|
|
|
|
|
|
|
|
|
|
Previous: HATTERAS INCOME SECURITIES INC, NSAR-B, 1998-02-27 |
Next: SMITH INVESTMENT CO, SC 13D/A, 1998-02-27 |
<PAGE>
Page 1 of 12
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 (SEC), 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. (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 assets
other than the common stock of HECO, HEI Investment Corp. (HEIIC), Malama
Pacific Corp. (MPC), Hawaiian Tug & Barge Corp. (HTB), HEI Diversified, Inc.
(HEIDI), Pacific Energy Conservation Services, Inc. (PECS), HEI Power Corp.
(HEIPC), Hycap Management, Inc. (Hycap), Hawaiian Electric Industries Capital
Trust I (the Trust), Hawaiian Electric Industries Capital Trust II and Hawaiian
Electric Industries Capital Trust III . HECO is the parent company of Hawaii
Electric Light Company, Inc. (HELCO), Maui Electric Company,
<PAGE>
Page 2 of 12
Limited (MECO) and HECO Capital Trust I. MPC is 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 HEIDI Real Estate Corp. (HEIDIREC) and American Savings Bank,
F.S.B. (ASB), which is the parent company of American Savings Investment
Services Corp. (ASISC), AdCommunications, Inc., American Savings Mortgage Co.,
Inc., ASB Service Corporation. HEIPC is the parent company of HEI Power Corp.
Guam (HPG) and HEI Power Corp. International, which is the parent company of
HEIPC Philippine Development, LLC, HEIPC Philippine Ventures, HEIPC Lake Mainit
Power,LLC, HEIPC Cambodia Ventures, HEIPC Phnom Penh Power (General), LLC, HEIPC
Phnom Penh Power (Limited),LLC, HEIPC Bulacan I, LLC, HEIPC Bulacan II, LLC, and
HEI Power Corp. China.
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. HECO Capital Trust I was formed under
<PAGE>
Page 3 of 12
the laws of the State of Delaware on December 31, 1996. The Bank of New York is
the corporate trustee and its principal administrative offices are located at
101 Barclay Street 21st floor, New York, New York 10286. HECO Capital Trust I is
a statutory business trust formed for the exclusive purposes of (i) issuing and
selling its common securities (the Common Securities) to HECO and its 8.05%
Cumulative Quarterly Income Preferred Securities, Series 1997 (QUIPS) to the
public in an underwritten public offering, in March 1997, (ii) using the
proceeds from the sale of QUIPS and the Common Securities to acquire 8.05%
Junior Subordinated Deferrable Interest Debentures, Series 1997 issued by HECO
and its subsidiaries, MECO and HELCO, (iii) maintaining the status of HECO
Capital Trust I as a grantor trust for United States federal income tax purposes
and (iv) engaging in only those other activities necessary, convenient or
incidental thereto.
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.
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 -megawatt (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 the
Form U-7D filed by the Wilmington Trust Company and William J. Wade, owner
trustees on behalf of HEIIC on December 30,1985. The transaction is also 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). Two amendments to the
Form U-7D were filed on October 20,1986 and on January 16,1998 for the
refinancings of the nonrecourse debt secured by this lease interest. These
refinancings had no impact on HEIIC's investment return because, under the lease
<PAGE>
Page 4 of 12
agreement, the lessee is entitled to the benefit of any refinancing. 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; and 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, develop and sell 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 by HEI 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. 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.
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 and HEIDIREC. ASB was chartered by the Federal Home
<PAGE>
Page 5 of 12
Loan Bank as a federal savings 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 Corporation is a state-chartered corporation
which holds real estate for use by ASB employees; American Savings Mortgage Co.,
Inc. is a mortgage brokerage company; AdCommunications, Inc. is an advertising
agency; and ASISC markets insurance products. HEIDIREC was incorporated under
the laws of the State of Hawaii on February 9, 1998. Its principal executive
office is located at 900 Richards Street, Honolulu, Hawaii 96813. HEIDIREC was
formed as a nonutility company to own and manage real estate assets.
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 formed as a nonutility service company to
promote energy conservation in Hawaii and the Pacific Basin, but had no
operations until December 1996. PECS is primarily a contract services company
providing limited services to an affiliate.
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 in Asia and the Pacific. In September 1996, HEIPC's subsidiary,
HPG (a foreign utility company), entered into an energy conversion agreement
with the Guam Power Authority for approximately 20 years, pursuant to which HPG
is rehabilitating, operating and maintaining two oil-fired 25-megawatt (MW)
(net) steam turbine generators at Tanguisson, Guam. HEIPC's other direct and
indirect subsidiaries have been formed for the purposes of owning, acquiring an
interest in or operating utility
<PAGE>
Page 6 of 12
facilities or utility companies in foreign countries, but have not yet acquired
any such interest. The following subsidiaries' principal executive office is
located at Ugland House, P.O. Box 309, George Town, Grand Cayman, Cayman
Islands, British West Indies and these subsidiaries were incorporated under the
laws of the Cayman Islands (incorporation date noted in parentheses): HEI Power
Corp. International (April 10, 1996); HEIPC Philippine Development, LLC
(September 9, 1996); HEIPC Philippine Ventures (April 23, 1996); HEIPC Lake
Mainit Power, LLC (May 21, 1996); HEIPC Cambodia Ventures (April 23, 1996);
HEIPC Phnom Penh Power (General), LLC (April 24, 1996); HEIPC Phnom Penh Power
(Limited), LLC (April 24, 1996); HEIPC Bulacan I, (May 29, 1997); and HEIPC
Bulacan II, LLC (May 29, 1997). HEI Power Corp. China was incorporated under the
laws of the Republic of Mauritius on December 10, 1997. Its principal executive
office can be reached c/o Multiconsult Ltd., Les Jamalacs, Vieux Conseil Street,
Port-Louis, Mauritius.
