Adopted November 9, 1939 | File No. 69-306 |
SECURITIES AND EXCHANGE COMMISSION
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
Pinnacle West Capital Corporation
hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, 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.
Pinnacle West Capital Corporation (Claimant), having been incorporated on February 20, 1985 under the laws of the State of Arizona and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized principally to acquire and hold securities of other corporations for investment purposes. The following are the subsidiaries of the Claimant:
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 Companys shareholders on April 18, 1985.
(1) AXIOM Power Solutions, Inc. (AXIOM) an Arizona corporation, having been incorporated on October 29, 1996 and having its principal executive offices at 400 E. Van Buren, Phoenix, Arizona 85004, was organized primarily to sell security and energy management products and services. AXIOM is a wholly-owned subsidiary of APS.
(2) 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.
(3) PWENewco, Inc. (PWENewco) an Arizona corporation, having been incorporated on January 30, 2001 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized primarily to own real and personal property. PWENewco is a wholly-owned subsidiary of APS.
b. APSES Holdings, Inc. a Delaware corporation, having been incorporated on March 24, 2003 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized as a holding company for APS Energy L.P.
(1) APS Energy L.P. an Arizona limited partnership, having been formed on January 29, 2003 and having its principal
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executive offices at 400 North 5th Street, Phoenix, Arizona 85004 was organized to sell energy, products and services. APSES Holdings, Inc. holds a 99% interest in APS Energy L.P.
c. APS Energy Services Company, Inc. (APSES) an Arizona corporation, having been incorporated on November 6, 1998 and having its principal executive offices at 400 E. Van Buren, Phoenix, Arizona 85004, was organized primarily to sell energy, products and services. APSES is a wholly-owned subsidiary of the Claimant.
(1) Northwind Phoenix LLC a Delaware limited liability company, having been formed on December 14, 1999 and having its principal executive offices at 400 E. Van Buren, Phoenix, Arizona 85004, was organized primarily to provide district cooling services to customers in downtown Phoenix, Arizona. Northwind Phoenix LLC is a wholly-owned subsidiary of APSES.
(a) Tucson District Energy LLC an Arizona limited liability corporation having been acquired by Northwind Phoenix LLC on May 31, 2001. Tucson District Energy LLC is a wholly-owned subsidiary of Northwind Phoenix LLC.
d. SunCor Development Company (SunCor) an Arizona corporation, having been incorporated on June 30, 1965 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, is a wholly-owned subsidiary of Claimant engaged primarily in the owning, holding and development of real property.
(1) SunCor Golf, Inc. (SunCor Golf) an Arizona corporation, having been incorporated on December 31, 1986 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, operates family fun parks, resorts and golf properties. SunCor Golf is a wholly-owned subsidiary of SunCor.
(a) Westworld Golf Course LLC an Arizona limited liability company, having been formed on September 8, 1998 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to engage in golf course operations. Westworld Golf Course LLC is a wholly owned subsidiary of SunCor Golf, Inc.
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(2) Golden Heritage Homes, Inc. (Golden Heritage Homes) an Arizona corporation, having been incorporated on May 14, 1986 and having its principal executive offices at 7025 East Greenway Parkway, Suite 100, Scottsdale, Arizona 85254, sells single family residential real property. Golden Heritage Homes is a wholly-owned subsidiary of SunCor.
(a) Golden Heritage Construction, Inc. (GH Construction) an Arizona corporation, having been incorporated on December 30, 1993 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to serve as a general residential contractor. GH Construction became a wholly-owned subsidiary of Golden Heritage Homes, Inc. on January 1, 1996.
(b) Heritage Financial Services, LLC an Arizona limited liability company, having been formed on August 19, 1998 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to provide mortgage services to residential home buyers. Heritage Financial Services, LLC is a wholly-owned subsidiary of Golden Heritage Homes, Inc.
(3) SCM, Inc. (SCM) an Arizona corporation, having been incorporated on May 14, 1991 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to participate in real estate joint ventures and other real estate related activities. SCM is a wholly-owned subsidiary of SunCor and is currently inactive.
(4) SunCor Realty & Management Company (SunCor Realty) an Arizona corporation, having been incorporated on April 1, 1994 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to participate in real estate management and other real estate related activities. SunCor Realty is a wholly-owned subsidiary of SunCor.
(5) Palm Valley Golf Club, Inc. (Palm Valley Golf) an Arizona corporation, having been incorporated on January 23, 1996 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to hold title to the Palm Valley Golf Course located in Goodyear, Arizona. Palm Valley Golf is a wholly-owned subsidiary of SunCor.
(6) Rancho Viejo de Santa Fe, Inc. (Rancho Viejo) a New Mexico corporation, having been incorporated on March 18, 1996
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and having its principal executive offices at 1590B Pacheco Street, Santa Fe, New Mexico 87502, was organized to engage in real estate development in New Mexico. Rancho Viejo is a wholly-owned subsidiary of SunCor.
(a) Ranchland Utility Company (Ranchland) a New Mexico corporation, having been incorporated on September 5, 1997 and having its principal executive offices at 1590B Pacheco Street, Santa Fe, New Mexico 87502, is a waste-water utility. Ranchland is a wholly-owned subsidiary of Rancho Viejo.
(b) Rancho Viejo Village Center, LLC a New Mexico limited liability company, having been formed on March 4, 2003 and having its principal executive offices at 1590B Pacheco Street, Santa Fe, New Mexico 87502, was organized to own and invest in real estate in New Mexico. Rancho Viejo Village Center, LLC is a wholly-owned subsidiary of Rancho Viejo.
(7) SunCor Idaho, LLC, formerly known as Spring Valley Development, LLC an Idaho limited liability company, having been formed on July 22, 2003 and having its principal executive offices at 485 E. Riverside Drive, Suite 300, Eagle, Idaho 83616, was organized to engage in real estate development in Idaho. Spring Valley Development, LLC is a wholly-owned subsidiary of SunCor.
(8) Golf de Mexico, S.A. de C.V. (Golf de Mexico) a Mexican variable capital corporation, having been incorporated on December 1, 1992 in Tijuana, Baja California, Mexico and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to operate and manage the Real del Mar Golf Course in Mexico. Golf de Mexico has been inactive since 1997.
(9) Type Two, Inc. an Arizona corporation, having been incorporated on March 29, 1990 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to hold and lease non-irrigation water rights. SunCor holds a 30% interest in Type Two Inc.
(10) Stone Ridge- Prescott Valley LLC an Arizona limited liability company, having been formed on January 26, 2001 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop a master-planned community with golf course located in Prescott
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Valley, Arizona. SunCor holds a 60% interest in Stone Ridge Prescott Valley LLC.
(a) Stone Ridge Golf Course LLC an Arizona limited liability company, having been formed on April 16, 2002 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to own and operate a golf course located in Prescott Valley, Arizona. Stone Ridge Golf Course LLC is a wholly-owned subsidiary of Stone Ridge-Prescott Valley LLC.
(11) Hayden Ferry Lakeside LLC an Arizona limited liability company, having been formed on April 10, 2000 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell a mixed-use residential, office, hotel and retail commercial development in Tempe, Arizona. Hayden Ferry Lakeside LLC is a wholly-owned subsidiary of SunCor.
(a) Lakeside Residential Communities, L.L.C. an Arizona limited liability company, having been formed on January 20, 2004 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell a residential condominium project. Lakeside Residential Communities, L.L.C. is a wholly-owned subsidiary of Hayden Ferry Lakeside LLC.
(i) Edgewater at Hayden Ferry Lakeside, L.L.C. an Arizona limited liability company, having been formed on January 20, 2004 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell a residential condominium project. Edgewater at Hayden Ferry Lakeside, L.L.C. is a wholly-owned subsidiary of Lakeside Residential Communities, L.L.C.
(ii) BV at Hayden Ferry Lakeside, L.L.C. an Arizona limited liability company, having been formed on January 20, 2004 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell a residential condominium project. BV at Hayden Ferry Lakeside, L.L.C. is a wholly-owned subsidiary of Lakeside Residential Communities, L.L.C.
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(12) Club West Golf Course LLC an Arizona limited liability company, having been formed on August 28, 2000 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to own and operate Foothills Club West Golf Course in Phoenix, Arizona. SunCor holds a 68% interest in Club West Golf Course LLC.
(13) Scottsdale Mountain LLP an Arizona limited liability partnership, having been formed on April 27, 1992 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell 1,389 acres in McDowell Mountain, Scottsdale, Arizona as a master-planned community. SunCor holds a 65% interest in Scottsdale Mountain LLP.
(14) SunRidge Canyon LLC an Arizona limited liability company, having been formed on June 24, 1994 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell a 50 acre golf-oriented master planned community located in Scottsdale, Arizona. SunRidge Canyon LLC is a wholly-owned subsidiary of SunCor.
(15) Sedona Golf Resort LLC an Arizona limited liability company, having been formed on February 6, 1995 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop, manage and sell a 300-acre golf oriented master-planned community in Sedona, Arizona. SunCor holds a 50% interest in Sedona Golf Resort LLC.
(16) Kabuto/SunCor Joint Venture an Arizona general partnership, having been formed on October 15, 1990 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop and sell the village of Litchfield Greens, a residential community located in Litchfield Park, Arizona. SunCor holds a 70% interest in Kabuto/SunCor Joint Venture.
