-----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, NujSrmxkaTYCmNbDIF2VRlhR5UkJj9vZ2wacaODjuwgSedTxmucXLxid6DiTIYah nnsqDzZvYtL4TcOHJqdjsw== 0000898430-01-000788.txt : 20010228 0000898430-01-000788.hdr.sgml : 20010228 ACCESSION NUMBER: 0000898430-01-000788 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: SEC FILE NUMBER: 069-00284 FILM NUMBER: 1556049 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085435662 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC CO INC CENTRAL INDEX KEY: 0000046207 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: SEC FILE NUMBER: 069-00284-08 FILM NUMBER: 1556050 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085437771 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: HAWAIIAN ELECTRIC CO LTD DATE OF NAME CHANGE: 19670212 U-3A-2 1 0001.txt FORM U-3A-2 Page 1 of 19 File No. 69-284 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM U-3A-2 Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 HAWAIIAN ELECTRIC INDUSTRIES, INC. and HAWAIIAN ELECTRIC COMPANY, INC. each hereby files with the Securities and Exchange Commission (SEC), pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935 (PUHCA), 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. Hawaiian Electric Industries, Inc. (HEI) was incorporated under the laws of the State of Hawaii on July 20, 1981, for the purpose of becoming the holding company of Hawaiian Electric Company, Inc. (HECO) and its subsidiaries. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. The restructuring became effective on July 1, 1983. HEI is a nonutility holding company which currently conducts no business and owns no material assets other than the common stock of HECO, Malama Pacific Corp. (MPC), The Old Oahu Tug Service, Inc., HEI Diversified, Inc. (HEIDI), HEI Properties, Inc., Pacific Energy Conservation Services, Inc. (PECS), HEI Power Corp. Page 2 of 19 (HEIPC), HEI District Cooling, Inc. (HEIDC), ProVision Technologies, Inc. (ProVision), HEI Leasing, Inc. (HEILI), Hycap Management, Inc. (Hycap), Hawaiian Electric Industries Capital Trust I (HEI Trust I), Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III. HEI and its direct and indirect subsidiaries are collectively referred to as the Company. HECO is the parent company of Hawaii Electric Light Company, Inc. (HELCO), Maui Electric Company, Limited (MECO), HECO Capital Trust I (HECO Trust I) and HECO Capital Trust II (HECO Trust II). MPC is the parent company of Malama Property Investment Corp. (MPIC), Malama Development Corp. (MDC) and Malama Mohala Corp. (MMoC). On September 14, 1998, the Board of Directors of HEI adopted a plan to exit the residential real estate development business (engaged in by MPC and its subsidiaries). Accordingly, MPC management commenced a program to sell all of MPC's real estate assets and investments and HEI reported MPC as a discontinued operation in the Company's consolidated statements of income in the third quarter of 1998. As real estate assets and investments have been sold or transferred, the entities which held them and entities which were no longer active have been dissolved. In 2000, TMG Service Corp. and Malama Waterfront Corp. were dissolved. In November 1999, Hawaiian Tug & Barge Corp. (HTB) sold substantially all of its operating assets and the stock of Young Brothers, Limited (YB). On November 10, 1999, HTB changed its name to The Old Oahu Tug Service, Inc. (TOOTS) and ceased operations. HEIDI is the parent company of American Savings Bank, F.S.B. (ASB), which is the parent company of American Savings Investment Services Corp. (ASISC), AdCommunications, Inc., American Savings Mortgage Co., Inc., ASB Service Corporation and ASB Realty Corporation. HEIPC is the parent company of HEI Power Corp. Guam (a foreign utility company, see items 4a and 4b), HEI Power Corp. Saipan and HEI Power Corp. International, which is the parent company of HEIPC Philippine Development, LLC, HEIPC Philippine Ventures, Lake Mainit Power, LLC, HEIPC Cambodia Ventures, HEI Power Corp. Philippines (formerly HEIPC Phnom Penh Power (General), LLC), HEIPC Phnom Page 3 of 19 Penh Power (Limited), LLC, HEIPC Bulacan I, LLC, HEIPC Bulacan II, LLC, HEI Power Corp. China (owner of approximately 76% of Dafeng Sanlian Cogeneration Co., Ltd.), HEI Power Corp. China II, the 100% owner of United Power Pacific Company Limited (UPP), which in turn is the 75% owner of Baotou Tianjiao Power Co., Ltd. (a foreign utility company, see items 4a and 4b), HEI Power Corp. China III and HEI Power Corp. China IV. HEIPC is also the parent company of HEI Investments, Inc. (HEIII), which is the parent company of HEIPC Philippines Holding Co., Inc. (Phil Holding), which in turn is the indirect owner of an approximately 46% interest in East Asia Power Resources Corporation (EAPRC) (a foreign utility company, see items 4a and 4b) through its 50% ownership interest in EPHE Philippines Energy Company, Inc. (EPHE). (The other 50% ownership interest in EPHE is held indirectly through subsidiaries of El Paso Energy Corporation.) In February 2001, Phil Holding filed an Amendment of the Fourth Article of the Corporation, which upon approval by the Philippines Securities and Exchange Commission (SEC), shortens the corporate life of Phil Holding to a period ending February 28, 2001 or such other date as the Philippine SEC shall approve. HECO was incorporated under the laws of the Kingdom of Hawaii on October 13, 1891, under the name of The Hawaiian Electric Company, Limited. Its name was changed to Hawaiian Electric Company, Inc., on March 16, 1964. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It is a regulated operating electric public utility engaged in the production, purchase, transmission, distribution and sale of electricity on the island of Oahu, State of Hawaii. HELCO was incorporated under the laws of the Republic of Hawaii on December 5, 1894. Its principal executive office is located at 1200 Kilauea Avenue, Hilo, Hawaii 96720. It is a regulated operating electric public utility engaged in the production, purchase, transmission, distribution and sale of electricity on the island of Hawaii, State of Hawaii. MECO was incorporated under the laws of the Territory of Hawaii on April 28, 1921, and purchased the franchise and certain assets of Island Electric Company, Limited, which had been organized in 1911. Its principal executive office is located at 210 Kamehameha Avenue, Kahului, Maui, Hawaii 96732. It is a regulated operating electric public utility engaged in the production, purchase, transmission, distribution and sale of electricity on the islands of Maui, Lanai and Molokai, all located in the State of Hawaii. HECO Trust I was formed under the laws of the State of Page 4 of 19 Delaware on December 31, 1996. The Bank of New York is the corporate trustee of HECO Trust I and its principal administrative offices are located at 101 Barclay Street 21st floor, New York, New York 10286. HECO Trust I is a statutory business trust formed for the exclusive purposes of (i) issuing and selling its common securities to HECO and its 8.05% Cumulative Quarterly Income Preferred Securities, Series 1997 (QUIPS I) to the public in an underwritten public offering in March 1997, (ii) using the proceeds from the sale of QUIPS I and the common securities to acquire 8.05% Junior Subordinated Deferrable Interest Debentures, Series 1997 issued by HECO and its subsidiaries, MECO and HELCO, (iii) maintaining the status of HECO Trust I as a grantor trust for United States federal income tax purposes and (iv) engaging in only those other activities necessary, convenient or incidental thereto. HECO Trust II was formed under the laws of the State of Delaware on October 15, 1998. The Bank of New York is the corporate trustee of HECO Trust II and its principal administrative offices are located at 101 Barclay Street 21st floor, New York, New York 10286. HECO Trust II is a statutory business trust formed for the exclusive purposes of (i) issuing and selling its common securities to HECO and its 7.30% Cumulative Quarterly Income Preferred Securities, Series 1998 (QUIPS II) to the public in an underwritten public offering in December 1998, (ii) using the proceeds from the sale of QUIPS II and the common securities to acquire 7.30% Junior Subordinated Deferrable Interest Debentures, Series 1998 issued by HECO and its subsidiaries, MECO and HELCO, (iii) maintaining the status of HECO Trust II as a grantor trust for United States federal income tax purposes and (iv) engaging in only those other activities necessary, convenient or incidental thereto. MPC was incorporated on December 5, 1985; MPIC was incorporated on December 30, 1988; MDC was incorporated on December 15, 1989; and MMoC was incorporated on August 21, 1990, all under the laws of the State of Hawaii, with principal executive offices located at 900 Richards Street, Honolulu, Hawaii 96813. MPC and its subsidiaries are nonutility companies which were organized to invest in, develop and sell real estate. Since September 14, 1998, MPC and its subsidiaries have been accounted for as discontinued operations in HEI's consolidated financial statements. Dillingham Tug & Barge Corporation was incorporated under the laws of the State of Hawaii on March 16, 1972, and changed its name to Hawaiian Tug & Barge Corp. on Page 5 of 19 October 1, 1986 when HEI acquired HTB from Dillingham Corporation. On November 10, 1999, the sale of substantially all of the operating assets of HTB was closed and HTB's name was changed to The Old Oahu Tug Service, Inc. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. HTB was a nonutility company organized to provide charter towing and harbor-assist services primarily within the State of Hawaii. TOOTS no longer provides charter towing and harbor-assist towing services and is currently conducting shut-down activities, after which it is expected to be dissolved. YB, also acquired by HEI on October 1, 1986, was incorporated under the laws of the State of Hawaii on January 7, 1960. On November 10, 1999, HTB sold all of the stock of YB. YB's principal executive office was located at 1331 N. Nimitz Highway, Honolulu, Hawaii 96817. It is a regulated company organized to transport cargo within the State of Hawaii and operated as the major authorized common carrier under the Hawaii Water Carrier Act. HEIDI was incorporated under the laws of the State of Hawaii on January 6, 1988. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It is a nonutility holding company which currently conducts no business and owns no material assets other than the common stock of ASB. ASB was chartered by the Federal Home Loan Bank as a federal savings bank on January 23, 1987, and is qualified to do business in the State of Hawaii. Its wholly owned subsidiaries were incorporated under the laws of the State of Hawaii. The principal executive offices of ASB and its subsidiaries are located at 915 Fort Street Mall, Honolulu, Hawaii 96813. ASB and its subsidiaries are nonutility companies providing financial and related services. HEI acquired ASB on May 26, 1988. ASB's business consists primarily of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to (1) make residential and other real estate-related loans which enable borrowers to purchase, refinance, construct or improve real estate, (2) invest in loans secured by real estate and in mortgage-backed and other securities, and (3) make various types of commercial and consumer loans. ASB Service Corporation, which was incorporated on October 23, 1990, holds real estate for use by ASB employees; American Savings Mortgage Co., Inc., which was incorporated on October 23, 1990, is a mortgage brokerage company; AdCommunications, Inc., which was incorporated on October 23, 1990, is an advertising Page 6 of 19 agency; ASISC, which was incorporated on October 11, 1990, markets insurance and investment products; and ASB Realty Corporation, which was incorporated on March 27, 1998, owns and manages real estate assets. ASISC has entered into an agreement dated as of December 22, 2000, to acquire all of the capital stock of Bishop Insurance Agency of Hawaii, Inc., which was incorporated as LPK Corp. under the laws of the State of Hawaii on February 23, 1984,changed its name to its present name on May 18, 1984, and markets insurance products. HEIPI was incorporated under the laws of the State of Hawaii on February 9, 1998, as HEIDI Real Estate Corp. and its name was changed to HEIPI on September 23, 1999. Ownership of HEIPI was transferred to HEI by HEIDI on November 18, 1999. