<PAGE>
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File No. 69-284
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM U-3A-2
Statement by Holding Company Claiming Exemption
Under Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
HAWAIIAN ELECTRIC INDUSTRIES, INC. and
HAWAIIAN ELECTRIC COMPANY, INC.
each hereby files with the Securities and Exchange Commission, 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),
Pacific Energy Conservation Services, Inc. (PECS) and HEI Power Corp. (HEIPC).
HECO continues as the parent company of Hawaii Electric Light Company, Inc.
(HELCO) and Maui Electric Company, Limited (MECO). MPC is
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the parent company of Malama Property 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) 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.
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 nonutility company organized primarily to invest
in corporate securities and other long-term investments. HEIIC holds investments
primarily in leveraged leases.
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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 organized to provide charter
towing and harbor-assist services primarily within the State of Hawaii.
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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.
PECS was incorporated under the laws of the State of Hawaii on August 12,
1994. Its principal executive office is located at 900 Richards Street,
Honolulu, Hawaii 96813. PECS was
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formed as a nonutility service company to promote energy conservation in Hawaii
and the Pacific Basin, but has had no operations and is currently an inactive
company.
HEIPC was incorporated under the laws of the State of Hawaii on March 24,
1995. Its principal executive office is located at 220 South King Street,
Honolulu, Hawaii 96813. It is a nonutility company formed to pursue independent
power projects and energy conservation projects in Asia and the Pacific. HEIPC
will directly or indirectly own or operate overseas projects through interests
it acquires in foreign utility companies. HEIPC has not yet acquired an interest
in a foreign utility company, but during 1995 HEIPC signed a Memorandum of
Understanding with Agusan Power Corporation, Agusan Del Norte Electric
Cooperative, Inc. and the provincial government of Agusan Del Norte to work
toward an agreement to build and operate a 22-megawatt hydroelectric plant in
the Philippines.
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, PECS and HEIPC. 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.
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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, 1995. HECO's power purchase agreements with Kalaeloa Partners, L.P.
and AES Barbers Point, Inc. each provided an additional 180 megawatts of firm
generating capability as of December 31, 1995. HECO's power purchase agreement
with Honolulu Resource Recovery Venture provided an additional 46 megawatts of
firm generating capability as of December 31, 1995.
HELCO owns and operates electric generating equipment with an aggregate
generating capability of approximately 154 megawatts as of December 31, 1995.
Its five power plants are located on the island of Hawaii. As of December 31,
1995, HELCO had a power purchase agreement with Puna Geothermal Ventures for an
additional 25 megawatts of firm generating capability and a power purchase
agreement with Hilo Coast Processing Company (HCPC) for an additional 22
megawatts of firm generating capability.
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, 1995. A power purchase agreement
with a sugar company provided MECO with an additional 16 megawatts of firm
generating capability as of December 31, 1995.
LVI owns and operates a windfarm on the island of Hawaii. The Lalamilo
Wells windfarm at Waikoloa consists of 82 operating wind machines with a total
operating capacity of 1.6 megawatts as of December 31, 1995.
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 1995, HEI sold no kilowatthours of electric energy, HECO sold at retail
6,962,794,157 kwh. of electric energy, HELCO sold at retail 846,564,637 kwh. of
electric energy, and MECO sold at retail 997,115,564 kwh. of electric energy.
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LVI sold 5,675,040 kwh. of electric energy, of which 1,051,200 kwh. was
sold at wholesale to HELCO at rates approved by the PUC and 4,623,840 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 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.
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(e) Identify any service, sales or construction contract(s) between the
EWG or foreign utility company and a system company, and describe the
services to be rendered or goods sold and fees or revenues under such
agreement(s).
None.
EXHIBIT A
Unaudited consolidating statements of income and retained earnings of
Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar
year 1995, together with an unaudited consolidating balance sheet of Hawaiian
Electric Industries, Inc. and its subsidiary companies as of December 31, 1995,
is attached hereto as Exhibit A.
Unaudited consolidating income and retained earnings information for the
calendar year 1995 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 sheet
information for said companies and their respective subsidiaries as of December
31, 1995, are attached hereto as Exhibits A-1 through A-5.
EXHIBIT B
The unaudited financial data schedules for HEI and its subsidiaries and for
HECO and its subsidiaries are attached hereto as Exhibit B.
