-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, A4TkE/RgxVJftlBqAlkidRRx4UYEYDebucoRiDqLdAdNOk/76q1BUs6BYa3B9A79 KN9BOcVKYSGdA4W2aLDKrw== 0000950147-94-000016.txt : 19940302 0000950147-94-000016.hdr.sgml : 19940302 ACCESSION NUMBER: 0000950147-94-000016 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PINNACLE WEST CAPITAL CORP CENTRAL INDEX KEY: 0000764622 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 860512431 STATE OF INCORPORATION: AZ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 35 SEC FILE NUMBER: 069-00306 FILM NUMBER: 94513574 BUSINESS ADDRESS: STREET 1: 400 E VAN BUREN ST P.O. BOX 52132 CITY: PHOENIX STATE: AZ ZIP: 85072-2132 BUSINESS PHONE: 6023792616 FORMER COMPANY: FORMER CONFORMED NAME: AZP GROUP INC DATE OF NAME CHANGE: 19870506 U-3A-2 1 STATEMENT CLAIMING EXEMPTION UNDER RULE U-2 Adopted November 9, 1939 File No. 69-306 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM U-3A-2 (filed prior to March 1, 1994) Statement by Holding Company Claiming Exemption under Rule U-2 from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 Pinnacle West Capital Corporation --------------------------------- (Name of Company) hereby files with the Securities and Exchange Commission, pursuant to Rule U-2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935. In support of such claim for exemption, the following information is submitted: 1. Name, state of organization, location and nature of business of claim- ant and every subsidiary thereof. Pinnacle West Capital Corporation, (the "Claimant"), having been incorporated on February 20, 1985 under the laws of the State of Arizona, and having its principal executive offices at 400 East Van Buren, Suite 700, Phoenix, Arizona 85004, was organized principally to acquire and hold securities of other corporations for investment purposes. The Claimant currently holds stock in the following subsidiaries: a. Arizona Public Service Company ("APS" or the "Company"), is engaged principally in serving electricity in the State of Arizona. Incorporated in 1920 under the laws of the State of Arizona and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, APS became a subsidiary of the Claimant pursuant to a corporate restructuring plan approved by the Company's shareholders on April 18, 1985. (1) Bixco, Inc. ("Bixco") -- an Arizona corporation having been incorporated on June 4, 1971 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized primarily to conduct exploration activities for energy resources and other valuable minerals. Subsequent to the sale of its oil and natural gas properties in 1981, Bixco has been inactive. Bixco is a wholly-owned subsidiary of APS. (2) Stagg Systems, Inc. ("Stagg") -- a New York corpo- ration having been incorporated on March 25, 1970 and having its principal executive offices at 400 N. 5th Street, Phoenix, Arizona 85004, was organized primarily to design, implement, test and install control and energy management and general engineering processing systems for the electric utility and related process control and transportation industries. Stagg is a wholly-owned subsidiary of APS. b. SunCor Development Company ("SunCor") -- an Arizona corporation having been incorporated on June 30, 1965 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, is a wholly-owned subsidiary of Claimant engaged primarily in the owning, holding and development of real property. (1) SunCor Resort & Golf Management, Inc. ("Resort & Golf Management") (previously named "SunCor Resort Management, Inc." and "SunCor Farms, Inc.") -- an Arizo- na corporation having been incorporated on December 31, 1986 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004 operates and manages hotel, golf, food and beverage for the Wigwam Resort and Country Club and Palm Valley Golf Club. Resort & Golf Management is a wholly-owned sub- sidiary of SunCor. (2) Litchfield Park Service Company ("LPSCO") -- an Arizona corporation having been incorporated on Septem- ber 21, 1954 and having its principal executive offices at 501 East Plaza Circle, Suite B, Litchfield Park, Arizona 85340, is a regulated public utility engaged in providing water and sewer services to commercial and residential customers. LPSCO became a wholly-owned sub- sidiary of SunCor on December 31, 