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. HEIPI was formed as a nonutility company to hold real estate and related assets. PECS was incorporated under the laws of the State of Hawaii on August 12, 1994. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. PECS was formed as a nonutility service company to promote energy conservation in Hawaii and the Pacific Basin, but had no operations until December 1996. PECS currently is a contract services company providing limited services to an affiliate. HEIPC was incorporated under the laws of the State of Hawaii on March 24, 1995. Its principal executive office is located at 220 South King Street, Honolulu, Hawaii 96813. It is a nonutility company formed to pursue independent power and integrated energy services projects in Asia and the Pacific. Those direct and indirect subsidiaries of HEIPC which are not foreign utility companies have been formed generally for the purposes of directly or indirectly acquiring and maintaining an interest in one or more foreign utility companies or developing or operating utility facilities in foreign countries. Management is currently evaluating the overall international strategy and HEIPC's strategic alternatives. The Company will not be investing in new international power projects during this period of evaluation. The following are active, direct and indirect subsidiaries of HEIPC which have their principal executive offices at Ugland House, P.O. Box 309, George Town, Grand Cayman, Cayman Islands, British West Indies (Cayman Location) and were incorporated under the laws of the Cayman Islands (incorporation dates are noted in parentheses): HEI Page 7 of 19 Power Corp. International (International) (April 10, 1996); HEIPC Philippine Development, LLC (Philippine Develop) (September 9, 1996); and HEI Power Corp. Philippines (April 24, 1996). The following are inactive subsidiaries of HEIPC at the Cayman Location which were incorporated under the laws of the Cayman Islands (incorporation dates are noted in parentheses): HEIPC Philippine Ventures (April 23, 1996); HEIPC Cambodia Ventures (April 23, 1996); HEIPC Phnom Penh Power (Limited), LLC (April 24, 1996); Lake Mainit Power, LLC (May 21, 1996); HEIPC Bulacan I, LLC (May 29, 1997); and HEIPC Bulacan II, LLC (May 29, 1997). The following are active, indirect subsidiaries of HEIPC which have their principal executive offices at Les Jamalacs Building, Vieux Conseil St., Port-Louis, Mauritius (Mauritius Location) and were incorporated under the laws of Mauritius (incorporation dates are noted in parentheses): HEI Power Corp. China (December 10, 1997); HEI Power Corp. China II (China II) (June 10, 1998); and UPP (June 29, 1998). The following are inactive, indirect subsidiaries of HEIPC at the Mauritius Location which were incorporated under the laws of Mauritius (incorporation dates are noted in parentheses): HEI Power Corp. China III (June 24, 1998) and HEI Power Corp. China IV (June 24, 1998). HEI Power Corp. Saipan (April 1, 1998) is an inactive, direct subsidiary of HEIPC incorporated under the laws of the Commonwealth of the Northern Mariana Islands and which has its principal executive offices at P.O. Box 410, Saipan, MP 96950. Dafeng Sanlian Cogeneration Co., Ltd. (August 19, 1998; 76.4% ownership percentage) is an active subsidiary of HEI Power Corp. China and is registered under the laws of the People's Republic of China (China) and having its principal executive offices at Dafeng Economic Development Zone, Dafeng City, Jiangsu Province, China; however, it does not own or operate any facilities that are used for the generation, transmission, or distribution of electric energy or the distribution of natural or manufactured gas and does not have any interest in any foreign utility company. On January 26, 2000, HEI Investment Corp. (HEIIC) changed its name to HEIII. HEIIC was incorporated under the laws of the State of Hawaii on May 25, 1984. HEIII's principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It holds investments in leveraged leases. In February 2000, HEIII was recapitalized and all its common stock and one series of its preferred stock was contributed to HEIPC. In Page 8 of 19 March 2000, HEIII registered (i.e., continued) in Nova Scotia, Canada and its subsidiary, Phil Holding, acquired a 50% interest in EPHE. Phil Holding, a subsidiary of HEIII, was incorporated on February 8, 2000, under the laws of the Republic of the Philippines and its principal executive office is located at Metro Manila, Philippines. On March 6, 2000, HEI acquired indirectly through Phil Holding a 50% interest in EPHE which has its principal executive offices at 20/th/ Floor, One Magnificent Mile Building, San Miguel Avenue, Pasig City, Metro Manila, Philippines and is incorporated under the laws of the Republic of the Philippines. EPHE owns approximately 91.7% of the common shares of EAPRC. In December 2000, Phil Holding wrote off its indirect investment in EAPRC. In February 2001, Phil Holding was in the process of being dissolved. On December 30, 1985, HEIIC (now known as HEIII) acquired, as part of its investment portfolio, a 15.1899% undivided interest in Plant Robert W. Scherer Unit No. 2, an 818 -megawatt (MW) coal-fired generating unit located in Monroe County, Georgia in a sale and leaseback transaction (the Transaction) with Oglethorpe Power Corporation (An Electric Membership Generation and Transmission Corporation). The Transaction is described in the Form U-7D filed by the Wilmington Trust Company and William J. Wade, owner trustees on behalf of HEIIC on December 30, 1985. The Transaction is also the subject of letters (dated December 16 and 24, 1985), from Mudge Rose Guthrie Alexander and Ferdon to the Commission, to which a reply was sent by Mr. Lewis B. Reich, Special Counsel (Reference No. 85-1216E-OPUR). Two amendments to the Form U-7D were filed on October 20, 1986 and on January 16, 1998 for the refinancings of the nonrecourse debt secured by this lease interest. These refinancings had no impact on HEIIC's investment return because, under the lease agreement, the lessee is entitled to the benefit of any refinancing. The undersigned takes the position that the passive nature of the ownership by HEIIC which results from its participation in the Transaction is exactly comparable to the form of ownership which would qualify under Rule 7(d)(1) under PUHCA. Accordingly, although the information contained in the aforesaid Amendment No. 1 was submitted, the undersigned and HEIIC reserve all rights to claim (and do hereby claim) that by virtue of HEIIC's participation in the Transaction, HEIIC has not acquired "ownership" of facilities used for the generation, transmission or distribution of electric energy for sale so as to Page 9 of 19 result in HEIIC's becoming an "electric utility company" as defined in Section 2(a)(3) of the Act. Other direct or indirect subsidiaries or investments of HEIPC are listed under item 4a. HEIDC was incorporated under the laws of the State of Hawaii on August 17, 1998. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. HEIDC was formed to develop, build, own, operate and/or maintain, either directly or indirectly, central chilled water, cooling system facilities, and other energy related products and services for commercial and residential buildings. ProVision was incorporated under the laws of the State of Hawaii on October 13, 1998. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. ProVision was formed to sell, install, operate and maintain on-site power generation equipment and auxiliary appliances in Hawaii and the Pacific Rim. HEILI was incorporated under the laws of the State of Hawaii on February 28, 2000. Its principal executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. HEILI was formed to own real estate subject to leases. HEILI currently owns no significant assets and is inactive. Hycap was incorporated under the laws of the State of Delaware on January 22, 1997. Its registered agent's office is located at PL&F Service, One Rodney Square, 10th Floor, Tenth and King Streets, Wilmington, Delaware 19801. Hycap is a nonutility company formed in connection with a trust preferred securities offering to be the sole general partner of HEI Preferred Funding, LP (the Partnership). The Partnership is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act, as amended, pursuant to an agreement of limited partnership and the filing of a certificate of limited partnership with the Secretary of State on December 23, 1996, which was subsequently amended by an amended and restated agreement of limited partnership dated as of February 1, 1997. Its principal executive office is located at 300 Delaware Avenue, Suite 1704, Wilmington, Delaware 19801. The Partnership is managed by the general partner and exists for the exclusive purposes of (a) purchasing certain eligible debt instruments of HEI and the wholly owned subsidiaries of HEI (collectively, the Affiliate Investment Instruments) and certain U.S. government obligations and commercial paper of unaffiliated entities (Eligible Debt Securities) with the proceeds from (i) the sale of its Partnership Preferred Securities, representing limited partner interests in the Partnership, Page 10 of 19 to HEI Trust I and (ii) a capital contribution by HEI in exchange for the general partner interest in the Partnership, (b) receiving interest and other payments on the Affiliate Investment Instruments and the Eligible Debt Securities held by the Partnership from time to time, (c) making distributions on the Partnership Preferred Securities and distributions on the general partner interest in the Partnership if, as and when declared by the general partner in its sole discretion, (d) subject to the restrictions and conditions contained in the Agreement of Limited Partnership, making additional investments in Affiliate Investment Instruments and Eligible Debt Securities and disposing of any such investments and (e) except as otherwise limited in the Agreement of Limited Partnership, entering into, making and performing all contracts and other undertakings, and engaging in those activities and transactions as the general partner deems necessary or advisable for carrying out the purposes of the Partnership. HEI Trust I, Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III were formed under the laws of the State of Delaware on December 19, 1996. The Bank of New York is the corporate trustee of each of these trusts and its principal administrative office is located at 101 Barclay Street, 21st Floor, New York, NY 10286. HEI Trust I is a statutory business trust formed for the exclusive purposes of (i) issuing in February of 1997 its 8.36% Trust Originated Preferred Securities and its 8.36% Common Securities, (ii) purchasing the 8.36% Partnership Preferred Securities, representing the limited partner interests in HEI Preferred Funding, LP, with the proceeds from the sale of Trust Originated Preferred Securities and Common Securities, and (iii) engaging in only those other activities necessary or incidental thereto. Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III have at all times been inactive. 