EXHIBIT C
Not applicable.
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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 23rd day of
February 1996.
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/ T. Michael May
---------------------------------
T. Michael May
ATTEST: President and
Chief Executive Officer
/s/ Molly M. Egged By /s/ Jackie M. Erickson
--------------------------------- ---------------------------------
Molly M. Egged Jackie M. Erickson
Secretary Vice President - General Counsel
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Peter C. Lewis
Vice President-Administration
Hawaiian Electric Industries, Inc.
P. O. Box 730
Honolulu, Hawaii 96808-0730
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Balance Sheet (Page 1 of 2) Page 1 of 5
December 31, 1995
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian Hawaiian
Hawaiian Tug & Malama Electric
Electric Barge HEI Pacific Company,
Industries, Corp. and Investment Corp. and Inc. and
ASSETS Inc. subsidiary Corp. subsidiaries subsidiaries
- --------------------------------------------------------- ----------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 673 94 31 311 $ 20
Notes receivable from affiliated companies 40,576 -- -- -- --
Accounts receivable and unbilled revenues, net 2,404 6,452 -- 96 116,748
Inventories, at average cost -- 1,251 -- -- 34,007
Real estate developments -- -- -- 35,023 --
Marketable securities -- -- -- -- --
Loans receivable, net -- -- -- -- --
Other investments 810 2,504 58,345 12,666 --
Property, plant and equipment, net 2,455 37,661 -- 58 1,720,235
Regulatory assets -- 2,579 -- -- 97,114
Other 2,537 3,100 -- 8,075 48,159
Goodwill and other intangibles -- -- -- -- --
Investment in wholly owned subsidiaries, at equity 967,437 -- -- -- --
---------- ---------- ---------- ---------- ----------
$1,016,892 53,641 58,376 56,229 $2,016,283
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ---------------------------------------------------------
Accounts payable $ 7,152 1,928 43 1,050 $ 59,443
Deposit liabilities -- -- -- -- --
Short-term borrowings 45,393 1,472 358 28,327 138,753
Securities sold under agreements to repurchase -- -- -- -- --
Advances from Federal Home Loan Bank -- -- -- -- --
Long-term debt 223,500 16,800 -- 7,954 517,209
Deferred income taxes 3,053 5,549 42,650 230 116,963
Unamortized tax credits 41 988 -- -- 45,935
Contributions in aid of construction -- -- -- -- 191,854
Other 8,150 6,587 346 201 159,178
---------- ---------- ---------- ---------- ----------
287,289 33,324 43,397 37,762 1,229,335
---------- ---------- ---------- ---------- ----------
Preferred stock of electric utility
subsidiaries
Subject to mandatory redemption -- -- -- -- 41,750
Not subject to mandatory redemption -- -- -- -- 48,293
---------- ---------- ---------- ---------- ----------
-- -- -- -- 90,043
---------- ---------- ---------- ---------- ----------
Stockholders' equity
Preferred stock -- -- -- -- --
Common stock 585,387 13,229 22,166 29,975 353,480
Retained earnings (deficit) 144,216 7,088 (7,187) (11,508) 343,425
---------- ---------- ---------- ---------- ----------
729,603 20,317 14,979 18,467 696,905
---------- ---------- ---------- ---------- ----------
$1,016,892 53,641 58,376 56,229 $2,016,283
========== ========== ========== ========== ==========
</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, 1995.
