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File No. 69-284
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM U-3A-2
Statement by Holding Company Claiming Exemption
Under Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
HAWAIIAN ELECTRIC INDUSTRIES, INC.,
HAWAIIAN ELECTRIC COMPANY, INC. and
HAWAIIAN ELECTRIC RENEWABLE SYSTEMS, INC. (sold in March 1993)
each 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 (PUHCA), and submits the
following information:
1. Name, State of organization, location and nature of business
of claimant and every subsidiary thereof, other than any
exempt wholesale generator (EWG) or foreign utility company in
which claimant directly or indirectly holds an interest.
Hawaiian Electric Industries, Inc., hereinafter referred to as "HEI,"
was incorporated under the laws of the State of Hawaii on July 20, 1981, for
the purpose of becoming the holding company of Hawaiian Electric Company, Inc.
(HECO) and its subsidiaries. Its principal executive office is located at 900
Richards Street, Honolulu, Hawaii 96813. The restructuring became effective on
July 1, 1983. HEI is a nonutility holding company which currently conducts no
business and owns no material operating assets other than the common stock of
HECO, HEI Investment Corp. (HEIIC), Malama Pacific Corp. (MPC), Hawaiian Tug &
Barge Corp. (HTB), Lalamilo Ventures, Inc. (LVI) and HEI Diversified, Inc.
(HEIDI). HECO continues as the parent of Hawaii Electric Light Company, Inc.
(HELCO) and Maui Electric Company, Limited (MECO). MPC is the parent company of
Malama Project-I, Inc. (MP-I), ML Holdings, Ltd. (ML), Malama Property
Investment Corp. (MPIC), Malama Waterfront Corp. (MWC), Malama
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Development Corp. (MDC), Malama Makakilo Corp. (MMC), Malama Realty Corp.
(MRC), Malama Elua Corp. (MElC), Malama Hoaloha Corp. (MHC), Malama Kolu Corp.
(MKoC) and Malama Mohala Corp. (MMoC). HTB is the parent company of Young
Brothers, Limited (YB). HEIDI is the parent company of American Savings Bank,
F.S.B. (ASB), which is the parent company of American Savings Investment
Services Corp. (ASISC), AdCommunications, Inc., Associated Mortgage, Inc. and
ASB Service Corp. HEIDI is also the holder of record of the common stock of The
Hawaiian Insurance & Guaranty Company, Limited (HIG), but HIG is currently in
rehabilitation proceedings and it is expected that HEIDI will relinquish all
ownership rights in HIG and its subsidiaries during 1994. HIG's subsidiaries
are Guardian Financial Corporation (GFC), Guardian Life Underwriters, Inc.
(GLU), Hawaiian Underwriters Insurance Co., Ltd. (HUI), Independent Adjustment,
Inc. (IA) and United National Insurance Co., Ltd. (UNI). In March 1993, HEI
sold the stock of Hawaiian Electric Renewable Systems, Inc. (HERS) to the New
World Power Corporation (NWP) and aquired less than 5% of the stock of NWP.
Prior to the closing of the sale, LVI, formerly a subsidiary of HERS, became a
direct subsidiary of HEI.
HECO was incorporated under the laws of the Kingdom of Hawaii on
October 13, 1891, under the name of The Hawaiian Electric Company, Limited. Its
name was changed to Hawaiian Electric Company, Inc., on March 16, 1964. Its
principal executive office is located at 900 Richards Street, Honolulu, Hawaii
96813. It is a regulated operating electric public utility engaged in the
production, purchase, transmission, distribution and sale of electricity on the
island of Oahu, State of Hawaii.
HELCO was incorporated under the laws of the Republic of Hawaii on
December 5, 1894. Its principal executive office is located at 1200 Kilauea
Avenue, Hilo, Hawaii 96720. It is a regulated operating electric public
utility engaged in the production, purchase, transmission, distribution and
sale of electricity on the island of Hawaii, State of Hawaii.
MECO was incorporated under the laws of the Territory of Hawaii on
April 28, 1921, and purchased the franchise and certain assets of Island
Electric Company, Limited, which had been
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organized in 1911. Its principal executive office is located at 210 Kamehameha
Avenue, Kahului, Maui, Hawaii 96732. It is a regulated operating electric
public utility engaged in the production, purchase, transmission, distribution
and sale of electricity on the islands of Maui, Lanai and Molokai, all located
in the State of Hawaii.
HEIIC was incorporated under the laws of the State of Hawaii on May
25, 1984. Its principal executive office is located at 900 Richards Street,
Honolulu, Hawaii 96813. It is a nonutility company organized primarily to
invest in corporate securities and other long-term investments.
On December 30, 1985, HEIIC acquired, as part of its investment
portfolio, a 15.1899% undivided interest (the "Undivided Interest") in Plant
Robert W. Scherer Unit No. 2, an 818 MW coal-fired generating unit located in
Monroe County, Georgia ("Unit No. 2") in a sale and leaseback transaction (the
"Transaction") with Oglethorpe Power Corporation (An Electric Membership
Generation and Transmission Corporation). The Transaction is described in
Amendment No. 1 (filed December 30, 1985) to Form U-3A-2 filed by HEI prior to
March 1, 1985 and is the subject of letters, dated December 16 and 24, 1985,
from Mudge Rose Guthrie Alexander and Ferdon to the Commission, to which a
reply was sent by Mr. Lewis B. Reich, Special Counsel (Reference No.
85-1216E-OPUR). The undersigned takes the position that the passive nature of
the ownership by HEIIC which results from its participation in the Transaction
is exactly comparable to the form of ownership which would qualify under Rule
7(d)(1) under PUHCA. Accordingly, although the information contained in the
aforesaid Amendment No. 1 was submitted, the undersigned and HEIIC reserve all
rights to claim (and do hereby claim) that by virtue of HEIIC's participation
in the Transaction, HEIIC has not acquired "ownership" of facilities used for
the generation, transmission or distribution of electric energy for sale so as
to result in HEIIC's becoming an "electric utility company" as defined in
Section 2(a)(3) of the Act.
