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Previous: HANCOCK JOHN LIMITED TERM GOVERNMENT FUND, NSAR-B, 1995-02-24 |
Next: HELLER FINANCIAL INC, 424B3, 1995-02-24 |
<PAGE>
Page 1 of 11
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. and
HAWAIIAN ELECTRIC COMPANY, INC.
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), HEI Diversified, Inc. (HEIDI)
and Pacific Energy Conservation Services, Inc. (PECS). HECO continues as the
parent company 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) (until it was dissolved on January 12, 1995), Malama Property
<PAGE>
Page 2 of 11
Investment Corp. (MPIC), Malama Waterfront Corp. (MWC), Malama Development Corp.
(MDC), Malama Realty Corp. (MRC), Malama Elua Corp. (MElC), Malama Hoaloha Corp.
(MHC), TMG Service Corp. (TMG) (formerly Malama Kolu Corp.) 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 Corporation.
HEIDI was the holder of record of the common stock of The Hawaiian Insurance &
Guaranty Company, Limited (HIG) until August 16, 1994, when HEIDI surrendered
the stock of HIG for cancellation.
HECO was incorporated under the laws of the Kingdom of Hawaii on October
13, 1891, under the name of The Hawaiian Electric Company, Limited. Its name was
changed to Hawaiian Electric Company, Inc., on March 16, 1964. Its principal
executive office is located at 900 Richards Street, Honolulu, Hawaii 96813. It
is a regulated operating electric public utility engaged in the production,
purchase, transmission, distribution and sale of electricity on the island of
Oahu, State of Hawaii. HELCO was incorporated under the laws of the Republic of
Hawaii on December 5, 1894. Its principal executive office is located at 1200
Kilauea Avenue, Hilo, Hawaii 96720. It is a regulated operating electric public
utility engaged in the production, purchase, transmission, distribution and sale
of electricity on the island of Hawaii, State of Hawaii. MECO was incorporated
under the laws of the Territory of Hawaii on April 28, 1921, and purchased the
franchise and certain assets of Island Electric Company, Limited, which had been
organized in 1911. Its principal executive office is located at 210 Kamehameha
Avenue, Kahului, Maui, Hawaii 96732. It is a regulated operating electric
public utility engaged in the production, purchase, transmission, distribution
and sale of electricity on the islands of Maui, Lanai and Molokai, all located
in the State of Hawaii.
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
<PAGE>
Page 3 of 11
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 the 1984 Form U-3A-2 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, MPIC and MWC were incorporated on
December 30, 1988, MDC was incorporated on December 15, 1989, MRC, MElC, MHC,
TMG 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.
Dillingham Tug & Barge Corporation was incorporated under the laws of the
State of Hawaii on March 16, 1972, and its name was changed to Hawaiian Tug &
Barge Corp. on October 1, 1986 when HTB was acquired from Dillingham
Corporation. Its principal executive office is located at 705 N. Nimitz Highway,
Honolulu, Hawaii 96817. It is a nonutility company
<PAGE>
Page 4 of 11
organized to provide charter towing and harbor-assist services 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 company organized to transport 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 facilities within the State of
Hawaii.
HEIDI was incorporated under the laws of the State of Hawaii on January 6,
1988. Its principal executive office is located at 900 Richards Street,
Honolulu, Hawaii 96813. It is a nonutility holding company which currently
conducts no business and owns no material assets other than the common stock of
ASB. ASB was chartered by the Federal Home Loan Bank on January 23, 1987, and is
qualified to do business in the State of Hawaii. Its wholly owned subsidiaries
were incorporated under the laws of the State of Hawaii. The principal executive
offices of ASB and its subsidiaries are located at 915 Fort Street Mall,
Honolulu, Hawaii 96813. ASB and its subsidiaries are nonutility companies
providing financial and related services. 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 ASISC markets insurance products.
<PAGE>
Page 5 of 11
PECS was incorporated under the laws of the State of Hawaii on August 12,
1994. Its principal executive office is located at 900 Richards Street,
Honolulu, Hawaii 96813. It is a nonutility service company formed to promote
energy conservation in Hawaii and the Pacific Basin. PECS had no operations in
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, HEIDI and PECS. 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. HECO, HELCO and MECO own transmission and
distribution systems serving the islands of Oahu; Hawaii; and Maui, Lanai and
Molokai, respectively. No transmission lines of any such companies deliver or
receive electric energy at the borders of the State. The companies own office,
general services and warehousing buildings located on the islands of Oahu,
Hawaii, Maui, Lanai and Molokai.
HECO owns and operates three electric generating plants located on the
island of Oahu, with an aggregate generating capability of 1,263 megawatts as of
December 31, 1994. HECO's power purchase agreement with Kalaeloa Partners, L.P.
and AES Barbers Point, Inc. each provided an additional 180 megawatts of firm
generating capability as of December 31, 1994. HECO's power purchase agreement
with Honolulu Resource Recovery Venture provided an additional 46 megawatts of
firm generating capability as of December 31, 1994.
HELCO owns and operates electric generating equipment with an aggregate
generating capability of approximately 154 megawatts as of December 31, 1994.