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Balance Sheet (Page 2 of 2) Page 2 of 5
December 31, 1995
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
HEI Pacific cations
Diversified, Energy HEI and
Inc. and Conservation Power Eliminations
ASSETS subsidiary Services, Inc. Corp. Dr. (Cr.) Consolidated
- ---------------------------------------------------- ------------ -------------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 129,682 4 18 -- $ 130,833
Notes receivable from affiliated companies -- -- -- (40,576) --
Accounts receivable and unbilled revenues, net 22,020 -- -- (5,215) 142,505
Inventories, at average cost -- -- -- -- 35,258
Real estate developments -- -- -- -- 35,023
Marketable securities 1,479,552 -- -- -- 1,479,552
Loans receivable, net 1,687,801 -- -- -- 1,687,801
Other investments -- -- -- -- 74,325
Property, plant and equipment, net 47,610 -- 176 -- 1,808,195
Regulatory assets -- -- -- -- 99,693
Other 7,440 -- 4 -- 69,315
Goodwill and other intangibles 41,245 -- -- -- 41,245
Investment in wholly owned subsidiaries,
at equity -- -- -- (967,437) --
---------- ---------- ---------- ---------- ----------
$3,415,350 4 198 (1,013,228) $5,603,745
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
- ----------------------------------------------------
Accounts payable $ 30,277 -- 128 5,215 $ 94,806
Deposit liabilities 2,223,755 -- -- -- 2,223,755
Short-term borrowings -- -- 1,098 33,576 181,825
Securities sold under agreements to repurchase 412,521 -- -- -- 412,521
Advances from Federal Home Loan Bank 501,274 -- -- -- 501,274
Long-term debt -- -- -- 7,000 758,463
Deferred income taxes 13,656 -- -- -- 182,101
Unamortized tax credits 1 -- -- -- 46,965
Contributions in aid of construction -- -- -- -- 191,854
Other 15,908 -- 165 -- 190,535
---------- ---------- ---------- ---------- ----------
3,197,392 -- 1,391 45,791 4,784,099
---------- ---------- ---------- ---------- ----------
Preferred stock of electric utility
subsidiaries
Subject to mandatory redemption -- -- -- -- 41,750
Not subject to mandatory redemption -- -- -- -- 48,293
---------- ---------- ---------- ---------- ----------
-- -- -- -- 90,043
---------- ---------- ---------- ---------- ----------
Stockholders' equity
Preferred stock -- -- -- -- --
Common stock 168,168 120 500 587,638 585,387
Retained earnings (deficit) 49,790 (116) (1,693) 379,799 144,216
---------- ---------- ---------- ---------- ----------
217,958 4 (1,193) 967,437 729,603
---------- ---------- ---------- ---------- ----------
$3,415,350 4 198 1,013,228 $5,603,745
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Income (Page 1 of 2) Page 3 of 5
Year ended December 31, 1995
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Hawaiian Malama Electric
Electric Tug & Barge HEI Pacific Company,
Industries, Corp. and Investment Corp. and Inc. and
Inc. subsidiary Corp. subsidiaries subsidiaries
----------- ----------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- -- $988,722
Savings bank -- -- -- -- --
Other 2,923 48,890 (450) 4,280 --
Equity in net income of subsidiaries 89,198 -- -- -- --
----------- ---------- ---------- ---------- ----------
92,121 48,890 (450) 4,280 988,722
----------- ---------- ---------- ---------- ----------
EXPENSES
Electric utility -- -- -- -- 829,679
Savings bank -- -- -- -- --
Other 8,316 46,295 346 6,873 --
----------- ---------- ---------- ---------- ----------
8,316 46,295 346 6,873 829,679
----------- ---------- ---------- ---------- ----------
OPERATING INCOME (LOSS)
Electric utility -- -- -- -- 159,043
Savings bank -- -- -- -- --
Other 83,805 2,595 (796) (2,593) --
----------- ---------- ---------- ---------- ----------
83,805 2,595 (796) (2,593) 159,043
----------- ---------- ---------- ---------- ----------
Interest expense-electric utility and other (17,922) (1,449) (106) (1,643) (44,377)
Allowance for borrowed funds used during construction -- -- -- -- 5,112
Preferred stock dividends of electric utility -- -- -- -- (2,759)
subsidiaries
Allowance for equity funds used during construction -- -- -- -- 10,202
----------- ---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES AND PREFERRED
STOCK DIVIDENDS OF HECO 65,883 1,146 (902) (4,236) 127,221
Income tax expense (benefit) (11,610) 692 (3) 32 50,198
----------- ---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS
OF HECO 77,493 454 (899) (4,268) 77,023