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. Page 11 of 19 HEI is a nonutility holding company which currently conducts no business and owns no material operating assets other than as listed under item 1. Currently, the consolidated revenues of HEI are derived primarily from electric service, savings bank operations, energy conversion fees and investments. HECO owns and operates three electric generating plants located on the island of Oahu, with an aggregate generating capability of 1,263 MW as of December 31, 2000. HECO's power purchase agreements (PPAs) with Kalaeloa Partners, L.P., AES Barbers Point, Inc. and Honolulu Resource Recovery Venture each provide for an additional 180 MW, 180 MW and 46 MW, respectively, of firm generating capability as of December 31, 2000. HELCO owns and operates electric generating equipment with an aggregate generating capability of approximately 153 MW as of December 31, 2000. Its five power plants are located on the island of Hawaii. As of December 31, 2000, HELCO had PPAs with Puna Geothermal Ventures, Hilo Coast Power Company and Hamakua Energy Partners, L.P. providing for an additional 30 MW, 22 MW and 59 MW, respectively, of firm generating capability. HELCO currently owns and operates two small run-of-river hydro units and a windfarm at Waikoloa which consists of 60 operating wind machines with a total operating capacity of 1.2 MW as of December 31, 2000. MECO owns and operates electric generating equipment located on the islands of Maui, Lanai and Molokai, with an aggregate generating capability of approximately 257 MW as of December 31, 2000. A PPA between MECO and a sugar company provided for an additional 16 MW of firm generating capability as of December 31, 2000. HECO, HELCO and MECO also own land, buildings, overhead transmission lines, overhead distribution lines, underground cables, fully owned or jointly owned poles, steel or aluminum high voltage transmission towers, transmission and distribution substations, fuel oil storage facilities and other property and equipment used in the business of generating, purchasing, transmitting, distributing and selling electric energy. 3. The following information for the last calendar year with respect to claimant and each of its subsidiary public utility companies: Page 12 of 19 (a) Number of kwh. of electric energy sold (at retail or wholesale), and Mcf. of natural or manufactured gas distributed at retail. In 2000, HEI sold no kilowatthours of electric energy, HECO sold at retail 7,211,760,196 kwh. of electric energy, HELCO sold at retail 954,453,207 kwh. of electric energy, and MECO sold at retail 1,105,463,174 kwh. of electric energy. (b) Number of kwh. of electric energy and Mcf. of natural or manufactured gas distributed at retail outside the State in which each such company is organized. None. (c) Number of kwh. of electric energy and Mcf. of natural or manufactured gas sold at wholesale outside the State in which each such company is organized, or at the State line. None. (d) Number of kwh. of electric energy and Mcf. of natural or manufactured gas purchased outside the State in which each such company is organized or at the State line. None. 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: (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. HEI Power Corp. Guam (HPG), a direct subsidiary of HEIPC, has principal executive offices at Tanguisson power plant, NCS Dededo, Guam 96921 and 220 South King Street, Honolulu, Hawaii 96813. In September 1996, HPG entered into an energy conversion agreement with Guam Power Authority (GPA), pursuant to which HPG rehabilitated, and for a period of approximately 20 years will be operating and maintaining, two oil-fired 25- MW (net) steam turbine generators at Tanguisson, Guam. Page 13 of 19 On or about September 3, 1998, HEI acquired an indirect 80% interest in UPP (through HEI's indirect subsidiary China II) and an effective 60% interest in Baotou Tianjiao Power Co., Ltd. (Tianjiao) which has its principal executive offices at Suite 906, Baotou Youdian Building, Kun District, Baotou 014010, Inner Mongolia, China and is a Sino-foreign coorperative joint venture established under the laws of the People's Republic of China. On December 30, 1999 China II acquired the remaining 20% interest in UPP for an effective 75% interest in Tianjiao. Tianjiao will construct, operate, and maintain a 200-MW (net) coal-fired power plant in Baotou, Inner Mongolia, China, over a 22 year period, which includes construction, beginning September 18, 1996. The power plant is to be built "inside the fence" for Baotou Iron & Steel (Group) Co., Ltd. (BaoSteel), which will be the sole purchaser of the power. At the end of the term, the plant will be transferred by Tianjiao to BaoSteel (which owns a 25% interest in Tianjiao). Construction has been delayed due to delays in obtaining a satisfactory interconnection agreement between Tianjiao and the Inner Mongolia Power Company. On December 4, 1998, HEI acquired indirectly through Philippine Develop an interest in Cagayan Electric Power & Light Co., Inc. (CEPALCO) which has its principal executive offices at 8/F Strata 100 Building, Emerald Avenue, Ortigas Complex, Pasig City, Metro Manila 1600, Philippines and is incorporated under the laws of the Philippines. CEPALCO is a privately owned regulated local distribution company on the island of Mindanao. It operates and maintains three substations, with a total capacity of 75 MVA, and 47 kilometers of transmission lines (69 KV and 138 KV) and 1,000 kilometers of distribution lines. It also has an interest in Mindanao Energy Systems, Inc., a Philippine power generation company that owns and operates an 18.9 MW Bunker-C fed diesel power generating facility. On March 6, 2000, HEI acquired indirectly through Phil Holding a 50% interest in EPHE and thereby an approximately 46% indirect interest in EAPRC, which has its principal executive offices at 20/th/ Floor, One Magnificent Mile Building, San Miguel Avenue, Pasig City, Metro Manila, Philippines and is incorporated under the laws of the Republic of the Philippines. EAPRC is a holding company primarily engaged in the electric generation business in Manila through its direct and indirect subsidiaries using land and barge-based generating facilities. In December 2000, Phil Holding wrote off its indirect Page 14 of 19 investment in EAPRC. In February 2001, Phil Holding was in the process of being dissolved. East Asia Diesel Power Corporation (EADPC), a direct subsidiary of EAPRC, which has its principal executive offices at 20/th/ Floor, One Magnificent Mile Building, San Miguel Avenue, Pasig City, Metro Manila, Philippines and is incorporated under the laws of the Republic of the Philippines, owns and operates two oil-fired power generating barges with an aggregate installed capacity of 109 MW. The barges are located within National Power Corporation's primary load center in Navotas, Metro Manila, Philippines. Sunrise Power Company Inc. (SPCI), an indirect subsidiary of EAPRC, which has its principal executive offices at 20/th/ Floor, One Magnificent Mile Building, San Miguel Avenue, Pasig City, Metro Manila, Philippines and is incorporated under the laws of the Republic of the Philippines, owns and operates a 22.8 MW oil-fired power plant inMariveles, Bataan, Philippines. Duracom Mobile Power Corporation (DMPC), an indirect subsidiary of East Asia, which has its principal executive offices at 20/th/ Floor, One Magnificent Mile Building, San Miguel Avenue, Pasig City, Metro Manila, Philippines and is incorporated under the laws of the Republic of the Philippines, owns and operates two oil-fired power generating barges ("Dura I" and "Dura II") with a total installed capacity of 133 MW. The barges are located in Navotas, Metro Manila, Philippines. During 2000, EAPRC disposed of its interests in East Asia Global Management Limited and in San Fernando Electric Light and Power Company Inc.Also, in February of 2001 EAPRC's assigned all its interests in East Asia Utilities Corporation (including Cebu Private Power Corporation) to a party unrelated to the claimant. (b) Name of each system company that holds an interest in such EWG or foreign utility company and description of the interest held. HEI owns all of the issued and outstanding shares of common stock of HEIPC. HEIPC owns all of the issued and outstanding shares of common stock of HPG, International and HEIII. International owns all of the issued and outstanding shares of common stock of China II. China II owns 100% of the issued and outstanding shares of UPP. UPP owns 75% of Tianjiao. Page 15 of 19 International owns all of the issued and outstanding shares of common stock of Philippine Develop. Philippine Develop owns 5% of the common stock and convertible cumulative nonparticipating preferred shares of CEPALCO which, if converted to common stock, are intended to constitute an additional 15% of the issued and outstanding common stock of CEPALCO. HEIII owns all the issued and outstanding shares of common stock of Phil Holding. Phil Holding owns 50% of EPHE. EPHE owns approximately 91.7% of the common shares of EAPRC. EAPRC owns all the issued and outstanding shares of common stock of EADPC. EADPC owns approximately 66.7% of SPCI and 40% of DMPC. (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. As of December 31, 2000, HEI had invested, through HEIPC (in addition to retained earnings), $2,250,000 in HPG. Also as of December 31, 2000, there were intercompany borrowings by HPG from HEIPC of $8,559,000 and no other borrowings. HEIPC's intercompany loans to HPG were funded by investments in and loans to HEIPC by HEI. As of December 31, 2000, HEI has not directly or indirectly guaranteed the securities of HPG and there was no debt or other financial obligation relating to HPG for which there was recourse against HEI or any other system company (other than HPG). As of December 31, 2000, HEI had invested, through HEIPC and its subsidiaries, $24.7 million in connection with the Tianjiao project in China, of which $9.4 million is reflected in equity in Tianjiao. As of December 31, 2000, there were no intercompany borrowings by Tianjiao from HEI or any other HEI system company. As of December 31, 2000, HEI has not directly or indirectly guaranteed the securities of Tianjiao and there was no debt or other financial obligation relating to Tianjiao for which there was recourse against HEI or any other HEI system company (other than Tianjiao), except for UPP's conditional nonrecourse commitment to invest an additional 586 million Renminbi (approximately $70 million) in Tianjiao. As of December 31, 2000, HEI had invested, through HEIPC and its subsidiaries, $9.7 million in CEPALCO preferred and common stock. As of December 31, 2000, there Page 16 of 19 were no intercompany borrowings by CEPALCO from HEI or any other HEI system company. As of December 31, 2000, HEI has not directly or indirectly guaranteed the securities of CEPALCO and there was no debt or other financial obligation relating to CEPALCO for which there was recourse against HEI or any other HEI system company (other than CEPALCO). As of December 31, 2000, HEI had invested, through HEIPC and its subsidiaries, $89.8 million in EAPRC and subsidiaries, of which $89.5 million had been recorded as operating losses or written off. As of December 31, 2000, there were no intercompany borrowings by EAPRC or EAPRC's subsidiaries from HEI or any other HEI system company. HEI has indirectly guaranteed $10 million of EAPRC's and a subsidiary's loans, and the potential payment obligation under this guaranty was accrued as of December 31, 2000, simultaneously with the write-off of the investment in EAPRC. HEI has guaranteed payment performance through June 2001 on fuel oil put option contracts sold by Cebu Private Power Corporation and East Asia Utilities Corporation. HEI subsequently purchased put option contracts with identical terms and conditions to the put option contracts sold by Cebu Private Power Corporation and East Asia Utilities Corporation to offset the impact of any required performance on its guaranty. (d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. As of December 31, 2000, HPG's capitalization (i.e., common stock equity) was $3,909,000. For 2000, HPG's net income was $1,005,000. As of December 31, 2000, Tianjiao's capitalization (i.e., common stock equity) was $10,075,000. For 2000 Tianjiao's net loss was $302,000. As of December 31, 2000, the investment in CEPALCO preferred and common stock was carried at $9.7 million. For 2000 Philippine Develop received $0.6 million in dividend income. As of December 31, 2000, the investment in EAPRC common stock was nil as the investment was written off. For 2000, the Company's equity in losses of EAPRC and subsidiaries was $22.5 million. (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). Page 17 of 19 HPG maintains agreements with certain HEI affiliates for operation, maintenance and administrative and general services of the power plants and electrical systems. For 2000, HPG fees for services from