Its five power plants are
<PAGE>
Page 6 of 11
located on the island of Hawaii. As of December 31, 1994, HELCO's power purchase
agreement with Puna Geothermal Ventures provided HELCO with an additional 25
megawatts of firm generating capability. As of December 31, 1994, HELCO had a
power purchase agreement with Hilo Coast Processing Company (HCPC) for an
additional 18 megawatts of firm generating capability. On December 12, 1994,
HCPC filed a Chapter 11 bankruptcy petition and advised HELCO that it would
cease operating its plant in December 1994. HELCO obtained a temporary
restraining order requiring HCPC to continue operations of the HCPC facility
through January 6, 1995, with HELCO to pay an additional amount for the power
HCPC supplies and to provide diesel fuel for the plant once HCPC's coal fuel
supplies are exhausted. On January 5, 1995, HELCO and HCPC entered into an
agreement in principle, subject to the negotiation and execution of a definitive
agreement amending the existing power purchase agreement. The agreement in
principle contemplates that HCPC would continue to operate its plant through
December 1999 at an output of up to 22 megawatts. On January 6, 1995, the
bankruptcy court approved a stipulation extending the temporary restraining
order for up to 60 days to allow the parties time to negotiate the definitive
agreement and a request for a further extension to May 31, 1995 is to be filed
shortly. The definitive agreement must be approved by the bankruptcy court and
is subject to cancellation by HELCO if not approved by the PUC within 180 days
of its execution.
MECO owns and operates electric generating equipment located on the islands
of Maui, Lanai and Molokai, with an aggregate generating capability of
approximately 220 megawatts as of December 31, 1994. A power purchase agreement
with a sugar company provided MECO with an additional 16 megawatts of firm
generating capability as of December 31, 1994.
LVI owns and operates a windfarm on the island of Hawaii. The Lalamilo
Wells windfarm at Waikoloa consists of 67 operating wind machines with a total
operating capacity of 1.25 megawatts as of December 31, 1994.
3. The following information for the last calendar year with
respect to claimant and each of its subsidiary public utility
companies:
<PAGE>
Page 7 of 11
(a) Number of kwh. of electric energy sold (at retail or wholesale),
and Mcf. of natural or manufactured gas distributed at retail.
In 1994, HEI sold no kilowatthours of electric energy, HECO sold at retail
6,797,363,706 kwh. of electric energy, HELCO sold at retail 835,666,349 kwh. of
electric energy, and MECO sold at retail 960,117,180 kwh of electric energy.
LVI sold 4,388,160 kwh. of electric energy, of which 646,800 kwh. was sold
at wholesale to HELCO at rates approved by the PUC and 3,741,360 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.
(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
<PAGE>
Page 8 of 11
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.
<PAGE>
Page 9 of 11
EXHIBIT A
Unaudited consolidating statements of income and retained earnings of
Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar
year 1994, together with an unaudited consolidating balance sheet of Hawaiian
Electric Industries, Inc. and its subsidiary companies as of December 31, 1994,
is attached hereto as Exhibit A.
Unaudited consolidating statements of income and retained earnings for the
calendar year 1994 for Hawaiian Electric Company, Inc. and its subsidiary
companies, for HEI Diversified, Inc. and its subsidiary company, for American
Savings Bank, F.S.B. and its subsidiary companies, for Hawaiian Tug & Barge
Corp. and its subsidiary company, and for Malama Pacific Corp. and its
subsidiary companies, together with unaudited consolidating balance sheets for
said companies and their respective subsidiaries as of December 31, 1994, are
attached hereto as Exhibits A-1 through A-5.
EXHIBIT B
The unaudited financial data schedules are attached hereto as Exhibit B.
<PAGE>
Page 10 of 11
Each of the above-named claimants has caused this statement to be duly
executed on its behalf by its duly authorized officers on this 21st day of
February 1995.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
Claimant
By /s/ Robert F. Clarke
-------------------------------
Robert F. Clarke
President and
ATTEST: Chief Executive Officer
/s/ Betty Ann M. Splinter By /s/ Robert F. Mougeot
- ----------------------------- -------------------------------
Betty Ann M. Splinter Robert F. Mougeot
Secretary Financial Vice President and
Chief Financial Officer
HAWAIIAN ELECTRIC COMPANY, INC.