Preferred stock dividends of HECO -- -- -- -- 4,126
----------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $ 77,493 454 (899) (4,268) $ 72,897
=========== ========== ========== ========== ==========
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Income (Page 2 of 2) Page 4 of 5
Year ended December 31, 1995
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
HEI Pacific cations
Diversified, Energy HEI and
Inc. and Conservation Power Eliminations
subsidiary Services, Inc. Corp. Dr. (Cr.) Consolidated
------------ -------------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- -- $ 988,722
Savings bank 254,616 -- -- -- 254,616
Other 12 -- 28 3,097 52,586
Equity in net income of subsidiaries -- -- -- 89,198 --
---------- ---------- ---------- ---------- ----------
254,628 -- 28 92,295 1,295,924
---------- ---------- ---------- ---------- ----------
EXPENSES
Electric utility -- -- -- -- 829,679
Savings bank 214,572 -- -- -- 214,572
Other 713 67 1,708 (309) 64,009
---------- ---------- ---------- ---------- ----------
215,285 67 1,708 (309) 1,108,260
---------- ---------- ---------- ---------- ----------
OPERATING INCOME (LOSS)
Electric utility -- -- -- -- 159,043
Savings bank 40,044 -- -- -- 40,044
Other (701) (67) (1,680) 91,986 (11,423)
---------- ---------- ---------- ---------- ----------
39,343 (67) (1,680) 91,986 187,664
---------- ---------- ---------- ---------- ----------
Interest expense-electric utility and other (138) -- (13) (2,788) (62,860)
Allowance for borrowed funds used during construction -- -- -- -- 5,112
Preferred stock dividends of electric utility
subsidiaries -- -- -- 4,126 (6,885)
Allowance for equity funds used during construction -- -- -- -- 10,202
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAXES AND
PREFERRED STOCK DIVIDENDS OF HECO 39,205 (67) (1,693) 93,324 133,233
Income taxes 16,431 -- -- -- 55,740
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE PREFERRED STOCK DIVIDENDS
OF HECO 22,774 (67) (1,693) 93,324 77,493
Preferred stock dividends of HECO -- -- -- (4,126) --
---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $ 22,774 (67) (1,693) 89,198 $ 77,493
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Retained Earnings Page 5 of 5
Year ended December 31, 1995
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Hawaiian Malama Electric
Electric Tug & Barge HEI Pacific Company,
Industries, Corp. and Investment Corp. and Inc. and
Inc. subsidiary Corp. subsidiaries subsidiaries
----------- ----------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit), beginning of year $135,835 7,126 (6,288) (7,240) $308,535
Net income (loss) 77,493 454 (899) (4,268) 72,897
Common stock dividends (69,112) (492) -- -- (38,007)
----------- ---------- ---------- ---------- ----------
Retained earnings (deficit), end of year $144,216 7,088 (7,187) (11,508) $343,425
=========== ========== ========== ========== ==========
</TABLE>
Continued below.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings
Year ended December 31, 1995
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
HEI Pacific cations
Diversified, Energy HEI and
Inc. and Conservation Power Eliminations
subsidiary Services, Inc. Corp. Dr. (Cr.) Consolidated
------------ -------------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit), beginning of year $ 39,952 (49) -- 342,036 $135,835
Net income (loss) 22,774 (67) (1,693) 89,198 77,493
Common stock dividends (12,936) -- -- (51,435) (69,112)
---------- ---------- ---------- ---------- ----------
Retained earnings (deficit), end of year $ 49,790 (116) (1,693) 379,799 $144,216
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1995
(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 $ 9 4 7 -- $ 20
Notes receivable from affiliated companies 62,700 -- -- (62,700) --
Accounts receivable and unbilled revenues, net 82,645 18,144 15,204 755 116,748
Inventories, at average cost 17,143 5,128 11,736 -- 34,007
Property, plant and equipment, net 1,095,096 336,178 288,961 -- 1,720,235
Regulatory assets 74,285 13,678 9,151 -- 97,114
Other 20,728 19,138 8,293 -- 48,159
Investment in wholly owned subsidiaries,
at equity 263,387 -- -- (263,387) --
---------- ---------- ---------- ---------- ----------
$1,615,993 392,270 333,352 (325,332) $2,016,283
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
- ---------------------------------------------------