Hycap was incorporated under the laws of the State of Delaware on January
22, 1997. Its registered agent's office is located at PL&F Service, One Rodney
Square, 10th Floor, Tenth and King Streets, Wilmington, Delaware 19801. Hycap is
a nonutility company formed in connection with a trust preferred securities
offering to be the sole general partner of HEI Preferred Funding, LP (the
Partnership). The Partnership is a limited partnership formed under the Delaware
Revised Uniform Limited Partnership Act, as amended, pursuant to an agreement of
limited partnership and the filing of a certificate of limited partnership with
the Secretary of State on December 23, 1996, which was subsequently amended by
an amended and restated agreement of limited partnership dated as of February 1,
1997. Its principal executive office is located at 300 Delaware Avenue, Suite
1704, Wilmington, Delaware 19801. The Partnership is managed by the general
partner and exists for the exclusive purposes of (a) purchasing certain eligible
debt instruments of HEI and the wholly owned subsidiaries of HEI (collectively,
the Affiliate Investment Instruments) and certain U.S. government obligations
and commercial paper of unaffiliated entities (Eligible Debt Securities) with
the proceeds from (i) the sale of its Partnership Preferred Securities,
representing limited partner interests in the Partnership, to the Trust and (ii)
a capital contribution in exchange for the general partner interest in the
Partnership,
<PAGE>
Page 7 of 12
(b) receiving interest and other payments on the Affiliate Investment
Instruments and the Eligible Debt Securities held by the Partnership from time
to time, (c) making distributions on the Partnership Preferred Securities and
distributions on the general partner interest in the Partnership if, as and when
declared by the general partner in its sole discretion, (d) subject to the
restrictions and conditions contained in the Agreement of Limited Partnership,
making additional investments in Affiliate Investment Instruments and Eligible
Debt Securities and disposing of any such investments, and (e) except as
otherwise limited in the Agreement of Limited Partnership, entering into, making
and performing all contracts and other undertakings, and engaging in those
activities and transactions as the general partner deems necessary or advisable
for carrying out the purposes of the Partnership.
The Trust, Hawaiian Electric Industries Capital Trust II and Hawaiian
Electric Industries Capital Trust III were formed under the laws of the State of
Delaware on December 19, 1996. The Bank of New York is the corporate trustee of
each of the three trusts and its principal administrative office is located at
101 Barclay Street, 21st Floor, New York, NY 10286. The Trust is a statutory
business trust formed for the exclusive purposes of (i) issuing in February of
1997 its 8.36% Trust Originated Preferred Securities and its 8.36% Common
Securities (the Trust Preferred Securities and the Trust Common Securities,
respectively), (ii) purchasing the 8.36% Partnership Preferred Securities,
representing the limited partner interests in HEI Preferred Funding, LP (the
Partnership), with the proceeds from the sale of Trust Preferred Securities and
Common Securities, and (iii) engaging in only those other activities necessary
or incidental thereto. Hawaiian Electric Industries Capital Trust II and
Hawaiian Electric Industries Capital Trust III have at all times been inactive.
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.
<PAGE>
Page 8 of 12
HEI is a nonutility holding company which currently conducts no business
and owns no material operating assets other than the common securities of HECO,
HEIIC, MPC, HTB, HEIDI, PECS, HEIPC, Hycap and the Trust. Currently, the
consolidated revenues of HEI are derived primarily from electric service,
savings bank, maritime freight transportation and real estate operations, energy
conversion fees and investments.
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, 1997. HECO's power purchase agreements with Kalaeloa Partners,
L.P., AES Barbers Point, Inc. and Honolulu Resource Recovery Venture each
provide for an additional 180 MW, 180 MW and 46 MW, respectively, of firm
generating capability as of December 31, 1997.
HELCO owns and operates electric generating equipment with an aggregate
generating capability of approximately 157 megawatts as of December 31, 1997.
Its five power plants are located on the island of Hawaii. As of December 31,
1997, HELCO had power purchase agreements with Puna Geothermal Ventures and Hilo
Coast Processing Company providing for an additional 30 MW and 22 MW,
respectively, of firm generating capability. HELCO currently owns and operates a
windfarm at Waikoloa which consists of 90 operating wind machines with a total
operating capacity of 1.8 megawatts as of December 31, 1997.
MECO owns and operates electric generating equipment located on the islands
of Maui, Lanai and Molokai, with an aggregate generating capability of
approximately 214 megawatts as of December 31, 1997. A power purchase agreement
between MECO and a sugar company provided for an additional 16 MW of firm
generating capability as of December 31, 1997.
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 1997, HEI sold no kilowatthours of electric energy, HECO sold at retail
7,040,291,111 kwh. of electric energy, HELCO sold at retail 894,109,596 kwh. of
electric energy, and MECO sold at retail 1,028,768,167 kwh. of electric energy.
<PAGE>
Page 9 of 12
(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.
HPG was incorporated under the laws of the State of Hawaii on August 13,
1996. Its principal executive offices are located at Tanguisson power plant, NCS
Dededo, Guam 96921 and 220 South King Street, Honolulu, Hawaii 96813. It is a
foreign utility company organized primarily to assume operational control of
Guam Power Authority's (GPA) Tanguisson power plant. In September 1996, HPG
entered into an energy conversion agreement with GPA, pursuant to which HPG
rehabilitated, and for a period of approximately 20 years will be operating and
maintaining, two oil-fired 25-MW (net) steam turbine generators at Tanguisson,
Guam. On October 30, 1996, HEI filed with the SEC a "Notification of Foreign
Utility Company Status" on Form U-57, stating that HPG would assume operational
control of the Tanguisson facility by November 24, 1996. On November 11, 1996,
HPG assumed operational control of the Tanguisson facility. HPG began delivering
energy to GPA pursuant to the energy conversion agreement in July of 1997. Other
than the Tanguisson power plant, HPG neither owns nor operates any other
facilities used for the generation, transmission or distribution of electric
energy for sale or the distribution at retail of natural or manufactured gas.
<PAGE>
Page 10 of 12
(b) Name of each system company that holds an interest in such EWG or
foreign utility company and description of the interest held.
HEIPC owns all of the issued and outstanding shares of common stock of HPG.
HEI owns all of the issued and outstanding shares of common stock of HEIPC.
(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.
As of December 31, 1997, HEI had invested, directly or indirectly (in
addition to retained earnings), $2,250,000 of capital in HPG. Also as of
December 31, 1997, there were short-term intercompany borrowings by HPG from
HEIPC of $11,115,000 and no other borrowings. HEIPC's intercompany loans to HPG
were funded by investments in and loans to HEIPC by HEI. As of December 31,
1997, HEI has not directly or indirectly guaranteed the securities of HPG.
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
As of December 31, 1997, HPG's capitalization (i.e., common stock equity)
was $2,692,000. For the year ended December 31, 1997, HPG's net income was
$380,000.
(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).
HPG maintains agreements with HEI and certain of its affiliates for
services related to the construction, operation and maintenance of power plants
and electrical systems. For the year ended December 31, 1997, HPG payments for
services from HEI, HECO and HEIPC totaled $304,000.
<PAGE>
Page 11 of 12
EXHIBIT A
Unaudited consolidating statements of income and retained earnings of
Hawaiian Electric Industries, Inc. and its subsidiary companies for the calendar
year 1997, together with an unaudited consolidating balance sheet of Hawaiian
Electric Industries, Inc. and its subsidiary companies as of December 31, 1997,
is attached hereto as Exhibit A.