1986. (3) LGR, Inc. ("LGR") -- (previously WGP Realty, Inc.) an Arizona corporation having been incorporated on May 14, 1986 and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, was organized to provide brokerage and realty services in the sale of commercial and residential real property. LGR is a wholly-owned subsidiary of SunCor. (4) SCM, Inc. ("SCM") -- an Arizona corporation having been incorporated on May 14, 1991 and having its princi- pal executive offices at 2828 North Central Avenue, Suite 900, Phoenix, Arizona 85004, was organized to participate in real estate joint ventures and other real estate related activities. SCM is a wholly-owned sub- sidiary of SunCor. (5) Golf de Mexico, S.A. DE C.V. ("Golf de Mexico") -- a Mexican variable capital corporation having been incorporated on February 8, 1992 in Tijuana, Baja Cali- fornia, Mexico, and having its principal executive offices at 2828 North Central Avenue, Suite 900, Phoe- nix, Arizona 85004, was organized to operate and manage the Real del Mar Golf Course in Mexico. c. El Dorado Investment Company -- an Arizona corporation having been incorporated on July 27, 1983 and having its principal executive offices at 400 East Van Buren, Suite 600, Phoenix, Arizona 85004, is a wholly-owned subsidiary of Claimant engaged primarily in the acquisition and holding of stocks and securities of other companies for investment purposes. 2. A brief description of the properties of Claimant and each of its subsidiary public utility companies used for the generation, transmis- sion and distribution of electric energy for sale, or for the produc- tion, transmission and distribution of natural or manufactured gas, indicating the location of principal generating plants, transmission lines, producing fields, gas manufacturing plants and electric and gas distribution facilities, including all such properties which are outside the state in which Claimant and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such state. Neither the Claimant nor any of its subsidiaries own property used for the production, transmission and distribution of natural or manufactured gas. APS, a "public utility company" as that term is defined in the Public Utility Holding Company Act of 1935, is the only one of Claimant's subsid- iaries that owns property used for the generation, transmission and dis- tribution of electric energy for sale. Exhibit B attached hereto shows the location of APS' major generating plants (including those owned jointly with others), principal transmission lines (including those operated for others) and interconnections of trans- mission lines with out-of-state utilities at state lines. All of such facilities, except the Four Corners Generating Station ("Four Corners"), and all of APS' distribution facilities, are located within the State of Arizona. Four Corners is a mine-mouth power plant, located in the northwest corner of New Mexico, near the city of Farming-ton, approximately 40 miles east of the Arizona-New Mexico border. APS' present generating facilities have an accredited capacity aggre- gating 4,022,410 kilowatts, comprised as follows: Coal: Capacity -------- Units 1, 2 and 3 at Four Corners, aggregating............................ 560,000 kw 15% owned Units 4 and 5 at Four Corners, representing........................... 222,000 Units 1, 2, and 3 at the Cholla Plant, aggregating............................ 590,000 14% owned Units 1, 2 and 3 at the Navajo Plant, representing.................... 315,000 --------- 1,687,000 kw ========= Gas or Oil: Two steam units at Ocotillo, two steam units at Saguaro and one steam unit at Yucca, aggregating............. 468,400 kw (1) Eleven combustion turbine units, aggregating.......................... 500,600 Three combined cycle units, aggregating.......................... 253,500 ---------- 1,222,500 kw ========= Nuclear: 29.1% owned or leased Units 1, 2 and 3 at Palo Verde, representing.......... 1,108,710 kw ========= Other.................................... 4,200 kw ========= APS' transmission facilities consist of approximately 4,838 pole miles of overhead lines and approximately 18 miles of underground lines, all of which are located within the State of Arizona. APS' distribution facilities consist of approximately 11,000 pole miles of overhead lines and approximately 8,123 miles of underground lines, all of which are located within the State of Arizona. (1) West Phoenix steam units (96,300 kw) are currently mothballed. 