HEI, HECO and HEIPC totaled $34,000. Tianjiao and CEPALCO have no service, sales or construction contracts with any HEI affiliate. However, certain HEI affiliates provide general management and other services to Tianjiao in connection with UPP's obligations under the cooperative joint venture agreement. The HEI affiliates receive no compensation for these services from Tianjiao. EAPRC maintained agreements with Phil Holding for management services rendered during 2000. For 2000, EAPRC fees for services from Phil Holding totaled $2,537,000. Page 18 of 19 EXHIBIT A Unaudited consolidating statements of income and retained earnings of Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar year 2000, together with an unaudited consolidating balance sheet of Hawaiian Electric Industries, Inc. and its subsidiary companies as of December 31, 2000, are attached hereto as Exhibit A. Unaudited consolidating income and retained earnings information for the calendar year 2000 for Hawaiian Electric Company, Inc. and its subsidiary companies, for HEI Diversified, Inc. and its subsidiary company, for American Savings Bank, F.S.B. and its subsidiary companies, for HEI Power Corp. and its subsidiary companies, for HEI Investments, Inc. and its subsidiary, for HEI Power Corp. International and its subsidiary companies and for HEI Power Corp. China II and its subsidiary companies, together with unaudited consolidating balance sheet information for said companies and their respective subsidiaries as of December 31, 2000, are attached hereto as Exhibits A-1 through A-7. Unaudited consolidating income, retained earnings and balance sheet information for MPC and its subsidiaries are not provided as MPC and its subsidiaries are being accounted for as discontinued operations in HEI's consolidated financial statements effective September 14, 1998. EXHIBIT B The unaudited financial data schedules for HEI and its subsidiaries and for HECO and its subsidiaries are attached hereto as Exhibit B. The following organizational chart shows the relationship to other system companies of each foreign utility company in which HEI has a direct or indirect interest. EXHIBIT C HEI - HEIPC - HPG HEI - HEIPC - International - China II - UPP - Tianjiao (UPP owns 75%) HEI - HEIPC - International - Philippine Develop - CEPALCO HEI - HEIPC - HEIII - Phil Holding - EPHE (Phil Holding owns 50%) - EAPRC (EPHE owns approximately 91.7%) - EADPC - - (1) SPCI (EADPC owns approximately 66.7%) - (2) DMPC (EADPC owns 40%)
Page 19 of 19 Each of the above-named claimants has caused this statement to be duly executed on its behalf by its duly authorized officers on this 26th day of February 2001. HAWAIIAN ELECTRIC INDUSTRIES, INC. Claimant By /s/ Robert F. Clarke ---------------------------------------------- Robert F. Clarke Chairman, President and ATTEST: Chief Executive Officer /s/ Peter C. Lewis By /s/ Robert F. Mougeot ------------------------------------ ---------------------------------------------- Peter C. Lewis Robert F. Mougeot Vice President-Administration Financial Vice President, Treasurer and & Corporate Secretary Chief Financial Officer HAWAIIAN ELECTRIC COMPANY, INC. Claimant By /s/ T. Michael May ---------------------------------------------- T. Michael May ATTEST: President and Chief Executive Officer /s/ Molly M. Egged By /s/ Jackie M. Erickson --------------------------------- --------------------------------------------- Molly M. Egged Jackie M. Erickson Secretary Vice President - Customer Operations/ General Counsel
Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed: Peter C. Lewis Vice President-Administration & Corporate Secretary Hawaiian Electric Industries, Inc. P. O. Box 730 Honolulu, Hawaii 96808-0730
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Balance Sheet (Page 1 of 3) Page 1 of 8 December 31, 2000 (Unaudited) (in thousands) Hawaiian Hawaiian Electric HEI Electric Company, Diversified, HEI Power HEI HEI Industries, Inc. and Inc. and Corp. and Investments, Leasing, ASSETS Inc. subsidiaries subsidiary subsidiaries Inc. Inc. - ------------------------------------------- ----------- ----------- ----------- ----------- ----------- ----------- Cash and equivalents $ 677 1,534 208,489 2,495 -- $ 8 Notes receivable from affiliated companies 16,058 -- 18,049 658 -- -- Accounts receivable and unbilled revenues, net 1,194 157,992 30,021 3,448 -- -- Available-for-sale investment and mortgage/asset-backed securities -- -- 164,668 -- -- -- Held-to-maturity investment and mortgage/asset-backed securities -- -- 1,789,066 -- -- -- Held-to-maturity mortgage/asset-backed securities pledged for repurchase agreements -- -- 316,771 -- -- -- Loans receivable, net -- -- 3,211,325 -- -- -- Property, plant and equipment, net 2,748 1,992,595 59,082 36,871 -- -- Regulatory assets -- 116,623 -- -- -- -- Other 23,885 99,778 91,592 60,566 -- -- Goodwill and other intangibles -- -- 99,128 -- -- -- Investments in subsidiaries, at equity 1,360,218 -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- $ 1,404,780 2,368,522 5,988,191 104,038 -- $ 8 =========== =========== =========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------- Liabilities Accounts payable $ 8,423 82,715 35,977 1,856 -- $ -- Deposit liabilities -- -- 3,584,646 -- -- -- Short-term borrowings 23,634 113,162 -- 7,294 -- -- Securities sold under agreements to repurchase -- -- 596,504 -- -- -- Advances from Federal Home Loan Bank -- -- 1,249,252 -- -- -- Long-term debt 524,000 667,731 17,073 17,073 -- -- Deferred income taxes (39,048) 137,066 7,280 41,594 -- -- Contributions in aid of construction -- 211,518 -- -- -- -- Other 48,712 197,025 38,053 1,978 -- -- ----------- ----------- ----------- ----------- ----------- ----------- 565,721 1,409,217 5,528,785 69,795 -- -- ----------- ----------- ----------- ----------- ----------- ----------- HEI- and HECO-obligated preferred securities of trust subsidiaries directly or indirectly holding solely HEI and HEI-guaranteed and HECO and HECO- guaranteed subordinated debentures -- 100,000 -- -- -- -- Preferred stock of subsidiaries-not subject to mandatory redemption -- 34,293 113 -- -- -- Minority interests -- -- -- 839 -- -- ----------- ----------- ----------- ----------- ----------- ----------- -- 134,293 113 839 -- -- ----------- ----------- ----------- ----------- ----------- ----------- Stockholders' equity Preferred stock -- -- -- -- -- -- Common stock 691,735 381,042 329,596 143,130 -- 10 Retained earnings (deficit) 147,324 443,970 129,697 (109,726) -- (2) ----------- ----------- ----------- ----------- ----------- ----------- 839,059 825,012 459,293 33,404 -- 8 ----------- ----------- ----------- ----------- ----------- ----------- $ 1,404,780 2,368,522 5,988,191 104,038 -- $ 8 =========== =========== =========== =========== =========== ===========
Continued on next page.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Balance Sheet (Page 2 of 3) Page 2 of 8 December 31, 2000 (Unaudited) (in thousands) (Continued) Pacific HEI HEI HEI Energy District ProVision Hycap Preferred ASSETS Properties, Conservation Cooling, Technologies, Management, Funding, Inc. Services, Inc. Inc. Inc. Inc. LP - ---------------------------------------- ------------- --------------- ------------ -------------- -------------- ----------- Cash and equivalents $ 1 60 14 55 424 $ 1,277 Notes receivable from affiliated 264 3 1 -- -- 120,073 companies Accounts receivable and unbilled revenues, net 1 9 -- 1 71 7 Available-for-sale investment and mortgage/asset-backed securities -- -- -- -- -- -- Held-to-maturity investment and mortgage/asset-backed securities -- -- -- -- -- -- Held-to-maturity mortgage/asset-backed securities pledged for repurchase agreements -- -- -- -- -- -- Loans receivable, net -- -- -- -- -- -- Property, plant and equipment, net -- -- -- 49 -- -- Regulatory assets -- -- -- -- -- -- Other 5,466 -- -- 103 -- -- Goodwill and other intangibles -- -- -- -- -- -- Investments in subsidiaries, at equity -- -- -- -- 18,193 -- -------- -------- ------- -------- -------- -------- $ 5,732 72 15 208 18,688 $121,357 ======== ======== ======= ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Liabilities Accounts payable $ -- 3 -- 2 -- $ 71 Deposit liabilities -- -- -- -- -- -- Short-term borrowings -- -- -- -- -- -- Securities sold under agreements to repurchase -- -- -- -- -- -- Advances from Federal Home Loan Bank -- -- -- -- -- -- Long-term debt -- -- -- -- -- -- Deferred income taxes 626 -- (5) -- -- -- Contributions in aid of construction -- -- -- -- -- -- Other (278) 15 1 18 3 -- -------- -------- ------- -------- -------- -------- 348 18 (4) 20 3 71 -------- -------- ------- -------- -------- -------- HEI- and HECO-obligated preferred securities of trust subsidiaries directly or indirectly holding solely HEI and HEI-guaranteed and HECO and HECO-guaranteed subordinated debentures -- -- -- -- -- -- Preferred stock of subsidiaries-not subject to mandatory redemption -- -- -- -- -- -- Minority interests -- -- -- -- -- -- -------- -------- ------- -------- -------- -------- -- -- -- -- -- -- -------- -------- ------- -------- -------- -------- Stockholders' equity Preferred stock -- -- -- -- -- -- Common stock 3,943 500 1,250 490 18,364 121,286 Retained earnings (deficit) 1,441 (446) (1,231) (302) 321 -- -------- -------- ------- -------- -------- -------- 5,384 54 19 188 18,685 121,286 -------- -------- ------- -------- -------- -------- $ 5,732 72 15 208 18,688 $121,357 ======== ======== ======= ======== ======== ========
Continued on next page. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Balance Sheet (Page 3 of 3) Page 3 of 8 December 31, 2000 (Unaudited) (in thousands)
(Continued) Hawaiian The Old Malama Pacific Reclassifi- Electric Oahu Corp. and cations Industries Tug subsidiaries and Capital Service, (Discontinued Eliminations ASSETS Trust I Inc. operations) Dr. (Cr.) Consolidated - --------------------------------------------- -------------- -------------- --------------- -------------- -------------- Cash and equivalents $ -- -- -- -- $ 215,034 Notes receivable from affiliated companies -- 21,732 -- (176,838) -- Accounts receivable and unbilled revenues, net -- 239 -- (1,482) 191,501 Available-for-sale investment and mortgage/asset-backed securities -- -- -- -- 164,668 Held-to-maturity investment and mortgage/asset-backed securities -- -- -- -- 1,789,066 Held-to-maturity mortgage/asset-backed securities pledged for repurchase agreements -- -- -- -- 316,771 Loans receivable, net -- -- -- -- 3,211,325 Property, plant and equipment, net -- -- -- -- 2,091,345 Regulatory assets -- -- -- -- 116,623 Other -- -- (7,529) -- 273,861 Goodwill and other intangibles -- -- -- -- 99,128 Investments in subsidiaries, at equity 103,093 -- -- (1,481,504) -- ----------- ----------- ----------- ----------- ----------- $ 103,093 21,971 (7,529) (1,659,824) $ 8,469,322 =========== =========== =========== =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY - -------------------------------------------- Liabilities Accounts payable $ -- -- -- 1,482 $ 127,565 Deposit liabilities -- -- -- -- 3,584,646 Short-term borrowings -- -- -- 39,692 104,398 Securities sold under agreements -- to repurchase -- -- -- -- 596,504 Advances from Federal Home Loan Bank -- -- -- -- 1,249,252 Long-term debt -- -- -- 137,146 1,088,731 Deferred income taxes -- -- -- -- 147,513 Contributions in aid of construction -- -- -- -- 211,518 Other -- (636) -- -- 284,891 ----------- ----------- ----------- ----------- ----------- -- (636) -- 178,320 7,395,018 ----------- ----------- ----------- ----------- ----------- HEI- and HECO-obligated preferred securities of trust subsidiaries directly or indirectly holding solely HEI and HEI-guaranteed and HECO and HECO-guaranteed subordinated debentures 100,000 -- -- -- 200,000 Preferred stock of subsidiaries- not subject to mandatory redemption -- -- -- -- 34,406 Minority interests -- -- -- -- 839 ----------- ----------- ----------- ----------- ----------- 100,000 -- -- -- 235,245 ----------- ----------- ----------- ----------- ----------- Stockholders' equity Preferred stock -- -- -- -- -- Common stock 3,093 13,229 39,475 1,055,408 691,735 Retained earnings (deficit) -- 9,378 (47,004) 426,096 147,324 ----------- ----------- ----------- ----------- ----------- 3,093 22,607 (7,529) 1,481,504 839,059 ----------- ----------- ----------- ----------- ----------- $ 103,093 $ 21,971 (7,529) 1,659,824 $ 8,469,322 =========== =========== =========== =========== ===========