(17) Centrepoint Associates LLC an Arizona limited liability company, having been formed on October 29, 1988 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop and manage a 60 acre commercial property as a shopping center on Elliot Road in Tempe, Arizona. SunCor holds a 50% interest in Centrepoint Associates LLC.
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(18) Hidden Hills of Scottsdale LLC an Arizona limited liability company, having been formed on October 21, 1996 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop a single family residential area consisting of 320 acres located in Scottsdale, Arizona. Hidden Hills of Scottsdale LLC is a wholly-owned subsidiary of SunCor.
(19) Talavi Associates LLC an Arizona limited liability company, having been formed on November 20, 1997 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop 33 acres located in Glendale, Arizona as an office and light industrial complex. SunCor holds a 50% interest in Talavi Associates LLC.
(20) Coral Canyon Town Center LLC a Utah limited liability company, having been formed on April 19, 2002 and having its principal executive offices at 80 East Rio Salado Parkway, Tempe, Arizona 85281, was organized to develop and improve office property of an anticipated two story building located in Washington, Utah. SunCor holds a 75% interest in Coral Canyon Town Center LLC.
(21) Coral Canyon HD, L.L.C. a Utah limited liability company, having been formed on February 4, 2004 and having its principal executive offices at c/o SunCor Development Company, 2303 North Coral Canyon Boulevard, Washington, Utah 84780, was organized to acquire, own, improve, develop, market, manage, operate, lease and sell real property in Washington, Utah. SunCor holds a 50% interest in Coral Canyon HD, L.L.C.
d. El Dorado Investment Company an Arizona corporation, having been incorporated on July 27, 1983 and having its principal executive offices at 400 North 5th Street, MS 9988, 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.
(1) Underground Imaging Technologies, LLC an Arizona limited liability corporation, having been formed on April 11, 2001 and having its principal executive offices at 1210 Vermeer Road East, Pella, Iowa 50219, was organized to develop subsurface imaging applications. El Dorado holds a 50% interest in Underground Imaging Technologies, LLC.
(2) NAC Holding Inc. a Delaware corporation, having been incorporated on August 26, 1968 and having its principal executive offices at 3930 East Jones Bridge Road, Norcross, Georgia
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30092, was organized to provide a variety of services to the nuclear industry. El Dorado holds a 99.8% interest in NAC Holding Inc.
(a) NAC International Inc. a Delaware corporation, having been incorporated on January 3, 1994 and having its principal executive offices at 3930 East Jones Bridge Road, Norcross, Georgia 30092, was organized to provide a variety of services to the nuclear industry. NAC International Inc. is a wholly-owned subsidiary of NAC Holding Inc.
(3) Phoenix Suns Limited Partnership an Arizona limited partnership, having been formed on July 1, 1993 and having its principal executive offices at 201 East Jefferson Street, Phoenix, Arizona 85004, was organized to own a percentage interest in the Phoenix Suns professional basketball team. El Dorado holds a 21.7% interest in the Phoenix Suns Limited Partnership.
(4) AZ PB Partnership an Arizona partnership, having been formed on June 26, 1995 and having its principal executive offices at 401 East Jefferson Street, Phoenix, Arizona 85004, was organized to own a percentage interest in a professional baseball team. El Dorado holds a 1.7% interest in AZ PB Partnership.
(5) El Dorado Ventures III a California general partnership, formed on May 9, 1991 and having its principal executive offices at 2884 Sand Hill Road, Suite 121, Menlo Park, California 94025, was organized to invest in emerging companies with exceptional growth potential. El Dorado holds a 24.4% interest in El Dorado Ventures III.
(6) Phoenix Downtown Theater LLC an Arizona limited liability company, formed on February 4, 1999 and having its principal executive offices at 2400 East Arizona Biltmore Circle, Suite 1270, Phoenix Arizona 85016, was organized to own and manage a theater. El Dorado owns a 6.9% interest in Phoenix Downtown Theater LLC.
(7) Nxt Phase a Canadian company, having its principal executive offices at 3040 East Broadway, Vancouver, British Columbia V5M 1Z4, was organized to manufacture digital and fiber optic control and measurement devices for the power industry. El Dorado owns a 2.2% interest in Nxt Phase.
e. Pinnacle West Energy Corporation (PWEC) an Arizona corporation, having been incorporated on September 27, 1999 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized primarily for the development, production and sale of wholesale energy. PWEC is a wholly-owned subsidiary of the Claimant.
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(1) GenWest, LLC a Nevada limited liability corporation, formed on March 6, 2001 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized to own, build and operate power plants and participate in other activities which are necessary or advisable to accomplish the foregoing process. GenWest, LLC is a wholly-owned subsidiary of Pinnacle West Energy.
(2) APACS Holdings LLC an Arizona limited liability corporation, formed on August 29, 2001 and having its principal executive offices at 400 North Fifth Street, Phoenix, Arizona 85004, was organized for a gas storage facility. APACS Holdings LLC is a wholly-owned subsidiary of Pinnacle West Energy.
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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.
Neither the Claimant nor any of its subsidiaries own property used for the production, transmission and distribution of natural or manufactured gas at retail. APS and PWEC, each a public utility company as that term is defined in the Public Utility Holding Company Act of 1935, are the only two of Claimants subsidiaries that own property used for the generation, transmission and distribution of electric energy for sale.
Exhibit C attached hereto shows the location of (i) APS major generating plants (including those owned jointly with others), principal transmission lines (including those operated for others) and interconnections of transmission lines with out-of-state utilities at state lines; and (ii) PWECs major generating plants. 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 Farmington, approximately 40 miles east of the Arizona-New Mexico border.
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Claimants present generating facilities have capacity as follows:
APS Net Accredited Capacity
APS present generating facilities have an accredited capacity as follows:
Capacity(kW) |
||||
Coal: |
||||
Units 1, 2, and 3 at Four Corners |
560,000 | |||
15% owned Units 4 and 5 at Four Corners |
222,000 | |||
Units 1, 2, and 3 at Cholla Plant |
615,000 | |||
14% owned Units 1, 2, and 3 at the Navajo Plant |
315,000 | |||
1,712,000 | ||||
Gas or Oil: |
||||
Two steam units at Ocotillo and two steam units at Saguaro |
430,000 | |||
Eleven combustion turbine units |
493,000 | |||
Three combined cycle units |
255,000 | |||
1,178,000 | ||||
Nuclear: |
||||
29.1% owned or leased Units 1, 2, and 3 at Palo Verde |
1,113,000 | |||
Hydro and Solar |
9,191 | |||
Total APS facilities |
4,012,191 | |||
Pinnacle West Energy Permitted Capacity
PWECs present generating facilities have a permitted capacity as follows:
Gas or Oil: |
||||
Two combined cycle units at Redhawk and two combined cycle
units at West Phoenix |
1,710,000 | |||
One combustion turbine unit |
80,000 | |||
Total Pinnacle West Energy facilities |
1,790,000 | |||
APS transmission facilities consist of approximately 4,955 pole miles of overhead lines and approximately 34 miles of underground lines, all of which are located within the State of Arizona. APS distribution facilities consist of approximately 12,118 pole miles of overhead lines and approximately 12,998 miles of underground lines, all of which are located within the State of Arizona.
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3. The following information for the last calendar year with respect to Claimant and each of its subsidiary public utility companies:
The following data excludes marketing and trading activities for non-public utility companies, interaffiliate transfers, and financial instruments and is not maintained in a format identifying the state in which the sales and purchases are made or the amount of their associated revenues or expenses.
a. Number of kwh of electric energy sold (at retail or wholesale), and Mcf. of natural or manufactured gas distributed at retail.
35,877,401,000 kwh of electric energy sold at wholesale or retail
0 Mcf. of natural or manufactured gas distributed at retail
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.
65,494,700 kwh of electric energy was distributed at retail outside Arizona
0 Mcf. of natural or manufactured gas distributed at retail outside Arizona
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.
6,811,664,000 kwh of electric energy was sold at wholesale outside Arizona or at state line
27,418,677 Mcf. of natural or manufactured gas sold at wholesale outside Arizona or at state line
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.
6,852,001,000 kwh of electric energy was purchased outside Arizona or at state line
82,654,779 Mcf. of natural or manufactured gas purchased outside Arizona or at state line
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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.
GenWest, LLC is in the process of developing the Silverhawk Power Plant Project, which is a 570 MW combined-cycle plant located 20 miles north of Las Vegas, Nevada. The plant is currently under construction. The business address for the Silverhawk Power Plant is as follows:
GenWest, LLC
400 North Fifth Street, Mail Station 8983
Phoenix, Arizona 85004
Attention: Warren Kotzmann
b. Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held.
GenWest, LLC is an EWG. It is wholly owned by Pinnacle West Energy Corporation, which in turn is a wholly owned subsidiary of the Claimant.
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.
(1) | type and amount of capital invested, directly or indirectly, by the holding company: |
$313,045,000 |
short-term debt (financed at Pinnacle West Capital Corporation) |
|||
15,835,000 |
intercompany payables |
|||
3,709,000 |
paid in capital (equity) |
|||
$332,589,000 |
||||
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(2) | any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption: | |||
none | ||||
(3) | 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: |
(a) | Pinnacle West Energy guarantee up to $45,658,036 of GenWest performance under The Engineering Procurement and Construction Agreement for building the Silverhawk Power Plant. | |||
(b) | Pinnacle West Capital Corporation guarantee of Pinnacle West Energy payment of $5,376,400 for the purchase of Construction Turbines. | |||
(c) | Pinnacle West Energy , as assignor, remains liable for GenWests obligations under a Program Parts, Shop Repairs and Scheduled Outage Services Agreement for Combustion Turbines in the amount of $65,880,902. |
d. Capitalization and earnings of the EWG or foreign utility company during the reporting period.