3. The following information for the last calendar year with respect to Claimant and each of its subsidiary public utility companies: a. Number of kwh of electric energy sold at retail or wholesale. Claimant APS None 20,050,700,000 kwh of electric energy sold at wholesale or retail b. Number of kwh of electric energy distributed at retail outside the state in which each such company is orga- nized. Claimant APS None 64,812,000 kwh of electric energy distribut- ed at retail outside Arizona c. Number of kwh of electric energy sold at wholesale outside the state in which each such company is organized, or at the state line. Claimant APS None 1,072,000 kwh of electric energy sold at wholesale outside Arizona or at state line d. Number of kwh of electric energy purchased outside the state in which each such company is organized or at the state line. Claimant APS None 15,666,550 kwh of electric energy purchased outside Arizona or at state line EXHIBIT A A consolidating statement of income and surplus of the Claimant and its subsidiary companies for the last calendar year, together with a consolidating balance sheet of Claimant and its subsidiary companies as of the close of such calendar year. Exhibit A hereto includes consolidating statements of income and consolidating balance sheets for the Claimant and the following of its subsidiaries: Arizona Public Service Company, SunCor Development Company and El Dorado Investment Company. Subsidiaries have been consolidated for financial reporting purposes in accordance with Statement of Financial Accounting Standards No. 94, Consolidation of All Majority-Owned Subsidiar- ies. Also included are consolidating statements of income and consolidating balance sheets for SunCor Development Company and its subsidiaries. ... ... ... ... ... ... ... ... ... ... ... ... ... ... EXHIBIT B Exhibit B is a map of the state of Arizona showing the following: APS Service Area; Major APS Power Plants, including joint ownership; Principal APS Transmission Lines; and Transmission Lines Operated for Others. ... ... ... ... ... ... ... ... ... ... ... ... ... ... The above named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 25th day of February, 1994. Pinnacle West Capital Corporation _________________________________ (Name of Claimant) By /s/ Michael S. Ash ______________________________ Michael S. Ash Corporate Counsel [CORPORATE SEAL] Attest: /s/ Suzanne Debes ______________________________ Suzanne Debes Associate Secretary Name, title and address of officer to whom notices and cor- respondence concerning this statement should be addressed: Michael S. Ash Corporate Counsel _______________ _________________________________________ (Name) (Title) 400 East Van Buren, Suite 700, Phoenix, Arizona 85004 __________________________________________________________ (Address) PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1993 (THOUSANDS OF DOLLARS) UNAUDITED
*ELIMINATIONS AND ADJUSTING ENTRIES* PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL A S S E T S CURRENT ASSETS Cash and cash equivalents 30,744 7,557 13,760 66 52,127 Trust fund for bond redemption 0 0 Customer and other receivables -net 3,267 121,267 11,620 655 10,466 (b,d) 126,343 Accrued utility revenue 60,356 (e) 60,356 Materials and supplies 96,174 96,174 Fossil fuel 34,220 34,220 Deferred income taxes 91369 29117 20252 (g) 100,234 Other current assets 55 12,653 1,146 0 72 (c) 13,782 --------- --------- ------- ------ ----- --- --------- ----- --------- Total current assets 125,435 361,344 26,526 721 0 0 30,790 0 483,236 --------- --------- ------- ------ ----- --- --------- ----- --------- INVESTMENTS AND OTHER ASSETS Real estate investments, net 12,432 396,168 5,727 (f) 402,873 Other assets 1,968,296 63,224 3,893 56,847 1,956,186 (a) 136,074 --------- --------- ------- ------ ----- --- --------- ----- --------- Total investments and other 1,980,728 63,224 400,061 56,847 0 0 1,961,913 0 538,947 --------- --------- ------- ------ ----- --- --------- ----- --------- UTILITY PLANT Electric plant in service, including nuclear fuel 6,462,591 