Unaudited consolidating income and retained earnings information for the
calendar year 1997 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, for Malama Pacific Corp. and its subsidiary
companies, for HEI Power Corp. and its subsidiary companies and for HEI Power
Corp. International and its subsidiary companies, together with unaudited
consolidating balance sheet information for said companies and their respective
subsidiaries as of December 31, 1997, are attached hereto as Exhibits A-1
through A-7.
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
Hawaiian Electric Industries, Inc. -- HEI Power Corp. -- HEI Power
Corp. Guam
<PAGE>
Page 12 of 12
Each of the above-named claimants has caused this statement to be duly
executed on its behalf by its duly authorized officers on this 25th day of
February 1998.
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
and Government Relations
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, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian Hawaiian
Hawaiian Tug & Malama Electric HEI
Electric Barge HEI Pacific Company, Diversified,
Industries, Corp. and Investment Corp. and Inc. and Inc. and
ASSETS Inc. subsidiary Corp. subsidiaries subsidiaries subsidiary
- -------------------------------------------- ---------- ---------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 416 661 207 446 1,676 249,619
Notes receivable from affiliated companies 25,459 -- 3,153 -- -- 17,073
Accounts receivable and
unbilled revenues, net 1,315 5,902 15 61 119,553 32,185
Inventories, at average cost -- 1,352 -- -- 44,033
Real estate developments -- -- -- 30,143 -- --
Investment and mortgage-backed securities -- -- -- -- -- 1,970,623
Other investments 810 691 63,151 9,113 -- --
Loans receivable, net -- -- -- -- -- 3,035,847
Property, plant and equipment, net 3,288 43,514 -- 40 1,893,105 65,216
Regulatory assets -- 2,270 -- -- 101,809 --
Other 4,182 2,525 -- 6,672 52,138 72,495
Goodwill and other intangibles -- -- -- -- -- 122,492
Investment in wholly owned
subsidiaries, at equity 1,245,415 -- -- -- -- --
---------- ------ ------ ------- --------- ---------
$1,280,885 56,915 66,526 46,475 2,212,314 5,565,550
========== ====== ====== ======= ========= =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
- --------------------------------------------
LIABILITIES
Accounts payable $ 3,555 1,225 48 821 62,773 82,235
Deposit liabilities -- -- -- -- -- 3,916,600
Short-term borrowings 192,663 -- -- 23,363 95,581 12,669
Securities sold under agreements
to repurchase -- -- -- -- -- 375,366
Advances from Federal Home Loan Bank -- -- -- -- -- 736,474
Long-term debt 263,000 17,650 -- 7,954 627,621 17,073
Deferred income taxes 1,374 7,145 45,230 221 125,509 7,316
Unamortized tax credits 117 1,111 -- -- 48,675 1
Contributions in aid of construction -- -- -- -- 197,596 --
Other 5,495 8,538 1,804 588 151,261 23,092
---------- ------ ------ ------- --------- ---------
466,204 35,669 47,082 32,947 1,309,016 5,170,826
---------- ------ ------ ------- --------- ---------
HEI- and HECO-obligated preferred
securities of trust subsidiaries directly or
indirectly holding solely HEI and HEI-
guaranteed and HECO and HECO-
guaranteed subordinated debentures -- -- -- -- 50,000 --
Preferred stock of electric
utility subsidiaries
Subject to mandatory redemption -- -- -- -- 35,770 --
Not subject to mandatory redemption -- -- -- -- 48,293 --
---------- ------ ------ ------- --------- ---------
-- -- -- -- 134,063 --
---------- ------ ------ ------- --------- ---------
STOCKHOLDERS' EQUITY
Preferred stock -- -- -- -- -- --
Common stock 654,819 13,229 22,166 36,975 381,653 326,169
Retained earnings (deficit) 159,862 8,017 (2,722) (23,447) 387,582 68,555
---------- ------ ------ ------- --------- ---------
814,681 21,246 19,444 13,528 769,235 394,724
---------- ------ ------ ------- --------- ---------
$1,280,885 56,915 66,526 46,475 2,212,314 5,565,550
========== ====== ====== ======= ========= =========
</TABLE>
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, 1997
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Pacific HEI Hawaiian Reclassifi-
Energy Power Hycap HEI Electric cations
Conservation Corp. Manage- Preferred Industries and
Services, and ment, Funding, Capital Eliminations
ASSETS Inc. subsidiaries Inc. LP Trust I Dr. (Cr.) Consolidated
- --------------------------- ------------ ------------ ------- --------- --------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 11 298 1,021 1 -- -- $ 254,356
Notes receivable from
affiliated companies 27 -- -- 120,073 -- (165,785) --
Accounts receivable and
unbilled revenues, net 21 758 61 10 -- (1,589) 158,292
Inventories, at average cost -- 27 -- -- -- -- 45,412
Real estate developments -- -- -- -- -- -- 30,143
Investment and mortgage-backed
securities -- -- -- 1,263 -- -- 1,971,886
Other investments -- 4 -- -- -- -- 73,769
Loans receivable, net -- -- -- -- -- -- 3,035,847
Property, plant and equipment, net -- 14,395 -- -- -- -- 2,019,558
Regulatory assets -- -- -- -- -- -- 104,079
Other -- 36 -- -- -- -- 138,048
Goodwill and other intangibles -- -- -- -- -- -- 122,492
Investment in wholly owned
subsidiaries, at equity -- -- 18,193 -- 103,093 (1,366,701) --
----- ------ ------ ------- ------- ---------- ----------
$ 59 15,518 19,275 121,347 103,093 (1,534,075) $7,953,882
===== ====== ====== ======= ======= ========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
- ---------------------------
LIABILITIES
Accounts payable $ 5 132 -- 61 -- 1,589 $ 149,266
Deposit liabilities -- -- -- -- -- -- 3,916,600
Short-term borrowings -- 2,379 -- -- -- 28,639 298,016
Securities sold under agreements
to repurchase -- -- -- -- -- -- 375,366
Advances from Federal Home
Loan Bank -- -- -- -- -- -- 736,474
Long-term debt -- 6,423 -- -- -- 137,146 802,575
Deferred income taxes -- (554) -- -- -- -- 186,241