Accounts payable $ 37,580 9,401 11,979 (483) $ 59,443
Short-term borrowings 138,753 40,700 22,000 62,700 138,753
Long-term debt 335,896 87,570 93,743 -- 517,209
Deferred income taxes 105,793 2,567 8,603 -- 116,963
Unamortized tax credits 28,768 8,395 8,772 -- 45,935
Contributions in aid of construction 123,652 45,553 22,649 -- 191,854
Other 90,553 43,455 24,898 (272) 159,178
---------- ---------- ---------- ---------- ----------
860,995 237,641 192,644 61,945 1,229,335
---------- ---------- ---------- ---------- ----------
Preferred stock
Subject to mandatory redemption 27,800 7,700 6,250 -- 41,750
Not subject to mandatory redemption 30,293 10,000 8,000 -- 48,293
---------- ---------- ---------- ---------- ----------
58,093 17,700 14,250 -- 90,043
---------- ---------- ---------- ---------- ----------
Stockholder's equity
Common stock 353,480 91,429 71,761 163,190 353,480
Retained earnings 343,425 45,500 54,697 100,197 343,425
---------- ---------- ---------- ---------- ----------
696,905 136,929 126,458 263,387 696,905
---------- ---------- ---------- ---------- ----------
$1,615,993 392,270 333,352 325,332 $2,016,283
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1995
(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 $723,497 138,232 129,850 2,857 $988,722
Equity in net income of subsidiaries 24,907 -- -- 24,907 --
---------- ---------- ---------- ---------- ----------
748,404 138,232 129,850 27,764 988,722
---------- ---------- ---------- ---------- ----------
EXPENSES 614,945 110,627 104,107 -- 829,679
---------- ---------- ---------- ---------- ----------
OPERATING INCOME 133,459 27,605 25,743 27,764 159,043
Interest expense (31,390) (8,398) (7,446) (2,857) (44,377)
Allowance for borrowed funds used during
construction 2,673 1,563 876 -- 5,112
Preferred stock dividends of electric
tility subsidiaries -- -- -- 2,759 (2,759)
Allowance for equity funds used during
construction 5,152 3,111 1,939 -- 10,202
---------- ---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAX EXPENSE
AND PREFERRED STOCK DIVIDENDS 109,894 23,881 21,112 27,666 127,221
Income taxes 32,871 9,238 8,089 -- 50,198
---------- ---------- ---------- ---------- ----------
INCOME BEFORE PREFERRED STOCK DIVIDENDS 77,023 14,643 13,023 27,666 77,023
Preferred stock dividends 4,126 1,534 1,225 (2,759) 4,126
---------- ---------- ---------- ---------- ----------
NET INCOME $ 72,897 13,109 11,798 24,907 $ 72,897
========== ========== ========== ========== ==========
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1995
(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 $308,535 38,491 48,580 87,071 $308,535
Net income 72,897 13,109 11,798 24,907 72,897
Common stock dividends (38,007) (6,100) (5,681) (11,781) (38,007)
---------- ---------- ---------- ---------- ----------
Retained earnings, end of year $343,425 45,500 54,697 100,197 $343,425
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1995
(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 $ 4 129,678 -- $ 129,682
Accounts receivable and unbilled revenues, net 1,920 20,100 -- 22,020
Marketable securities -- 1,479,552 -- 1,479,552
Loans receivable, net -- 1,687,801 -- 1,687,801
Property, plant and equipment, net -- 47,610 -- 47,610
Other -- 7,440 -- 7,440
Goodwill and other intangibles -- 41,245 -- 41,245
Investment in wholly owned subsidiaries, at equity 217,903 -- (217,903) --
---------- ---------- ---------- ----------
$219,827 3,413,426 (217,903) $3,415,350
========== ========== ========== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
- -----------------------------------------------------
Accounts payable $ 774 29,503 -- $ 30,277
Deposit liabilities -- 2,223,755 -- 2,223,755
Securities sold under agreements to repurchase -- 412,521 -- 412,521
Advances from Federal Home Loan Bank -- 501,274 -- 501,274
Deferred income taxes (128) 13,784 -- 13,656
Unamortized tax credits 1 -- -- 1
Other 1,222 14,686 -- 15,908
---------- ---------- ---------- ----------
1,869 3,195,523 -- 3,197,392
---------- ---------- ---------- ----------
Stockholder's equity
Common stock 168,168 152,725 152,725 168,168
Retained earnings 49,790 65,178 65,178 49,790
---------- ---------- ---------- ----------
217,958 217,903 217,903 217,958
---------- ---------- ---------- ----------
$219,827 3,413,426 217,903 $3,415,350
========== ========== ========== ==========
</TABLE>
<PAGE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1995