6,462,591 Construction work in progress 197,556 197,556 --------- --------- Total Utility Plant 6,660,147 6,660,147 Less accumulated depreciation and amortization 2,058,897 2,058,897 --------- --------- Net Utility Plant 4,601,250 4,601,250 --------- --------- ------- ------ ----- --- --------- ----- --------- DEFERRED DEBITS Regulatory asset for income taxes 0 585,294 0 (h) 585,294 Palo Verde Unit 3 cost deferral 301,748 301,748 Palo Verde Unit 2 cost deferral 177,998 177,998 Other deferred debits 266,404 1,922 268,326 --------- --------- ------- ------ ----- --- --------- ----- --------- Total deferred debits 0 1,331,444 1,922 0 0 0 0 0 1,333,366 --------- --------- ------- ------ ----- --- --------- ----- --------- TOTAL ASSETS 2,106,163 6,357,262 428,509 57,568 0 0 1,992,703 0 6,956,799 ========= ========= ======= ====== ===== === ========= ===== =========
PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1993 (THOUSANDS OF DOLLARS) UNAUDITED
* E L I M I N A T I O N S * PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL L I A B I L I T I E S A N D E Q U I T Y CURRENT LIABILITIES Accounts payable 6,223 81,772 9,368 126 97,489 Accrued taxes (15,990) 112,293 96,303 Accrued interest 11,937 45,729 0 22 14 (e) 57,674 Dividend payable 0 0 Short-term borrowings 0 0 Commerical paper, net 148,000 148,000 Current maturities of long-term debt 0 3,179 10,044 13,223 Deferred fuel 0 Other current liabilities 773 60,737 2,257 7,602 10,524 (b,d) 60,845 (c) --------- --------- ------- ------- --------- ----- ------- ---- --------- Total current liabilities 2,943 451,710 21,669 7,750 10,538 0 0 0 473,534 --------- --------- ------- ------- --------- ----- ------- ---- --------- NON-CURRENT LIABILITIES Long-term debt less current maturities 563,692 2,124,654 10,892 2,699,238 Other liabilites 4,775 3,471 8,246 --------- --------- ------- ------- --------- ----- ------- ---- --------- Total 568,467 2,124,654 14,363 0 0 0 0 0 2,707,484 --------- --------- ------- ------- --------- ----- ------- ---- --------- DEFERRED CREDITS AND OTHER Deferred income taxes (92,259) 1,391,184 20,252 (g) 0 (h) 1,278,673 Deferred investment tax credit (22,488) 149,819 127,331 Unamortized gain-sale of utility plant 107,344 107,344 Other deferred credits 218,439 3,323 221,762 --------- --------- ------- ------- --------- ----- ------- ---- --------- Total deferred credits (114,747) 1,866,786 3,323 0 20,252 0 0 0 1,735,110 --------- --------- ------- ------- --------- ----- ------- ---- --------- COMMITMENTS AND CONTINGENCIES (NOTE) MINORITY INTERESTS: Non-Redeemable preferred stock of APS 193,561 193,561 --------- --------- ------- ------- --------- ----- ------- ---- --------- Redeemable preferred stock of APS 197,610 197,610 --------- --------- ------- ------- --------- ----- ------- ---- --------- Scottsdale Mountain of SunCor 5,727 $5,727 (f) 0 --------- --------- ------- ------- --------- ----- ------- ---- --------- COMMON STOCK EQUITY: Common stock 2,115,884 1,215,843 513,691 78,546 2,281,181 (a) 1,642,783 Accumulated deficit (466,384) 307,098 (130,264) (28,728) 324,995 (a) 6,717 --------- --------- ------- ------- --------- ----- ------- ---- --------- Total 1,649,500 1,522,941 383,427 49,818 2,281,181 324,995 1,649,500 --------- --------- ------- ------- --------- ----- ------- ---- --------- TOTAL LIABILITIES AND EQUITY 2,106,163 6,357,262 428,509 57,568 2,317,698 0 324,995 0 6,956,799 ========= ========= ======= ======= ========= ===== ======= ==== =========
ELIMINATING AND ADJUSTING ENTRIES (a) Common stock $2,281,181 Notes payable - SunCor, El Dorado 0 Accumulated deficit 0 $ 324,995 Other investments 1,956,186 ---------- ---------- $2,281,181 $2,281,181 To eliminate PWCC investment in subsidiaries Common Earnings/ Stock Dividends Notes Total APS $1,688,944 ($166,003) $0 $1,522,941 SunCor 513,691 (130,264) 0 383,427 El Dorado 78,546 (28,728) 0 49,818 Total $2,281,181 ($324,995) $0 $1,956,186 (b) Other current liabilities $3,252 Customer and other receivables - net $3,252 To eliminate intercompanreceivable/payable A/R A/P PWCC's SUB's Books Books APS $ 775 $ 775 SunCor 2,417 2,417 El Dorado 60 60 ------ ------ $3,252 $3,252 (c) Other current liabilities (PWCC) $72 Other current assets (APS) $72 To eliminate PWCC payable to APS (d) Other current