MPC was incorporated on December 5, 1985, MP-I was incorporated on
June 18, 1987, ML was incorporated on December 29, 1987, MPIC and MWC were
incorporated on December 30, 1988, MDC was incorporated on December 15, 1989,
MMC was incorporated on
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July 20, 1990, and Malama Ekahi Corp. (whose name was changed to Malama Realty
Corp. effective September 30, 1993), MElC, MHC, MKoC, and MMoC were
incorporated on August 21, 1990, all under the laws of the State of Hawaii,
with principal executive offices located at 915 Fort Street Mall, Honolulu,
Hawaii 96813. MPC and its subsidiaries are nonutility companies organized to
invest in and develop real estate.
HTB was incorporated under the laws of the State of Hawaii on March
15, 1972, under the name of Dillingham Tug & Barge Corporation. Its name was
changed to Hawaiian Tug & Barge Corp. on October 1, 1986. Its principal
executive office is located at 705 N. Nimitz Highway, Honolulu, Hawaii 96817.
It is a nonutility company organized to transport freight cargo primarily
within the State of Hawaii.
YB was incorporated under the laws of the State of Hawaii on January
7, 1960. Its principal executive office is located at 705 N. Nimitz Highway,
Honolulu, Hawaii 96817. It is a regulated nonutility company organized to
transport freight cargo within the State of Hawaii and operates as the major
authorized common carrier under the Hawaii Water Carrier Act.
LVI was incorporated under the laws of the State of Hawaii under the
name Lalamilo Ventures (Hawaii), Inc. on May 7, 1987. Its name was changed to
Lalamilo Ventures, Inc. on July 22, 1987. The principal executive office of LVI
is located at 900 Richards Street, Honolulu, Hawaii 96813. LVI is a utility
company under PUHCA, but is not a utility under Hawaii State law, and was
organized to own and operate alternate energy and cogeneration facilities. HERS
was incorporated under the laws of the State of Hawaii on February 15, 1985. In
March 1993, HEI sold the stock of HERS. Prior to closing of the sale, ownership
of the stock of LVI was transferred to HEI.
HEIDI was incorporated under the laws of the State of Hawaii on
January 6, 1988. Its principal executive office is located at 900 Richards
Street, Honolulu, Hawaii 96813. It is a nonutility holding company which
currently conducts no business and owns no material assets other than the
common stock of ASB. It is also the record owner of the common stock of HIG.
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ASB was chartered by the Federal Home Loan Bank on January 23, 1987, and is
qualified to do business in the State of Hawaii. Its wholly owned subsidiaries
were incorporated under the laws of the State of Hawaii. The principal
executive offices of ASB and its subsidiaries are located at 915 Fort Street
Mall, Honolulu, Hawaii 96813. They are nonutility companies providing
financial and related services. ASB was acquired on May 26, 1988. ASB's
business consists primarily of attracting deposits from the general public and
using such deposits, together with borrowings and other funds, to make
residential and other real estate-related loans which enable borrowers to
purchase, refinance, construct or improve real estate, to invest in loans
secured by real estate and in mortgage-backed and other securities, and to make
various types of commercial and consumer loans. ASB Service Corp. is a
state-chartered corporation which holds real estate for use by ASB employees;
Associated Mortgage, Inc. is a mortgage brokerage company; AdCommunications,
Inc. is an advertising agency; and American Savings Investment Services Corp.
markets insurance products.
HIG was incorporated under the laws of the Territory of Hawaii on
December 31, 1914, and its five wholly owned subsidiaries were incorporated
under the laws of the State of Hawaii with principal executive offices located
at 1001 Bishop Street, Honolulu, Hawaii 96813. HIG and its insurance company
subsidiaries (the HIG Group), acquired on June 8, 1987, are property and
casualty insurance companies in the State of Hawaii. On December 2, 1992, the
Board of Directors of HEI concluded that it could not contribute additional
capital to the insurance businesses conducted by the HIG Group. The decision
resulted from an increase in the estimate of policyholder claims from Hurricane
Iniki (which hit the Hawaiian Islands on September 11, 1992). On December 24,
1992, with the consent of the HIG Group, a formal rehabilitation order (the
"Rehabilitation Order") was entered by the Circuit Court of the First Circuit
of the State of Hawaii. The effect of the Rehabilitation Order was to vest full
control over the HIG Group in the Insurance Commissioner and her deputies. HIG
continues to operate in rehabilitation, but its insurance company subsidiaries
are being liquidated. HEI's remaining investment in the HIG
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Group was written off in the fourth quarter of 1992 and HEI no longer
consolidates the accounts of the HIG Group for financial reporting purposes.
HEIDI continues to be the record holder of the common stock of HIG, but is
expected to surrender that stock for cancellation during 1994.
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.
HEI is a nonutility holding company which currently conducts no business and
owns no material operating assets other than the common stock of HECO, HEIIC,
MPC, HTB, LVI and HEIDI. Currently, the consolidated revenues of HEI are
derived from electric service, savings bank, maritime freight transportation
and real estate operations and investments.
All of the properties of HECO and its subsidiaries, HELCO and MECO,
are located within the State of Hawaii. No transmission lines of any such
companies deliver or receive electric energy at the borders of the State. HECO
owns and operates three electric generating plants located on the island of
Oahu, with an aggregate generating capability of 1,263 megawatts. HECO's
purchase power agreement with Kalaeloa Partners, L.P. and AES Barbers Point,
Inc. each provide an additional 180 megawatts of firm generating capability.
HECO's power purchase agreement with Honolulu Resource Recovery Venture
provides an additional 46 megawatts of firm generating capability. HELCO owns
and operates electric generating equipment with an aggregate generating
capability of approximately 155 megawatts. Its five power plants are located on
the island of Hawaii. Power purchase agreements with two sugar companies
provide HELCO with an additional 26 megawatts of firm generating capability,
but one of these companies which provides 8 megawatts of firm generating
capability, may cease doing so during 1994. HELCO's power purchase agreement
with Puna Geothermal Ventures provides HELCO with an additional 25 megawatts
of firm generating capability. MECO owns and operates electric generating
equipment located on the islands of Maui, Lanai and Molokai, with an aggregate
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generating capability of approximately 220 megawatts. A power purchase
agreement with a sugar company provides MECO with an additional 16 megawatts of
firm generating capability. HECO, HELCO and MECO own transmission and
distribution systems serving the islands of Oahu, Hawaii, Maui, Lanai and
Molokai. In addition, the companies own office, general services and
warehousing buildings located on the islands of Oahu, Hawaii, Maui, Lanai and
Molokai.