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Income (Page 1 of 3) Page 4 of 8 Year ended December 31, 2000 (Unaudited) (in thousands)
Hawaiian Hawaiian Electric HEI Electric Company, Diversified, HEI Power HEI HEI Industries, Inc. and Inc. and Corp. and Investments, Leasing, Inc. subsidiaries subsidiary subsidiaries Inc. Inc. ------------ ------------- ------------ ------------- ------------ ------------- Revenues Electric utility $ -- 1,277,170 -- -- -- $ -- Savings bank -- -- 450,882 -- -- -- International power -- -- -- (12,030) -- -- Other 940 -- 1,278 -- 560 -- Equity in net income of subsidiaries 42,846 -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- 43,786 1,277,170 452,160 (12,030) 560 -- ----------- ----------- ----------- ----------- ----------- ----------- Expenses Electric utility -- 1,084,079 -- -- -- -- Savings bank -- -- 380,841 -- -- -- International power 10,000 -- -- 79,040 -- -- Other 8,984 -- 147 -- 20 2 ----------- ----------- ----------- ----------- ----------- ----------- 18,984 1,084,079 380,988 79,040 20 2 ----------- ----------- ----------- ----------- ----------- ----------- Operating income (loss) Electric utility -- 193,091 -- -- -- -- Savings bank -- -- 70,041 -- -- -- International power (10,000) -- -- (91,070) -- -- Other 34,802 -- 1,131 -- 540 (2) ----------- ----------- ----------- ----------- ----------- ----------- 24,802 193,091 71,172 (91,070) 540 (2) ----------- ----------- ----------- ----------- ----------- ----------- Interest expense-other than savings bank (40,195) (49,062) (1,427) (1,337) -- -- Allowance for borrowed funds used during construction -- 2,922 -- -- -- -- Preferred stock dividends of subsidiaries -- (915) (12) -- -- -- Preferred securities distributions of trust subsidiaries -- (7,675) -- -- -- -- Allowance for equity funds used during construction -- 5,380 -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Income (loss) before income taxes and pfd. stock dividends and pfd. securities distributions (15,393) 143,741 69,733 (92,407) 540 (2) Income tax expense (benefit) (61,137) 55,375 23,656 1,179 211 -- ----------- ----------- ----------- ----------- ----------- ----------- Income (loss) before pfd. stock dividends and pfd. securities distributions 45,744 88,366 46,077 (93,586) 329 (2) Preferred stock dividends of parent -- 1,080 -- -- -- -- Preferred securities distributions -- -- -- -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Net income (loss) $ 45,744 87,286 46,077 (93,586) 329 $ (2) =========== =========== =========== =========== =========== ===========
Continued on next page. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Income (Page 2 of 3) Page 5 of 8 Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Pacific Energy HEI HEI HEI Conservation District ProVision Hycap Preferred Properties, Services, Cooling, Technologies, Management, Funding, Inc. Inc. Inc. Inc. Inc. LP ------------ ------------- ------------ ------------- ------------- ------------- Revenues Electric utility $ - - - - - $ - Savings bank - - - - - - International power - - - - - - Other 2,397 130 (393) 2 26 10,106 Equity in net income of subsidiaries - - - - 1,487 - ------------ ------------ ------------ ------------ ------------ ------------ 2,397 130 (393) 2 1,513 10,106 ------------ ------------ ------------ ------------ ------------ ------------ Expenses Electric utility - - - - - - Savings bank - - - - - - International power - - - - - - Other 22 201 1 250 59 - ------------ ------------ ------------ ------------ ------------ ------------ 22 201 1 250 59 - ------------ ------------ ------------ ------------ ------------ ------------ Operating income (loss) Electric utility - - - - - - Savings bank - - - - - - International power - - - - - - Other 2,375 (71) (394) (248) 1,454 10,106 ------------ ------------ ------------ ------------ ------------ ------------ 2,375 (71) (394) (248) 1,454 10,106 ------------ ------------ ------------ ------------ ------------ ------------ Interest expense-other than savings bank (1) - - - - - Allowance for borrowed funds used during construction - - - - - - Preferred stock dividends of subsidiaries - - - - - - Preferred securities distributions of trust subsidiaries - - - - - - Allowance for equity funds used during construction - - - - - - ------------ ------------ ------------ ------------ ------------ ------------ Income (loss) before income taxes and pfd. stock dividends and pfd. securities distributions 2,374 (71) (394) (248) 1,454 10,106 Income tax expense (benefit) 933 - - - 509 - ------------ ------------ ------------ ------------ ------------ ------------ Income (loss) before pfd. stock dividends and pfd. securities distributions 1,441 (71) (394) (248) 945 10,106 Preferred stock dividends of parent - - - - - - Preferred securities distributions - - - - - - ------------ ------------ ------------ ------------ ------------ ------------ Net income (loss) $ 1,441 (71) (394) (248) 945 $ 10,106 ============ ============ ============ ============= ============ ============
Continued on next page. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Income (Page 3 of 3) Page 6 of 8 Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Malama Hawaiian The Old Pacific Reclassifi- Electric Oahu Corp. and cations Industries Tug subsidiaries and Capital Service, (Discontinued Eliminations Trust I Inc. operations) Dr. (Cr.) Consolidated -------------- -------------- -------------- -------------- -------------- Revenues Electric utility $ - - - - $ 1,277,170 Savings bank - - - - 450,882 International power - - - - (12,030) Other - 1,512 - 13,556 3,002 Equity in net income of subsidiaries 8,619 - - 52,952 - ------------- ------------- ----------- ------------ ------------ 8,619 1,512 - 66,508 1,719,024 ------------- ------------- ----------- ------------ ------------ Expenses Electric utility - - - - 1,084,079 Savings bank - - - - 380,841 International power - - - - 89,040 Other - 185 - (154) 9,717 ------------- ------------- ----------- ------------ ------------ - 185 - (154) 1,563,677 ------------- ------------- ----------- ------------ ------------ Operating income (loss) Electric utility - - - - 193,091 Savings bank - - - - 70,041 International power - - - - (101,070) Other 8,619 1,327 - 66,354 (6,715) ------------- ------------- ----------- ------------ ------------ 8,619 1,327 - 66,354 155,347 ------------- ------------- ----------- ------------ ------------ Interest expense-other than savings bank - (1) - (13,402) (78,621) Allowance for borrowed funds used during construction - - - - 2,922 Preferred stock dividends of subsidiaries - - - 1,080 (2,007) Preferred securities distributions of trust subsidiaries - - - 8,360 (16,035) Allowance for equity funds used during construction - - - - 5,380 ------------- ------------- ----------- ------------ ------------ Income (loss) before income taxes and pfd. stock dividends and pfd. securities distributions 8,619 1,326 - 62,392 66,986 Income tax expense (benefit) - 516 - - 21,242 ------------- ------------- ----------- ------------ ------------ Income (loss) before pfd. stock dividends and pfd. securities distributions 8,619 810 62,392 45,744 Preferred stock dividends of parent - - - (1,080) - Preferred securities distributions 8,360 - - (8,360) - ------------- ------------- ----------- ------------ ------------ Net income (loss) $ 259 810 - 52,952 $ 45,744 ============= ============= =========== ============ ============
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Retained Earnings (Page 1 of 2) Page 7 of 8 Year ended December 31, 2000 (Unaudited) (in thousands)
Hawaiian Hawaiian Electric HEI Electric Company, Diversified, HEI Power HEI HEI Industries, Inc. and Inc. and Corp. and Investments, Leasing, Inc. subsidiaries subsidiary subsidiaries Inc. Inc. ------------ ------------ ------------ ------------ ------------ ----------- Retained earnings (deficit), beginning of year $ 182,251 425,206 107,500 (16,140) 1,829 $ -- Net income (loss) 45,744 87,286 46,077 (93,586) 329 (2) Distributions of HEI Preferred Funding, LP -- -- -- -- (2,158) -- Common stock dividends (80,671) (68,522) (23,880) -- -- -- ------------ ------------ ------------ ------------ ------------ ----------- Retained earnings (deficit), end of year $ 147,324 443,970 129,697 (109,726) -- $ (2) ============ ============ ============ ============ ============ =========== Continued below. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Consolidating Statement of Retained Earnings Year ended December 31, 2000 (Unaudited) (in thousands) (Continued) Pacific Energy HEI HEI HEI Conservation District ProVision Hycap Preferred Properties, Services, Cooling, Technologies, Management, Funding, Inc. Inc. Inc. Inc. Inc. LP ----------- ------------ -------- ------------- ----------- --------- Retained earnings (deficit), beginning of year $ -- (375) (837) (54) 376 $ -- Net income (loss) 1,441 (71) (394) (248) 945 10,106 Distributions of HEI Preferred Funding, LP -- -- -- -- -- (10,106) Common stock dividends -- -- -- -- (1,000) -- ----------- ------------ -------- ------------- ----------- --------- Retained earnings (deficit), end of year $ 1,441 (446) (1,231) (302) 321 $ -- =========== ============ ======== ============= =========== =========
Continued on next page. HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A Consolidating Statement of Retained Earnings (Page 2 of 2) Page 8 of 8 Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Malama Hawaiian The Old Pacific Reclassifi- Electric Oahu Corp. and cations Industries Tug subsidiaries and Capital Service, (Discontinued Eliminations Trust I Inc. operations) Dr. (Cr.) Consolidated -------------- -------------- -------------- -------------- -------------- Retained earnings (deficit), beginning of year $ -- 8,568 (47,004) 479,069 $ 182,251 Net income (loss) 259 810 -- 52,952 45,744 Distributions of HEI Preferred Funding, LP -- -- -- (12,264) -- Common stock dividends (259) -- -- (93,661) (80,671) --------- --------- --------- --------- --------- Retained earnings (deficit), end of year $ -- 9,378 (47,004) 426,096 $ 147,324 ========= ========= ========= ========= =========
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 5 December 31, 2000 (Unaudited) (in thousands) Hawaii Hawaiian Electric Maui Electric Light Electric Company, Company, Company, ASSETS Inc. Inc. Limited - --------------------------------------------------- --------------- --------------- --------------- Cash and equivalents $ 1,398 4 $ 132 Notes receivable from affiliated companies 21,800 - - Accounts receivable and unbilled revenues, net 109,243 26,086 22,699 Property, plant and equipment, net 1,220,696 400,640 371,259 Regulatory assets 77,717 19,838 19,068 Other 62,007 12,878 24,893 Investments in subsidiaries, at equity 333,809 - - --------------- --------------- --------------- $1,826,670 459,446 $438,051 =============== =============== =============== LIABILITIES AND STOCKHOLDER'S EQUITY - --------------------------------------------------- Liabilities Accounts payable $ 58,028 11,936 $ 12,348 Short-term borrowings 113,162 20,300 1,500 Long-term debt 453,310 145,931 171,582 Deferred income taxes 116,642 10,535 9,889 Contributions in aid of construction 135,323 51,941 24,254 Other 102,900 48,902 45,662 --------------- --------------- --------------- 979,365 289,545 265,235 --------------- --------------- --------------- HECO-obligated mandatorily redeemable trust preferred securities of subsidiary trusts holding solely HECO and HECO-guaranteed debentures - - - Preferred stock-not subject to mandatory redemption 22,293 7,000 5,000 --------------- --------------- --------------- 22,293 7,000 5,000 --------------- --------------- --------------- Stockholder's equity Common stock 381,042 99,939 94,230 Retained earnings 443,970 62,962 73,586 --------------- --------------- --------------- 825,012 162,901 167,816 --------------- --------------- --------------- $1,826,670 459,446 $438,051 =============== =============== ===============
Continued on next page.