(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 $ -- 254,616 -- $254,616
Other 12 -- -- 12
Equity in net income of subsidiaries 23,279 -- 23,279 --
---------- ---------- ---------- ----------
23,291 254,616 23,279 254,628
---------- ---------- ---------- ----------
EXPENSES
Savings bank -- 214,572 -- 214,572
Other 713 -- -- 713
---------- ---------- ---------- ----------
713 214,572 -- 215,285
---------- ---------- ---------- ----------
OPERATING INCOME (LOSS)
Savings bank -- 40,044 -- 40,044
Other 22,578 -- 23,279 (701)
---------- ---------- ---------- ----------
22,578 40,044 23,279 39,343
---------- ---------- ---------- ----------
Interest expense (138) -- -- (138)
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAX EXPENSE 22,440 40,044 23,279 39,205
Income tax expense (benefit) (334) 16,765 -- 16,431
---------- ---------- ---------- ----------
NET INCOME $ 22,774 23,279 23,279 $ 22,774
========== ========== ========== ==========
</TABLE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1995
(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, beginning of year $ 39,952 54,835 54,835 $ 39,952
Net income 22,774 23,279 23,279 22,774
Common stock dividends (12,936) (12,936) (12,936) (12,936)
---------- ---------- ---------- ----------
Retained earnings, end of year $ 49,790 65,178 65,178 $ 49,790
========== ========== ========== ==========
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1995
(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 $ 129,678 1,908 76 100 248 (2,332) $ 129,678
Accounts receivable and
unbilled revenues, net 20,100 -- -- -- -- -- 20,100
Marketable securities 1,479,552 -- -- -- -- -- 1,479,552
Loans receivable, net 1,687,801 -- -- -- -- -- 1,687,801
Property, plant and
equipment, net 47,487 54 37 -- 32 -- 47,610
Other 7,345 93 -- 136 2 (136) 7,440
Goodwill and other intangibles 41,234 11 -- -- -- -- 41,245
Investment in wholly owned
subsidiaries, at equity 1,840 -- -- -- -- (1,840) --
---------- ---------- ---------- ---------- ---------- ---------- ----------
$3,415,037 2,066 113 236 282 (4,308) $3,413,426
========== ========== ========== ========== ========== ========== ==========
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------
Accounts payable $ 29,503 -- -- -- -- -- $ 29,503
Deposit liabilities 2,226,087 -- -- -- -- 2,332 2,223,755
Securities sold under
agreements to repurchase 412,521 -- -- -- -- -- 412,521
Advances from
Federal Home Loan Bank 501,274 -- -- -- -- -- 501,274
Deferred income taxes 13,784 -- -- -- -- -- 13,784
Other 13,965 749 -- 30 78 136 14,686
---------- ---------- ---------- ---------- ---------- ---------- ----------
3,197,134 749 -- 30 78 2,468 3,195,523
---------- ---------- ---------- ---------- ---------- ---------- ----------
Stockholder's equity
Common stock 152,725 10 209 61 439 719 152,725
Retained earnings (deficit) 65,178 1,307 (96) 145 (235) 1,121 65,178
---------- ---------- ---------- ---------- ---------- ---------- ----------
217,903 1,317 113 206 204 1,840 217,903
---------- ---------- ---------- ---------- ---------- ---------- ----------
$3,415,037 2,066 113 236 282 4,308 $3,413,426
========== ========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidated Schedule - Income Information Page 2 of 2
Year ended December 31, 1995
(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 $252,101 2,775 -- 131 213 604 $254,616
Equity in net income
of subsidiaries 695 -- -- -- -- 695 --
---------- ---------- ---------- ---------- ---------- ---------- ----------
252,796 2,775 -- 131 213 1,299 254,616
---------- ---------- ---------- ---------- ---------- ---------- ----------
EXPENSES 213,307 1,550 15 63 241 (604) 214,572
---------- ---------- ---------- ---------- ---------- ---------- ----------
OPERATING INCOME (LOSS) 39,489 1,225 (15) 68 (28) 695 40,044
Income taxes 16,210 526 -- 29 -- -- 16,765
---------- ---------- ---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $ 23,279 699 (15) 39 (28) 695 $ 23,279
========== ========== ========== ========== ========== ========== ==========
</TABLE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1995
(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 $ 54,835 608 (81) 106 (207) 426 $ 54,835
Net income (loss) 23,279 699 (15) 39 (28) 695 23,279
Common stock dividends (12,936) -- -- -- -- -- (12,936)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Retained earnings (deficit),