HERS owned and operated a windfarm located at Kahuku on the island of
Oahu. In March 1993, HEI sold the stock of HERS to NWP. Prior to the closing of
the sale, ownership of the stock of LVI, which was a wholly owned subsidiary of
HERS, was transferred to HEI. LVI owns and operates a windfarm on the island of
Hawaii. The Lalamilo Wells windfarm at Waikoloa consists of 88 wind machines
with a total capacity of 1.7 megawatts.
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), and Mcf. of natural or manufactured gas
distributed at retail.
In 1993, HEI sold no kilowatthours of electric energy, HECO sold at
retail 6,607,424,385 kwh. of electric energy, HELCO sold at retail 802,079,239
kwh. of electric energy, and MECO sold at retail 915,730,212 kwh. of electric
energy.
In 1993, before being sold to the NWP, HERS sold 248,000 kwh. of
electric energy at wholesale to HECO at rates approved by the Public Utilities
Commission of the State of Hawaii (PUC). LVI sold 4,540,560 kwh. of electric
energy, of which 1,110,000 kwh. was sold at wholesale to HELCO at rates
approved by the PUC and 3,430,560 kwh. was sold at a discount rate to the
Hawaii County Department of Water Supply, LVI's sole customer other than HELCO.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in
which each such company is organized.
None.
(c) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas sold at wholesale outside the State in which
each such company is organized, or at the State line.
None.
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(d) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas purchased outside the State in which each
such company is organized or at the State line.
None.
4 The following information for the reporting period with
respect to claimant and each interest it holds directly or
indirectly in an EWG or a foreign utility company, stating
monetary amounts in United States dollars:
(a) Name, location, business address and description of the
facilities used by the EWG or foreign utility company for the
generation, transmission and distribution of electric energy
for sale or for the distribution at retail of natural or
manufactured gas.
None.
(b) Name of each system company that holds an interest in such EWG
or foreign utility company and description of the interest
held.
None.
(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.
None.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
None.
(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).
None.
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EXHIBIT A
An unaudited consolidating statement of income and an unaudited
consolidating statement of retained earnings of Hawaiian Electric Industries,
Inc. and its subsidiary companies for the calendar year 1993, together with an
unaudited consolidating balance sheet of Hawaiian Electric Industries, Inc. and
its subsidiary companies as of the close of such calendar year, is attached
hereto as Exhibit A.
Unaudited consolidating statements of income and unaudited
consolidating statements of retained earnings for the calendar year 1993 for
Hawaiian Electric Company, Inc. and its subsidiary companies, HEI Diversified,
Inc. and its subsidiary companies, American Savings Bank, F.S.B. and its
subsidiary companies, Hawaiian Tug & Barge Corp. and its subsidiary company,
and Malama Pacific Corp. and its subsidiary companies, together with unaudited
consolidating balance sheets for said companies and their respective
subsidiaries as of the close of such calendar year, are attached hereto as
Exhibits A-1 through A-4.
EXHIBIT B
The financial data schedule is attached hereto as Exhibit B.
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Each of the above-named claimants has caused this statement to be duly
executed on its behalf by its duly authorized officers on this 25th day of
February 1994.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
Claimant
By_____________________________
Robert F. Clarke
President and
ATTEST: Chief Executive Officer
_______________________ By_____________________________
Betty Ann M. Splinter Robert F. Mougeot
Secretary Financial Vice President and
Chief Financial Officer
HAWAIIAN ELECTRIC COMPANY, INC.
Claimant
By_____________________________
Harwood D. Williamson
ATTEST: President and
Chief Executive Officer
______________________ By_____________________________
Molly M. Egged Jackie M. Erickson
Secretary Vice President - General Counsel
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Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Peter C. Lewis
Vice President-Administration
Hawaiian Electric Industries, Inc.
P. O. Box 730
Honolulu, Hawaii 96808-0730
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HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 5
December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Hawaiian Malama Electric HEI
Electric Tug & Barge HEI Pacific Company, Diversified,
Industries, Corp. and Investment Corp. and Inc. and Inc. and
ASSETS Inc. subsidiary Corp. subsidiaries subsidiaries subsidiaries
-------------------------- ----------- ----------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 32,383 4,334 4 3 1,922 $ 77,614
Notes receivable from
affiliated companies 28,455 -- -- -- -- --
Accounts receivable and
unbilled revenues, net 12,559 5,289 -- 303 98,747 22,537
Inventories, at average
cost -- 978 -- -- 38,427 --
Real estate developments -- -- -- 29,673 -- --
Loans receivable, net -- -- -- -- -- 1,735,098
Marketable securities -- -- -- -- -- 698,755
Other investments 809 171 58,632 17,494 -- --
Property, plant and
equipment, net 2,874 39,158 -- 72 1,461,304 39,581
Regulatory assets -- 1,465 -- -- 60,612 --
Other 2,191 3,115 145 2,133 42,264 3,601
Goodwill and other
intangibles -- -- -- -- -- 49,664
Investment in wholly owned
subsidiaries, at equity 825,066 -- -- -- -- --
-------- ------ ------ ------ --------- ---------
$904,337 54,510 58,781 49,678 1,703,276 $2,626,850
======== ====== ====== ====== ========= ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
--------------------------
Accounts payable $ 14,741 1,724 98 799 58,084 $ 35,501
Deposit liabilities -- -- -- -- -- 2,091,583
Short-term borrowings -- 1,838 1,010 25,095 40,928 --
Advances from
Federal Home Loan Bank -- -- -- -- -- 289,674
Long-term debt, net 200,500 12,600 -- -- 484,736 --
Deferred income taxes 5,106 3,921 42,350 (121) 107,449 9,624
Unamortized tax credits 36 970 -- 2 43,348 1
Contributions in aid
of construction -- -- -- -- 165,005 --
Other 40,926 8,867 202 (1,788) 138,040 11,466
-------- ------ ------ ------ --------- ----------
261,309 29,920 43,660 23,987 1,037,590 2,437,849
-------- ------ ------ ------ --------- ----------
Preferred stock of
electric utility
subsidiaries
Subject to mandatory
redemption -- -- -- -- 46,730 --
Not subject to
mandatory
redemption -- -- -- -- 48,293 --
-------- ------ ------ ------ --------- ----------
-- -- -- -- 95,023 --
-------- ------ ------ ------ --------- ----------
Stockholders' equity
Common stock 514,710 17,729 22,166 29,975 295,262 195,476
Retained earnings
(deficit) 128,318 6,861 (7,045) (4,284) 275,401 (6,475)
-------- ------ ------ ------ --------- ----------
643,028 24,590 15,121 25,691 570,663 189,001
-------- ------ ------ ------ --------- ----------
$904,337 54,510 58,781 49,678 1,703,276 $2,626,850
======== ====== ====== ====== ========= ==========
</TABLE>
Continued on next page.