(1) | capitalization: |
$313,045,000 |
short-term debt (financed at Pinnacle West Capital Corporation) |
|||
3,709,000 |
paid in capital (equity) |
|||
$316,754,000 |
||||
(2) | earnings: |
$93,561 |
interest earnings |
|||
(8,393) |
other taxes |
|||
$85,168 |
||||
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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).
(1) | Engineering, Procurement and Construction Agreement between GenWest, LLC and Arizona Public Service Company (APS) for construction of the Silverhawk Switchyard, pursuant to which, APS will construct the switchyard for the Silverhawk Power Plant. The contract price is $5,800,000. | |||
(2) | Limited Liability Company Agreement of GenWest, LLC by and among Pinnacle West Energy Corporation as sole Member and Pinnacle West Energy Corporation in its capacity as the initial Manager of GenWest, LLC, dated February 27, 2001. PWEC made an initial capital contribution of $1,000. No other fees have been paid to date. | |||
(3) | Contract for Services for Silverhawk SSR Study between GenWest, LLC and APS, pursuant to which APS will analyze potential sub-synchronous resonance at Silverhawk. The contract is a variable price contract with a not to exceed price of $15,000. |
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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, El Dorado Investment Company, APS Energy Services Company, Inc. and Pinnacle West Energy Corporation. Subsidiaries have been consolidated for financial reporting purposes in accordance with Statement of Financial Accounting Standards No. 94, Consolidation of All Majority-Owned Subsidiaries. Also included are consolidating statements of income and consolidating balance sheets for: SunCor Development Company and its subsidiaries, Pinnacle West Energy Corporation and its subsidiaries, APS Energy Services Company, Inc. and its subsidiaries, and El Dorado Investment Company and its subsidiaries.
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EXHIBIT B
An organizational chart showing the relationship of each EWG or foreign utility company to associate companies in the holding-company system.
Exhibit B hereto includes an organizational chart of the holding-company system, including each EWG.
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The above-named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 1st day of March, 2004.
Pinnacle West Capital Corporation (Name of Claimant) |
||||
By /s/ Barbara M. Gomez | ||||
Barbara M. Gomez | ||||
Treasurer | ||||
[CORPORATE SEAL] Attest: |
||||
/s/ Betsy A. Pregulman | ||||
Betsy A. Pregulman | ||||
Associate Secretary | ||||
Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed:
Barbara M. Gomez
|
Vice President and Treasurer | |
(Name)
|
(Title) |
400 North Fifth Street, Station 9996, Phoenix, Arizona 85004
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EXHIBIT A
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING INCOME STATEMENT (dollars in thousands)
(UNAUDITED)
PINNACLE | PINNACLE | |||||||||||||||||||||||||||||||
WEST | WEST | ELIMINATIONS & | ||||||||||||||||||||||||||||||
Year ended December 31, 2003 |
PARENT |
APS |
ENERGY |
SUNCOR |
EL DORADO |
APS ES |
ADJUSTMENTS |
TOTAL |
||||||||||||||||||||||||
OPERATING REVENUES |
||||||||||||||||||||||||||||||||
Regulated
electricity segment |
$ | 1 | $ | 1,999,390 | $ | 70,498 | $ | (91,814 | )(a) | $ | 1,978,075 | |||||||||||||||||||||
Marketing and
trading segment |
97,016 | 105,541 | 13,110 | 197,711 | (21,492 | )(a) | 391,886 | |||||||||||||||||||||||||
Real estate segment |
361,604 | 361,604 | ||||||||||||||||||||||||||||||
Other revenues |
58,358 | 27,929 | 86,287 | |||||||||||||||||||||||||||||
Total |
97,017 | 2,104,931 | 83,608 | 361,604 | 58,358 | 225,640 | (113,306 | ) | 2,817,852 | |||||||||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||||||||||
Regulated
electricity segment
purchased power and
fuel |
6,086 | 606,251 | (3,870 | ) | (91,147 | )(a) | 517,320 | |||||||||||||||||||||||||
Marketing and
trading segment
purchased power and
fuel |
91,960 | 97,180 | 4,810 | 161,695 | (10,783 | )(a) | 344,862 | |||||||||||||||||||||||||
Operations and
maintenance |
(1,792 | ) | 513,604 | 32,187 | 16,109 | (11,376 | )(a) | 548,732 | ||||||||||||||||||||||||
Real estate
operations segment |
304,599 | 1,375 | (b) | 305,974 | ||||||||||||||||||||||||||||
Depreciation and
amortization |
6,046 | 389,240 | 33,020 | 5,305 | 3,003 | 1,529 | 438,143 | |||||||||||||||||||||||||
Taxes other than
Income taxes |
(22 | ) | 108,852 | 1,413 | 27 | (b) | 110,270 | |||||||||||||||||||||||||
Other expenses |
47,244 | 23,254 | 70,498 | |||||||||||||||||||||||||||||
Total |
102,278 | 1,715,127 | 67,560 | 309,904 | 50,247 | 202,587 | (111,904 | ) | 2,335,799 | |||||||||||||||||||||||
OPERATING INCOME |
(5,261 | ) | 389,804 | 16,048 | 51,700 | 8,111 | 23,053 | (1,402 | ) | 482,053 | ||||||||||||||||||||||
OTHER |
||||||||||||||||||||||||||||||||
Allowance for
equity funds used
during construction |
14,240 | 14,240 | ||||||||||||||||||||||||||||||
Other income |
275,705 | 20,277 | 196 | 25,414 | 559 | (286,588 | )(c) | 35,563 | ||||||||||||||||||||||||
Other expenses |
(5,743 | ) | (12,962 | ) | (1,202 | ) | (694 | ) | 27 | (b) | (20,574 | ) | ||||||||||||||||||||
Total |
269,962 | 21,555 | (1,006 | ) | 25,414 | (135 | ) | | (286,561 | ) | 29,229 | |||||||||||||||||||||
INTEREST EXPENSE |
||||||||||||||||||||||||||||||||
Interest charges |
38,752 | 150,947 | 35,116 | 6,433 | 687 | 179 | (27,524 | )(c) | 204,590 | |||||||||||||||||||||||
Capitalized interest |
1,244 | (7,379 | ) | (17,863 | ) | (3,892 | ) | (179 | ) | (1,375 | )(b) | (29,444 | ) | |||||||||||||||||||
Total |
39,996 | 143,568 | 17,253 | 2,541 | 687 | | (28,899 | ) | 175,146 | |||||||||||||||||||||||
INCOME BEFORE
INCOME TAXES |
224,705 | 267,791 | (2,211 | ) | 74,573 | 7,289 | 23,053 | (259,064 | ) | 336,136 | ||||||||||||||||||||||
INCOME TAXES |
(15,874 | ) | 86,854 | (876 | ) | 28,452 | | 7,004 | 105,560 | |||||||||||||||||||||||
INCOME FROM
CONTINUING
OPERATIONS |
240,579 | 180,937 | (1,335 | ) | 46,121 | 7,289 | 16,049 | (259,064 | ) | 230,576 | ||||||||||||||||||||||
Income from
discontinued
operations
net of
income
taxes of $6,529 |
10,003 | 10,003 | ||||||||||||||||||||||||||||||
NET INCOME (LOSS) |
$ | 240,579 | $ | 180,937 | $ | (1,335 | ) | $ | 56,124 | $ | 7,289 | $ | 16,049 | $ | (259,064 | ) | $ | 240,579 | ||||||||||||||
EXPLANATIONS OF ELIMINATIONS AND ADJUSTMENTS
(a) Elimination of intercompany sales of electricity.
(b) Reclassification of certain expenses.
(c) Elimination of intercompany interest.