end of year $ 65,178 1,307 (96) 145 (235) 1,121 $ 65,178
========== ========== ========== ========== ========== ========== ==========
</TABLE>
<PAGE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1995
(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 $ 80 14 -- $ 94
Notes receivable from affiliated companies 10,710 -- (10,710) --
Accounts receivable and unbilled revenues, net 1,335 5,533 (416) 6,452
Inventories, at average cost 150 1,101 -- 1,251
Other investments 2,496 8 -- 2,504
Property, plant and equipment, net 7,829 29,832 -- 37,661
Regulatory assets -- 2,579 -- 2,579
Other 2,165 935 -- 3,100
Investment in wholly owned subsidiaries,
at equity 15,700 -- (15,700) --
------- ------- ------- -------
$40,465 40,002 (26,826) $53,641
======= ======= ======= =======
LIABILITIES AND STOCKHOLDER'S EQUITY
- ---------------------------------------------------
Accounts payable $ 540 1,804 416 $ 1,928
Short-term borrowings 566 906 -- 1,472
Long-term debt 16,800 10,710 10,710 16,800
Deferred income taxes 1,281 4,268 -- 5,549
Unamortized tax credits 193 795 -- 988
Other 768 5,819 -- 6,587
------- ------- ------- -------
20,148 24,302 11,126 33,324
------- ------- ------- -------
Stockholder's equity
Common stock 13,229 7,414 7,414 13,229
Retained earnings 7,088 8,286 8,286 7,088
------- ------- ------- -------
20,317 15,700 15,700 20,317
------- ------- ------- -------
$40,465 40,002 26,826 $53,641
======= ======= ======= =======
</TABLE>
<PAGE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1995
(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 $ 8,871 43,552 3,533 $48,890
Equity in net income of subsidiary 514 -- 514 --
------- ------- ------- -------
9,385 43,552 4,047 48,890
------- ------- ------- -------
EXPENSES 7,112 41,867 (2,684) 46,295
------- ------- ------- -------
OPERATING INCOME 2,273 1,685 1,363 2,595
Interest expense (1,418) (880) (849) (1,449)
------- ------- ------- -------
INCOME BEFORE INCOME TAX EXPENSE 855 805 514 1,146
Income taxes 401 291 -- 692
------- ------- ------- -------
NET INCOME $ 454 514 514 $ 454
======= ======= ======= =======
</TABLE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1995
(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 $ 7,126 8,146 8,146 $ 7,126
Net income 454 514 514 454
Common stock dividends (492) (374) ( 374) (492)
------- ------- ------- -------
Retained earnings, end of year $ 7,088 8,286 8,286 $ 7,088
======= ======= ======= =======
</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, 1995
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Malama Property Malama
Malama Water- Invest- Develop- Malama
Pacific front ment ment Realty
ASSETS Corp. Corp. Corp. Corp. Corp.
- -------------------------------------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 70 -- -- 238 $ --
Notes receivable from affiliated companies 54,812 -- -- -- 5
Accounts receivable and unbilled
revenues, net 1,752 -- 1 55 --
Real estate developments 1,106 -- -- 22,906 --
Other investments -- -- -- (196) --
Property, plant and equipment, net 49 -- -- 2 --
Other 1,203 -- -- 6,068 --
Investment in wholly owned subsidiaries,
at equity (16,030) -- -- -- --
---------- ---------- ---------- ---------- ----------
$ 42,962 -- 1 29,073 $ 5
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
- --------------------------------------------
Accounts payable $ 560 -- -- 526 $ 4
Short-term borrowings 23,654 1,482 -- 23,259 --
Long-term debt -- -- -- 7,954 --
Deferred income taxes 209 21 -- -- --
Other 72 -- -- 55 --
---------- ---------- ---------- ---------- ----------
24,495 1,503 -- 31,794 4
---------- ---------- ---------- ---------- ----------
Stockholder's equity
Common stock 29,975 616 1 4,501 1
Retained earnings (deficit) (11,508) (2,119) -- (7,222) --
---------- ---------- ---------- ---------- ----------
18,467 (1,503) 1 (2,721) 1
---------- ---------- ---------- ---------- ----------
$ 42,962 -- 1 29,073 $ 5
========== ========== ========== ========== ==========
</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, 1995
(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 -- $ 311
Notes receivable from affiliated companies -- 1 -- (54,818) --
Accounts receivable and unbilled
revenues, net -- -- 9 (1,721) 96
Real estate developments -- -- 11,011 -- 35,023
Other investments 364 -- 12,498 -- 12,666
Property, plant and equipment, net -- -- 7 -- 58