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HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 5
December 31, 1993
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Hawaiian
Electric Reclassifi-
Renewable cations
Systems, Inc. and
and Eliminations
ASSETS subsidiary Dr. (Cr.) Consolidated
------------------------- ------------- ------------ ------------
<S> <C> <C> <C>
Cash and equivalents $-- -- $ 116,260
Notes receivable from
affiliated companies -- (28,455) --
Accounts receivable and
unbilled revenues, net -- (22,319) 117,116
Inventories, at average
cost -- -- 39,405
Real estate developments -- -- 29,673
Loans receivable, net -- -- 1,735,098
Marketable securities -- -- 698,755
Other investments -- -- 77,106
Property, plant and
equipment, net -- -- 1,542,989
Regulatory assets -- -- 62,077
Other -- -- 53,449
Goodwill and other
intangibles -- -- 49,664
Investment in wholly owned
subsidiaries, at equity -- (825,066) --
--- -------- ----------
$-- (875,840) $4,521,592
=== ======== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
--------------------------
Accounts payable $-- 22,319 $ 88,628
Deposit liabilities -- -- 2,091,583
Short-term borrowings -- 28,455 40,416
Advances from
Federal Home Loan Bank -- -- 289,674
Long-term debt, net -- -- 697,836
Deferred income taxes -- -- 168,329
Unamortized tax credits -- -- 44,357
Contributions in aid
of construction -- -- 165,005
Other -- -- 197,713
--- -------- ----------
-- 50,774 3,783,541
--- -------- ----------
Preferred stock of electric
utility subsidiaries
Subject to mandatory
redemption -- -- 46,730
Not subject to
mandatory
redemption -- -- 48,293
--- -------- ----------
-- -- 95,023
--- -------- ----------
Stockholders' equity
Common stock -- 560,608 514,710
Retained earnings
(deficit) -- 264,458 128,318
--- -------- ----------
-- 825,066 643,028
--- -------- ----------
$-- 875,840 $4,521,592
=== ======== ==========
</TABLE>
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HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Income Information (Page 1 of 2) Page 3 of 5
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Hawaiian Malama Electric HEI
Electric Tug & Barge HEI Pacific Company, Diversified,
Industries, Corp. and Investment Corp. and Inc. and Inc. and
Inc. subsidiary Corp. subsidiaries subsidiaries subsidiaries
----------- ---------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- -- 879,110 $ --
Savings bank -- -- -- -- -- 199,734
Other 3,353 47,027 2,197 17,239 -- 815
Equity in net income
of subsidiaries 79,584 -- -- -- -- --
-------- ------ ----- ------ ------- --------
82,937 47,027 2,197 17,239 879,110 200,549
-------- ------ ----- ------ ------- --------
EXPENSES
Electric utility -- -- -- -- 759,545 --
Savings bank -- -- -- -- -- 155,617
Other 7,692 47,140 204 17,809 -- 56
-------- ------ ----- ------ ------- --------
7,692 47,140 204 17,809 759,545 155,673
-------- ------ ----- ------ ------- --------
OPERATING INCOME (LOSS)
Electric utility -- -- -- -- 119,565 --
Savings bank -- -- -- -- -- 44,117
Other 75,245 (113) 1,993 (570) -- 759
-------- ------ ----- ------ ------- --------
75,245 (113) 1,993 (570) 119,565 44,876
-------- ------ ----- ------ ------- --------
Interest expense-electric
utility and other (18,355) (1,234) (158) (1,907) (35,287) (25)
Allowance for borrowed funds
used during construction -- -- -- -- 3,869 --
Preferred stock dividends of
electric utility subsidiaries -- -- -- -- (2,097) --
Allowance for equity funds used
during construction -- -- -- -- 6,973 --
-------- ------ ----- ------ ------- --------
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAX
EXPENSE AND PREFERRED STOCK
DIVIDENDS OF HECO 56,890 (1,347) 1,835 (2,477) 93,023 44,851
Income tax expense (benefit) (9,614) 798 (93) (22) 36,897 19,120
-------- ------ ----- ------ ------- --------
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE PREFERRED
STOCK DIVIDENDS OF HECO 66,504 (2,145) 1,928 (2,455) 56,126 25,731
Preferred stock dividends
of HECO -- -- -- -- 4,421 --
-------- ------ ----- ------ ------- --------
INCOME (LOSS) FROM
CONTINUING OPERATIONS 66,504 (2,145) 1,928 (2,455) 51,705 25,731
INCOME (LOSS) FROM
DISCONTINUED OPERATIONS (17,845) -- -- -- -- 4,820
-------- ------ ----- ------ ------- --------
NET INCOME (LOSS) $ 48,659 (2,145) 1,928 (2,455) 51,705 $ 30,551
======== ====== ===== ====== ======= ========
</TABLE>
Continued on next page.