A1
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEETS (dollars in thousands)
(UNAUDITED)
PINNACLE | PINNACLE | ELIMINATIONS & | ||||||||||||||||||||||||||||||
December 31, 2003 |
WEST PARENT |
APS |
WEST ENERGY |
SUNCOR |
EL DORADO |
APS ES |
ADJUSTMENTS |
TOTAL |
||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||||||
CURRENT ASSETS |
||||||||||||||||||||||||||||||||
Cash and cash
equivalents |
$ | 81,725 | $ | 112,002 | $ | 1,298 | $ | 25,885 | $ | 5,871 | $ | 1,998 | $ | | $ | 228,779 | ||||||||||||||||
Customer and
other
receivables |
608,442 | 258,424 | 57,395 | 16,987 | 12,181 | 42,722 | (630,419 | )(a) | 365,732 | |||||||||||||||||||||||
Allowance for
doubtful
accounts |
(1,200 | ) | (3,743 | ) | (4,280 | ) | (9,223 | ) | ||||||||||||||||||||||||
Accrued
utility
revenues |
71,501 | 17,128 | 88,629 | |||||||||||||||||||||||||||||
Materials and
supplies (at
average cost) |
80,682 | 15,417 | 96,099 | |||||||||||||||||||||||||||||
Fossil fuel
(at average
cost) |
28,360 | 7 | 28,367 | |||||||||||||||||||||||||||||
Assets from
risk
management and
trading
activities |
45,182 | 52,448 | 97,630 | |||||||||||||||||||||||||||||
Other current
assets |
2,442 | 6,969 | 4,812 | 34,174 | 511 | 672 | 23,454 | (b) | 73,034 | |||||||||||||||||||||||
Total
current
assets |
736,591 | 606,643 | 78,929 | 77,046 | 18,563 | 58,240 | (606,965 | ) | 969,047 | |||||||||||||||||||||||
INVESTMENTS AND
OTHER ASSETS |
||||||||||||||||||||||||||||||||
Real estate
investments
net |
355,312 | (11,990 | )(b,c) | 343,322 | ||||||||||||||||||||||||||||
Assets from
risk management
and trading
activities
long term |
120,945 | 18,001 | 138,946 | |||||||||||||||||||||||||||||
Decommissioning
trust accounts |
240,645 | 240,645 | ||||||||||||||||||||||||||||||
Other assets |
3,041,818 | 561,984 | 243 | 1,812 | 3,038 | 417 | (3,520,496 | )(a,b,d) | 88,816 | |||||||||||||||||||||||
Total
investments
and other |
3,162,763 | 820,630 | 243 | 357,124 | 3,038 | 417 | (3,532,486 | ) | 811,729 | |||||||||||||||||||||||
PROPERTY, PLANT AND
EQUIPMENT |
||||||||||||||||||||||||||||||||
Plant in
service and
held for
future use |
25,018 | 8,826,033 | 1,022,737 | 20,470 | 31,086 | 9,925,344 | ||||||||||||||||||||||||||
Less
accumulated
depreciation
and
amortization |
4,951 | 3,089,645 | 48,835 | 15,066 | 2,178 | 3,160,675 | ||||||||||||||||||||||||||
Total |
20,067 | 5,736,388 | 973,902 | | 5,404 | 28,908 | | 6,764,669 | ||||||||||||||||||||||||
Construction
work in
progress |
9,426 | 187,478 | 356,775 | 1,197 | 554,876 | |||||||||||||||||||||||||||
Intangible
assets, net of
accumulated
amortization |
12,884 | 94,181 | 1,469 | 108,534 | ||||||||||||||||||||||||||||
Nuclear fuel,
net of
accumulated
amortization |
10,282 | 10,282 | ||||||||||||||||||||||||||||||
Net
property,
plant and
equipment |
42,377 | 6,028,329 | 1,330,677 | | 5,404 | 31,574 | | 7,438,361 | ||||||||||||||||||||||||
DEFERRED DEBITS |
||||||||||||||||||||||||||||||||
Regulatory
assets |
164,804 | 164,804 | ||||||||||||||||||||||||||||||
Other deferred
debits |
92,853 | 12,846 | 5,055 | (46 | )(b) | 110,708 | ||||||||||||||||||||||||||
Total
deferred
debits |
| 257,657 | 12,846 | 5,055 | | | (46 | ) | 275,512 | |||||||||||||||||||||||
TOTAL ASSETS |
$ | 3,941,731 | $ | 7,713,259 | $ | 1,422,695 | $ | 439,225 | $ | 27,005 | $ | 90,231 | $ | (4,139,497 | ) | $ | 9,494,649 | |||||||||||||||
EXPLANATIONS OF ELIMINATIONS AND ADJUSTMENTS
(a) Elimination of inter-company receivables and payables.
(b) Miscellaneous reclassifications.
(c) Elimination of minority interests of SunCor joint venture partners.
(d) Elimination of parent company investments in subsidiaries.
A2
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEETS (dollars in thousands)
(UNAUDITED)
PINNACLE | PINNACLE | ELIMINATIONS & | ||||||||||||||||||||||||||||||
December 31, 2003 |
WEST PARENT |
APS |
WEST ENERGY |
SUNCOR |
EL DORADO |
APS ES |
ADJUSTMENTS |
TOTAL |
||||||||||||||||||||||||
LIABILITIES AND EQUITY |
||||||||||||||||||||||||||||||||
CURRENT LIABILITIES |
||||||||||||||||||||||||||||||||
Accounts payable |
$ | 68,845 | $ | 131,383 | $ | 52,403 | $ | 21,235 | $ | 10,384 | $ | 9,177 | $ | 293,427 | ||||||||||||||||||
Accrued taxes |
(1,487 | ) | 90,474 | (65,481 | ) | 19,671 | 2,436 | 702 | 23,454 | (b) | 69,769 | |||||||||||||||||||||
Accrued interest |
9,057 | 42,702 | 5,325 | 66 | (5,325 | )(a) | 51,825 | |||||||||||||||||||||||||
Short-term borrowings |
86,081 | 39,418 | 5,069 | (44,487 | )(a) | 86,081 | ||||||||||||||||||||||||||
Current maturities of long-term debt |
215,845 | 206,727 | 2,002 | 906 | 425,480 | |||||||||||||||||||||||||||
Customer deposits |
45,481 | 4,302 | 49,783 | |||||||||||||||||||||||||||||
Deferred income taxes |
631 | 631 | ||||||||||||||||||||||||||||||
Liabilities from risk management and trading activities |
34,617 | 58,138 | 92,755 | |||||||||||||||||||||||||||||
Other current liabilities |
148,136 | 60,008 | 394,514 | 6,563 | 3,989 | 16,176 | (548,163 | )(a,b) | 81,223 | |||||||||||||||||||||||
Total current liabilities |
475,013 | 635,544 | 386,761 | 139,920 | 57,133 | 31,124 | (574,521 | ) | 1,150,974 | |||||||||||||||||||||||
NON-CURRENT LIABILITIES |
||||||||||||||||||||||||||||||||
Long-term debt less current maturities |
465,128 | 2,415,946 | 500,000 | 15,851 | 800 | (500,000 | )(a) | 2,897,725 | ||||||||||||||||||||||||
DEFERRED CREDITS AND OTHER |
||||||||||||||||||||||||||||||||
Liabilities from risk management and trading
activities long-term |
78,228 | 4,502 | 82,730 | |||||||||||||||||||||||||||||
Deferred income taxes |
19,045 | 1,248,397 | 62,594 | (783 | ) | 1,329,253 | ||||||||||||||||||||||||||
Regulatory liabilities |
468,694 | 468,694 | ||||||||||||||||||||||||||||||
Unamortized gain-sale of utility plant |
54,909 | 54,909 | ||||||||||||||||||||||||||||||
Pension liability |
21,402 | 160,639 | (115 | ) | 6,433 | (318 | ) | 188,041 | ||||||||||||||||||||||||
Liability for asset retirement |
234,440 | 234,440 | ||||||||||||||||||||||||||||||
Other |
1,159 | 286,558 | 6 | 2,369 | 454 | 2 | (32,444 | )(b) | 258,104 | |||||||||||||||||||||||
Total deferred credits |
119,834 | 2,458,139 | 62,485 | 8,802 | 454 | (1,099 | ) | (32,444 | ) | 2,616,171 | ||||||||||||||||||||||
MINORITY INTERESTS |
||||||||||||||||||||||||||||||||
Joint ventures of SunCor |
15,119 | (15,119 | )(c) | | ||||||||||||||||||||||||||||
COMMON STOCK EQUITY |
||||||||||||||||||||||||||||||||
Common stock |
2,217,455 | 1,424,966 | 478,560 | 235,054 | 14,046 | 48,217 | (2,673,944 | )(d) | 1,744,354 | |||||||||||||||||||||||
Treasury Stock |
(3,273 | ) | (3,273 | ) | ||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss): |
||||||||||||||||||||||||||||||||
Minimum pension liability adjustment |
(9,406 | ) | (57,158 | ) | (66,564 | ) | ||||||||||||||||||||||||||
Derivative instruments |
22,382 | 5,253 | (72 | ) | 27,563 | |||||||||||||||||||||||||||
Total accumulated other comprehensive income (loss) |
12,976 | (51,905 | ) | | | (72 | ) | | | (39,001 | ) | |||||||||||||||||||||
Retained earnings |
654,598 | 830,569 | (5,111 | ) | 24,479 | (45,356 | ) | 11,989 | (343,469 | )(d) | 1,127,699 | |||||||||||||||||||||
Total common stock equity |
2,881,756 | 2,203,630 | 473,449 | 259,533 | (31,382 | ) | 60,206 | (3,017,413 | ) | 2,829,779 | ||||||||||||||||||||||
TOTAL LIABILITIES AND EQUITY |
$ | 3,941,731 | $ | 7,713,259 | $ | 1,422,695 | $ | 439,225 | $ | 27,005 | $ | 90,231 | $ | (4,139,497 | ) | $ | 9,494,649 | |||||||||||||||
EXPLANATIONS OF ELIMINATIONS AND ADJUSTMENTS
A3
PINNACLE WEST ENERGY
CORPORATION
CONSOLIDATING INCOME STATEMENT (dollars in thousands)
(Unaudited)
Year ended December 31, 2003 |
PWEC |
GEN WEST |
ELIMINATIONS |
CONSOLIDATED |
||||||||||||
REVENUES |
||||||||||||||||
Electric
RevenueNative Load |
$ | 70,498 | $ | | $ | | $ | 70,498 | ||||||||
Electric
RevenueMarketing & Trading |
13,110 | 13,110 | ||||||||||||||
Total |
83,608 | | | 83,608 | ||||||||||||
COST OF REVENUES |
||||||||||||||||
Fuel for
Electric GenerationNative Load |
(3,870 | ) | (3,870 | ) | ||||||||||||
Fuel for
Electric GenerationMarketing & Trading |
4,810 | 4,810 | ||||||||||||||
Total |
940 | | | 940 | ||||||||||||
GROSS MARGIN |
82,668 | | | 82,668 | ||||||||||||
OTHER OPERATING EXPENSES (REVENUE) |
||||||||||||||||
Operations and Maintenance |
32,187 | 32,187 | ||||||||||||||
Depreciation and Amortization |
33,020 | 33,020 | ||||||||||||||
Other Electric Revenues |
(26 | ) | (26 | ) | ||||||||||||
Other Taxes |
1,405 | 8 | 1,413 | |||||||||||||
Total |
66,586 | 8 | | 66,594 | ||||||||||||
OPERATING MARGIN |
16,082 | (8 | ) | | 16,074 | |||||||||||
INTEREST AND OTHER EXPENSES |
||||||||||||||||
Interest Expense |
35,116 | 10,368 | (10,368 | )(a) | 35,116 | |||||||||||
Capitalized Interest |
(7,495 | ) | (10,368 | ) | (17,863 | ) | ||||||||||
Other Interest & Dividend Income |
(10,444 | ) | (94 | ) | 10,368 | (a) | (170 | ) | ||||||||
Other Expenses |
1,202 | 1,202 | ||||||||||||||
Total |
18,379 | (94 | ) | | 18,285 | |||||||||||
INCOME BEFORE INCOME TAXES |
(2,297 | ) | 86 | | (2,211 | ) | ||||||||||
INCOME TAXES |
(876 | ) | (876 | ) | ||||||||||||
NET INCOME |
$ | (1,421 | ) | $ | 86 | $ | | $ | (1,335 | ) | ||||||
(a) Elimination of Intercompany interest.