Unamortized tax credits -- -- -- -- -- -- 49,904
Contributions in aid of construction -- -- -- -- -- -- 197,596
Other 47 2,258 17 -- -- -- 193,100
----- ------ ------ ------- ------- ---------- ----------
52 10,638 17 61 -- 167,374 6,905,138
----- ------ ------ ------- ------- ---------- ----------
HEI- and HECO-obligated preferred
securities of trust subsidiaries
directly or indirectly holding solely
HEI and HEI-guaranteed and HECO
and HECO-guaranteed subordinated
debentures -- -- -- -- 100,000 -- 150,000
Preferred stock of electric
utility subsidiaries
Subject to mandatory redemption -- -- -- -- -- -- 35,770
Not subject to mandatory
redemption -- -- -- -- -- -- 48,293
----- ------ ------ ------- ------- ---------- ----------
-- -- -- -- 100,000 -- 234,063
----- ------ ------ ------- ------- ---------- ----------
STOCKHOLDERS' EQUITY
Preferred stock -- -- -- -- -- -- --
Common stock 220 11,900 18,364 121,286 3,093 935,055 654,819
Retained earnings (deficit) (213) (7,020) 894 -- -- 431,646 159,862
----- ------ ------ ------- ------- ---------- ----------
7 4,880 19,258 121,286 3,093 1,366,701 814,681
----- ------ ------ ------- ------- ---------- ----------
$ 59 15,518 19,275 121,347 103,093 1,534,075 $7,953,882
===== ====== ====== ======= ======= ========== ==========
</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, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian
Hawaiian Hawaiian Malama Electric HEI
Electric Tug & Barge HEI Pacific Company, Diversified,
Industries, Corp. and Investment Corp. and Inc. and Inc. and
Inc. subsidiary Corp. subsidiaries subsidiaries subsidiary
----------- ----------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- -- 1,107,523 --
Savings bank -- -- -- -- -- 294,135
Other 2,468 50,806 4,885 3,552 -- 1,024
Equity in net income of subsidiaries 99,093 -- -- -- -- --
-------- ------ ----- ------ --------- -------
101,561 50,806 4,885 3,552 1,107,523 295,159
-------- ------ ----- ------ --------- -------
EXPENSES
Electric utility -- -- -- -- 935,770 --
Savings bank -- -- -- -- -- 249,396
Other 8,825 48,581 257 10,070 -- 12
-------- ------ ----- ------ --------- -------
8,825 48,581 257 10,070 935,770 249,408
-------- ------ ----- ------ --------- -------
OPERATING INCOME (LOSS)
Electric utility -- -- -- -- 171,753 --
Savings bank -- -- -- -- -- 44,739
Other 92,736 2,225 4,628 (6,518) -- 1,012
-------- ------ ----- ------ --------- -------
92,736 2,225 4,628 (6,518) 171,753 45,751
-------- ------ ----- ------ --------- -------
Interest expense-electric utility
and other (22,822) (1,364) -- (2,315) (48,778) (1,299)
Allowance for borrowed funds
used during construction -- -- -- -- 6,190 --
Preferred stock dividends of
electric utility subsidiaries -- -- -- -- (2,593) --
Preferred securities distributions of
trust subsidiaries -- -- -- -- (3,052) --
Allowance for equity funds used
during construction -- -- -- -- 10,864 --
-------- ------ ----- ------ --------- -------
INCOME (LOSS) BEFORE INCOME TAXES
AND PREFERRED STOCK DIVIDENDS
OF HECO 69,914 861 4,628 (8,833) 134,384 44,452
Income tax expense (benefit) (16,528) 534 222 3 52,535 17,903
-------- ------ ----- ------ --------- -------
INCOME (LOSS) BEFORE PREFERRED
STOCK DIVIDENDS OF HECO 86,442 327 4,406 (8,836) 81,849 26,549
Preferred stock dividends of HECO -- -- -- -- 3,660 --
-------- ------ ----- ------ --------- -------
NET INCOME (LOSS) $ 86,442 327 4,406 (8,836) 78,189 26,549
======== ====== ===== ====== ========= =======
</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, 1997
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEI Hawaiian Reclassifi-
Pacific Power Hycap HEI Electric cations
Energy Corp. Manage- Preferred Industries and
Conservation and ment, Funding, Capital Eliminations
Services, Inc. subsidiaries Inc. LP Trust I Dr. (Cr.) Consolidated
-------------- ------------ ------- --------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES
Electric utility $ -- -- -- -- -- -- $1,107,523
Savings bank -- -- -- -- -- -- 294,135
Other 11 3,025 45 9,124 -- 12,619 62,321
Equity in net income of
subsidiaries -- -- 1,343 -- 7,781 108,217 --
---- ------ ----- ----- -------- --------- ----------
11 3,025 1,388 9,124 7,781 120,836 1,463,979
---- ------ ----- ----- -------- --------- ----------
EXPENSES
Electric utility $ -- -- -- -- -- -- 935,770
Savings bank -- -- -- -- -- -- 249,396
Other 96 5,021 13 -- -- (251) 72,624
---- ------ ----- ----- -------- --------- ----------
96 5,021 13 -- -- (251) 1,257,790
---- ------ ----- ----- -------- --------- ----------
OPERATING INCOME (LOSS)
Electric utility -- -- -- -- -- -- 171,753
Savings bank -- -- -- -- -- -- 44,739
Other (85) (1,996) 1,375 9,124 7,781 120,585 (10,303)
---- ------ ----- ----- ------- --------- ----------
(85) (1,996) 1,375 9,124 7,781 120,585 206,189
---- ------ ----- ----- ------- ---------- ----------
Interest expense-electric
utility and other -- (397) -- -- -- (12,368) (64,607)
Allowance for borrowed funds
used during construction -- -- -- -- -- -- 6,190
Preferred stock dividends of
electric utility subsidiaries -- -- -- -- -- 3,660 (6,253)
Preferred securities distri-
butions of trust subsidiaries -- -- -- -- (7,548) -- (10,600)
Allowance for equity funds used
during construction -- -- -- -- -- -- 10,864
---- ------ ----- ----- -------- --------- ----------
INCOME (LOSS) BEFORE INCOME
TAXES AND PREFERRED STOCK
DIVIDENDS OF HECO (85) (2,393) 1,375 9,124 233 111,877 141,783
Income taxes -- 191 481 -- -- -- 55,341
---- ------ ----- ----- -------- --------- ----------
INCOME (LOSS) BEFORE PREFERRED
STOCK DIVIDENDS OF HECO (85) (2,584) 894 9,124 233 111,877 86,442
Preferred stock dividends of HECO -- -- -- -- -- (3,660) --
---- ------ ----- ----- -------- -------- -----------
NET INCOME (LOSS) $(85) (2,584) 894 9,124 233 108,217 $ 86,442
==== ====== ===== ===== ======== ========= ===========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Retained Earnings Page 5 of 5