Other 701 -- 103 -- 8,075
Investment in wholly owned subsidiaries,
at equity -- -- -- 16,030 --
---------- ---------- ---------- ---------- ----------
$1,065 1 23,631 (40,509) $ 56,229
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDER'S EQUITY
- --------------------------------------------
Accounts payable $ -- -- 199 239 $ 1,050
Short-term borrowings 1,105 -- 35,127 56,300 28,327
Long-term debt -- -- -- -- 7,954
Deferred income taxes -- -- -- -- 230
Other -- -- 74 -- 201
---------- ---------- ---------- ---------- ----------
1,105 -- 35,400 56,539 37,762
---------- ---------- ---------- ---------- ----------
Stockholder's equity
Common stock 1 1 1 5,122 29,975
Retained earnings (deficit) (41) -- (11,770) (21,152) (11,508)
---------- ---------- ---------- ---------- ----------
(40) 1 (11,769) (16,030) 18,467
---------- ---------- ---------- ---------- ----------
$1,065 1 23,631 40,509 $ 56,229
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Income Information Page 3 of 4
Year ended December 31, 1995
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Malama Property Malama
Malama Water- Invest- Develop- Malama
Pacific front ment ment Realty
Corp. Corp. Corp. Corp. Corp.
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
REVENUES
Other $ 4,658 -- -- 3,729 6
Equity in net loss of subsidiaries (5,216) -- -- -- --
---------- ---------- ---------- ---------- ----------
(558) -- -- 3,729 6
---------- ---------- ---------- ---------- ----------
EXPENSES 1,798 -- -- 2,581 1
---------- ---------- ---------- ---------- ----------
OPERATING INCOME (LOSS) (2,356) -- -- 1,148 5
Interest expense (1,880) -- -- (1,922) --
---------- ---------- ---------- ---------- ----------
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (4,236) -- -- (774) 5
Income taxes 32 -- -- -- --
---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $(4,268) -- -- (774) 5
========== ========== ========== ========== ==========
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Income Information
Year ended December 31, 1995
(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>
REVENUES
Other $ -- -- 425 4,538 $ 4,280
Equity in net loss of subsidiaries -- -- -- (5,216) --
---------- ---------- ---------- ---------- ----------
-- -- 425 (678) 4,280
---------- ---------- ---------- ---------- ----------
EXPENSES -- -- 2,493 -- 6,873
---------- ---------- ---------- ---------- ----------
OPERATING LOSS -- -- (2,068) (678) (2,593)
Interest expense (30) -- (2,349) (4,538) (1,643)
---------- ---------- ---------- ---------- ----------
LOSS BEFORE INCOME TAX EXPENSE (30) -- (4,417) (5,216) (4,236)
Income taxes -- -- -- -- 32
---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (30) -- (4,417) (5,216) $(4,268)
========== ========== ========== ========== ==========
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Retained Earnings Information Page 4 of 4
Year ended December 31, 1995
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Malama Property Malama
Malama Water- Invest- Develop- Malama
Pacific front ment ment Realty
Corp. Corp. Corp. Corp. Corp.
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Retained deficit, beginning of year $ (7,240) (2,119) -- (6,448) $(5)
Net income (loss) (4,268) -- -- (774) 5
---------- ---------- ---------- ---------- ----------
Retained deficit, end of year $(11,508) (2,119) -- (7,222) $ --
========== ========== ========== ========== ==========
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1995
(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 $(11) -- (7,353) (15,936) $ (7,240)
Net income (loss) (30) -- (4,417) (5,216) (4,268)
---------- ---------- ---------- ---------- ----------
Retained deficit, end of year $(41) -- (11,770) (21,152) $(11,508)
========== ========== ========== ========== ==========
</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, 1995
- -------- ------------------------------------------------
<C> <S> <C>
1 Total Assets (at December 31)...... $5,603,745
2 Total Operating Revenues........... 1,295,924
3 Net Income......................... 77,493
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Item No. Year ended December 31, 1995
- -------- ------------------------------------------------
<C> <S> <C>
1 Total Assets (at December 31)...... $2,016,283
2 Total Operating Revenues........... 988,722
3 Net Income......................... 72,897
</TABLE>