Claimant
By /s/ Harwood D. Williamson
-------------------------------
Harwood D. Williamson
ATTEST: President and
Chief Executive Officer
/s/ Molly M. Egged By /s/ Jackie M. Erickson
- ---------------------------- -------------------------------
Molly M. Egged Jackie M. Erickson
Secretary Vice President - General Counsel
<PAGE>
Page 11 of 11
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
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 5
December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Malama Electric
Hawaiian Tug & Barge HEI Pacific Company,
Electric Corp. and Investment Corp. and Inc. and
ASSETS Industries, Inc. subsidiary Corp. subsidiaries subsidiaries
- -------------------------------- ---------------- ------------ ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 223 15 2 169 $ 10,694
Notes receivable from
affiliated companies 27,696 2,293 -- -- --
Accounts receivable and
unbilled revenues, net 3,521 5,559 -- 460 109,143
Inventories, at average cost -- 1,052 -- -- 42,074
Real estate developments -- -- -- 33,956 --
Loans receivable, net -- -- -- -- --
Marketable securities -- -- -- -- --
Other investments 809 1,691 59,538 15,259 --
Property, plant and equipment, net 2,460 37,620 -- 76 1,590,576
Regulatory assets -- 2,733 -- -- 92,524
Other 2,296 3,618 620 2,256 44,109
Goodwill and other intangibles -- -- -- -- --
Investment in wholly owned
subsidiaries, at equity 888,651 -- -- -- --
------------ -------- -------- --------- ----------
$925,656 54,581 60,160 52,176 $1,889,120
============ ======== ======== ========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Accounts payable $ 4,824 2,040 25 497 $ 64,009
Deposit liabilities -- -- -- -- --
Short-term borrowings 15,043 -- 1,350 25,485 117,866
Securities sold under agreements
to repurchase -- -- -- -- --
Advances from
Federal Home Loan Bank -- -- -- -- --
Long-term debt, net 209,500 18,200 -- 7,954 489,586
Deferred income taxes 4,301 4,217 42,675 10 108,362
Unamortized tax credits 29 983 -- 2 44,939
Contributions in aid of -- -- -- -- 178,635
construction
Other 9,870 8,786 232 (4,507) 158,685
------------ -------- -------- --------- ----------
243,567 34,226 44,282 29,441 1,162,082
------------ -------- -------- --------- ----------
Preferred stock of electric
utility subsidiaries
Subject to mandatory
redemption -- -- -- -- 44,844
Not subject to
mandatory redemption -- -- -- -- 48,293
------------ -------- -------- --------- ----------
-- -- -- -- 93,137
------------ -------- -------- --------- ----------
Stockholders' equity
Common stock 546,254 13,229 22,166 29,975 325,366
Retained earnings (deficit) 135,835 7,126 (6,288) (7,240) 308,535
------------ -------- -------- --------- ----------
682,089 20,355 15,878 22,735 633,901
------------ -------- -------- --------- ----------
$925,656 54,581 60,160 52,176 $1,889,120
============ ======== ======== ========= ==========
</TABLE>
Note: In the Consolidating Schedules of Hawaiian Electric Industries, Inc. and
subsidiaries, the accounts of Lalamilo Ventures, Inc. are included in the
Hawaiian Electric Industries, Inc. column. Lalamilo Ventures, Inc.'s
assets had no carrying value as of December 31, 1994.
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 5
December 31, 1994
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Pacific Reclassifications
HEI Energy and
Diversified, Inc. Conservation Eliminations
ASSETS and subsidiary Services, Inc. Dr. (Cr.) Consolidated
- ---------------------------------------- ----------------- -------------- ------------------ ------------
<S> <C> <C> <C> <C>
Cash and equivalents $ 76,511 9 -- $ 87,623
Notes receivable from
affiliated companies -- -- (29,989) --
Accounts receivable and
unbilled revenues, net 16,337 -- (4,258) 130,762
Inventories, at average cost -- -- -- 43,126
Real estate developments -- -- -- 33,956
Loans receivable, net 1,824,055 -- -- 1,824,055
Marketable securities 1,099,810 -- -- 1,099,810
Other investments -- -- -- 77,297
Property, plant and equipment, net 47,090 -- -- 1,677,822
Regulatory assets -- -- -- 95,257
Other 6,402 -- -- 59,301
Goodwill and other intangibles 45,455 -- -- 45,455
Investment in wholly owned
subsidiaries, at equity -- -- (888,651) --
---------- ------- --------- ----------
$3,115,660 9 (922,898) $5,174,464
========== ======= ========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ------------------------------------
Accounts payable $ 30,025 48 4,258 $ 97,210
Deposit liabilities 2,129,310 -- -- 2,129,310
Short-term borrowings -- -- 22,989 136,755
Securities sold under agreements to repurchase 123,301 -- -- 123,301
Advances from
Federal Home Loan Bank 616,374 -- -- 616,374
Long-term debt, net -- -- 7,000 718,240
Deferred income taxes 13,365 -- -- 172,930
Unamortized tax credits 1 -- -- 45,954
Contributions in aid of construction -- -- -- 178,635
Other 7,463 -- -- 180,529
---------- ------- --------- ----------
2,919,839 48 34,247 4,399,238
---------- ------- --------- ----------
Preferred stock of electric
utility subsidiaries
Subject to mandatory redemption -- -- -- 44,844
Not subject to mandatory redemption -- -- -- 48,293
---------- ------- --------- ----------
-- -- -- 93,137
---------- ------- --------- ----------
Stockholders' equity
Common stock 155,869 10 546,615 546,254
Retained earnings (deficit) 39,952 (49) 342,036 135,835