liabilities (El Dorado) $7,200 Customer and other receiv. (SunCor) $7,200 To eliminate El Dorado's note payable to Suncor (e) Interest payable (El Dorado) $14 Customer and other receiv. (SunCor) $14 To eliminate El Dorado's interest payable to SunCor (f) Scottsdale Mountain - Minority Interest $5,727 Real estate investments - net $5,727 To eliminate Minority Interest - SunCor Scottsdale Mountain (g) Other deferred credits-income taxes $20,252 Current assets-deferred income taxes $20,252 Reclass APS AMT current portion that is not recorded on PWCC (h) Regulatory assets $0 Other deferred credits-income taxes $0 PINNACLE WEST CAPITAL CORPORATION CONSOLIDATING INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1993 (THOUSANDS OF DOLLARS) UNAUDITED
*E L I M I N A T I O N S* PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL OPERATING REVENUES: Electric $1,686,290 $1,686,290 Real Estate 32248 32,248 ------- ---------- ------ ------ ------- --- ------ --- ---------- Total 0 1686290 32248 0 0 0 1718538 ------- ---------- ------ ------ ------- --- ------ --- ---------- FUEL EXPENSES: Fuel for electric generation 231434 231,434 Purchased power 69112 69,112 ------- ---------- ------ ------ ------- --- ------ --- ---------- Total 0 300546 0 0 0 0 300546 ------- ---------- ------ ------ ------- --- ------ --- ---------- OPERATING EXPENSES: Utility operations and maintenance 401216 401,216 Real estate operations 36773 1447 (c) 38,220 Depreciation and amortization 449 222610 496 3 223,558 Taxes other than income taxes 48 221374 923 222,345 ------- ---------- ------ ------ ------- --- ------ --- ---------- Total 497 845200 38192 3 1447 0 885339 ------- ---------- ------ ------ ------- --- ------ --- ---------- OPERATING INCOME -497 540544 -5944 -3 -1447 0 532653 ------- ---------- ------ ------ ------- --- ------ --- ---------- OTHER INCOME DEDUCTIONS): Allowance for equity funds used during construction 2326 2,326 Palo Verde accretion income 74880 74,880 Interest on long-term debt -82798 -164610 0 0 1447 (c) (245,961) Other interest -107 -15865 -522 -1250 1239 (b) (16,505) Allowance for borrowed funds used during construction 4153 4,153 Preferred stock dividend requirements -30840 (30,840) (a, Other, net 212902 -2135 2476 -2634 212891 b) (2,282) ------- ---------- ------ ------ ------- --- ------ --- ---------- Total 129997 -132091 1954 -3884 212891 2686 -214229 ------- ---------- ------ ------ ------- --- ------ --- ---------- INCOME FROM CONTINUING OPERATIONS B-4 INCOME TAXES 129500 408453 -3990 -3887 211444 2686 318424 PROVISION FOR INCOME TAXES -40478 188907 17 148,446 ------- ---------- ------ ------ ------- --- ------ --- ---------- INCOME (LOSS) B-4 CUMU EFFECT OF ACCTG CHG 169978 219546 -3990 -3904 211444 0 2686 0 169978 CUMULATIVE EFFECT OF ACCOUNTING CHANGE 19252 0 0 0 0 0 0 0 19,252 ------- ---------- ------ ------ ------- --- ------ --- ---------- NET INCOME (L0SS) 189230 219546 -3990 -3904 211444 2686 189230 ======= ========== ====== ====== ======= === ====== === ==========
ELIMINATING ENTRIES (a) Income from Subsidiaries $211,652 Retained Earnings $211,652 To eliminate PWCC Equity in earnings from subsidiairies PWCC APS $219,546 SUNCOR -3990 EL DORADO -3904 -------- $211,652 (b) Interest Income (SunCor) $1,239 Interest Expense (El Dorado) $1,239 To eliminate SunCor interest charges to El Dorado. (c) Real Estate Operations $1,447 Interest Expense (PWCC) $1,447 To reclass Capitalized Interest for SunCor Land Sales. SUNCOR DEVELOPMENT COMPANY PROFIT AND LOSS STATEMENT FOR THE PERIOD ENDING 12/31/93
ELIMINAT- ING CONSOLIDATED SUNCOR LPSCO SMLP PV GOLF SCM ENTRIES INCOME REVENUES SALE OF ASSETS $0 $0 $0 $0 $0 $0 $0 DEFERRED RECOGNITION OF PROFITS 0 0 0 0 0 0 0 LAND SALES - TATUM RANCH 10,069,949 0 0 0 0 0 10,069,949 LAND SALES - AUTOPLEX 1,992,400 0 0 0 0 0 1,992,400 LAND SALES - TALAVI 1,295,572 0 0 0 0 0 1,295,572 LAND SALES - PALM VALLEY 2,387,877 0 0 0 0 0 2,387,877 LAND SALES - LITCHFIELD GREENS 3,054,461 0 0 0 904,517 (904,517) 3,054,461 HOME SALES - ANCALA 5,221,024 0 0 0 0 0 5,221,024 LAND SALES - SMLP 0 0 5,378,375 0 0 0 5,378,375 COMMERCIAL & PROPERTY MANAGEMENT 1,556,135 0 0 380,446 0 0 1,936,581 UTILITY SALES 0 911,273 0 0 0 0 911,273 ----------- -------- ---------- -------- ------- --------- ----------- TOTAL