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 5 December 31, 2000 (Unaudited) (in thousands) (Continued) Reclassifi- cations HECO HECO and Capital Capital Eliminations ASSETS Trust I Trust II Dr. (Cr.) Consolidated - --------------------------------------------------- --------------- --------------- --------------- --------------- Cash and equivalents $ - - - $ 1,534 Notes receivable from affiliated companies 51,546 51,546 (124,892) - Accounts receivable and unbilled revenues, net - - (36) 157,992 Property, plant and equipment, net - - - 1,992,595 Regulatory assets - - - 116,623 Other - - - 99,778 Investments in subsidiaries, at equity - - (333,809) - ------------ ------------ ------------ ------------ $51,546 51,546 (458,737) $2,368,522 ============ ============ ============ ============ LIABILITIES AND STOCKHOLDER'S EQUITY - -------------------- Liabilities Accounts payable $ - - (403) $ 82,715 Short-term borrowings - - 21,800 113,162 Long-term debt - - 103,092 667,731 Deferred income taxes - - - 137,066 Contributions in aid of construction - - - 211,518 Other - - 439 197,025 ------------ ------------ ------------ ------------ - - 124,928 1,409,217 ------------ ------------ ------------ ------------ HECO-obligated mandatorily redeemable trust preferred securities of subsidiary trusts holding solely HECO and HECO-guaranteed 50,000 50,000 - 100,000 debentures Preferred stock-not subject to mandatory redemption - - - 34,293 ------------ ------------ ------------ ------------ 50,000 50,000 - 134,293 ------------ ------------ ------------ ------------ Stockholder's equity Common stock 1,546 1,546 197,261 381,042 Retained earnings - - 136,548 443,970 ------------ ------------ ------------ ------------ 1,546 1,546 333,809 825,012 ------------ ------------ ------------ ------------ $51,546 51,546 458,737 $2,368,522 ============ ============ ============ ============
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Income Information (Page 1 of 2) Page 3 of 5 Year ended December 31, 2000 (Unaudited) (in thousands) Hawaii Hawaiian Electric Maui Electric Light Electric Company, Company, Company, Inc. Inc. Limited --------- -------- -------- Revenues Electric utility $ 890,174 193,702 $ 195,244 Equity in net income of subsidiaries 32,985 -- -- --------- --------- --------- 923,159 193,702 195,244 Expenses-Electric utility 769,733 158,392 155,954 --------- --------- --------- Operating income 153,426 35,310 39,290 Interest expense (37,090) (10,944) (10,890) Allowance for borrowed funds used during construction 2,344 139 439 Preferred stock dividends of subsidiaries -- -- -- Preferred securities distributions of trust subsidiaries -- -- -- Allowance for equity funds used during construction 4,245 232 903 --------- --------- --------- Income before income tax expense and preferred stock dividends 122,925 24,737 29,742 Income taxes 34,559 9,468 11,348 --------- --------- --------- Income before preferred stock dividends 88,366 15,269 18,394 Preferred stock dividends 1,080 534 381 --------- --------- --------- Net income $ 87,286 14,735 $ 18,013 ========= ========= ========= Continued on next page. HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Income Information (Page 2 of 2) Page 4 of 5 Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Reclassifi- cations HECO HECO and Capital Capital Eliminations Trust I Trust II Dr. (Cr.) Consolidated ------------- ------------- -------------- -------------- Revenues Electric utility $ 4,149 3,763 9,862 $1,277,170 Equity in net income of subsidiaries - - 32,985 - ------------ ------------ ------------ ------------ 4,149 3,763 42,847 1,277,170 Expenses-Electric utility - - - 1,084,079 ------------ ------------ ------------ ------------ Operating income 4,149 3,763 42,847 193,091 Interest expense - - (9,862) (49,062) Allowance for borrowed funds used during construction - - - 2,922 Preferred stock dividends of subsidiaries - - 915 (915) Preferred securities distributions of trust subsidiaries (4,025) (3,650) - (7,675) Allowance for equity funds used during construction - - - 5,380 ------------ ------------ ------------ ------------ Income before income tax expense and preferred stock dividends 124 113 33,900 143,741 Income taxes - - - 55,375 ------------ ------------ ------------ ------------ Income before preferred stock dividends 124 113 33,900 88,366 Preferred stock dividends - - (915) 1,080 ------------ ------------ ------------ ------------ Net income $ 124 113 32,985 $ 87,286 ============ ============ ============ ============
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1 Consolidating Schedule - Retained Earnings Information Page 5 of 5 Year ended December 31, 2000 (Unaudited) (in thousands) Hawaii Hawaiian Electric Maui Electric Light Electric Company, Company, Company, Inc. Inc. Limited ----------- ---------- ---------- Retained earnings, beginning of year $425,206 59,806 $ 69,633 Net income 87,286 14,735 18,013 Common stock dividends (68,522) (11,579) (14,060) ---------- --------- --------- Retained earnings, end of year $443,970 62,962 $ 73,586 ========== ========= ========= Continued below. HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings Information Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Reclassifi- cations HECO HECO and Capital Capital Eliminations Trust I Trust II Dr. (Cr.) Consolidated --------- -------- ------------ ------------ Retained earnings, beginning of year $ - - 129,439 $425,206 Net income 124 113 32,985 87,286 Common stock dividends (124) (113) (25,876) (68,522) --------- -------- ---------- ---------- Retained earnings, end of year $ - - 136,548 $443,970 ========= ======== ========== ==========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 2000 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank, and Diversified, F.S.B. and Eliminations ASSETS Inc. subsidiaries Dr. (Cr.) Consolidated - --------------------------------------------- ------------ ------------ ------------ ------------ Cash and equivalents $ 704 207,785 -- $ 208,489 Notes receivable from affiliated companies 18,049 -- -- 18,049 Accounts receivable and unbilled revenues, net 123 29,898 -- 30,021 Available-for-sale investment and mortgage/asset-backed securities -- 164,668 -- 164,668 Held-to-maturity investment and mortgage/asset-backed securities -- 1,789,066 -- 1,789,066 Held-to-maturity mortgage/asset-backed securities pledged for repurchase -- 316,771 -- 316,771 agreements Loans receivable, net -- 3,211,325 -- 3,211,325 Property, plant and equipment, net -- 59,082 -- 59,082 Other 3,299 91,592 (3,299) 91,592 Goodwill and other intangibles -- 99,128 -- 99,128 Investment in subsidiary, at equity 454,224 (454,224) -- -------- ------------ ------------ ------------ $476,399 5,969,315 (457,523) $ 5,988,191 ======== ============ ============ ============ LIABILITIES AND STOCKHOLDER'S EQUITY - -------------------------------------------- Liabilities Accounts payable $ 167 35,810 -- $ 35,977 Deposit liabilities -- 3,584,646 -- 3,584,646 Securities sold under agreements to -- 596,504 -- 596,504 repurchase Advances from Federal Home Loan Bank -- 1,249,252 -- 1,249,252 Long-term debt 17,073 -- -- 17,073 Deferred income taxes (586) 7,866 -- 7,280 Other 452 37,601 -- 38,053 -------- ------------ ------------ ----------- 17,106 5,511,679 -- 5,528,785 -------- ------------ ------------ ----------- Preferred stock of savings bank subsidiary -- 113 -- 113 Minority interests -- 3,299 3,299 -- Stockholder's equity Preferred stock -- 75,000 75,000 -- Common stock 329,596 240,515 240,515 329,596 Retained earnings 129,697 138,709 138,709 129,697 -------- ------------ ------------ ----------- 459,293 454,224 454,224 459,293 -------- ------------ ------------ ----------- $476,399 5,969,315 457,523 $ 5,988,191 ======== ============ ============ ===========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2 Consolidating Schedule - Income Information Page 2 of 2 Year ended December 31, 2000 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank, and Diversified, F.S.B. and Eliminations Inc. subsidiaries Dr. (Cr.) Consolidated --------------- ---------------- ---------------- ---------------- Revenues Savings bank $ -- 450,882 -- $ 450,882 Other 6,678 -- 5,400 1,278 Equity in net income of subsidiary/ minority interest 40,855 (225) 40,630 -- --------- --------- --------- --------- 47,533 450,657 46,030 452,160 --------- --------- --------- --------- Expenses Savings bank -- 380,841 -- 380,841 Other 147 -- -- 147 --------- --------- --------- --------- 147 380,841 -- 380,988 --------- --------- --------- --------- Operating income Savings bank -- 70,041 -- 70,041 Other 47,386 (225) 46,030 1,131 --------- --------- --------- --------- 47,386 69,816 46,030 71,172 Interest expense-other than savings bank (1,427) -- -- (1,427) Preferred stock dividends of subsidiaries -- -- 12 (12) --------- --------- --------- --------- Income before income taxes and preferred stock dividends 45,959 69,816 46,042 69,733 Income tax expense (benefit) (118) 23,774 -- 23,656 --------- --------- --------- --------- Income before preferred stock dividends 46,077 46,042 46,042 46,077 Preferred stock dividends -- 5,412 (5,412) -- --------- --------- --------- --------- Net income $ 46,077 40,630 40,630 $ 46,077 ========= ========= ========= =========
HEI DIVERSIFIED, INC. AND SUBSIDIARY Consolidating Schedule - Retained Earnings Information Year ended December 31, 2000 (Unaudited) (in thousands)
American Reclassifi- Savings cations HEI Bank, and Diversified, F.S.B. and Eliminations Inc. subsidiaries Dr. (Cr.) Consolidated ---------------- ---------------- ---------------- ---------------- Retained earnings, beginning of year $107,500 117,959 117,959 $107,500 Net income 46,077 40,630 40,630 46,077 Common stock dividends (23,880) (19,880) (19,880) (23,880) ----------- ----------- ----------- ----------- Retained earnings, end of year $129,697 138,709 138,709 $129,697 =========== =========== =========== ===========
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 2000 (Unaudited) (in thousands)
American American Savings AdCom- Savings Investment ASB muni Bank, Services Service cations, ASSETS F.S.B. Corp. Corporation Inc. - ----------------------------------------------- -------------- -------------- -------------- -------------- Cash and equivalents $ 204,724 1,641 38 $ 343 Accounts receivable and unbilled revenues, net 20,090 -- -- -- Available-for-sale investment and mortgage/asset-backed securities 164,668 Held-to-maturity investment and mortgage/asset-backed securities 1,200,451 -- -- -- Held-to-maturity mortgage/asset-backed securities pledged for repurchase 316,771 -- -- -- agreements Loans receivable, net 1,992,132 -- -- -- Property, plant and equipment, net 58,849 207 26 -- Other 89,097 261 -- 94 Goodwill and other intangibles 99,120 8 -- -- Investments in subsidiaries, at equity 1,835,275 -- -- -- -------------- -------------- -------------- -------------- $5,981,177 2,117 64 $ 437 ============== ============== ============== ============== LIABILITIES AND STOCKHOLDER'S EQUITY - -------------------- Liabilities Accounts payable $ 37,950 40 -- $ -- Deposit liabilities 3,598,447 -- -- -- Securities sold under agreements to repurchase 596,504 -- -- -- Advances from Federal Home Loan Bank 1,249,252 -- -- -- Deferred income taxes 7,866 -- -- -- Other 37,133 444 -- 24 -------------- -------------- -------------- -------------- 5,527,152 484 -- 24 -------------- -------------- -------------- -------------- Preferred stock of savings bank subsidiary -- -- -- -- Minority interests -- -- -- -- Stockholder's equity Preferred stock 75,000 -- -- -- Common stock 240,515 10 309 61 Retained earnings (deficit) 138,510 1,623 (245) 352 -------------- -------------- -------------- -------------- 454,025 1,633 64 413 -------------- -------------- -------------- -------------- $5,981,177 2,117 64 $ 437 ============== ============== ============== ==============