<PAGE> 15
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Income Information (Page 2 of 2) Page 4 of 5
Year ended December 31, 1993
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Hawaiian
Electric Reclassifi-
Renewable cations
Systems, Inc. and
and Eliminations
subsidiary Dr. (Cr.) Consolidated
------------- ------------ ------------
<S> <C> <C> <C>
REVENUES
Electric utility $ -- -- $ 879,110
Savings bank -- -- 199,734
Other -- 7,305 63,326
Equity in net income
of subsidiaries -- 79,584 --
------ ------ ----------
-- 86,889 1,142,170
------ ------ ----------
EXPENSES
Electric utility -- -- 759,545
Savings bank -- -- 155,617
Other -- (3,531) 69,370
------ ------ ----------
-- (3,531) 984,532
------ ------ ----------
OPERATING INCOME (LOSS)
Electric utility -- -- 119,565
Savings bank -- -- 44,117
Other -- 83,358 (6,044)
------ ------ ----------
-- 83,358 157,638
------ ------ ----------
Interest expense-electric
utility and other -- (3,774) (53,192)
Allowance for borrowed funds
used during construction -- -- 3,869
Preferred stock dividends of
electric utility subsidiaries -- 4,421 (6,518)
Allowance for equity funds used
during construction -- -- 6,973
------ ------ ----------
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAX
EXPENSE AND PREFERRED STOCK
DIVIDENDS OF HECO -- 84,005 108,770
Income tax expense (benefit) -- -- 47,086
------ ------ ----------
INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE PREFERRED
STOCK DIVIDENDS OF HECO -- 84,005 61,684
Preferred stock dividends
of HECO -- (4,421) --
------ ------ ----------
INCOME (LOSS) FROM
CONTINUING OPERATIONS -- 79,584 61,684
INCOME (LOSS) FROM
DISCONTINUED OPERATIONS -- -- (13,025)
------ ------ ----------
NET INCOME $ -- 79,584 $ 48,659
====== ====== ==========
</TABLE>
<PAGE> 16
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Retained Earnings Information Page 5 of 5
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Hawaiian Malama Electric HEI
Electric Tug & Barge HEI Pacific Company, Diversified,
Industries, Corp. and Investment Corp. and Inc. and Inc. and
Inc. subsidiary Corp. subsidiaries subsidiaries subsidiaries
----------- ----------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $138,484 9,438 (8,973) (1,829) 249,583 $(10,040)
Sale of HERS to NWP and
transfer of LVI to HEI -- -- -- -- -- --
Net income (loss) 48,659 (2,145) 1,928 (2,455) 51,705 30,551
Common stock dividends (58,825) (432) -- -- (25,887) (26,986)
-------- ------ ------- ------- ------- --------
Retained earnings (deficit),
end of year $128,318 6,861 (7,045) (4,284) 275,401 $ (6,475)
======== ====== ====== ====== ======== ========
</TABLE>
Continued below.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Hawaiian Electric Reclassifications
Renewable and
Systems, Inc. Eliminations
and subsidiary Dr. (Cr.) Consolidated
----------------- ---------------- ------------
<S> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(22,225) 215,954 $138,484
Sale of HERS to NWP and
transfer of LVI to HEI 22,225 22,225 --
Net income (loss) -- 79,584 48,659
Common stock dividends -- (53,305) (58,825)
-------- ------- --------
Retained earnings (deficit),
end of year $ -- 264,458 $128,318
======== ======= ========
</TABLE>
<PAGE> 17
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii Reclassifi-
Hawaiian Electric Maui cations
Electric Light Electric and
Company, Company, Company, Eliminations
ASSETS Inc. Inc. Limited Dr. (Cr.) Consolidated
------ ---------- -------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 8 292 1,622 -- $ 1,922
Accounts receivable and unbilled
revenues, net 71,070 16,747 19,466 (8,536) 98,747
Inventories, at average cost 23,227 5,047 10,153 -- 38,427
Property, plant and equipment, net 942,219 278,146 240,939 -- 1,461,304
Regulatory assets 50,507 6,524 3,581 -- 60,612
Other 20,628 13,252 8,384 -- 42,264
Investment in wholly owned
subsidiaries, at equity 200,007 -- -- (200,007) --
---------- ------- ------- -------- ----------
$1,307,666 320,008 284,145 (208,543) $1,703,276
========== ======= ======= ======== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
Accounts payable $ 34,704 9,725 7,757 (5,898) $ 58,084
Short-term borrowings 47,428 2,000 -- 8,500 40,928
Long-term debt, net 288,227 94,769 101,740 -- 484,736
Deferred income taxes 97,978 (1,241) 10,712 -- 107,449
Unamortized tax credits 26,898 8,050 8,400 -- 43,348
Contributions in aid of construction 99,868 43,480 21,657 -- 165,005
Other 80,707 42,387 20,880 5,934 138,040
---------- ------- ------- -------- ----------
675,810 199,170 171,146 8,536 1,037,590
---------- ------- ------- -------- ----------
Preferred stock
Subject to mandatory redemption 30,900 8,400 7,430 -- 46,730
Not subject to mandatory
redemption 30,293 10,000 8,000 -- 48,293
---------- ------- ------- --------- ----------
61,193 18,400 15,430 -- 95,023
---------- ------- ------- --------- ----------
Stockholder's equity
Common stock 295,262 68,426 54,705 123,131 295,262
Retained earnings 275,401 34,012 42,864 76,876 275,401
---------- ------- ------- --------- ----------
570,663 102,438 97,569 200,007 570,663
---------- ------- ------- --------- ----------
$1,307,666 320,008 284,145 208,543 $1,703,276
========== ======= ======= ========= ==========
</TABLE>
<PAGE> 18
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii Reclassifi-
Hawaiian Electric Maui cations
Electric Light Electric and
Company, Company, Company, Eliminations
Inc. Inc. Limited Dr. (Cr.) Consolidated
-------- -------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Electric utility $650,827 114,571 115,151 1,439 $879,110
Equity in net income of subsidiaries 15,081 -- -- 15,081 --
-------- ------- ------- ------ --------
665,908 114,571 115,151 16,520 879,110
-------- ------- ------- ------ --------
EXPENSES 567,804 97,359 94,382 -- 759,545
-------- ------- ------- ------ --------
OPERATING INCOME 98,104 17,212 20,769 16,520 119,565
Interest expense--electric utility and
other (22,446) (7,292) (6,988) (1,439) (35,287)