A4
PINNACLE WEST ENERGY
CORPORATION
CONSOLIDATING BALANCE SHEET (dollars in thousands)
(Unaudited)
December 31, 2003 |
PWEC |
GEN WEST |
ELIMINATIONS |
CONSOLIDATED |
||||||||||||
ASSETS |
||||||||||||||||
Current Assets |
||||||||||||||||
Cash and cash equivalents |
$ | 1,089 | $ | 209 | $ | | $ | 1,298 | ||||||||
Accounts receivable |
824 | 172 | 996 | |||||||||||||
Intercompany receivable |
344,300 | 357 | (328,758 | )(a) | 15,899 | |||||||||||
Other special deposits |
40,500 | 40,500 | ||||||||||||||
Materials and supplies (at average cost) |
15,417 | 15,417 | ||||||||||||||
Fossil fuel (at average cost) |
7 | 7 | ||||||||||||||
Other |
4,812 | 4,812 | ||||||||||||||
Total Current Assets |
406,949 | 738 | (328,758 | ) | 78,929 | |||||||||||
Plant in Service |
1,022,737 | 1,022,737 | ||||||||||||||
Less accumulated depreciation and amortization |
(48,835 | ) | (48,835 | ) | ||||||||||||
Total |
973,902 | | | 973,902 | ||||||||||||
Construction Work in Progress |
566 | 356,209 | | 356,775 | ||||||||||||
Utility Plant -Net |
974,468 | 356,209 | | 1,330,677 | ||||||||||||
Investments and Other Assets | ||||||||||||||||
Investment in sub-Gen West |
3,621 | (3,621 | )(b) | | ||||||||||||
Other Assets |
243 | 243 | ||||||||||||||
Deferred Debits |
3,318 | 9,528 | 12,846 | |||||||||||||
Total non-current assets | 7,182 | 9,528 | (3,621 | ) | 13,089 | |||||||||||
TOTAL ASSETS | $ | 1,388,599 | $ | 366,475 | $ | (332,379 | ) | $ | 1,422,695 | |||||||
LIABILITIES AND EQUITY | ||||||||||||||||
Current Liabilities |
||||||||||||||||
Accounts payable |
$ | 18,519 | $ | 33,884 | $ | | $ | 52,403 | ||||||||
Intercompany payable |
80,966 | 15,835 | (15,713 | )(a) | 81,088 | |||||||||||
Short term debt |
313,045 | 313,045 | (313,045 | )(a) | 313,045 | |||||||||||
Accrued taxes |
(65,483 | ) | 2 | (65,481 | ) | |||||||||||
Accrued interest |
5,325 | 5,325 | ||||||||||||||
Other |
381 | 381 | ||||||||||||||
Total Current Liabilities |
352,753 | 362,766 | (328,758 | ) | 386,761 | |||||||||||
Deferred Credits |
||||||||||||||||
Deferred income tax credit |
62,594 | 62,594 | ||||||||||||||
Other deferred credits |
6 | 6 | ||||||||||||||
Total Deferred Credits |
62,600 | | | 62,600 | ||||||||||||
Pension Liability |
||||||||||||||||
Accumulated provision for SEBRP |
274 | 274 | ||||||||||||||
Deferred credits pension |
(389 | ) | (389 | ) | ||||||||||||
Total Pension Liability |
(115 | ) | | | (115 | ) | ||||||||||
Capitalization |
||||||||||||||||
Additional paid in capital |
478,560 | 3,621 | (3,621 | )(b) | 478,560 | |||||||||||
Retained earnings |
(5,199 | ) | 88 | (5,111 | ) | |||||||||||
Long term debt to associated companies |
500,000 | 500,000 | ||||||||||||||
Total Capitalization |
973,361 | 3,709 | (3,621 | ) | 973,449 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,388,599 | $ | 366,475 | $ | (332,379 | ) | $ | 1,422,695 | |||||||
(a) Elimination of intercompany receivables and payables.
(b) Elimination of parent company equity in subsidiaries.
A5
SunCor Development Company
Consolidating Income Statement (dollars in thousands)
(Unaudited)
PV | ||||||||||||||||||||||||||||
year Ended December 31, 2003 |
SUNCOR |
STONERIDGE |
CLUB WEST |
SANCTUARY |
SUNRIDGE |
COMMERCIAL |
HOME/DEV |
|||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||
Home Sales |
$ | | $ | 27,923 | $ | | $ | | $ | | $ | | $ | 50,485 | ||||||||||||||
Land Sales |
1,199 | 702 | 10,185 | 54,615 | ||||||||||||||||||||||||
Sale of Assets |
45,000 | 44,095 | ||||||||||||||||||||||||||
Commercial Properties |
31 | 1,243 | 2,133 | 2,330 | 170 | 8,053 | ||||||||||||||||||||||
Utility
Sales |
||||||||||||||||||||||||||||
Management Fees |
533 | 438 | ||||||||||||||||||||||||||
Total Operating Revenues |
1,763 | 29,868 | 2,133 | 2,330 | 170 | 63,676 | 149,195 | |||||||||||||||||||||
Operating Expenses |
||||||||||||||||||||||||||||
Cost of Homes Sold |
(3,035 | ) | 22,228 | 42,189 | ||||||||||||||||||||||||
Cost of Land Sold |
3,700 | 480 | 5,756 | 28,652 | ||||||||||||||||||||||||
Sale of Assets |
(6 | ) | 34,353 | 29,818 | ||||||||||||||||||||||||
Commercial Properties |
19 | 1,641 | 2,453 | 2,199 | 169 | 5,173 | ||||||||||||||||||||||
Utility Expense |
||||||||||||||||||||||||||||
Land Project Costs |
575 | 1,042 | 887 | 1,373 | ||||||||||||||||||||||||
General
& Administrative |
16,159 | 2,499 | 1,782 | 4,682 | ||||||||||||||||||||||||
Depreciation
& Amortization |
1,351 | 278 | 213 | 346 | 2,621 | 54 | ||||||||||||||||||||||
Minority Interest |
1,007 | |||||||||||||||||||||||||||
Total Operating Expenses |
19,770 | 28,168 | 2,666 | 2,545 | 169 | 50,572 | 106,768 | |||||||||||||||||||||
Net Operating Income/(Loss) |
(18,007 | ) | 1,700 | (533 | ) | (215 | ) | 1 | 13,104 | 42,427 | ||||||||||||||||||
Other Income and Gains |
||||||||||||||||||||||||||||
Equity in
Joint Ventures |
237 | 472 | 2,611 | |||||||||||||||||||||||||
Interest Income |
364 | 67 | 85 | |||||||||||||||||||||||||
Other |
424 | 19 | 20,754 | |||||||||||||||||||||||||
Total Other Income and Gains |
1,025 | 19 | | | | 539 | 23,450 | |||||||||||||||||||||
Interest Expense, Net |
||||||||||||||||||||||||||||
Interest Expense |
2,932 | 361 | 352 | 240 | 318 | 1,029 | ||||||||||||||||||||||
Less: Capitalized Interest |
(1,629 | ) | (191 | ) | (1,029 | ) | ||||||||||||||||||||||
Total Interest Expense, Net |
1,303 | 170 | 352 | 240 | | 318 | | |||||||||||||||||||||
Income before Taxes & Disc Ops |
(18,285 | ) | 1,549 | (885 | ) | (455 | ) | 1 | 13,325 | 65,877 | ||||||||||||||||||
Income Taxes |
28,452 | |||||||||||||||||||||||||||
Total Net Disc Ops |
8,373 | | | | 1,630 | |||||||||||||||||||||||
Net Income/(Loss) |
$ | (38,364 | ) | $ | 1,549 | $ | (885 | ) | $ | (455 | ) | $ | 1 | $ | 14,955 | $ | 65,877 | |||||||||||
[Continued from above table, first column(s) repeated]
HIDDEN | CORAL | RANCHO | CONSOLIDATED | |||||||||||||||||||||||||||||
year Ended December 31, 2003 |
KABUTO JV |
SMLP |
PVGC |
NE HLBG |
HILLS |
CANYON |
VIEJO |
INCOME |
||||||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||||||||
Home Sales |
$ | | $ | | $ | 47,849 | $ | 14,834 | $ | 31,023 | $ | 172,114 | ||||||||||||||||||||
Land Sales |
6,057 | 3,513 | 664 | 1,171 | 78,106 | |||||||||||||||||||||||||||
Sale of Assets |
110 | 89,205 | ||||||||||||||||||||||||||||||
Commercial Properties |
2,227 | 2,073 | 2,740 | 21,000 | ||||||||||||||||||||||||||||
Utility Sales |
201 | 201 | ||||||||||||||||||||||||||||||
Management Fees |
7 | 978 | ||||||||||||||||||||||||||||||
Total Operating Revenues |
6,057 | | 2,227 | 49,922 | 3,513 | 18,355 | 32,395 | 361,604 | ||||||||||||||||||||||||