Continued on next page. AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4 December 31, 2000 (Unaudited) (in thousands) (Continued)
Reclassifi- cations American and ASB Savings Elimi- Realty Mortgage nations Consoli- ASSETS Corporation Co., Inc. Dr. (Cr.) dated - ----------------------------------------------- -------------- -------------- -------------- -------------- Cash and equivalents $ 16,520 6 (15,487) $ 207,785 Accounts receivable and unbilled revenues, net 9,808 - - 29,898 Available-for-sale investment and mortgage/asset-backed securities - - - 164,668 Held-to-maturity investment and mortgage/asset-backed securities 588,416 - 199 1,789,066 Held-to-maturity mortgage/asset-backed securities pledged for repurchase agreements - - - 316,771 Loans receivable, net 1,219,193 - - 3,211,325 Property, plant and equipment, net - - - 59,082 Other 5,016 - (2,876) 91,592 Goodwill and other intangibles - - - 99,128 Investments in subsidiaries, at equity - - (1,835,275) - ------------- ----------- ------------- ------------ $ 1,838,953 6 (1,853,439) $ 5,969,315 ============= =========== ============= ============ LIABILITIES AND STOCKHOLDER'S EQUITY - ----------------------------------------------- Liabilities Accounts payable $ 2,382 - 4,562 $ 35,810 Deposit liabilities - - 13,801 3,584,646 Securities sold under 596,504 agreements to repurchase - - - Advances from Federal Home Loan Bank - - - 1,249,252 Deferred income taxes - - - 7,866 Other - - - 37,601 ------------- ----------- ------------- ------------ 2,382 - 18,363 5,511,679 ------------- ----------- ------------- ------------ Preferred stock of savings bank subsidiary 187,999 187,886 113 Minority interests - - (3,299) 3,299 Stockholder's equity Preferred stock - - - 75,000 Common stock 1,653,721 6 1,654,107 240,515 Retained earnings (deficit) (5,149) - (3,618) 138,709 ------------- ----------- ------------- ------------ 1,648,572 6 1,650,489 454,224 ------------- ----------- ------------- ------------ $ 1,838,953 6 1,853,439 $ 5,969,315 ============= =========== ============= ============
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Income (Loss) Information Page 3 of 4 Year ended December 31, 2000 (Unaudited) (in thousands)
American American Savings AdCom- Savings Investment ASB muni Bank, Services Service cations, F.S.B. Corp. Corporation Inc. -------------- -------------- -------------- -------------- Revenues Savings bank $ 326,936 3,237 1 $ 144 Equity in net income of subsidiaries/ minority interest 112,614 - - - ------------- ------------- ------------- ------------ 439,550 3,237 1 144 Expenses-Savings bank 370,161 2,262 27 86 ------------- ------------- ------------- ------------ Operating income (loss) 69,389 975 (26) 58 Income taxes 23,359 392 - 23 ------------- ------------- ------------- ------------ Income (loss) before preferred stock dividends 46,030 583 (26) 35 Preferred stock dividends 5,400 - - - ------------- ------------- ------------- ------------ Net income (loss) $ 40,630 583 (26) $ 35 ============= ============= ============= ============
Continued below. AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Consolidating Schedule - Income (Loss) Information Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Reclassifi- cations American and ASB Savings Elimi- Realty Mortgage nations Corporation Co., Inc. Dr. (Cr.) Consolidated -------------- -------------- -------------- --------------- Revenues Savings bank $ 137,985 45 17,466 $ 450,882 Equity in net income of subsidiaries/ minority interest - - 112,839 (225) ------------- ------------- ------------- -------------- 137,985 45 130,305 450,657 Expenses-Savings bank 9,735 64 (1,494) 380,841 ------------- ------------- ------------- -------------- Operating income (loss) 128,250 (19) 128,811 69,816 Income taxes - - - 23,774 ------------- ------------- ------------- -------------- Income (loss) before preferred stock dividends 128,250 (19) 128,811 46,042 Preferred stock dividends 15,984 - (15,972) 5,412 ------------- ------------- ------------- -------------- Net income (loss) $ 112,266 (19) 112,839 $ 40,630 ============= ============= ============= ==============
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3 Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4 Year ended December 31, 2000 (Unaudited) (in thousands)
American American Savings AdCom- Savings Investment ASB muni Bank, Services Service cations, F.S.B. Corp. Corporation Inc. -------------- -------------- -------------- -------------- Retained earnings (deficit), beginning of year $ 117,760 1,040 (219) $ 317 Net income (loss) 40,630 583 (26) 35 Common stock dividends (19,880) - - - ------------- ------------- ------------- ------------ Retained earnings (deficit), end of year $ 138,510 1,623 (245) $ 352 ============= ============= ============= ============
Continued below. AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
Reclassifi- cations American and ASB Savings Elimi- Realty Mortgage nations Corporation Co., Inc. Dr. (Cr.) Consolidated -------------- -------------- -------------- --------------- Retained earnings (deficit), beginning of year $ (3,548) 62 (2,547) $ 117,959 Net income (loss) 112,266 (19) 112,839 40,630 Common stock dividends (113,867) (43) (113,910) (19,880) ------------ ----------- ---------- ------------- Retained earnings (deficit), end of year $ (5,149) - (3,618) $ 138,709 ============ =========== ========== =============
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-4 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 2000 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI HEI Power Power and Power Investments, Corp. Corp. Eliminations ASSETS Corp. Inc. Guam International Dr. (Cr.) Consolidated - -------------------------------- -------------- -------------- -------------- -------------- -------------- -------------- Cash and equivalents $ 88 854 51 1,502 - $ 2,495 Notes receivable from affiliated companies 10,435 (1,085) - (133) (8,559) 658 Accounts receivable and unbilled revenues, net 550 2,134 718 46 - 3,448 Property, plant and - equipment, net 751 - 12,889 23,231 36,871 Other 5 50,477 289 9,795 - 60,566 Investments in subsidiaries, at equity 47,248 - - - (47,248) - ------------ ------------ ------------ ------------ ------------ ------------ $ 59,077 52,380 13,947 34,441 (55,807) $ 104,038 ============ ============ ============ ============ ============ ============ LIABILITIES AND STOCKHOLDER'S EQUITY - -------------------------------- Liabilities Accounts payable $ 566 766 373 151 - $ 1,856 Short-term borrowings 7,294 - 8,559 - 8,559 7,294 Long-term debt 17,073 - - - - 17,073 Deferred income taxes - 41,934 (340) - - 41,594 Other 740 (208) 1,446 - - 1,978 ------------ ------------ ------------ ------------ ------------ ------------ 25,673 42,492 10,038 151 8,559 69,795 ------------ ------------ ------------ ------------ ------------ ------------ Minority interests - - - 839 - 839 ------------ ------------ ------------ ------------ ------------ ------------ Stockholder's equity Common stock 143,130 98,830 2,250 36,604 137,684 143,130 Retained earnings (deficit) (109,726) (88,942) 1,659 (3,153) (90,436) (109,726) ------------ ------------ ------------ ------------ ------------ ------------ 33,404 9,888 3,909 33,451 47,248 33,404 ------------ ------------ ------------ ------------ ------------ ------------ $ 59,077 52,380 13,947 34,441 55,807 $ 104,038 ============ ============ ============ ============ ============ ============
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-4 Consolidating Schedule - Income (Loss) Information Page 2 of 2 Year ended December 31, 2000 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI HEI Power Power and Power Investments, Corp. Corp. Eliminations Corp. Inc. Guam International Dr. (Cr.) Consolidated ------------- ------------- ------------- ------------- ------------- ------------- Revenues Other $ 717 (18,826) 5,995 798 714 $ (12,030) Equity in net loss of subsidiaries (88,916) - - - (88,916) - ------------- ------------- ------------- ------------- ------------- ------------- (88,199) (18,826) 5,995 798 (88,202) (12,030) ------------- ------------- ------------- ------------- ------------- ------------- Expenses-Other 4,062 69,548 3,740 1,690 - 79,040 ------------- ------------- ------------- ------------- ------------- ------------- Operating income (loss) (92,261) (88,374) 2,255 (892) (88,202) (91,070) Interest expense (1,324) (13) (714) - (714) (1,337) ------------- ------------- ------------- ------------- ------------- ------------- Income (loss) before income taxes (93,585) (88,387) 1,541 (892) (88,916) (92,407) Income taxes 1 555 536 87 - 1,179 ------------- ------------- ------------- ------------- ------------- ------------- Net income (loss) $ (93,586) (88,942) 1,005 (979) (88,916) $ (93,586) ============= ============= ============= ============= ============= =============
HEI POWER CORP. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 2000 (Unaudited) (in thousands)
Reclassifi- HEI HEI cations HEI HEI Power Power and Power Investments, Corp. Corp. Eliminations Corp. Inc. Guam International Dr. (Cr.) Consolidated ------------- ------------- ------------- ------------- ------------- ------------- Retained earnings (deficit), beginning of year $ (16,140) - 654 (2,174) (1,520) $ (16,140) Net income (loss) (93,586) (88,942) 1,005 (979) (88,916) (93,586) ------------- ------------- ------------- ------------- ------------- ------------- Retained earnings (deficit), end of year $(109,726) (88,942) 1,659 (3,153) (90,436) $(109,726) ============= ============= ============= ============= ============= =============
HEI INVESTMENTS, INC. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 2000 (Unaudited) (in thousands)
Reclassifi- HEIPC cations HEI Philippines and Investments, Holding Eliminations ASSETS Inc. Co., Inc. Dr. (Cr.) Consolidated - ------------------------------------------------ ------------ ----------- ------------ ------------ Cash and equivalents $ 244 610 - $ 854 Notes receivable from affiliated companies 658 (1,743) - (1,085) Accounts receivable and unbilled revenues, net 3 2,131 - 2,134 Other 50,477 - - 50,477 Investment in subsidiary, at equity 242 - (242) - ----------- ---------- ----------- ----------- $ 51,624 998 (242) $ 52,380 =========== ========== =========== =========== LIABILITIES AND STOCKHOLDER'S EQUITY - ------------------------------------------------ Liabilities Accounts payable $ 10 756 - $ 766 Deferred income taxes 41,934 - - 41,934 Other (208) - - (208) ----------- ---------- ----------- ----------- 41,736 756 - 42,492 ----------- ---------- ----------- ----------- Stockholder's equity Common stock 98,830 89,750 89,750 98,830 Retained deficit (88,942) (89,508) (89,508) (88,942) ----------- ---------- ----------- ----------- 9,888 242 242 9,888 ----------- ---------- ----------- ----------- $ 51,624 998 242 $ 52,380 =========== ========== =========== ===========
HEI INVESTMENTS, INC. AND SUBSIDIARIES Exhibit A-5 Consolidating Schedule - Loss Information Page 2 of 2 Year ended December 31, 2000 (Unaudited) (in thousands)