Allowance for borrowed funds used
during construction 2,057 447 1,365 -- 3,869
Preferred stock dividends of electric
utility subsidiaries -- -- -- 2,097 (2,097)
Allowance for equity funds used during
construction 4,561 903 1,509 -- 6,973
-------- ------- ------- ------ --------
INCOME BEFORE INCOME TAX EXPENSE
AND PREFERRED STOCK DIVIDENDS 82,276 11,270 16,655 17,178 93,023
Income tax expense 26,150 4,360 6,387 -- 36,897
-------- ------- ------- ------ --------
INCOME BEFORE PREFERRED STOCK
DIVIDENDS 56,126 6,910 10,268 17,178 56,126
Preferred stock dividends of HECO 4,421 1,103 994 (2,097) 4,421
-------- ------- ------- ------ --------
NET INCOME $ 51,705 5,807 9,274 15,081 $ 51,705
======== ======= ======= ====== ========
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii Reclassifi-
Hawaiian Electric Maui cations
Electric Light Electric and
Company, Company, Company, Eliminations
Inc. Inc. Limited Dr. (Cr.) Consolidated
-------- -------- -------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings, beginning of year $249,583 30,947 38,480 69,427 $249,583
Net income 51,705 5,807 9,274 15,081 51,705
Common stock dividends (25,887) (2,742) (4,890) (7,632) (25,887)
-------- ------- ------- ------ --------
Retained earnings, end of year $275,401 34,012 42,864 76,876 $275,401
======== ======= ======= ====== ========
</TABLE>
<PAGE> 19
HEI DIVERSIFIED INC. AND SUBSIDIARIES Exhibit A-2
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American The Hawaiian Reclassifi-
Savings Insurance & cations
HEI Bank, Guaranty and
Diversified, F.S.B. and Co., Ltd. and Eliminations
ASSETS Inc. subsidiaries subsidiaries Dr. (Cr.) Consolidated
- ------------------------ ------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 4 77,610 -- -- $ 77,614
Accounts receivable and
unbilled revenues, net 8,361 14,176 -- -- 22,537
Loans receivable, net -- 1,735,098 -- -- 1,735,098
Marketable securities -- 698,755 -- -- 698,755
Property, plant and
equipment, net -- 39,581 -- -- 39,581
Other -- 3,601 -- -- 3,601
Goodwill and other
intangibles -- 49,664 -- -- 49,664
Investment in wholly owned
subsidiaries, at equity 184,511 -- -- (184,511) --
-------- --------- ------- -------- ----------
$192,876 2,618,485 -- (184,511) $2,626,850
======== ========= ======= ======== ==========
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ------------------------
Accounts payable $ 4,504 30,997 -- -- $ 35,501
Deposit liabilities -- 2,091,583 -- -- 2,091,583
Advances from
Federal Home Loan Bank -- 289,674 -- -- 289,674
Deferred income taxes (123) 9,747 -- -- 9,624
Unamortized tax credits 1 -- -- -- 1
Other (507) 11,973 -- -- 11,466
-------- --------- ------- -------- ----------
3,875 2,433,974 -- -- 2,437,849
-------- --------- ------- -------- ----------
Stockholder's equity
Common stock 195,476 139,783 56,508 196,291 195,476
Retained earnings (6,475) 44,728 (56,508) (11,780) (6,475)
-------- --------- ------- -------- ----------
189,001 184,511 -- 184,511 189,001
-------- --------- ------- -------- ----------
$192,876 2,618,485 -- 184,511 $2,626,850
======== ========= ======= ======== ==========
</TABLE>
<PAGE> 20
HEI DIVERSIFIED, INC. AND SUBSIDIARIES Exhibit A-2
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American The Hawaiian Reclassifi-
Savings Insurance & cations
HEI Bank, Guaranty and
Diversified, F.S.B. and Co., Ltd. and Eliminations
Inc. subsidiaries subsidiaries Dr. (Cr.) Consolidated
------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Savings bank $ -- 199,734 -- -- $199,734
Other 815 -- -- -- 815
Equity in net income
of subsidiaries 25,282 -- -- 25,282 --
------- ------- ------- ------ --------
26,097 199,734 -- 25,282 200,549
------- ------- ------- ------ --------
EXPENSES
Savings bank -- 155,617 -- -- 155,617
Other 56 -- -- -- 56
------- ------- ------- ------ --------
56 155,617 -- -- 155,673
------- ------- ------- ------ --------
OPERATING INCOME
Savings bank -- 44,117 -- -- 44,117
Other 26,041 -- -- 25,282 759
------- ------- ------- ------ --------
26,041 44,117 -- 25,282 44,876
------- ------- ------- ------ --------
Interest expense-electric
utility and other (25) -- -- -- (25)
------- ------- ------- ------ --------
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAX EXPENSE 26,016 44,117 -- 25,282 44,851
Income tax expense 285 18,835 -- -- 19,120
------- ------- ------- ------ --------
INCOME FROM CONTINUING
OPERATIONS 25,731 25,282 -- 25,282 25,731
INCOME FROM DISCONTINUED
OPERATIONS 4,820 -- -- -- 4,820
------- ------- ------- ------ --------
NET INCOME $30,551 25,282 -- 25,282 $ 30,551
======= ======= ======= ====== ========
</TABLE>
HEI DIVERSIFIED, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American The Hawaiian Reclassifi-
Savings Insurance & cations
HEI Bank, Guaranty and
Diversified, F.S.B. and Co., Ltd. and Eliminations
Inc. subsidiaries subsidiaries Dr. (Cr.) Consolidated
------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(10,040) 33,032 (56,508) (23,476) $(10,040)
Net income 30,551 25,282 -- 25,282 30,551
Common stock dividends (26,986) (13,586) -- (13,586) (26,986)
-------- ------- ------- ------- --------
Retained earnings (deficit),
end of year $ (6,475) 44,728 (56,508) (11,780) $ (6,475)
======== ======= ======= ======= ========
</TABLE>
<PAGE> 21
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-2-1
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
American cations
American Savings Ad- and
Savings Investment ASB Communi- Associated Elimi-
Bank, Services Service cations, Mortgage, nations Consoli-
ASSETS F.S.B. Corp. Corp. Inc. Inc. Dr. (Cr.) dated
- ----------------------- ---------- ----------- ------- ------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 77,610 974 110 107 399 (1,590) $ 77,610
Accounts receivable and
unbilled revenues, net 14,176 -- -- -- -- -- 14,176
Loans receivable, net 1,735,098 -- -- -- -- -- 1,735,098
Marketable securities 698,755 -- -- -- -- -- 698,755
Property, plant and