OPERATING REVENUES 25,577,418 911,273 5,378,375 380,446 904,517 (904,517) 32,247,512 ----------- -------- ---------- -------- ------- --------- ----------- OPERATING EXPENSES COST OF ASSETS SOLD 0 0 0 0 0 0 0 COST OF PROPERTY SOLD - TATUM RANCH 8,298,887 0 0 0 0 0 8,298,887 COST OF PROPERTY SOLD - AUTOPLEX 2,232,011 0 0 0 0 0 2,232,011 COST OF PROPERTY SOLD - TALAVI 1,295,572 0 0 0 0 0 1,295,572 COST OF PROPERTY SOLD - PALM VALLEY 2,233,246 0 0 0 0 0 2,233,246 COST OF PROPERTY SOLD - GREENS 2,321,969 0 0 0 822,289 (904,517) 2,239,740 COST OF PROPERTY SOLD - ANCALA 3,831,852 0 0 0 0 0 3,831,852 COST OF PROPERTY SOLD - SMLP 0 0 2,373,481 0 0 0 2,373,481 LAND PROJECT COSTS 2,386,981 0 379,597 0 0 0 2,766,578 COMMERCIAL & PROP. MANGMNT EXP 800,301 0 0 261,195 0 0 1,061,496 GENERAL AND ADMINISTRATIVE 7,752,669 0 87,609 0 0 0 7,840,278 RESORT OPERATIONS 1,800,000 0 0 0 0 0 1,800,000 UTILITY EXPENSES 0 853,020 0 0 0 (16,202) 836,818 DEPRECIATION 419,958 75,864 0 0 0 0 495,822 ----------- -------- ---------- -------- ------- --------- ----------- TOTAL OPERATING EXPENSES 33,373,446 928,884 2,840,686 261,195 822,289 (920,719) 37,305,781 ----------- -------- ---------- -------- ------- --------- ----------- NET OPERATING INCOME (7,796,028) (17,611) 2,537,689 119,251 82,229 16,202 (5,058,269) ----------- -------- ---------- -------- ------- --------- ----------- OTHER INCOME AND GAINS EQUITY IN TEMPE MARKETPLACE JV 509 0 0 0 0 0 509 EQUITY IN CENTREPOINT ASSOC JV 466,438 0 0 0 0 0 466,438 EQUITY IN ELLIOT ASSOC JV 79,091 0 0 0 0 0 79,091 MANAGEMENT FEES 207,073 0 0 0 0 0 207,073 INTEREST INCOME 1,737,864 0 1,589 0 0 (16,202) 1,723,251 ----------- -------- ---------- -------- ------- --------- ----------- TOTAL OTHER INCOME AND GAINS 2,490,975 0 1,589 0 0 (16,202) 2,476,362 ----------- -------- ---------- -------- ------- --------- ----------- OTHER EXPENSES AND LOSSES OTHER INTEREST 1,307,877 0 47,568 0 0 0 1,355,445 LESS CAPITALIZED INTEREST (785,766) 0 (47,568) 0 0 0 (833,334) ----------- -------- ---------- -------- ------- --------- ----------- TOTAL OTHER EXPENSES AND LOSSES 522,111 0 0 0 0 0 522,111 ----------- -------- ---------- -------- ------- --------- ----------- NET INCOME BEFORE MINORITY INT (5,827,164) (17,611) 2,539,278 119,251 82,229 0 (3,104,018) MINORITY INTEREST 0 0 885,820 0 0 0 885,820 ----------- -------- ---------- -------- ------- --------- ----------- NET INCOME/(LOSS) ($5,827,164) ($17,611) $1,653,458 $119,251 $82,229 $0 ($3,989,838) =========== ======== ========== ======== ======= ========= ===========
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET FOR THE MONTH ENDED DECEMBER 31, 1993 ----------------------------------------------------------------------------------------------------
**F** **G** **H** **I** **H** **J** ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM ---------------------------------------------------------------------------------------------------- ASSETS: CURRENT ASSETS CASH 12,389,621 21,793 99,016 347,698 110,751 95,747 ACCOUNTS RECEIVABLE 720,680 70,445 144,800 612,745 (11,220) INTEREST RECEIVABLE 70,860 NOTES RECEIVABLE OTHER 8,074,719 INVENTORIES 69,288 OTHER RECEIVABLES 24,447 (15,166) PREPAID EXPENSE 236,946 HOME INVENTORY 519,932 626,233 ----------- ---------- ------- ---------- ------- ------- TOTAL CURRENT ASSETS 21,775,813 353,631 243,816 960,443 153,654 721,981 LONG-TERM ASSETS DEVELOPMENT PROJECTS LITCHFIELD PARK 226,855,306 LITCHFIELD GREENS 5,077,865 SCOTTSDALE MTN 14,954,579 LPP LAND MARKETPLACE 36,412,867 TATUM RANCH 59,546,104 TALAVI 10,695,569 TALAVI SEARS BUILDING ANCALA CASITAS 772,993 WIGWAM OUTLET STORES 397,466 TUCSON FEC 1,600,207 OAT CROPS INVENTORY EQUITY IN TEMPE MKTPL JV 4,394,237 EQUITY IN CTRPT ASSOC-JV 18,848,246 INVEST IN MKT- FIDDLESTICKS 1,116,242 INVEST IN KABUTO/SUNCOR JV 4,153,189 INVESTMENT IN TUCSON FEC INVESTMENT IN BILTMORE ESTATES 1,536,087 INVESTMENT IN WIGWAM (1,288,006) INVEST IN SCOTTS MTN LTD PART 3,889,397 COMMERCIAL PROPERTIES 6,991,068 INVESTMENT IN LPSCO 1,481,100 LONG-TERM NOTES RECEIVABLE 3,432,120 INVESTMENT IN SASI 103,443 INVESTMENT IN PALM VALLEY GOLF 119,251 BUILDING, EQUIPMENT AND OTHER 760,753 DEFERRED ASSETS 562,840 165,743 CAPITALIZED INTEREST ACCUMULATED AMORTIZATION HOTEL PROPERTIES ACCUMULATED DEPRECIATION WATER, SEWER UTILITY PROP 3,061,509 ACCUMULATED DEPRECIATION (1,131,515) CONTRIBUTED PROPERTY 1,232,241 ACCUMULATED DPRECIATION ----------- ---------- ------- ---------- ------- ------- TOTAL LONG-TERM ASSETS 387,458,344 3,162,235 0 15,120,322 0 0 ----------- ---------- ------- ---------- ------- ------- TOTAL ASSETS 409,234,157 3,515,866 243,816 16,080,764 153,654 721,981 =========== ========== ======= ========== ======= =======
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET FOR THE MONTH ENDED DECEMBER 31, 1993 -----------------------------------------------------------------------------------
