 Project development costs 3,907 3,352 Investments in and advances to affiliates 42,421 33,202 Note receivable 6,631 6,626 Deposits and other assets 575 582 ------------ ----------- Total other assets 59,469 44,169 ------------ ----------- TOTAL US$ 473,291 US$280,698 ============ =========== AES CHINA GENERATING CO. LTD. CONSOLIDATED BALANCE SHEETS (In thousands, except par values and share amounts) As of As of February 28, 1997 November 30, 1996 ----------------- ----------------- (unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable - The AES Corporation US$ 600 US$ 1,185 Accounts payable 2,953 2,199 Accrued liabilities 5,179 2,618 Accrued liabilities for construction 3,449 4,259 Loans from minority shareholders 1,955 1,365 - current portion Bank loans 2,387 2,861 ------------ ------------- Total current liabilities 16,523 14,487 Long-Term Liabilities: Note payable, net 179,831 - Bank loan 7,000 - Deferred income taxes 472 387 Loans from minority shareholders 34,998 34,933 ------------ ------------- Total long-term liabilities 222,301 35,320 Minority Interest 42,703 40,536 Shareholder's Equity: Class A Common Stock - par value $0.01 per share,(50,000,000 shares authorized; issued and outstanding; 1997 - 8,158,095; 1996 - 8,134,100) 82 81 Class B Common Stock - par value $0.01 per share,(50,000,000 authorized; 7,500,000 shares issued and outstanding) 75 75 Additional paid-in capital 184,203 183,980 Retained earnings 7,030 5,907 Cumulative translation adjustment 374 312 ------------ ------------ Total shareholders' equity 191,764 190,355 ------------ ------------ TOTAL US$ 473,291 US$ 280,698 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----