equipment, net 39,441 64 42 -- 34 -- 39,581
Other 3,575 43 -- 51 3 (71) 3,601
Goodwill and other
intangibles 49,652 12 -- -- -- -- 49,664
Investment in wholly owned
subsidiaries, at equity 1,229 -- -- -- -- (1,229) --
---------- ----- --- --- --- ------ ----------
$2,619,536 1,093 152 158 436 (2,890) $2,618,485
========== ===== === === === ====== ==========
LIABILITIES AND
STOCKHOLDER'S EQUITY
- -----------------------
Accounts payable $ 30,997 -- -- -- -- -- $ 30,997
Deposit liabilities 2,093,173 -- -- -- -- 1,590 2,091,583
Advances from
Federal Home Loan Bank 289,674 -- -- -- -- -- 289,674
Deferred income taxes 9,747 -- -- -- -- -- 9,747
Other 11,434 469 -- 21 120 71 11,973
--------- --- --- --- --- ------ ----------
2,435,025 469 -- 21 120 1,661 $2,433,974
--------- --- --- --- --- ------ ----------
Stockholder's equity
Common stock 139,783 10 209 61 439 719 139,783
Retained earnings (deficit) 44,728 614 (57) 76 (123) 510 44,728
---------- --- --- --- ---- ------ ----------
184,511 624 152 137 316 1,229 184,511
---------- ----- --- --- ---- ------ ----------
$2,619,536 1,093 152 158 436 2,890 $2,618,485
========== ===== === === ==== ====== ==========
</TABLE>
<PAGE> 22
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-2-1
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
American cations
American Savings AdCom- and
Savings Investment ASB muni Associated Elimi-
Bank, Services Service cations, Mortgage, nations Consoli-
F.S.B. Corp. Corp. Inc. Inc. Dr. (Cr.) dated
-------- ----------- ------- -------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES
Savings bank $197,840 2,196 -- 114 444 860 $199,734
Equity in net income
of subsidiaries 498 -- -- -- -- 498 --
-------- ----- --- --- --- ----- --------
198,338 2,196 -- 114 444 1,358 199,734
-------- ----- --- --- --- ----- --------
EXPENSES 154,514 1,496 28 61 378 (860) 155,617
-------- ----- --- --- --- ----- --------
OPERATING INCOME (LOSS) 43,824 700 (28) 53 66 498 44,117
Income tax expense 18,542 273 -- 20 -- -- 18,835
-------- ----- --- --- --- ----- --------
NET INCOME (LOSS) $ 25,282 427 (28) 33 66 498 $ 25,282
======== ===== === === === ===== ========
</TABLE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
American cations
American Savings AdCom- and
Savings Investment ASB muni Associated Elimi-
Bank, Services Service cations, Mortgage, nations Consoli-
F.S.B. Corp. Corp. Inc. Inc. Dr. (Cr.) dated
-------- ----------- ------- -------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ 33,032 1,287 (29) 43 (189) 1,112 $ 33,032
Net income (loss) 25,282 427 (28) 33 66 498 25,282
Common stock dividends (13,586) (1,100) -- -- -- (1,100) (13,586)
-------- ------ --- -- ---- ------ --------
Retained earnings (deficit),
end of year $ 44,728 614 (57) 76 (123) 510 $ 44,728
======== ====== === == ==== ====== ========
</TABLE>
<PAGE> 23
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-3
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
Hawaiian cations
Tug & Young and
Barge Brothers, Eliminations
Corp. Limited Dr. (Cr.) Consolidated
-------- --------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
--------------------------------------------------
Cash and equivalents $ 4,323 11 -- $ 4,334
Accounts receivable and unbilled revenues, net 1,169 4,450 (330) 5,289
Inventories, at average cost 192 786 -- 978
Other investments 153 18 -- 171
Property, plant and equipment, net 8,975 30,183 -- 39,158
Regulatory assets -- 1,465 -- 1,465
Other 7,411 474 (4,770) 3,115
Investment in wholly owned subsidiaries, at equity 15,293 -- (15,293) --
------- ------ ------- -------
$37,516 37,387 (20,393) $54,510
======= ====== ======= =======
LIABILITIES AND STOCKHOLDER'S EQUITY
--------------------------------------------------
Accounts payable $ 761 1,293 330 $ 1,724
Short-term borrowings (3,308) 5,146 -- 1,838
Long-term debt, net 12,600 4,770 4,770 12,600
Deferred income taxes (20) 3,941 -- 3,921
Unamortized tax credits 212 758 -- 970
Other 2,681 6,186 -- 8,867
------- ------ ------- -------
12,926 22,094 5,100 29,920
------- ------ ------- -------
Stockholder's equity
Common stock 17,729 7,414 7,414 17,729
Retained earnings 6,861 7,879 7,879 6,861
------- ------ ------- -------
24,590 15,293 15,293 24,590
------- ------ ------- -------
$37,516 37,387 20,393 $54,510
======= ====== ======= =======
</TABLE>
<PAGE> 24
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-3
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
cations
Hawaiian Young and
Tug & Brothers, Eliminations
Barge Corp. Limited Dr. (Cr.) Consolidated
----------- --------- ------------ ------------
<S> <C> <C> <C> <C>
REVENUES
Other $ 8,826 40,744 2,543 $47,027
Equity in net income of subsidiary 692 -- 692 --
------- ------ ------ -------
9,518 40,744 3,235 47,027
------- ------ ------ -------
EXPENSES 10,084 38,985 (1,929) 47,140
------- ------ ------ -------
OPERATING INCOME (LOSS) (566) 1,759 1,306 (113)
Interest expense--electric utility and other (1,230) (618) (614) (1,234)
------- ------ ------ -------
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (1,796) 1,141 692 (1,347)
Income tax expense 349 449 -- 798
------- ------ ------ -------
NET INCOME (LOSS) $(2,145) 692 692 $(2,145)
======= ====== ====== =======
</TABLE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
cations
Hawaiian Young and
Tug & Brothers, Eliminations
Barge Corp. Limited Dr. (Cr.) Consolidated
----------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Retained earnings, beginning of year $ 9,438 7,619 7,619 $ 9,438
Net income (loss) (2,145) 692 692 (2,145)
Common stock dividends (432) (432) (432) (432)
------- ------ ------ -------
Retained earnings, end of year $ 6,861 7,879 7,879 $ 6,861
======= ====== ====== =======
</TABLE>
<PAGE> 25
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4
December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama Malama
Malama Malama ML Water- Property Malama
Pacific Project-I, Holdings, front Invest. Dev.
ASSETS Corp. Inc. Ltd. Corp. Corp. Corp.