ELIMINATIONS ------------------------------------ **N** ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED ----------------------------------------------------------------------------------- ASSETS: CURRENT ASSETS CASH F. 695,270 13,759,896 ACCOUNTS RECEIVABLE F.L. 1,630,285 CDH 126,832 3,040,904 INTEREST RECEIVABLE H. 444 70,416 NOTES RECEIVABLE OTHER H. 61,967 8,012,752 INVENTORIES 69,288 OTHER RECEIVABLES F. 43,414 E. 21,754 30,941 PREPAID EXPENSE F. 158,805 395,751 HOME INVENTORY 1,146,165 ----------- TOTAL CURRENT ASSETS 26,526,114 ----------- LONG-TERM ASSETS DEVELOPMENT PROJECTS LITCHFIELD PARK L. 109,368 226,745,937 LITCHFIELD GREENS 5,077,865 SCOTTSDALE MTN G. 235,628 14,718,950 LPP LAND 0 MARKETPLACE 36,412,867 TATUM RANCH 59,546,104 TALAVI 10,695,569 TALAVI SEARS BUILDING 0 ANCALA CASITAS 772,993 WIGWAM OUTLET STORES 397,466 TUCSON FEC 1,600,207 OAT CROPS INVENTORY 0 EQUITY IN TEMPE MKTPL JV 4,394,237 EQUITY IN CTRPT ASSOC-JV 18,848,246 INVEST IN MKT-FIDDLESTICKS 1,116,242 INVEST IN KABUTO/SUNCOR JV 4,153,189 INVESTMENT IN TUCSON FEC 0 INVESTMENT IN BILTMORE ESTATES 1,536,087 INVESTMENT IN WIGWAM F. 1,288,006 0 INVEST IN SCOTTS MTN LTD PART G. 3,889,397 0 COMMERCIAL PROPERTIES 6,991,068 INVESTMENT IN LPSCO A. 1,481,100 (0) LONG-TERM NOTES RECEIVABLE B. 300,000 3,132,120 INVESTMENT IN SASI J. 103,443 0 INVESTMENT IN PALM VALLEY GOLF L. 119,251 (0) BUILDING, EQUIPMENT AND OTHER 760,753 DEFERRED ASSETS 728,583 CAPITALIZED INTEREST 0 ACCUMULATED AMORTIZATION 0 HOTEL PROPERTIES 0 ACCUMULATED DEPRECIATION 0 WATER, SEWER UTILITY PROP 3,061,509 ACCUMULATED DEPRECIATION (1,131,515) CONTRIBUTED PROPERTY 1,232,241 ACCUMULATED DEPRECIATION 0 ----------- TOTAL LONG-TERM ASSETS 400,790,720 ----------- TOTAL ASSETS 427,316,834 ===========
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET FOR THE MONTH ENDED DECEMBER 31, 1993 --------------------------------------------------------------------------------------------------------
**F** **G** **H** **I** **H** **J** ACCOUNT DESCRIPTION SUNCOR LPSCO \SASI SCTS MTN PVGC SCM -------------------------------------------------------------------------------------------------------- LIABILITIES: CURRENT LIABILITIES A/P & OTHER ACCRUED LIAB 4,207,675 137,061 140,373 493,929 34,403 19,926 INTEREST PAYABLE 444 S/T NOTES PAYABLE OTHER 5,239,368 4,861,967 PWCC NOTES PAYABLE PWCC INTERCO PAYABLE 2,256,859 PWCC INTERCO INTEREST HOTEL CURRENT LIABILITIES HOTEL ACCRUED LIABILITIES INTERCOMPANY - OTHER 619,825 METER DEPOSITS ADVANCE-IN-AID ACCRUED FEDERAL & STATE TAXES 18,275 ACC TAXES OTHER THAN INCOME 32,297 MISCELLANEOUS LIABILITIES 24,665 ------------ --------- ------- ---------- ------- ------- TOTAL CURRENT LIABILITIES 11,703,902 212,298 140,373 5,356,341 34,403 639,752 LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE 10,024,353 300,000 872,851 OTHER ACCRUED LIABILITIES 4,079,280 63,367 DEFERRED TAXES 101,862 LONG-TERM ADVANCE-IN-AID 49,688 LONG-TERM METER DEPOSITS 75,310 CONTRIB PROPERTY AIA 1,232,241 ACCUMULATED AMORTIZATION INTEREST PAYABLE ------------ --------- ------- ---------- ------- ------- TOTAL L/T LIABILITIES 14,103,633 1,822,468 0 872,851 0 0 ------------ --------- ------- ---------- ------- ------- TOTAL LIABILITIES 25,807,535 2,034,766 140,373 6,229,191 34,403 639,752 ------------ --------- ------- ---------- ------- ------- SCOTTS MTN MINORITY INTEREST 4,900,000 ------------ --------- ------- ---------- ------- ------- EQUITY: COMMON STOCK 1,022,000 78,200 2,100,000 ADDITIONAL PAID IN CAPITAL 512,668,522 724,000 490,147 EARNED SURPLUS- BEGINNING (126,274,064) 675,542 (169,488) EARNED SURPLUS-CURRENT (3,989,836) 3,358 103,443 2,530,914 119,251 82,229 ------------ --------- ------- ---------- ------- ------- TOTAL EQUITY 383,426,622 1,481,100 103,443 4,951,573 119,251 82,229 ------------ --------- ------- ---------- ------- ------- TOTAL LIABILITIES AND EQUITY 409,234,157 3,515,866 243,816 16,080,764 153,654 721,981 ============ ========= ======= ========== ======= ======= 0 0 0 0 0 0
SUNCOR DEVELOPMENT COMPANY CONSOLIDATED BALANCE SHEET FOR THE MONTH ENDED DECEMBER 31, 1993 --------------------------------------------------------------------------------------