Operating Expenses |
||||||||||||||||||||||||||||||||
Cost of Homes Sold |
36,124 | 3,035 | 11,787 | 25,498 | 137,826 | |||||||||||||||||||||||||||
Cost of Land Sold |
2,804 | 501 | 928 | 42,821 | ||||||||||||||||||||||||||||
Sale of Assets |
97 | 64,262 | ||||||||||||||||||||||||||||||
Commercial Properties |
2,813 | 1,370 | 2,105 | 17,942 | ||||||||||||||||||||||||||||
Utility Expense |
360 | 360 | ||||||||||||||||||||||||||||||
Land Project Costs |
21 | 294 | 417 | 323 | 4,932 | |||||||||||||||||||||||||||
General
& Administrative |
367 | 22 | 4,841 | 1,944 | 3,194 | 35,490 | ||||||||||||||||||||||||||
Depreciation
& Amortization |
38 | 391 | 13 | 5,305 | ||||||||||||||||||||||||||||
Minority Interest |
(41 | ) | 966 | |||||||||||||||||||||||||||||
Total Operating Expenses |
3,171 | 43 | 2,813 | 42,667 | 3,035 | 17,561 | 29,956 | 309,904 | ||||||||||||||||||||||||
Net Operating Income/(Loss) |
2,886 | (43 | ) | (586 | ) | 7,255 | 478 | 794 | 2,439 | 51,700 | ||||||||||||||||||||||
Other Income and Gains |
||||||||||||||||||||||||||||||||
Equity in
Joint Ventures |
3,320 | |||||||||||||||||||||||||||||||
Interest Income |
1 | 2 | 152 | 4 | 675 | |||||||||||||||||||||||||||
Other |
13 | 45 | 118 | 46 | 21,419 | |||||||||||||||||||||||||||
Total Other Income and Gains |
| 14 | | 47 | | 270 | 50 | 25,414 | ||||||||||||||||||||||||
Interest Expense, Net |
||||||||||||||||||||||||||||||||
Interest Expense |
2 | 668 | 531 | 6,433 | ||||||||||||||||||||||||||||
Less: Capitalized Interest |
(668 | ) | (375 | ) | (3,892 | ) | ||||||||||||||||||||||||||
Total Interest Expense, Net |
| 2 | | | | 156 | | 2,541 | ||||||||||||||||||||||||
Income before Taxes & Disc Ops |
2,886 | (31 | ) | (586 | ) | 7,302 | 478 | 908 | 2,489 | 74,573 | ||||||||||||||||||||||
Income Taxes |
28,452 | |||||||||||||||||||||||||||||||
Total Net Disc Ops |
| 10,003 | ||||||||||||||||||||||||||||||
Net Income/(Loss) |
$ | 2,886 | $ | (31 | ) | $ | (586 | ) | $ | 7,302 | $ | 478 | $ | 908 | $ | 2,489 | $ | 56,124 | ||||||||||||||
A6
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATING BALANCE SHEETS (dollars in thousands)
(UNAUDITED)
December 31, 2003 |
SUNCOR |
SMLP |
PVGC |
CLUB WEST |
SANCTUARY |
SUNRIDGE |
NE HB |
PV HB |
PV - DEV |
|||||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||||||||||
CURRENT ASSETS |
||||||||||||||||||||||||||||||||||||
Cash and cash
equivalents |
$ | 18,030 | $ | 412 | $ | 12 | $ | 71 | $ | 20 | $ | (31 | ) | $ | (234 | ) | $ | (399 | ) | $ | (1,117 | ) | ||||||||||||||
Customer and
other
receivables |
(7,258 | ) | 766 | 30 | 14 | 56 | 16 | 286 | 33 | 20 | ||||||||||||||||||||||||||
Other current
assets |
509 | 4,968 | 14,618 | |||||||||||||||||||||||||||||||||
Total
current
assets |
11,281 | 1,178 | 42 | 85 | 76 | (15 | ) | 5,020 | 14,252 | (1,097 | ) | |||||||||||||||||||||||||
INVESTMENTS AND
OTHER ASSETS |
||||||||||||||||||||||||||||||||||||
Real estate
investmentsnet |
157,893 | 87 | 11,700 | 8,168 | 10,445 | 9,341 | (19 | ) | 839 | 103,589 | ||||||||||||||||||||||||||
Other assets |
1,123 | |||||||||||||||||||||||||||||||||||
Total
investments
and other |
159,016 | 87 | 11,700 | 8,168 | 10,445 | 9,341 | (19 | ) | 839 | 103,589 | ||||||||||||||||||||||||||
DEFERRED DEBITS |
||||||||||||||||||||||||||||||||||||
Other deferred
debits |
1,950 | 171 | 96 | 105 | 190 | 10 | 305 | 77 | ||||||||||||||||||||||||||||
TOTAL ASSETS |
$ | 172,247 | $ | 1,265 | $ | 11,913 | $ | 8,349 | $ | 10,626 | $ | 9,516 | $ | 5,011 | $ | 15,396 | $ | 102,569 | ||||||||||||||||||
LIABILITIES AND
EQUITY |
||||||||||||||||||||||||||||||||||||
CURRENT LIABILITIES |
||||||||||||||||||||||||||||||||||||
Accounts
payable |
$ | 7,857 | $ | | $ | 389 | $ | 231 | $ | 2,394 | $ | 517 | $ | 2,888 | $ | 13,601 | $ | (10,207 | ) | |||||||||||||||||
Accrued taxes |
19,671 | |||||||||||||||||||||||||||||||||||
Accrued
interest |
(47 | ) | 5,137 | |||||||||||||||||||||||||||||||||
Short-term
borrowings |
50,000 | 2,134 | ||||||||||||||||||||||||||||||||||
Current
maturities of
long-term debt |
146 | 223 | 26 | 1,511 | ||||||||||||||||||||||||||||||||
Customer
deposits |
41 | 1,867 | 876 | |||||||||||||||||||||||||||||||||
Other current
liabilities |
5,938 | (2 | ) | 7,021 | 107 | 157 | (18,942 | ) | (22,329 | ) | 246 | |||||||||||||||||||||||||
Total
current
liabilities |
83,460 | (2 | ) | 7,556 | 561 | 4,711 | 2,028 | (14,187 | ) | (2,715 | ) | (9,961 | ) | |||||||||||||||||||||||
NON-CURRENT
LIABILITIES |
||||||||||||||||||||||||||||||||||||
Long-term debt
less current
maturities |
| 2,984 | 4,268 | 78 | 6,230 | |||||||||||||||||||||||||||||||
DEFERRED CREDITS
AND OTHER |
||||||||||||||||||||||||||||||||||||
Pension
liability |
6,433 | |||||||||||||||||||||||||||||||||||
Other |
3,444 | |||||||||||||||||||||||||||||||||||
Total
deferred
credits |
9,877 | | | | | | | | | |||||||||||||||||||||||||||
MINORITY INTERESTS |
||||||||||||||||||||||||||||||||||||
Joint ventures
of SunCor |
| | | | | | | | | |||||||||||||||||||||||||||
COMMON STOCK EQUITY |
||||||||||||||||||||||||||||||||||||
Common stock |
235,054 | |||||||||||||||||||||||||||||||||||
Retained
earnings |
(156,144 | ) | 1,267 | 1,373 | 3,520 | 5,837 | 1,258 | 19,198 | 18,111 | 112,530 | ||||||||||||||||||||||||||
Total
common
stock
equity |
78,910 | 1,267 | 1,373 | 3,520 | 5,837 | 1,258 | 19,198 | 18,111 | 112,530 | |||||||||||||||||||||||||||
TOTAL LIABILITIES
AND EQUITY |
$ | 172,247 | $ | 1,265 | $ | 11,913 | $ | 8,349 | $ | 10,626 | $ | 9,516 | $ | 5,011 | $ | 15,396 | $ | 102,569 | ||||||||||||||||||
[Continued from above table, first column(s) repeated]
ADJUSTMENTS & | ||||||||||||||||||||||||||||||||
December 31, 2003 |
KABUTO JV |
COMM. |
H HILLS |
STONERIDGE |
RANCHO VIEJO |
C. CANYON |
ELIMINATIONS |
CONSOLIDATED |
||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||||||
CURRENT ASSETS |
||||||||||||||||||||||||||||||||
Cash and cash
equivalents |
$ | 10,911 | $ | (750 | ) | $ | 161 | $ | 272 | $ | 215 | $ | (1,688 | ) | $ | 25,885 | ||||||||||||||||
Customer and
other
receivables |
1,067 | 7,227 | 200 | 2,907 | 249 | 1,142 | 10,232 | (a) | 16,987 | |||||||||||||||||||||||
Other current
assets |
5,999 | 4,280 | 4,878 | (1,078 | )(b) | 34,174 | ||||||||||||||||||||||||||
Total
current
assets |
11,978 | 6,477 | 361 | 9,178 | 4,744 | 4,332 | 9,154 | 77,046 | ||||||||||||||||||||||||
INVESTMENTS AND
OTHER ASSETS |
||||||||||||||||||||||||||||||||
Real estate
investmentsnet |
6,866 | 107,362 | 13,780 | 26,409 | 21,284 | 27,170 | (149,602 | )(c) | 355,312 | |||||||||||||||||||||||
Other assets |
689 | | 1,812 | |||||||||||||||||||||||||||||
Total
investments