Year ended December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaiian Hawaiian HEI Malama Hawaiian Electric HEI Diversified,
Electric Tug & Barge Investment Pacific Corp. Company, Inc. and Inc. and
Industries, Inc. Corp. and subsidiary Corp. and subsidiaries subsidiaries subsidiary
---------------- ------------------- ----------- ---------------- ----------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings
(deficit), beginning
of year $149,907 7,863 (7,128) (14,611) 367,770 55,985
Net income (loss) 86,442 327 4,406 (8,836) 78,189 26,549
Distributions of HEI
Preferred Funding, LP -- -- -- -- -- --
Common stock dividends (76,487) (173) -- -- (58,377) (13,979)
-------- ---- ------ ------- ------- -------
Retained earnings
(deficit), end of
year $159,862 8,017 (2,722) (23,447) 387,582 68,555
======== ===== ====== ======= ======= =======
</TABLE>
Continued below.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings
Year ended December 31, 1997
(Unaudited)
(in thousands)
(continued)
<TABLE>
<CAPTION>
Hawaiian Reclassifi-
Pacific HEI HEI Electric cations
Energy Power Corp. Hycap Preferred Industries and
Conservation and Management, Funding. Capital Eliminations
Services, Inc. subsidiaries Inc. LP Trust 1 Dr. (Cr.) Consolidated
-------------- ------------ ---------- --------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(128) (4,436) -- -- -- 405,315 $149,907
Net income (loss) (85) (2,584) 894 9,124 233 108,217 86,442
Distributions of HEI
Preferred Funding, LP -- -- -- (9,124) -- (9,124) --
Common stock dividends -- -- -- -- (233) (72,762) (76,487)
----- ------ --- ------ --- ------- --------
Retained earnings (deficit),
end of year $(213) (7,020) 894 -- -- 431,646 $159,862
===== ====== === ====== === ======= ========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii Reclassifi-
Hawaiian Electric Maui cations
Electric Light Electric HECO and
Company, Company, Company, Capital Eliminations
ASSETS Inc. Inc. Limited Trust I Dr. (Cr.) Consolidated
- --------------------------------------- --------- --------- -------- ------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 9 1,299 368 -- -- $ 1,676
Notes receivable from
affiliated companies 36,300 -- 2,500 51,546 (90,346) --
Accounts receivable and unbilled
revenues, net 81,585 21,377 16,190 -- 401 119,553
Inventories, at average cost 26,330 5,275 12,428 -- -- 44,033
Property, plant and equipment, net 1,168,376 373,129 351,600 -- -- 1,893,105
Regulatory assets 71,646 17,137 13,026 -- -- 101,809
Other 27,095 14,395 10,648 -- -- 52,138
Investment in wholly owned
subsidiaries, at equity 296,436 -- -- -- (296,436) --
---------- ------- ------- ------ -------- ----------
$1,707,777 432,612 406,760 51,546 (386,381) $2,212,314
========== ======= ======= ====== ======== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
- ---------------------------------------
LIABILITIES
Accounts payable $ 41,718 11,202 9,310 -- (543) $ 62,773
Short-term borrowings 98,081 36,300 -- 38,800 95,581
Long-term debt 400,825 117,122 161,220 -- 51,546 627,621
Deferred income taxes 104,870 9,235 11,404 -- -- 125,509
Unamortized tax credits 28,818 8,588 11,269 -- -- 48,675
Contributions in aid
of construction 127,954 46,563 23,079 -- -- 197,596
Other 82,983 41,741 26,679 -- 142 151,261
---------- ------- ------- ------ -------- ----------
885,249 270,751 242,961 -- 89,945 1,309,016
---------- ------- ------- ------ -------- ----------
HECO-obligated mandatorily
redeemable preferred securities
of trust subsidiary holding solely
HECO and HECO-guaranteed
subordinated debentures -- -- -- 50,000 -- 50,000
Preferred stock
Subject to mandatory redemption 23,000 7,100 5,670 -- -- 35,770
Not subject to mandatory
redemption 30,293 10,000 8,000 -- -- 48,293
---------- ------- ------- ------ -------- ----------
53,293 17,100 13,670 50,000 -- 134,063
---------- ------- ------- ------ -------- ----------
STOCKHOLDERS' EQUITY
Common stock 381,653 91,054 88,399 1,546 180,999 381,653
Retained earnings 387,582 53,707 61,730 -- 115,437 387,582
---------- ------- ------- ------ -------- ----------
769,235 144,761 150,129 1,546 296,436 769,235
---------- ------- ------- ------ -------- ----------
$1,707,777 432,612 406,760 51,546 386,381 $2,212,314
========== ======= ======= ====== ======== ==========
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii Reclassifi-
Hawaiian Electric Maui cations
Electric Light Electric HECO and
Company, Company, Company, Capital Eliminations
Inc. Inc. Limited Trust I Dr. (Cr.) Consolidated
--------- --------- -------- ------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Electric utility $791,596 164,245 154,995 3,146 6,459 $1,107,523
Equity in net income of subsidiaries 28,617 -- -- -- 28,617 --
-------- ------- ------- ----- ------ ----------
820,213 164,245 154,995 3,146 35,076 1,107,523
-------- ------- ------- ----- ------ ----------
EXPENSES 677,043 132,528 126,199 -- -- 935,770
-------- ------- ------- ----- ------ ----------
OPERATING INCOME 143,170 31,717 28,796 3,146 35,076 171,753
Interest expense (34,458) (10,319) (10,460) -- (6,459) (48,778)
Allowance for borrowed funds used
during construction 2,404 1,998 1,788 -- -- 6,190
Preferred stock dividends of electric
utility subsidiaries -- -- -- -- 2,593 (2,593)
Preferred securities distributions of
trust subsidiary -- -- -- (3,052) -- (3,052)
Allowance for equity funds used
during construction 4,145 3,471 3,248 -- -- 10,864
-------- ------- ------- ----- ------ ----------
INCOME BEFORE INCOME TAX
EXPENSE AND PREFERRED
STOCK DIVIDENDS 115,261 26,867 23,372 94 31,210 134,384
Income taxes 33,412 10,134 8,989 -- -- 52,535
-------- ------- ------- ----- ------ ----------
INCOME BEFORE PREFERRED
STOCK DIVIDENDS 81,849 16,733 14,383 94 31,210 81,849
Preferred stock dividends 3,660 1,470 1,123 -- (2,593) 3,660