---------- ------- --------- ----------
195,821 (39) 888,651 682,089
---------- ------- --------- ----------
$3,115,660 9 922,898 $5,174,464
========== ======= ========= ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Income Information (Page 1 of 2) Page 3 of 5
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Malama Electric
Hawaiian Tug & Barge HEI Pacific Company,
Electric Corp. and Investment Corp. and Inc. and
Industries, Inc. subsidiary Corp. subsidiaries subsidiaries
---------------- ----------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- -- $913,719
Savings bank -- -- -- -- --
Other 3,318 46,667 1,637 10,393 --
Equity in net income of subsidiaries 64,979 -- -- -- --
--------- ------- ----- ------- ---------
68,297 46,667 1,637 10,393 913,719
--------- ------- ----- ------- ---------
EXPENSES
Electric utility -- -- -- -- 777,091
Savings bank -- -- -- -- --
Other (23,335) 43,077 484 11,905 --
--------- ------- ----- ------- ---------
(23,335) 43,077 484 11,905 777,091
--------- ------- ----- ------- ---------
OPERATING INCOME (LOSS)
Electric utility -- -- -- -- 136,628
Savings bank -- -- -- -- --
Other 91,632 3,590 1,153 (1,512) --
--------- ------- ----- ------- ---------
91,632 3,590 1,153 (1,512) 136,628
--------- ------- ----- ------- ---------
Interest expense-electric
utility and other (15,195) (1,603) (55) (1,426) (37,340)
Allowance for borrowed funds
used during construction -- -- -- -- 4,043
Preferred stock dividends of
electric utility subsidiaries -- -- -- -- (2,847)
Allowance for equity funds used
during construction -- -- -- -- 9,064
--------- ------- ----- ------- ---------
INCOME (LOSS)
FROM CONTINUING OPERATIONS
BEFORE INCOME TAX EXPENSE AND
PREFERRED STOCK DIVIDENDS OF HECO 76,437 1,987 1,098 (2,938) 109,548
Income tax expense 3,407 982 341 18 43,587
--------- ------- ----- ------- ---------
INCOME (LOSS)
FROM CONTINUING OPERATIONS
BEFORE PREFERRED STOCK DIVIDENDS OF HECO 73,030 1,005 757 (2,956) 65,961
Preferred stock dividends of HECO -- -- -- -- 4,316
--------- ------- ----- ------- ---------
NET INCOME (LOSS) $ 73,030 1,005 757 (2,956) $ 61,645
========= ======= ===== ======= =========
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Income Information (Page 2 of 2) Page 4 of 5
Year ended December 31, 1994
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
HEI Pacific cations
Diversified, Energy and
Inc. and Conservation Eliminations
subsidiary Services, Inc. Dr. (Cr.) Consolidated
-------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- $ 913,719
Savings bank 215,525 -- -- 215,525
Other 65 -- 2,801 59,279
Equity in net income of subsidiaries -- -- 64,979 --
------------ -------------- ---------- ----------
215,590 -- 67,780 1,188,523
------------ -------------- ---------- ----------
EXPENSES
Electric utility -- -- -- 777,091
Savings bank 173,000 -- -- 173,000
Other 32,397 49 (278) 64,299
------------ -------------- ---------- ----------
205,397 49 (278) 1,014,390
------------ -------------- ---------- ----------
OPERATING INCOME (LOSS)
Electric utility -- -- -- 136,628
Savings bank 42,525 -- -- 42,525
Other (32,332) (49) 67,502 (5,020)
------------ -------------- ---------- ----------
10,193 (49) 67,502 174,133
------------ -------------- ---------- ----------
Interest expense-electric utility and other (932) -- (2,523) (54,028)
Allowance for borrowed funds
used during construction -- -- -- 4,043
Preferred stock dividends of
electric utility subsidiaries -- -- 4,316 (7,163)
Allowance for equity funds used
during construction -- -- -- 9,064
------------ -------------- ---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX EXPENSE AND
PREFERRED STOCK DIVIDENDS OF HECO 9,261 (49) 69,295 126,049
Income tax expense 4,684 -- -- 53,019
------------ -------------- ---------- ----------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE PREFERRED STOCK DIVIDENDS
OF HECO 4,577 (49) 69,295 73,030
Preferred stock dividends of HECO -- -- (4,316) --
------------ -------------- ---------- ----------
NET INCOME (LOSS) $ 4,577 (49) 64,979 $ 73,030
============ ============== ========== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Schedule - Retained Earnings Information Page 5 of 5
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Malama Electric
Hawaiian Tug & Barge HEI Pacific Company,
Electric Corp. and Investment Corp. and Inc. and
Industries, Inc. subsidiary Corp. subsidiaries subsidiaries
---------------- ------------ ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $128,318 6,861 (7,045) (4,284) $275,401
Cancellation of HIG stock -- -- -- -- --
Net income (loss) 73,030 1,005 757 (2,956) 61,645
Common stock dividends (65,513) (740) -- -- (28,511)
-------- ------ ------- ------ --------
Retained earnings (deficit), end of year $135,835 7,126 (6,288) (7,240) $308,535
======== ====== ====== ====== ========
</TABLE>
Continued below.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1994
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Pacific Reclassification
HEI Energy and
Diversified, Inc. and Conservation Eliminations
subsidiary Services, Inc. Dr. (Cr.) Consolidated
--------------------- -------------- ---------------- ------------
<S> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ (6,475) -- 264,458 $128,318
Cancellation of HIG stock 56,508 -- 56,508 --