----------------------------------- ---------- ------------ -------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ (12) -- -- -- -- $ 12
Accounts receivable and unbilled
revenues, net 1,228 -- 8 -- 1 50
Real estate developments 430 -- -- -- -- 14,508
Other investments (6) -- -- -- -- 2,210
Property, plant and equipment, net 50 -- -- -- -- 3
Other 43,536 -- -- -- -- 375
Investment in wholly owned
subsidiaries, at equity (5,836) -- -- -- -- --
------- ------ -- ------ -- -------
$39,390 -- 8 -- 1 $17,158
======= ====== == ====== == =======
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
Accounts payable $ 698 954 -- -- -- $ 163
Short-term borrowings 13,607 -- -- 1,356 -- 16,412
Deferred income taxes (137) -- 9 24 -- 2
Unamortized tax credits 2 -- -- -- -- --
Other (471) 83 -- -- -- (1,559)
------- ------ -- ------ -- -------
13,699 1,037 9 1,380 -- 15,018
------- ------ -- ------ -- -------
Stockholder's equity
Common stock 29,975 150 1 616 1 4,501
Retained earnings (deficit) (4,284) (1,187) (2) (1,996) -- (2,361)
------- ------ -- ------ -- -------
25,691 (1,037) (1) (1,380) 1 2,140
------- ------ -- ------ -- -------
$39,390 -- 8 -- 1 $17,158
======= ====== == ====== == =======
</TABLE>
Continued on next page.
<PAGE> 26
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4
December 31, 1993
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
Malama Malama Malama and
Makakilo Mohala Elua Eliminations
ASSETS Corp. Corp. Corp. Dr. (Cr.) Consolidated
----------------------------------- -------- ------ ------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ -- 3 -- -- $ 3
Accounts receivable and unbilled
revenues, net 18 47 59 (1,108) 303
Real estate developments -- 14,735 -- -- 29,673
Other investments -- 14,964 326 -- 17,494
Property, plant and equipment, net -- 19 -- -- 72
Other -- 158 -- (41,936) 2,133
Investment in wholly owned
subsidiaries, at equity -- -- -- 5,836 --
--- ------ --- ------- -------
$ 18 29,926 385 (37,208) $49,678
==== ====== === ======= =======
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------
Accounts payable $ -- 92 -- 1,108 $ 799
Short-term borrowings -- 35,272 384 41,936 25,095
Deferred income taxes (19) -- -- -- (121)
Unamortized tax credits -- -- -- -- 2
Other (4) 163 -- -- (1,788)
--- ------ --- ------- -------
(23) 35,527 384 43,044 23,987
--- ------ --- ------- -------
Stockholder's equity
Common stock 1 1 1 5,272 29,975
Retained earnings (deficit) 40 (5,602) -- (11,108) (4,284)
--- ------ --- ------- -------
41 (5,601) 1 (5,836) 25,691
--- ------ --- ------- -------
$18 29,926 385 37,208 $49,678
=== ====== === ======= =======
</TABLE>
<PAGE> 27
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4
Consolidating Schedule - Income Information Page 3 of 4
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama Malama
Malama Malama ML Water- Property Malama
Pacific Project-I, Holdings, front Invest. Dev.
Corp. Inc. Ltd. Corp. Corp. Corp.
-------- ---------- --------- ------ -------- ------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Other $ 2,254 -- (16) -- -- $ 4,666
Equity in net loss of subsidiaries (3,169) -- -- -- -- --
------- --- --- ---- --- -------
(915) -- (16) -- -- 4,666
------- --- --- ---- --- -------
EXPENSES 586 -- (9) 391 -- 4,942
------- --- --- ---- --- -------
OPERATING INCOME (LOSS) (1,501) -- (7) (391) -- (276)
Interest expense -- electric utility
and other (1,003) -- 19 (47) -- (1,246)
------- --- --- ---- --- -------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE (2,504) -- 12 (438) -- (1,522)
Income tax expense (benefit) (49) -- 4 1 -- --
------- --- --- ---- --- -------
NET INCOME (LOSS) $(2,455) -- 8 (439) -- $(1,522)
======= === === ==== === =======
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Income Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
Malama Malama Malama and
Makakilo Mohala Elua Eliminations
Corp. Corp. Corp. Dr. (Cr.) Consolidated
-------- ------ ------ ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Other $31 12,397 -- 2,093 $17,239
Equity in net loss of subsidiaries -- -- -- (3,169) --
--- ------ ---- ------ -------
31 12,397 -- (1,076) 17,239
--- ------ ---- ------ -------
EXPENSES -- 11,899 -- -- 17,809
--- ------ ---- ------ -------
OPERATING INCOME (LOSS) 31 498 -- (1,076) (570)
Interest expense -- electric utility
and other -- (1,723) -- (2,093) (1,907)
--- ------ ---- ------ -------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE 31 (1,225) -- (3,169) (2,477)
Income tax expense (benefit) 22 -- -- -- (22)
--- ------ ---- ------ -------
NET INCOME (LOSS) $ 9 (1,225) -- (3,169) $(2,455)
=== ====== ==== ====== =======
</TABLE>
<PAGE> 28
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-4
Consolidating Schedule - Retained Earnings Information Page 4 of 4
Year ended December 31, 1993
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama Malama
Malama Malama ML Water- Property Malama
Pacific Project-I, Holdings, front Invest. Dev.
Corp. Inc. Ltd. Corp. Corp. Corp.
------- ---------- --------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(1,829) (1,187) (10) (1,557) -- $ (839)
Acquisition of control of joint
venture -- -- -- -- -- --
Dividends -- -- -- -- -- --
Net income (loss) (2,455) -- 8 (439) -- (1,522)
------- ------ --- ------ ---- -------
Retained earnings (deficit),
end of year $(4,284) (1,187) (2) (1,996) -- $(2,361)
======= ====== === ====== ==== =======
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1993
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
Malama Malama Malama and
Makakilo Mohala Elua Eliminations
Corp. Corp. Corp. Dr. (Cr.) Consolidated
------- ------ ------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ 3,431 (5,001) -- ( 5,163) $(1,829)
Acquisition of control of joint
venture -- 624 -- 624 --
Dividends (3,400) -- -- (3,400) --
Net income (loss) 9 (1,225) -- (3,169) (2,455)
------- ------ ---- ------- -------
Retained earnings (deficit),
end of year $ 40 (5,602) -- (11,108) $(4,284)
======= ====== ==== ======= =======
</TABLE>
<PAGE> 29
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit B
FINANCIAL DATA SCHEDULE Page 1 of 1
(in thousands)
<TABLE>
<CAPTION>
Year ended
December 31,
Item No. 1993
-------- ------------
<S> <C> <C>
1 Total Assets (at December 31) . . . . . . . . . . . . . . . $4,521,592
2 Total Operating Revenues . . . . . . . . . . . . . . . . . 1,142,170
3 Net Income . . . . . . . . . . . . . . . . . . . . . . . . 48,659
</TABLE>