-------- ------- ------- ----- ------ ----------
NET INCOME $ 78,189 15,263 13,260 94 28,617 $ 78,189
======== ======= ======= ===== ====== ==========
<CAPTION>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1997
(Unaudited)
(in thousands)
Hawaii Reclassifi-
Hawaiian Electric Maui cations
Electric Light Electric HECO and
Company, Company, Company, Capital Eliminations
Inc. Inc. Limited Trust I Dr. (Cr.) Consolidated
--------- --------- -------- ------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings,
beginning of year $367,770 51,780 58,797 -- 110,577 $367,770
Net income 78,189 15,263 13,260 94 28,617 78,189
Common stock dividends (58,377) (13,336) (10,327) (94) (23,757) (58,377)
-------- ------- ------- ----- ------- --------
Retained earnings, end of year $387,582 53,707 61,730 -- 115,437 $387,582
======== ======= ======= ===== ======= ========
</TABLE>
<PAGE>
Exhibit A-2
Page 1 of 2
HEI DIVERSIFIED, INC. AND SUBSIDIARY
Consolidating Schedule - Balance Sheet Information
December 31, 1997
(Unaudited)
(in thousands)
[CAPTION]
<TABLE>
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 $ 12 249,607 -- $ 249,619
Notes receivable from
affiliated companies 17,073 -- -- 17,073
Accounts receivable and
unbilled revenues, net 53 32,132 -- 32,185
Investment and mortgage-backed
securities -- 1,970,623 -- 1,970,623
Loans receivable, net -- 3,035,847 -- 3,035,847
Property, plant and equipment, net -- 65,216 -- 65,216
Other -- 72,495 -- 72,495
Goodwill and other intangibles -- 122,492 -- 122,492
Investment in wholly owned
subsidiary, at equity 395,787 -- (395,787) --
-------- --------- -------- ----------
$412,925 5,548,412 (395,787) $5,565,550
======== ========= ======== ==========
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------
LIABILITIES
Accounts payable $ 294 81,941 -- 82,235
Deposit liabilities -- 3,916,600 -- 3,916,600
Short-term borrowings 1,343 11,326 -- 12,669
Securities sold under
agreements to repurchase -- 375,366 -- 375,366
Advances from Federal Home Loan Bank -- 736,474 -- 736,474
Long-term debt 17,073 -- -- 17,073
Deferred income taxes (586) 7,902 -- 7,316
Unamortized tax credits 1 -- -- 1
Other 76 23,016 -- 23,092
-------- --------- -------- ----------
18,201 5,152,625 -- 5,170,826
-------- --------- -------- ----------
Preferred stock of savings
bank subsidiary -- 75,000 75,000 --
STOCKHOLDER'S EQUITY
Common stock 326,169 237,820 237,820 326,169
Retained earnings 68,555 82,967 82,967 68,555
-------- --------- -------- ----------
394,724 320,787 320,787 394,724
-------- --------- -------- ----------
$412,925 5,548,412 395,787 $5,565,550
======== ========= ======== ==========
</TABLE>
<PAGE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1997
(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 $ -- 294,135 -- $294,135
Other 1,414 -- 390 1,024
Equity in net income of subsidiary 26,333 -- 26,333 --
------- ------- ------ --------
27,747 294,135 26,723 295,159
------- ------- ------ --------
EXPENSES
Savings bank -- 249,396 -- 249,396
Other 12 -- -- 12
------- ------- ------ --------
12 249,396 -- 249,408
------- ------- ------ --------
OPERATING INCOME
Savings bank -- 44,739 -- 44,739
Other 27,735 -- 26,723 1,012
------- ------- ------ --------
27,735 44,739 26,723 45,751
Interest expense -- electric utility and other (1,299) -- -- (1,299)
------- ------- ------ --------
INCOME BEFORE INCOME TAX EXPENSE AND
PREFERRED STOCK DIVIDENDS 26,436 44,739 26,723 44,452
Income tax expense (benefit) (113) 18,016 -- 17,903
------- ------- ------ --------
INCOME BEFORE PREFERRED STOCK DIVIDENDS 26,549 26,723 26,723 26,549
Preferred stock dividends -- 390 390 --
------- ------- ------ --------
NET INCOME $26,549 26,333 26,333 $ 26,549
======= ======= ====== ========
</TABLE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1997
(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 $ 55,985 70,223 70,223 $ 55,985
Net income 26,549 26,333 26,333 26,549
Common stock dividends (13,979) (13,589) (13,589) (13,979)
-------- ------- ------- --------
Retained earnings, end of year $ 68,555 82,967 82,967 $ 68,555
======== ======= ======= ========
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
American cations
American Savings AdCom- American and
Savings Investment ASB muni Savings Elimi-
Bank, Services Service cations, Mortgage nations Consoli-
ASSETS F.S.B. Corp. Corporation Inc. Co., Inc. Dr. (Cr.) dated
- ---------------------------- -------- ---------- ----------- -------- --------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 249,607 1,700 25 283 335 (2,343) $ 249,607
Accounts receivable and
unbilled revenues, net 32,132 -- -- -- -- -- 32,132
Investment and
mortgage-backed securities 1,970,623 -- -- -- -- -- 1,970,623
Loans receivable, net 3,035,847 -- -- -- -- -- 3,035,847
Property, plant and
equipment, net 65,140 18 38 -- 20 -- 65,216
Other 72,420 64 -- 9 2 -- 72,495
Goodwill and other
intangibles 122,483 9 -- -- -- -- 122,492
Investment in wholly owned
subsidiaries, at equity 1,583 -- -- -- -- (1,583) --
---------- ----- ---- --- ---- ------ ----------
$5,549,835 1,791 63 292 357 (3,926) $5,548,412
========== ===== ==== === ==== ====== ==========
LIABILITIES AND
STOCKHOLDER'S
EQUITY
- ----------------------------
LIABILITIES
Accounts payable $ 81,941 -- -- -- -- -- $ 81,941
Deposit liabilities 3,918,943 -- -- -- -- 2,343 3,916,600
Short-term borrowings 11,326 -- -- -- -- -- 11,326
Securities sold under
agreements to repurchase 375,366 -- -- -- -- -- 375,366
Advances from
Federal Home Loan Bank 736,474 -- -- -- -- -- 736,474
Deferred income taxes 7,902 -- -- -- -- -- 7,902
Other 22,096 755 1 20 144 23,016
---------- ----- --- --- ---- ------ ----------
5,154,048 755 1 20 144 2,343 5,152,625
---------- ----- --- --- ---- ------ ----------
Preferred stock 75,000 -- -- -- -- -- 75,000
STOCKHOLDER'S EQUITY