Net income (loss) 4,577 (49) 64,979 73,030
Common stock dividends (14,658) -- (43,909) (65,513)
-------- ---- -------- --------
Retained earnings (deficit), end of year $ 39,952 (49) 342,036 $135,835
======== ==== ======== ========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1994
(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 $ 10,503 2 189 -- $ 10,694
Notes receivable from
affiliated companies 35,200 -- -- (35,200) --
Accounts receivable and unbilled
revenues, net 73,819 19,355 17,096 (1,127) 109,143
Inventories, at average cost 24,576 5,667 11,831 -- 42,074
Property, plant and equipment, net 1,022,971 312,027 255,578 -- 1,590,576
Regulatory assets 73,437 11,410 7,677 -- 92,524
Other 22,842 12,415 8,852 -- 44,109
Investment in wholly owned
subsidiaries, at equity 229,221 -- -- (229,221) --
---------- ------- ------- -------- ----------
$1,492,569 360,876 301,223 (265,548) $1,889,120
========== ======= ======= ======== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
- ------------------------------------
Accounts payable $ 43,436 12,159 7,894 (520) $ 64,009
Short-term borrowings 117,866 20,200 15,000 35,200 117,866
Long-term debt, net 307,103 91,877 90,606 -- 489,586
Deferred income taxes 99,849 (655) 9,168 -- 108,362
Unamortized tax credits 27,824 8,016 9,099 -- 44,939
Contributions in aid of construction 110,996 45,185 22,454 -- 178,635
Other 91,297 45,186 23,849 1,647 158,685
---------- ------- ------- -------- ----------
798,371 221,968 178,070 36,327 1,162,082
---------- ------- ------- -------- ----------
Preferred stock
Subject to mandatory redemption 30,004 8,000 6,840 -- 44,844
Not subject to mandatory
redemption 30,293 10,000 8,000 -- 48,293
---------- ------- ------- -------- ----------
60,297 18,000 14,840 -- 93,137
---------- ------- ------- -------- ----------
Stockholder's equity
Common stock 325,366 82,417 59,733 142,150 325,366
Retained earnings 308,535 38,491 48,580 87,071 308,535
---------- ------- ------- -------- ----------
633,901 120,908 108,313 229,221 633,901
---------- ------- ------- -------- ----------
$1,492,569 360,876 301,223 265,548 $1,889,120
========== ======= ======= ======== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii
Hawaiian Electric Maui Reclassifications
Electric Light Electric and
Company, Company, Company, Eliminations
Inc. Inc. Limited Dr. (Cr.) Consolidated
-------- -------- -------- ---------------- ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Electric utility $663,074 130,594 121,553 1,502 $913,719
Equity in net income of subsidiaries 18,616 -- -- 18,616 --
-------- ------- ------- ------ --------
681,690 130,594 121,553 20,118 913,719
-------- ------- ------- ------ --------
EXPENSES 568,970 110,538 97,583 -- 777,091
-------- ------- ------- ------ --------
OPERATING INCOME 112,720 20,056 23,970 20,118 136,628
Interest expense--electric utility and other (24,877) (7,215) (6,750) (1,502) (37,340)
Allowance for borrowed funds used
during construction 2,357 1,133 553 -- 4,043
Preferred stock dividends of electric
utility subsidiaries -- -- -- 2,847 (2,847)
Allowance for equity funds used during
construction 5,695 2,385 984 -- 9,064
-------- ------- ------- ------ --------
INCOME BEFORE INCOME TAX EXPENSE
AND PREFERRED STOCK DIVIDENDS 95,895 16,359 18,757 21,463 109,548
Income tax expense 29,934 6,384 7,269 -- 43,587
-------- ------- ------- ------ --------
INCOME BEFORE PREFERRED STOCK
DIVIDENDS 65,961 9,975 11,488 21,463 65,961
Preferred stock dividends 4,316 1,555 1,292 (2,847) 4,316
-------- ------- ------- ------ --------
NET INCOME $ 61,645 8,420 10,196 18,616 $ 61,645
======== ======= ======= ====== ========
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii
Hawaiian Electric Maui Reclassifications
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 $275,401 34,012 42,864 76,876 $275,401
Net income 61,645 8,420 10,196 18,616 61,645
Common stock dividends (28,511) (3,941) (4,480) (8,421) (28,511)
-------- ------ ------ ------ --------
Retained earnings, end of year $308,535 38,491 48,580 87,071 $308,535
======== ====== ====== ====== ========
</TABLE>
<PAGE>
HEI DIVERSIFIED INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American Reclassifi-
Savings cations
HEI Bank, and
Diversified, F.S.B. and Eliminations
ASSETS Inc. subsidiaries Dr. (Cr.) Consolidated
- ---------------------------------------- ------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Cash and equivalents $ 9 76,502 -- $ 76,511
Accounts receivable and
unbilled revenues, net -- 16,337 -- 16,337
Loans receivable, net -- 1,824,055 -- 1,824,055
Marketable securities -- 1,099,810 -- 1,099,810
Property, plant and
equipment, net -- 47,090 -- 47,090
Other -- 6,402 -- 6,402
Goodwill and other
intangibles -- 45,455 -- 45,455
Investment in wholly owned
subsidiaries, at equity 195,588 -- (195,588) --
------------- ------------ ------------ ------------
$195,597 3,115,651 (195,588) $3,115,660
============= ============ ============ ============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ----------------------------------------
Accounts payable $ 2,345 27,680 -- $ 30,025
Deposit liabilities -- 2,129,310 -- 2,129,310
Securities sold under
agreements to repurchase -- 123,301 -- 123,301
Advances from
Federal Home Loan Bank -- 616,374 -- 616,374
Deferred income taxes (128) 13,493 -- 13,365