Reclassifi- HEIPC cations HEI Philippines and Investments, Holding Eliminations Inc. Co., Inc. Dr. (Cr.) Consolidated ------------ ----------- ------------ ------------ Revenues Other $ 1,257 2,377 22,460 $ (18,826) Equity in net loss of subsidiaries (89,508) (22,460) (111,968) - ----------- ---------- ----------- ----------- (88,251) (20,083) (89,508) (18,826) ----------- ---------- ----------- ----------- Expenses-Other 141 69,407 - 69,548 ----------- ---------- ----------- ----------- Operating loss (88,392) (89,490) (89,508) (88,374) Interest expense (13) - - (13) ----------- ---------- ----------- ----------- Loss before income taxes (88,405) (89,490) (89,508) (88,387) Income taxes 537 18 - 555 ----------- ---------- ----------- ----------- Net loss $ (88,942) (89,508) (89,508) $ (88,942) =========== ========== =========== =========== HEI INVESTMENTS, INC. AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 2000 (Unaudited) (in thousands) Reclassifi- HEIPC cations HEI Philippines and Investments, Holding Eliminations Inc. Co., Inc. Dr. (Cr.) Consolidated ------------ ----------- ------------ ------------ Retained earnings (deficit), beginning of year $ - - - $ - Net loss (88,942) (89,508) (89,508) (88,942) ----------- ---------- ----------- ----------- Retained deficit, end of year $ (88,942) (89,508) (89,508) $ (88,942) =========== ========== =========== ===========
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4 December 31, 2000 (Unaudited) (in thousands)
HEI HEIPC Lake HEI HEI Power Philippine Mainit Power Power Corp. Development, Power, Corp. Corp. ASSETS International LLC LLC China China II - ----------------------------------------------- ------------- ------------ ------------ ----------- ----------- Cash and equivalents $ 106 301 102 49 $ 917 Notes receivable from affiliated companies (111) - 111 34 (266) Accounts receivable and unbilled revenues, net - 45 - 1 - Property, plant and equipment, net - - 25 290 22,916 Other 6 9,707 2 37 41 Investments in subsidiaries, at equity 33,450 - - - - ------------ ------------ ---------- --------- ---------- $ 33,451 10,053 240 411 $ 23,608 ============ ============ ========== ========= ========== LIABILITIES AND STOCKHOLDER'S EQUITY - ----------------------------------------------- Liabilities Accounts payable $ - 3 - 124 $ 19 ------------ ------------ ---------- --------- ---------- - 3 - 124 19 ------------ ------------ ---------- --------- ---------- Minority interests - - - - 839 ------------ ------------ ---------- --------- ---------- Stockholder's equity Common stock 36,604 9,901 447 1,600 24,729 Retained earnings (deficit) (3,153) 149 (207) (1,313) (1,979) ------------ ------------ ---------- --------- ---------- 33,451 10,050 240 287 22,750 ------------ ------------ ---------- --------- ---------- $ 33,451 10,053 240 411 $ 23,608 ============ ============ ========== ========= ==========
Continued on next page. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4 December 31, 2000 (Unaudited) (in thousands)
(Continued) HEIPC Phnom Reclassifi- HEI Penh cations Power Power and Corp. (Limited), Eliminations ASSETS Philippines LLC Dr. (Cr.) Consolidated - ----------------------------------------------- -------------- -------------- ---------------- --------------- Cash and equivalents $ 27 - - $ 1,502 Notes receivable from affiliated companies 99 - - (133) Accounts receivable and unbilled revenues, net - - - 46 Property, plant and equipment, net - - - 23,231 Other - 2 - 9,795 Investments in subsidiaries, at equity - - (33,450) - ------------ ------------ ------------ ------------ $ 126 2 (33,450) $ 34,441 ============ ============ ============ ============ LIABILITIES AND STOCKHOLDER'S EQUITY - ----------------------------------------------- Liabilities Accounts payable $ 5 - - $ 151 ------------ ------------ ------------ ------------ 5 - - 151 ------------ ------------ ------------ ------------ Minority interests - - - 839 ------------ ------------ ------------ ------------ Stockholder's equity Common stock 248 2 36,927 36,604 Retained earnings (deficit) (127) - (3,477) (3,153) ------------ ------------ ------------ ------------ 121 2 33,450 33,451 ------------ ------------ ------------ ------------ $ 126 2 33,450 $ 34,441 ============ ============ ============ ============
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Income (Loss) Information Page 3 of 4 Year ended December 31, 2000 (Unaudited) (in thousands)
HEI HEIPC Lake HEI HEI Power Philippine Mainit Power Power Corp. Development, Power, Corp. Corp. International LLC LLC China China II -------------- -------------- -------------- -------------- -------------- Revenues Other $ - 590 3 7 $ 99 Equity in net loss of subsidiaries (935) - - - - -------------- -------------- -------------- -------------- -------------- (935) 590 3 7 99 Expenses-Other 44 98 2 434 969 -------------- -------------- -------------- -------------- -------------- Income (loss) before income taxes (979) 492 1 (427) (870) Income taxes - 79 - 8 - -------------- -------------- -------------- -------------- -------------- Net income (loss) $ (979) 413 1 (435) $ (870) ============== ============== ============== ============== ==============
Continued below. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Consolidating Schedule - Income (Loss) Information Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
HEIPC Phnom Reclassifi- HEI Penh cations Power Power and Corp. (Limited), Eliminations Philippines LLC Dr. (Cr.) Consolidated --------------- -------------- --------------- -------------- Revenues Other $ 99 - - $ 798 Equity in net loss of subsidiaries - - (935) - --------------- -------------- --------------- -------------- 99 - (935) 798 Expenses-Other 143 - - 1,690 --------------- -------------- --------------- -------------- Income (loss) before income taxes (44) - (935) (892) Income taxes - - - 87 --------------- -------------- --------------- -------------- Net income (loss) $(44) - (935) $ (979) =============== ============== =============== ==============
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6 Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4 Year ended December 31, 2000 (Unaudited) (in thousands)
HEI HEIPC HEI HEI Power Philippine Lake Mainit Power Power Corp. Development, Power, Corp. Corp. International LLC LLC China China II -------------- --------------- --------------- -------------- --------------- Retained earnings (deficit), beginning of year $(2,174) 36 $(208) (878) $(1,109) Net income (loss) (979) 413 1 (435) (870) Common stock dividends - (300) - - - -------------- --------------- --------------- -------------- --------------- Retained earnings (deficit), end of year $(3,153) 149 $(207) (1,313) $(1,979) ============== =============== =============== ============== ===============
Continued below. HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Consolidating Schedule - Retained Earnings (Deficit) Information Year ended December 31, 2000 (Unaudited) (in thousands) (Continued)
HEIPC Reclassifi- HEI Phnom Penh cations Power Power and Corp. (Limited), Eliminations Philippines LLC Dr. (Cr.) Consolidated -------------- ---------------- --------------- ---------------- Retained earnings (deficit), beginning of year $ (83) - (2,242) $(2,174) Net income (loss) (44) - (935) (979) Common stock dividends - - (300) - -------------- ---------------- --------------- ---------------- Retained earnings (deficit), end of year $ (127) - (3,477) $(3,153) ============== ================ =============== ================
HEI POWER CORP. CHINA II AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Balance Sheet Information Page 1 of 2 December 31, 2000 (Unaudited) (in thousands)
United Reclassifi- HEI Power Baotou cations Power Pacific Tianjiao and Corp. Company Power Eliminations ASSETS China II Limited Co., Ltd. Dr. (Cr.) Consolidated - ------------------------------------------ -------------- -------------- ------------- -------------- -------------- Cash and equivalents $ 212 2 703 - $ 917 Notes receivable from affiliated companies (481) 215 - - (266) Property, plant and equipment, net 10,386 3,198 9,332 - 22,916 Other - - 41 - 41 Investments in subsidiaries, at equity 12,633 8,939 - (21,572) - -------------- -------------- -------------- -------------- -------------- $ 22,750 12,354 10,076 (21,572) $ 23,608 ============== ============== ============== ============== ============== LIABILITIES AND STOCKHOLDER'S EQUITY - ------------------------------------------ Liabilities Accounts payable $ - - 19 - $ 19 -------------- -------------- -------------- -------------- -------------- - - 19 - 19 -------------- -------------- -------------- -------------- -------------- Minority interests - - 1,290 451 839 -------------- -------------- -------------- -------------- -------------- Stockholder's equity Common stock 24,729 14,000 9,413 23,413 24,729 Accumulated deficit (1,979) (1,646) (646) (2,292) (1,979) -------------- -------------- -------------- -------------- -------------- 22,750 12,354 8,767 21,121 22,750 -------------- -------------- -------------- -------------- -------------- $ 22,750 12,354 10,076 21,572 $ 23,608 ============== ============== ============== ============== ==============
HEI POWER CORP. CHINA II AND SUBSIDIARIES Exhibit A-7 Consolidating Schedule - Loss Information Page 2 of 2 Year ended December 31, 2000 (Unaudited) (in thousands)
United Reclassifi- HEI Power Baotou cations Power Pacific Tianjiao and Corp. Company Power Eliminations China II Limited Co., Ltd. Dr. (Cr.) Consolidated -------------- -------------- -------------- -------------- -------------- Revenues Other $ 2 - 10 (87) $ 99 Equity in net loss of subsidiaries (255) (215) - (470) - -------------- -------------- -------------- -------------- -------------- (253) (215) 10 (557) 99 -------------- -------------- -------------- -------------- -------------- Expenses-Other 617 40 312 - 969 -------------- -------------- -------------- -------------- -------------- Net loss $ (870) (255) (302) (557) $ (870) ============== ============== ============== ============== ==============
HEI POWER CORP. CHINA II AND SUBSIDIARIES Consolidating Schedule - Accumulated Deficit Information Year ended December 31, 2000 (Unaudited) (in thousands)
United Reclassifi- HEI Power Baotou cations Power Pacific Tianjiao and Corp. Company Power Eliminations China II Limited Co., Ltd. Dr. (Cr.) Consolidated -------------- -------------- -------------- -------------- -------------- Accumulated deficit, beginning of year $(1,109) (1,391) (344) (1,735) $(1,109) Net loss (870) (255) (302) (557) (870) -------------- -------------- -------------- -------------- -------------- Accumulated deficit, end of year $(1,979) (1,646) (646) (2,292) $(1,979) ============== ============== ============== ============== ==============
Exhibit B Page 1 of 1 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES FINANCIAL DATA SCHEDULE (Unaudited) (in thousands) Item No. Year ended December 31, 2000 - ---------- ----------------------------------------------------------------- 1 Total Assets (at December 31)...................... $8,469,322 2 Total Operating Revenues........................... 1,719,024 3 Net Income......................................... 45,744 HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES FINANCIAL DATA SCHEDULE (Unaudited) (in thousands) Item No. Year ended December 31, 2000 - ---------- ----------------------------------------------------------------- 1 Total Assets (at December 31)..................... $2,368,522 2 Total Operating Revenues.......................... 1,277,170 3 Net Income........................................ 87,286 -----END PRIVACY-ENHANCED MESSAGE-----