ELIMINATIONS ------------------------------------- **N** ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED -------------------------------------------------------------------------------------- LIABILITIES: CURRENT LIABILITIES A/P & OTHER ACCRUED LIAB CDEHI 236,755 F.K. 4,414,405 9,211,018 INTEREST PAYABLE H. 444 0 S/T NOTES PAYABLE OTHER H. 61,967 10,039,368 PWCC NOTES PAYABLE 0 PWCC INTERCO PAYABLE 2,256,859 PWCC INTERCO INTEREST 0 HOTEL CURRENT LIABILITIES 0 HOTEL ACCRUED LIABILITIES 0 INTERCOMPANY - OTHER K. 619,825 K. 82,229 82,229 METER DEPOSITS 0 ADVANCE-IN-AID 0 ACCRUED FEDERAL & STATE TAXES 18,275 ACC TAXES OTHER THAN INCOME 32,297 MISCELLANEOUS LIABILITIES 24,665 ------------- TOTAL CURRENT LIABILITIES 21,664,712 ------------- LONG-TERM LIABILITIES LONG-TERM NOTES PAYABLE B. 300,000 10,897,204 OTHER ACCRUED LIABILITIES 4,142,647 DEFERRED TAXES 101,862 LONG-TERM ADVANCE-IN-AID 49,688 LONG-TERM METER DEPOSITS 75,310 CONTRIB PROPERTY AIA 1,232,241 ACCUMULATED AMORTIZATION 0 INTEREST PAYABLE 0 ------------- TOTAL L/T LIABILITIES 16,498,952 ------------- TOTAL LIABILITIES 38,163,664 ------------- SCOTTS MTN MINORITY INTEREST G. 59,273 G. 885,820 5,726,547 ------------- EQUITY: COMMON STOCK A.G. 2,178,200 1,022,000 ADDITIONAL PAID IN CAPITAL A.G. 1,214,147 512,668,522 EARNED SURPLUS - BEGINNING A. 675,542 G. 169,488 (126,274,064) EARNED SURPLUS - CURRENT AGJKI 2,839,195 (3,989,836) ------------- TOTAL EQUITY 383,426,622 ---------- ---------- ------------- TOTAL LIABILITIES AND EQUITY 12,001,128 12,001,127 427,316,833 ========== ========== ============= 1 1
NOTES TO JANUARY 1994 CONSOLIDATED WORKSHEET ========================================================================= A. COMMON STOCK 78,200 EARNED SURPLUS - BEGINNING 678,900 ADDITIONAL PAID IN CAPITAL 724,000 EARNED SURPLUS - CURRENT 7,575 INVESTMENT IN LPSCO 1,473,525 ELIMINATE INVESTMENT IN LPSCO B. LONG-TERM NOTES PAYABLE 300,000 LONG-TERM NOTES RECEIVABLE 300,000 ELIMINATE INTERCOMPANY NOTES (LPSCO) C. ACCOUNTS PAYABLE 1,651 ACCOUNTS RECEIVABLE 1,651 ELIMINATE INTERCOMPANY INTEREST WITH LPSCO D. ACCOUNTS PAYABLE 75,396 ACCOUNTS RECEIVABLE 75,396 ELIMINATE LPSCO RECEIVABLE ON SUNCOR'S BOOKS E. ACCOUNTS PAYABLE 28,702 OTHER RECEIVABLES 28,702 ELIMINATE SUNCOR RECEIVABLE ON LPSCO'S BOOKS F. CASH 14,999 ACCOUNTS RECEIVABLE 1,664,818 PREPAIDS 115,517 SECURITY DEPOSITS (OTHER REC) 41,131 ACCOUNTS PAYABLE 4,097,737 INVESTMENT IN WIGWAM 2,291,271 ELIMINATE INVESTMENT IN WIGWAM G. COMMON STOCK 2,100,000 ADDITIONAL PAID IN CAPITAL 490,147 EARNED SURPLUS - BEGINNING 2,361,426 EARNED SURPLUS - CURRENT 38,062 MINORITY INTEREST - PRIOR YEAR 826,547 MINORITY INTEREST - CURRENT YEAR 13,322 INVESTMENT IN SCOTTSDALE MTN LTD PART 3,914,137 LAND 235,628 ELIMINATE INVESTMENT IN SME LTD PART H. SHORT TERM NOTES PAYABLE 126,698 SHORT TERM NOTES RECEIVABLE 126,698 SHORT TERM INTEREST PAYABLE 887 SHORT TERM INTEREST RECEIVABLE 887 ACCOUNTS PAYABLE 89,085 ACCOUNTS RECEIVABLE 89,085 ELIMINATE NOTE & INTEREST AND A/R WITH SMLP I. EARNED SURPLUS - CURRENT 91,770 EARNED SURPLUS - BEGINNING 103,443 INVESTMENT IN SASI 11,674 ELIMINATE INVESTMENT IN SASI J. EARNED SURPLUS - CURRENT 0 EARNED SURPLUS - BEGINNING 82,229 INTERCOMPANY - OTHER(LIAB) 82,229 INTERCOMPANY - OTHER(LIAB) 753,675 ACCOUNTS PAYABLE 753,675 ELIMINATE SCM INTERCOMPANY K. EARNED SURPLUS - CURRENT 119,251 EARNED SURPLUS - BEGINNING 0 INVESTMENT IN PV GOLF CLUB 119,251 ACCOUNTS RECEIVABLE 21,200 LAND 109,368 ACCOUNTS PAYABLE 88,168 ELIMINATE PALM VALLEY GOLF 12,373,856 12,373,856 0 EXHIBIT B Map of the state of Arizona showing the following: APS Service Area: Major APS Power Plants, including joint ownership; Principal APS Transmission Lines; and Transmission Lines Operated for Others. -----END PRIVACY-ENHANCED MESSAGE-----