Unamortized tax credits 1 -- -- 1
Other (2,442) 9,905 -- 7,463
------------- ------------ ------------ ------------
(224) 2,920,063 -- 2,919,839
------------- ------------ ------------ ------------
Stockholder's equity
Common stock 155,869 140,753 140,753 155,869
Retained earnings 39,952 54,835 54,835 39,952
------------- ------------ ------------ ------------
195,821 195,588 195,588 195,821
------------- ------------ ------------ ------------
$195,597 3,115,651 195,588 $3,115,660
============= ============ ============ ============
</TABLE>
<PAGE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American Reclassifi-
Savings cations
HEI Bank, and
Diversified, F.S.B. and Eliminations
Inc. subsidiaries Dr. (Cr.) Consolidated
------------ ------------ ------------------ ------------
<S> <C> <C> <C> <C>
REVENUES
Savings bank $ -- 215,525 -- $215,525
Other 65 -- -- 65
Equity in net income of subsidiaries 24,765 -- 24,765 --
------------ -------- ------ --------
24,830 215,525 24,765 215,590
------------ -------- ------ --------
EXPENSES
Savings bank -- 173,000 -- 173,000
Other 32,397 -- -- 32,397
------------ -------- ------ --------
32,397 173,000 -- 205,397
------------ -------- ------ --------
OPERATING INCOME (LOSS)
Savings bank -- 42,525 -- 42,525
Other (7,567) -- 24,765 (32,332)
------------ -------- ------ --------
(7,567) 42,525 24,765 10,193
------------ -------- ------ --------
Interest expense-electric utility and other (932) -- -- (932)
------------ -------- ------ --------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX EXPENSE (8,499) 42,525 24,765 9,261
Income tax expense (benefit) (13,076) 17,760 -- 4,684
------------ -------- ------ --------
NET INCOME $ 4,577 24,765 24,765 $ 4,577
============ ======== ====== ========
</TABLE>
HEI DIVERSIFIED, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American Reclassifi-
Savings cations
HEI Bank, and
Diversified, F.S.B. and Eliminations
Inc. subsidiaries Dr. (Cr.) Consolidated
------------ ------------ ----------------- ------------
<S> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ (6,475) 44,728 44,728 $ (6,475)
Cancellation of HIG common stock 56,508 -- -- 56,508
Net income 4,577 24,765 24,765 4,577
Common stock dividends (14,658) (14,658) (14,658) (14,658)
-------- ------- ------- --------
Retained earnings, end of year $ 39,952 54,835 54,835 $ 39,952
======== ======= ======= ========
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1994
(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-
ASSETS F.S.B. Corp. Corporation Inc. Inc. Dr. (Cr.) dated
- ----------------------------- ----------- ---------- ----------- -------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 76,502 1,049 88 142 261 (1,540) $ 76,502
Accounts receivable and
unbilled revenues, net 16,337 -- -- -- -- -- 16,337
Loans receivable, net 1,824,055 -- -- -- -- -- 1,824,055
Marketable securities 1,099,810 -- -- -- -- -- 1,099,810
Property, plant and
equipment, net 46,945 66 40 -- 39 -- 47,090
Other 6,331 92 -- 49 3 (73) 6,402
Goodwill and other
intangibles 45,444 11 -- -- -- -- 45,455
Investment in wholly owned
subsidiaries, at equity 1,145 -- -- -- -- (1,145) --
----------- ---------- ----------- -------- ---------- ----------- -----------
$3,116,569 1,218 128 191 303 (2,758) $3,115,651
=========== ========== =========== ======== ========== =========== ===========
LIABILITIES AND
STOCKHOLDER'S EQUITY
- -----------------------------
Accounts payable $ 27,680 -- -- $ 27,680
Deposit liabilities 2,130,850 -- -- -- -- 1,540 2,129,310
Securities sold under
agreements to repurchase 123,301 -- -- -- -- -- 123,301
Advances from
Federal Home Loan Bank 616,374 -- -- -- -- -- 616,374
Deferred income taxes 13,493 -- -- -- -- -- 13,493
Other 9,283 600 -- 24 71 73 9,905
----------- ---------- ----------- -------- ---------- ----------- -----------
2,920,981 600 -- 24 71 1,613 2,920,063
----------- ---------- ----------- -------- ---------- ----------- -----------
Stockholder's equity
Common stock 140,753 10 209 61 439 719 140,753
Retained earnings (deficit) 54,835 608 (81) 106 (207) 426 54,835
----------- ---------- ----------- -------- ---------- ----------- -----------
195,588 618 128 167 232 1,145 195,588
----------- ---------- ----------- -------- ---------- ----------- -----------
$3,116,569 1,218 128 191 303 2,758 $3,115,651
=========== ========== =========== ======== ========== =========== ===========
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1994
(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. Corporation Inc. Inc. Dr. (Cr.) dated
--------- ---------- ----------- -------- ---------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES
Savings bank $213,661 2,064 -- 113 232 545 $215,525
Equity in net income
of subsidiaries 420 -- -- -- -- 420 --
-------- ----- ----- ---- ---- ---- --------
214,081 2,064 -- 113 232 965 215,525
-------- ----- ----- ---- ---- ---- --------
EXPENSES 171,954 1,191 24 60 316 (545) 173,000
-------- ----- ----- ---- ---- ---- --------
OPERATING INCOME (LOSS) 42,127 873 (24) 53 (84) 420 42,525
Income tax expense 17,362 375 -- 23 -- -- 17,760
-------- ----- ----- ---- ---- ---- --------
NET INCOME (LOSS) $ 24,765 498 (24) 30 (84) 420 $ 24,765
======== ===== ===== ==== ==== ==== ========
</TABLE>
AMERICAN SAVINGS BANK,
F.S.B. AND SUBSIDIARIES
Consolidating Schedule - Retained