and other |
6,866 | 107,362 | 13,780 | 26,409 | 21,973 | 27,170 | (149,602 | ) | 357,124 | |||||||||||||||||||||||
DEFERRED DEBITS |
||||||||||||||||||||||||||||||||
Other deferred
debits |
1,766 | 171 | 144 | 70 | 5,055 | |||||||||||||||||||||||||||
TOTAL ASSETS |
$ | 18,844 | $ | 115,605 | $ | 14,141 | $ | 35,758 | $ | 26,861 | $ | 31,572 | $ | (140,448 | ) | $ | 439,225 | |||||||||||||||
LIABILITIES AND
EQUITY |
||||||||||||||||||||||||||||||||
CURRENT LIABILITIES |
||||||||||||||||||||||||||||||||
Accounts
payable |
$ | 2,955 | $ | 1,269 | $ | (1,768 | ) | $ | 2,315 | $ | 668 | $ | 578 | $ | (2,452 | )(a) | 21,235 | |||||||||||||||
Accrued taxes |
| 19,671 | ||||||||||||||||||||||||||||||
Accrued
interest |
113 | (5,137 | )(a) | 66 | ||||||||||||||||||||||||||||
Short-term
borrowings |
33,947 | 86,081 | ||||||||||||||||||||||||||||||
Current
maturities of
long-term debt |
58 | 38 | 2,002 | |||||||||||||||||||||||||||||
Customer
deposits |
211 | 1,032 | 275 | 4,302 | ||||||||||||||||||||||||||||
Other current
liabilities |
222 | 6,053 | 28,092 | 6,563 | ||||||||||||||||||||||||||||
Total
current
liabilities |
2,955 | 35,762 | (1,768 | ) | 9,458 | 943 | 616 | 20,503 | 139,920 | |||||||||||||||||||||||
NON-CURRENT
LIABILITIES |
||||||||||||||||||||||||||||||||
Long-term debt
less current
maturities |
2,177 | 114 | 15,851 | |||||||||||||||||||||||||||||
DEFERRED CREDITS
AND OTHER |
||||||||||||||||||||||||||||||||
Pension
liability |
6,433 | |||||||||||||||||||||||||||||||
Other |
(1,075 | )(b) | 2,369 | |||||||||||||||||||||||||||||
Total
deferred
credits |
| | | | | | (1,075 | ) | 8,802 | |||||||||||||||||||||||
MINORITY INTERESTS |
||||||||||||||||||||||||||||||||
Joint ventures
of SunCor |
| | | | | 128 | 14,991 | 15,119 | ||||||||||||||||||||||||
COMMON STOCK EQUITY |
||||||||||||||||||||||||||||||||
Common stock |
235,054 | |||||||||||||||||||||||||||||||
Retained
earnings |
15,889 | 79,843 | 15,909 | 24,123 | 25,918 | 30,714 | (174,867 | )(d) | 24,479 | |||||||||||||||||||||||
Total
common
stock
equity |
15,889 | 79,843 | 15,909 | 24,123 | 25,918 | 30,714 | (174,867 | ) | 259,533 | |||||||||||||||||||||||
TOTAL LIABILITIES
AND EQUITY |
$ | 18,844 | $ | 115,605 | $ | 14,141 | $ | 35,758 | $ | 26,861 | $ | 31,572 | $ | (140,448 | ) | $ | 439,225 | |||||||||||||||
EXPLANATIONS OF ELIMINATIONS AND ADJUSTMENTS
(a) Elimination of intercompany receivables and pavables.
(b) Miscellaneous reclassifications.
(c) Elimination of parent company investments in subsidiaries.
(d) Elimination of parent company equity in earnings of subsidiaries.
A7
EL DORADO INVESTMENT COMPANY
CONSOLIDATING INCOME STATEMENT (dollars in thousands)
(UNAUDITED)
Eliminations & | ||||||||||||||||
year ended December 31, 2003 |
El Dorado |
NAC |
Adjustments |
TOTAL YTD |
||||||||||||
REVENUES |
||||||||||||||||
NAC Revenue |
$ | | $ | 58,358 | $ | | $ | 58,358 | ||||||||
Equity in Earnings of Investees |
5,017 | | (5,549 | )(a) | (532 | ) | ||||||||||
Interest Income |
2,312 | | (2,311 | )(b) | 1 | |||||||||||
Gain (loss) on investment |
510 | | 510 | |||||||||||||
CMA Revenue |
530 | | 530 | |||||||||||||
Misc Income |
50 | | 50 | |||||||||||||
Total |
8,419 | 58,358 | (7,860 | ) | 58,917 | |||||||||||
OTHER EXPENSES AND DEDUCTIONS |
||||||||||||||||
NAC operating expenses |
| 47,244 | | 47,244 | ||||||||||||
Depreciation and amortization |
| 3,003 | | 3,003 | ||||||||||||
Interest expense and other |
436 | 2,562 | (2,311 | )(b) | 687 | |||||||||||
General and administrative net |
694 | | 694 | |||||||||||||
Total |
1,130 | 52,809 | (2,311 | ) | 51,628 | |||||||||||
INCOME BEFORE INCOME TAXES |
7,289 | 5,549 | (5,549 | ) | 7,289 | |||||||||||
INCOME TAXES |
| | | | ||||||||||||
NET INCOME |
$ | 7,289 | $ | 5,549 | $ | (5,549 | ) | $ | 7,289 | |||||||
EXPLANATION OF ELIMINATIONS AND ADJUSTMENTS
(a) Elimination of equity in earnings of subsidiary.
(b) Elimination of intercompany interest income and expense.
A8
EL DORADO INVESTMENT COMPANY
CONSOLIDATING BALANCE SHEETS (dollars in thousands)
(UNAUDITED)
Eliminations & | ||||||||||||||||
December 31, 2003 |
El Dorado |
NAC |
Adjustments |
Total |
||||||||||||
ASSETS |
||||||||||||||||
CURRENT ASSETS |
||||||||||||||||
Cash |
$ | 4 | $ | 5,867 | $ | | $ | 5,871 | ||||||||
Accounts receivable |
4,302 | 11,066 | (3,187 | )(a) | 12,181 | |||||||||||
Intercompany Loan Receivable -NAC |
39,000 | (39,000 | )(a) | | ||||||||||||
Investment in NAC |
(35,455 | ) | 35,455 | (b) | | |||||||||||
Other Assets |
126 | 385 | | 511 | ||||||||||||
Total Current Assets |
7,977 | 17,318 | (6,732 | ) | 18,563 | |||||||||||
PROPERTY, PLANT AND EQUIPMENT |
||||||||||||||||
Property, Plant and Equipment |
20,470 | 20,470 | ||||||||||||||
Less Accumulated Depreciation and amortization |
(15,066 | ) | (15,066 | ) | ||||||||||||
Total Property, Plant and Equipment |
| 5,404 | | 5,404 | ||||||||||||
INVESTMENTS AND OTHER ASSETS |
||||||||||||||||
Other Assets |
343 | 343 | ||||||||||||||
Investments |
2,695 | 2,695 | ||||||||||||||
Total investments and other |
2,695 | 343 | | 3,038 | ||||||||||||
TOTAL ASSETS |
$ | 10,672 | $ | 23,065 | $ | (6,732 | ) | $ | 27,005 | |||||||
LIABILITIES AND EQUITY |
||||||||||||||||
CURRENT LIABILITIES |
||||||||||||||||
Accounts payable and accrued liabilities |
$ | (22 | ) | $ | 13,593 | $ | (3,187 | )(a) | $ | 10,384 | ||||||
Current Maturities of LTD |
906 | 906 | ||||||||||||||
Accounts payable PWCC |
65 | 65 | ||||||||||||||
Intercompany Loan Payable El Dorado |
39,000 | (39,000 | )(a) | | ||||||||||||
Intercompany
Loan Payable PWCC |
39,418 | 39,418 | ||||||||||||||
Deferred Income |
63 | 3,861 | 3,924 | |||||||||||||
Taxes Payable |
2,436 | 2,436 | ||||||||||||||
Total Current Liabilities |
41,960 | 57,360 | (42,187 | ) | 57,133 | |||||||||||
NON-CURRENT LIABILITIES |
||||||||||||||||
Long-term debt less current maturities |
800 | 800 | ||||||||||||||
Other |
454 | 454 | ||||||||||||||
Total Non-Current Liabilities |
| 1,254 | | 1,254 | ||||||||||||
Equity
Common stock |
10 | 10,634 | (10,634 | )(b) | 10 | |||||||||||
Additional paid in capital |
14,036 | 12,613 | (12,613 | )(b) | 14,036 | |||||||||||
Retained earnings |
(45,356 | ) | (58,702 | ) | 58,702 | (b) | (45,356 | ) | ||||||||
Accumulated Other Comprehensive Income |
||||||||||||||||
Derivative Instruments |
22 | (94 | ) | (72 | ) | |||||||||||
Total equity |
(31,288 | ) | (35,549 | ) | 35,455 | (31,382 | ) | |||||||||
TOTAL LIABILITIES AND EQUITY |
$ | 10,672 | $ | 23,065 | $ | (6,732 | ) | $ | 27,005 | |||||||
EXPLANATION OF ELIMINATIONS AND ADJUSTMENTS
(a) Elimination of intercompany receivables and payables.