Common stock 237,820 10 209 61 439 719 237,820
Retained earnings (deficit) 82,967 1,026 (147) 211 (226) 864 82,967
---------- ----- ---- --- ---- ------ ----------
320,787 1,036 62 272 213 1,583 320,787
---------- ----- ---- --- ---- ------ ----------
$5,549,835 1,791 63 292 357 3,926 $5,548,412
========== ===== ==== === ==== ====== ==========
</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, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
American cations
American Savings AdCom- American and
Savings Investment ASB muni Savings Elimi-
Bank, Services Service cations, Mortgage nations Consoli-
F.S.B. Corp. Corporation Inc. Co., Inc. Dr. (Cr.) dated
--------- ---------- ----------- --------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
REVENUES
Savings bank $291,472 2,849 -- 126 279 591 $294,135
Equity in net income
of subsidiaries 666 -- -- -- -- 666 --
-------- ----- --- --- --- ----- --------
292,138 2,849 -- 126 279 1,257 294,135
-------- ----- --- --- --- ----- --------
EXPENSES 247,886 1,759 28 82 232 (591) 249,396
-------- ----- --- --- --- ----- --------
OPERATING INCOME (LOSS) 44,252 1,090 (28) 44 47 666 44,739
Income taxes 17,529 468 -- 19 -- -- 18,016
-------- ----- --- --- --- ----- --------
INCOME (LOSS) BEFORE
PREFERRED STOCK DIVIDENDS 26,723 622 (28) 25 47 666 26,723
-------- ----- --- --- --- ----- --------
Preferred stock dividends 390 -- -- -- 390
-------- ----- --- --- --- ----- --------
NET INCOME (LOSS) $ 26,333 622 (28) 25 47 666 $ 26,333
======== ===== === === === ===== ========
</TABLE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
American cations
American Savings AdCom- American and
Savings Investment ASB muni Savings Elimi-
Bank, Services Service cations, Mortgage nations Consoli-
F.S.B. Corp. Corporation Inc. Co., Inc. Dr. (Cr.) dated
--------- ---------- ----------- -------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ 70,223 1,000 (119) 186 (273) 794 $ 70,223
Net income (loss) 26,333 622 (28) 25 47 666 26,333
Common stock dividends (13,589) (596) -- -- -- (596) (13,589)
-------- ----- ---- --- ---- ---- --------
Retained earnings (deficit),
end of year $ 82,967 1,026 (147) 211 (226) 864 $ 82,967
======== ===== ==== === ==== ==== ========
</TABLE>
<PAGE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1997
(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 $ 661 -- -- $ 661
Notes receivable from affiliated company 12,427 -- (12,427) --
Accounts receivable and unbilled revenues, net 824 5,386 (308) 5,902
Inventories, at average cost 147 1,205 -- 1,352
Other investments 687 4 -- 691
Property, plant and equipment, net 9,191 34,323 -- 43,514
Regulatory assets -- 2,270 -- 2,270
Other 1,710 815 -- 2,525
Investment in wholly owned subsidiary, at equity 16,723 -- (16,723) --
------- ------ ------- -------
$42,370 44,003 (29,458) $56,915
======= ====== ======= =======
LIABILITIES AND
STOCKHOLDERS' EQUITY
- -----------------------------------------------
LIABILITIES
Accounts payable $ 508 1,025 308 $ 1,225
Short-term borrowings -- 2,777 (2,777) --
Long-term debt 17,650 9,650 9,650 17,650
Deferred income taxes 1,637 5,508 -- 7,145
Unamortized tax credits 162 949 -- 1,111
Other 1,167 7,371 -- 8,538
------- ------ ------- -------
21,124 27,280 12,735 35,669
------- ------ ------- -------
STOCKHOLDERS' EQUITY
Common stock 13,229 7,414 7,414 13,229
Retained earnings 8,017 9,309 9,309 8,017
------- ------ ------- -------
21,246 16,723 16,723 21,246
------- ------ ------- -------
$42,370 44,003 29,458 $56,915
======= ====== ======= =======
</TABLE>
<PAGE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY Exhibit A-4
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1997
(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 $ 9,476 $45,332 $ 4,002 $50,806
Equity in net income of
subsidiary 430 -- 430 --
------- ------- ------- -------
9,906 45,332 4,432 50,806
------- ------- ------- -------
EXPENSES 7,958 43,693 (3,070) 48,581
------- ------- ------- -------
OPERATING INCOME 1,948 1,639 1,362 2,225
Interest expense - electric
utility and other (1,341) (955) (932) (1,364)
------- ------- ------- -------
INCOME BEFORE INCOME TAXES 607 684 430 861
Income taxes 280 254 -- 534
------- ------- ------- -------
NET INCOME $ 327 $ 430 $ 430 $ 327
======= ======= ======= =======
</TABLE>
HAWAIIAN TUG & BARGE CORP. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1997
(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 $7,863 $8,992 $8,992 $7,863
Net income 327 430 430 327
Common stock dividends (173) (113) (113) (173)
------ ------ ------ ------
Retained earnings, end of year $8,017 $9,309 $9,309 $8,017
====== ====== ====== ======
</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, 1997
(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 $ 21 -- -- 279 --
Notes receivable from
affiliated companies 64,843 -- -- -- 11
Accounts receivable and unbilled
revenues, net 1,794 -- 1 27 --
Real estate developments (1,419) -- -- 21,719 --
Other investments -- -- -- 32 --
Property, plant and equipment, net 37 -- -- 1 --
Other (642) -- -- 7,266 --
Investment in wholly owned
subsidiaries, at equity (29,042) -- -- -- --
-------- ------ --- ------ ---
$ 35,592 -- 1 29,324 11
======== ====== === ====== ===
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ---------------------------------------
LIABILITIES
Accounts payable $ 173 -- -- 577 --
Short-term borrowings 21,351 1,482 -- 25,114 --
Long-term debt -- -- -- 7,954 --
Deferred income taxes 200 21 -- -- --
Other 340 -- -- 36 3
-------- ------ --- ------ ---
22,064 1,503 -- 33,681 3
-------- ------ --- ------ ---
STOCKHOLDER'S EQUITY
Common stock 36,975 616 1 4,501 1
Retained earnings (deficit) (23,447) (2,119) -- (8,858) 7
-------- ------ --- ------ ---
13,528 (1,503) 1 (4,357) 8
-------- ------ --- ------ ---
$ 35,592 -- 1 29,324 11
======== ====== === ====== ===
</TABLE>
Continued on next page.