Earnings Information
Year ended December 31, 1994
(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. Corporation Inc. Inc. Dr. (Cr.) dated
--------- ---------- ----------- -------- ---------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ 44,728 614 (57) 76 (123) 510 $ 44,728
Net income (loss) 24,765 498 (24) 30 (84) 420 24,765
Common stock dividends (14,658) (504) -- -- -- (504) (14,658)
-------- ----- ----- ---- ---- ---- ---------
Retained earnings (deficit),
end of year $ 54,835 608 (81) 106 (207) 426 $ 54,835
======== ===== ===== ==== ==== ==== =========
</TABLE>
<PAGE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
Hawaiian cations
Tug & Young and
Barge Brothers, Eliminations
ASSETS Corp. Limited Dr. (Cr.) Consolidated
- ---------------------------------------- ------------ --------- ------------ ------------
<S> <C> <C> <C> <C>
Cash and equivalents $ -- 15 -- $ 15
Notes receivable from affiliated companies 11,240 -- (8,947) 2,293
Accounts receivable and unbilled revenues, net 1,188 4,800 (429) 5,559
Inventories, at average cost 132 920 -- 1,052
Other investments 1,673 18 -- 1,691
Property, plant and equipment, net 8,098 29,522 -- 37,620
Regulatory assets -- 2,733 -- 2,733
Other 2,753 865 -- 3,618
Investment in wholly owned subsidiaries, at equity 15,560 -- (15,560) --
------------ --------- ------------ ------------
$40,644 38,873 (24,936) $54,581
============ ========= ============ ============
Liabilities and Stockholder's Equity
- ----------------------------------------
Accounts payable $ 1,074 1,395 429 $ 2,040
Short-term borrowings (1,269) (1,024) (2,293) --
Long-term debt, net 18,200 11,240 11,240 18,200
Deferred income taxes 690 3,527 -- 4,217
Unamortized tax credits 193 790 -- 983
Other 1,401 7,385 -- 8,786
------------ --------- ------------ ------------
20,289 23,313 9,376 34,226
------------ --------- ------------ ------------
Stockholder's equity
Common stock 13,229 7,414 7,414 13,229
Retained earnings 7,126 8,146 8,146 7,126
------------ --------- ------------ ------------
20,355 15,560 15,560 20,355
------------ --------- ------------ ------------
$40,644 38,873 24,936 $54,581
============ ========= ============ ============
</TABLE>
<PAGE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
Hawaiian cations
Tug & Young and
Barge Brothers, Eliminations
Corp. Limited Dr. (Cr.) Consolidated
-------- --------- ------------ ------------
<S> <C> <C> <C> <C>
REVENUES
Other $ 9,387 40,533 3,253 $46,667
Equity in net income of subsidiary 907 -- 907 --
-------- --------- ------------ ------------
10,294 40,533 4,160 46,667
-------- --------- ------------ ------------
EXPENSES 7,360 38,060 (2,343) 43,077
-------- --------- ------------ ------------
OPERATING INCOME 2,934 2,473 1,817 3,590
Interest expense -- electric utility and other (1,550) (963) (910) (1,603)
-------- --------- ------------ ------------
INCOME BEFORE INCOME TAX EXPENSE 1,384 1,510 907 1,987
Income tax expense 379 603 -- 982
-------- --------- ------------ ------------
NET INCOME $ 1,005 907 907 $ 1,005
======== ========= ============ ============
</TABLE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
Hawaiian cations
Tug & Young and
Barge Brothers, Eliminations
Corp. Limited Dr. (Cr.) Consolidated
-------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Retained earnings, beginning of year $6,861 7,879 7,879 $6,861
Net income 1,005 907 907 1,005
Common stock dividends (740) (640) (640) (740)
-------- --------- ------------ ------------
Retained earnings, end of year $7,126 8,146 8,146 $7,126
======== ========= ============ ============
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4
December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Malama Property Malama
Malama Malama Water- Invest- Develop- Malama
Pacific Project-I, front ment ment Realty
ASSETS Corp. Inc. Corp. Corp. Corp. Corp.
- ------------------------------------------ -------- --------- ------ ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 66 $ -- $ -- $ -- $ 100 $ --
Notes receivable from
affiliated companies 49,439 -- -- -- -- --
Accounts receivable and unbilled
revenues, net 1,423 -- -- 1 69 --
Real estate developments 2,096 -- -- -- 19,010 --
Other investments (4) -- -- -- 1,888 --
Property, plant and equipment, net 62 -- -- -- 3 --
Other 1,461 -- -- -- 605 --
Investment in wholly owned
subsidiaries, at equity (11,954) -- -- -- -- --
-------- ------ ------ ----- ------- ------
$ 42,589 $ -- $ -- $ 1 $21,675 $ --
======== ====== ====== ===== ======= ======
LIABILITIES AND STOCKHOLDER'S EQUITY
- ------------------------------------
Accounts payable $ 154 $1,025 $ -- $ -- $ 632 $ --
Short-term borrowings 19,347 -- 1,482 -- 20,184 4
Long-term debt, net -- -- -- -- 7,954 --
Deferred income taxes (126) 115 21 -- -- --
Unamortized tax credits 2 -- -- -- -- --
Other 477 -- -- -- (5,148) --
-------- ------ ------ ----- ------- ------
19,854 1,140 1,503 -- 23,622 4
-------- ------ ------ ----- ------- ------
Stockholder's equity
Common stock 29,975 150 616 1 4,501 1
Retained earnings (deficit) (7,240) (1,290) (2,119) -- (6,448) (5)
-------- ------ ------ ----- ------- ------
22,735 (1,140) (1,503) 1 (1,947) (4)
-------- ------ ------ ----- ------- ------
$ 42,589 $ -- $ -- $ 1 $21,675 $ --
======== ====== ====== ===== ======= ======
</TABLE>
Continued on next page.