(b) Elimination of investments in subsidiary.
A9
APS ENERGY SERVICES
CONSOLIDATING INCOME STATEMENT (dollars in thousands)
(Unaudited)
year ended December 31, 2003 |
APSES |
Northwind |
Eliminations |
Total |
||||||||||||
OPERATING REVENUES |
||||||||||||||||
ELECTRIC SALES |
$ | 197,711 | $ | | $ | | $ | 197,711 | ||||||||
PRODUCTS & SERVICES |
25,111 | | (2,316 | )(a) | 22,795 | |||||||||||
NORTHWIND LLC. |
| 5,008 | | 5,008 | ||||||||||||
OTHER |
150 | | (24 | )(a) | 126 | |||||||||||
TOTAL |
222,972 | 5,008 | (2,340 | ) | 225,640 | |||||||||||
OPERATING EXPENSES |
||||||||||||||||
ELECTRIC SALES |
161,695 | | | 161,695 | ||||||||||||
PRODUCTS & SERVICES |
22,901 | | (2,316 | )(a) | 20,585 | |||||||||||
NORTHWIND LLC. |
| 2,568 | | 2,568 | ||||||||||||
OTHER |
101 | | | 101 | ||||||||||||
TOTAL |
184,697 | 2,568 | (2,316 | ) | 184,949 | |||||||||||
GROSS MARGIN |
38,275 | 2,440 | (24 | ) | 40,691 | |||||||||||
OTHER OPERATING EXPENSES |
||||||||||||||||
LABOR |
10,446 | 1,015 | | 11,461 | ||||||||||||
OTHER O&M |
3,200 | 1,448 | | 4,648 | ||||||||||||
DEPRECIATION AND
AMORTIZATION |
701 | 828 | | 1,529 | ||||||||||||
TOTAL |
14,347 | 3,291 | | 17,638 | ||||||||||||
OPERATING INCOME |
23,928 | (851 | ) | (24 | ) | 23,053 | ||||||||||
INTEREST AND OTHER EXPENSES |
||||||||||||||||
INTEREST ON LONG-TERM DEBT |
179 | 24 | (24 | )(a) | 179 | |||||||||||
CAPITALIZED INTEREST |
(155 | ) | (24 | ) | | (179 | ) | |||||||||
(GAIN)/ LOSS IN NORTHWIND LLC |
851 | | (851 | )(b) | | |||||||||||
TOTAL |
875 | | (875 | ) | | |||||||||||
INCOME BEFORE INCOME TAXES |
23,053 | (851 | ) | 851 | 23,053 | |||||||||||
INCOME TAXES |
7,004 | | | 7,004 | ||||||||||||
NET INCOME |
$ | 16,049 | $ | (851 | ) | $ | 851 | $ | 16,049 | |||||||
(a) Elimination of intercompany revenues and associated costs.
(b) Elimination of equity of earnings of subsidiary.
A10
APS ENERGY SERVICES
CONSOLIDATING BALANCE SHEET (dollars in thousands)
(Unaudited)
December 31, 2003 |
APSES |
Northwind |
Eliminations |
Total |
||||||||||||
ASSETS |
||||||||||||||||
CURRENT ASSETS |
||||||||||||||||
CASH |
$ | 1,696 | $ | 302 | $ | 1,998 | ||||||||||
CUSTOMER & OTHER RECEIVABLES |
53,651 | 973 | (11,902 | )(a) | 42,722 | |||||||||||
ALLOWANCE FOR DOUBTFUL
ACCOUNTS |
(4,280 | ) | | (4,280 | ) | |||||||||||
ACCRUED REVENUE |
17,128 | | 17,128 | |||||||||||||
OTHER CURRENT ASSETS |
783 | | (111 | )(a) | 672 | |||||||||||
TOTAL CURRENT ASSETS |
68,978 | 1,275 | (12,013 | ) | 58,240 | |||||||||||
INVESTMENTS |
16,248 | | (15,831 | )(b) | 417 | |||||||||||
PROPERTY, PLANT & EQUIPMENT |
1,001 | 30,085 | 31,086 | |||||||||||||
LESS ACCUMULATED DEPRECIATION &
AMORTIZATION |
(660 | ) | (1,518 | ) | (2,178 | ) | ||||||||||
TOTAL |
341 | 28,567 | 28,908 | |||||||||||||
CONSTRUCTION WORK IN PROGRESS |
1,099 | 98 | 1,197 | |||||||||||||
INTANGIBLE ASSETS, NET OF
AMORTIZATION |
1,469 | | 1,469 | |||||||||||||
TOTAL
PROPERTY NET |
2,909 | 28,665 | 31,574 | |||||||||||||
TOTAL ASSETS |
$ | 88,135 | $ | 29,940 | $ | (27,844 | ) | $ | 90,231 | |||||||
CURRENT LIABILITIES |
||||||||||||||||
ACCOUNTS PAYABLE |
$ | 7,104 | $ | 2,073 | $ | 9,177 | ||||||||||
ACCRUED TAXES PAYABLE |
679 | 23 | 702 | |||||||||||||
SHORT TERM DEBT |
5,069 | 134 | (134 | )(a) | 5,069 | |||||||||||
OTHER CURRENT LIABILITIES |
16,176 | 11,878 | (11,878 | )(a) | 16,176 | |||||||||||
TOTAL CURRENT LIABILITIES |
29,028 | 14,108 | (12,012 | ) | 31,124 | |||||||||||
DEFERRED INCOME TAXES |
(783 | ) | | (783 | ) | |||||||||||
OTHER DEFERRED CREDITS |
2 | | 2 | |||||||||||||
PENSION LIABILITY |
(318 | ) | | (318 | ) | |||||||||||
TOTAL NON-CURRENT LIABILITIES |
(1,099 | ) | | | (1,099 | ) | ||||||||||
EQUITY & LIABILITIES |
||||||||||||||||
COMMON STOCK |
1 | | 1 | |||||||||||||
EQUITY |
48,216 | 16,683 | (16,683 | )(b) | 48,216 | |||||||||||
RETAINED EARNINGS |
11,989 | (851 | ) | 851 | (b) | 11,989 | ||||||||||
TOTAL EQUITY |
60,206 | 15,832 | (15,832 | ) | 60,206 | |||||||||||
TOTAL LIABILITIES & EQUITY |
$ | 88,135 | $ | 29,940 | $ | (27,844 | ) | $ | 90,231 | |||||||
(a)Elimination of intercompany receivables and payables.
(b)Elimination of investment in subsidiary.
A11
EXHIBIT B
PINNACLE WEST CAPITAL CORPORATION & SUBSIDIARIES ORGANIZATIONAL CHART Kabuto SunCor Joint Venture APS Energy Services Company Inc. 100% Arizona Public Service Company 100% Northwind Phoenix LLC 100% 100% Axiom Power Solutions, Inc. Bixco, Inc. 100% 50% Talavi Associates LLC 100% Hidden Hills of Scottsdale LLC 50% Centrepoint Associates LLC 50% Sedona Golf Resort LLC 100% SunRidge Canyon LLC 65% Scottsdale Mountain LLP 100% Golf de Mexico, S.A. de C.V. Type Two, Inc. 30% SunCor Development Company 100% 100% 100% Heritage Financial Services, LLC Golden Heritage Homes, Inc. 100% Golden Heritage Construction Inc. 100% Palm Valley Golf Club, Inc. 100% SunCor Golf, Inc. 100% Westworld Golf Course LLC 100% Rancho Viejo de Santa Fe, Inc. 100% SCM, Inc. 100% 100% SunCor Realty & Management Company 70% 60% Stone Ridge - Prescott Valley LLC El Dorado Investment Company 100% Tucson District Energy LLC 100% 100% PWENewco, Inc. 100% Hayden Ferry Lakeside LLC 68% Club West Golf Course LLC Stone Ridge Golf Course LLC Pinnacle West Capital Corporation 100% Coral Canyon Town Center LLC 75% SunCor Idaho, LLC 100% Ranchland Utility Company Rancho Viejo Village Center, LLC 100% Pinnacle West Energy Corporation 100% 100% Gen West, LLC APACS Holdings LLC 100% AZ PB Partnership 1.7% Phoenix Suns Limited Partnership 21.7% El Dorado Ventures III 24.4% Phoenix Downtown Theater LLC 6.9% Underground Imaging Technologies, LLC 50% 99.8% 100% NAC Holding Inc. NAC International Inc. APSES Holdings, Inc. 100% APS Energy L.P. 99% 1% Nxt Phase 2.2% Coral Canyon HD, L.L.C. 50% Lakeside Residential Communities L.L.C. 100% Edgewater at Hayden Ferry Lakeside L.L.C. 100% BV at Hayden Ferry Lakeside L.L.C. 100% |
EXHIBIT C