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4
December 31, 1994
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
Malama TMG Malama and
Elua Service Mohala Eliminations
ASSETS Corp. Corp. Corp. Dr. (Cr.) Consolidated
- ---------------------------------------- ------- -------- -------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ -- $ -- $ 3 $ -- $ 169
Notes receivable from
affiliated companies -- 1 -- (49,440) --
Accounts receivable and unbilled
revenues, net 364 -- 13 (1,410) 460
Real estate developments -- -- 12,850 -- 33,956
Other investments 342 -- 13,033 -- 15,259
Property, plant and equipment, net -- -- 11 -- 76
Other -- -- 190 -- 2,256
Investment in wholly owned
subsidiaries, at equity -- -- -- 11,954 --
----- ---- ------- -------- -------
$706 $ 1 $26,100 $(38,896) $52,176
===== ==== ======= ======== =======
LIABILITIES AND STOCKHOLDER'S EQUITY
- ------------------------------------
Accounts payable $ -- $ -- $ 96 $ 1,410 $ 497
Short-term borrowings 716 -- 33,192 49,440 25,485
Long-term debt, net -- -- -- -- 7,954
Deferred income taxes -- -- -- -- 10
Unamortized tax credits -- -- -- -- 2
Other -- -- 164 -- (4,507)
----- ---- ------- -------- -------
716 -- 33,452 50,850 29,441
----- ---- ------- -------- -------
Stockholder's equity
Common stock 1 1 1 5,272 29,975
Retained earnings (deficit) (11) -- (7,353) (17,226) (7,240)
----- ---- ------- -------- -------
(10) 1 (7,352) (11,954) 22,735
----- ---- ------- -------- -------
$706 $ 1 $26,100 $ 38,896 $52,176
===== ==== ======= ======== =======
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Income Information Page 3 of 4
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Malama Property Malama
Malama Malama Water- Invest- Develop- Malama
Pacific Project-I, front ment ment Realty
Corp. Inc. Corp. Corp. Corp. Corp.
-------- ----------- --------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Other $ 3,382 $ 12 $ -- $ -- $ 7,511 $ 4
Equity in net loss of subsidiaries (6,080) -- -- -- -- --
------- ------ ------ ----- ------- ------
(2,698) 12 -- -- 7,511 4
------- ------ ------ ----- ------- ------
EXPENSES (984) -- 58 -- 10,060 9
------- ------ ------ ----- ------- ------
OPERATING INCOME (LOSS) (1,714) 12 (58) -- (2,549) (5)
Interest expense -- electric
utility and other (1,334) -- (68) -- (1,410) --
------- ------ ------ ----- ------- ------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE (3,048) 12 (126) -- (3,959) (5)
Income tax expense (benefit) (92) 115 (3) -- (2) --
------- ------ ------ ----- -------- ------
NET LOSS $(2,956) $(103) $(123) $ -- $ (3,957) $ (5)
======= ====== ====== ===== ======== ======
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Income Information
Year ended December 31, 1994
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassi-
fications
Malama TMG Malama and
Elua Service Mohala Eliminations
Corp. Corp. Corp. Dr. (Cr.) Consolidated
----------- ----------- ----------- ----------------- ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Other $ -- $ -- $ 2,735 $ 3,251 $10,393
Equity in net loss of subsidiaries -- -- -- (6,080) --
------ ----- ---------- ------- -------
-- -- 2,735 (2,829) 10,393
------ ----- ---------- ------- -------
EXPENSES -- -- 2,762 -- 11,905
------ ----- ---------- ------- -------
OPERATING LOSS -- -- (27) (2,829) (1,512)
Interest expense -- electric
utility and other (11) -- (1,854) (3,251) (1,426)
------ ----- ---------- ------- -------
LOSS BEFORE
INCOME TAX EXPENSE (11) -- (1,881) (6,080) (2,938)
Income tax expense -- -- -- -- 18
------ ----- ---------- ------- -------
NET LOSS $(11) $ -- $(1,881) $(6,080) $(2,956)
====== ===== ========== ======= =======
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Retained Earnings Information PAGE 4 OF 4
Year ended December 31, 1994
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Malama Property Malama
Malama Malama Water- Invest- Develop- Malama
Pacific Project-I, front ment ment Realty
Corp. Inc. Corp. Corp. Corp. Corp.
-------- ---------- -------- --------- --------- ------
<S> <C> <C> <C> <C> <C> <C>
Retained deficit, beginning of year $(4,284) $(1,187) $(1,996) $ -- $(2,361) $ --
Adjustments -- -- -- -- (130) --
Net loss (2,956) (103) (123) -- (3,957) (5)
-------- ---------- -------- --------- --------- ------
Retained deficit, end of year $(7,240) $(1,290) $(2,119) $ -- $(6,448) $ (5)
======== ========== ======== ========= ========= ======
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1994
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
Malama TMG Malama and
Elua Service Mohala Eliminations
Corp. Corp. Corp. Dr. (Cr.) Consolidated
------- ------- ------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained deficit, beginning of year $ -- $ -- $(5,602) $(11,146) $(4,284)
Adjustments -- -- 130 -- --
Net loss (11) -- (1,881) (6,080) (2,956)
------- ------- ------- ------------ ------------
Retained deficit, end of year $(11) $ -- $(7,353) $(17,226) $(7,240)
======= ======= ======= ============ ============
</TABLE>
<PAGE>
Exhibit B
Page 1 of 1
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Item No. Year ended December 31, 1994
- -------- -----------------------------------------------
<C> <S> <C>
1 Total Assets (at December 31)..... $5,174,464
2 Total Operating Revenues.......... 1,188,523
3 Net Income........................ 73,030
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Item No. Year ended December 31, 1994
- -------- -----------------------------------------------
<C> <S> <C>
1 Total Assets (at December 31)..... $1,889,120
2 Total Operating Revenues.......... 913,719
3 Net Income........................ 61,645
</TABLE>
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