<PAGE>
<TABLE>
<CAPTION>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4
December 31, 1997
(Unaudited)
(in thousands)
(Continued)
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 $ -- -- 146 -- $ 446
Notes receivable from
affiliated companies -- 3 -- (64,857) --
Accounts receivable and unbilled
revenues, net -- -- 14 (1,775) 61
Real estate developments -- -- 9,843 -- 30,143
Other investments 1,647 -- 7,434 -- 9,113
Property, plant and equipment,
net -- -- 2 -- 40
Other -- -- 48 6,672
Investment in wholly owned
subsidiaries, at equity -- -- -- 29,042 --
------ --- ------- ------- -------
$1,647 3 17,487 (37,590) $46,475
====== === ======= ======= =======
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ---------------------------------
LIABILITIES
Accounts payable $ -- 1 363 293 $ 821
Short-term borrowings 1,707 -- 40,048 66,339 23,363
Long-term debt -- -- -- -- 7,954
Deferred income taxes -- -- -- -- 221
Other -- -- 209 -- 588
------ --- ------- ------- -------
1,707 1 40,620 66,632 32,947
------ --- ------- ------- -------
STOCKHOLDER'S EQUITY
Common stock 1 1 1 5,122 36,975
Retained earnings (deficit) (61) 1 (23,134) (34,164) (23,447)
------ --- ------- ------- -------
(60) 2 (23,133) (29,042) 13,528
------ --- ------- ------- -------
$1,647 3 17,487 37,590 $46,475
====== === ======= ======= =======
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Income (Loss) Information Page 3 of 4
Year ended December 31, 1997
(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 $ 5,337 -- -- 6,117 7
Equity in net loss of subsidiaries (9,912) -- -- -- --
------- --- --- ------ --
(4,575) -- -- 6,117 7
------- --- --- ------ --
EXPENSES 2,787 -- -- 4,762 --
------- --- --- ------ --
OPERATING INCOME (LOSS) (7,362) -- -- 1,355 7
Interest expense (1,474) -- -- (3,896) --
------- --- --- ------ --
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE (8,836) -- -- (2,541) 7
Income taxes -- -- -- -- 3
------- --- --- ------ --
NET INCOME (LOSS) $(8,836) -- -- (2,541) 4
======= === === ====== ==
Continued below.
</TABLE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Income (Loss) Information
Year ended December 31, 1997
(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 $ -- 1 (2,662) 5,248 $ 3,552
Equity in net loss of subsidiaries -- -- -- (9,912) --
--- --- ------ ------ -------
-- 1 (2,662) (4,664) 3,552
--- --- ------ ------ -------
EXPENSES -- -- 2,521 -- 10,070
--- --- ------ ------ -------
OPERATING INCOME (LOSS) -- 1 (5,183) (4,664) (6,518)
Interest expense (12) -- (2,181) (5,248) (2,315)
--- --- ------ ------ -------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE (12) 1 (7,364) (9,912) (8,833)
Income taxes -- -- -- -- 3
--- --- ------ ------ -------
NET INCOME (LOSS) $(12) 1 (7,364) (9,912) $(8,836)
==== === ====== ====== =======
</TABLE>
<PAGE>
MALAMA PACIFIC CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4
Year ended December 31, 1997
(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 earnings (deficit),
beginning of year $(14,611) (2,119) -- (6,317) 3
Net income (loss) (8,836) -- -- (2,541) 4
-------- ------ ---- ------ --
Retained earnings (deficit), end of year $(23,447) (2,119) -- (8,858) 7
======== ====== ==== ====== ==
</TABLE>
Continued below.
MALAMA PACIFIC CORP. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1997
(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 earnings (deficit),
beginning of year $(49) -- (15,770) (24,252) $(14,611)
Net income (loss) (12) 1 (7,364) (9,912) (8,836)
---- -- ------- ------- --------
Retained earnings (deficit), end of year $(61) 1 (23,134) (34,164) $(23,447)
==== == ======= ======= ========
</TABLE>
<PAGE>
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
HEI HEI cations
HEI Power Power and
Power Corp. Corp. Eliminations
ASSETS Corp. Guam International Dr. (Cr.) Consolidated
- ---------------------------------- ------- ------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 5 6 287 -- $ 298
Notes receivable from
affiliated companies 11,115 -- -- (11,115) --
Accounts receivable and
unbilled revenues, net 8 750 -- -- 758
Inventories, at average cost -- 27 -- -- 27
Other investments -- -- 4 -- 4
Property, plant and equipment, net 168 14,202 25 -- 14,395
Other 6 23 7 -- 36
Investment in wholly owned
subsidiaries, at equity 3,015 -- -- (3,015) --
------- ------ ---- ------- -------
$14,317 15,008 323 (14,130) $15,518
======= ====== ==== ======= =======
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ---------------------------------
LIABILITIES
Accounts payable $ 102 30 -- -- $ 132
Short-term borrowings 2,379 11,115 -- 11,115 2,379
Long-term debt 6,423 -- -- -- 6,423
Deferred income taxes -- (554) -- -- (554)
Other 533 1,725 -- -- 2,258
------- ------ ---- ------- -------
9,437 12,316 -- 11,115 10,638
------- ------ ---- ------- -------
STOCKHOLDER'S EQUITY
Common stock 11,900 2,250 673 2,923 11,900
Retained earnings (deficit) (7,020) 442 (350) 92 (7,020)
------- ------ ---- ------- -------
4,880 2,692 323 3,015 4,880
------- ------ ---- ------- -------
$14,317 15,008 323 14,130 $15,518
======= ====== ==== ======= =======
</TABLE>
<PAGE>
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Income (Loss) Information Page 2 of 2
Year ended December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
HEI HEI cations
HEI Power Power and
Power Corp. Corp. Eliminations
Corp. Guam International Dr. (Cr.) Consolidated
----- ----- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
REVENUES
Other $ 32 2,986 7 -- $ 3,025
Equity in net income of
subsidiaries 251 -- -- 251 --
------- ----- --- --- ------
283 2,986 7 251 3,025
------- ----- --- --- ------
EXPENSES 2,733 2,152 136 -- 5,021
------- ----- ---- --- ------
Operating income (loss) (2,450) 834 (129) 251 (1,996)
Interest expense (136) (261) -- -- (397)
------- ----- ---- --- ------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE (2,586) 573 (129) 251 (2,393)
Income taxes (2) 193 -- -- 191
------- ----- ---- --- ------
NET INCOME (LOSS) $(2,584) 380 (129) 251 $(2,584)
======= ===== ==== === =======
</TABLE>
HEI POWER CORP. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
HEI HEI cations
HEI Power Power and
Power Corp. Corp. Eliminations
Corp. Guam International Dr. (Cr.) Consolidated
---------- -------- --------------- -------------- ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(4,436) 62 (221) (159) $(4,436)
Net income (loss) (2,584) 380 (129) 251 (2,584)
------- --- ---- ---- -------
Retained earnings (deficit),
end of year $(7,020) 442 (350) 92 $(7,020)
======= === ==== ==== =======
</TABLE>
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4
December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
HEIPC
HEI HEIPC Lake
Power Philippine HEIPC Mainit HEIPC HEIPC
Corp. Development, Philippine Power, Cambodia Bulacan I,
ASSETS International LLC Ventures LLC Ventures LLC
- ------------------------------------------ ------------- ------------ ----------- ------ -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 80 -- -- 207 -- --
Notes receivable from affiliated companies -- -- -- -- -- --
Accounts receivable and
unbilled revenues, net -- -- -- -- -- --
Other investments 4 -- -- -- -- --
Property, plant and equipment, net -- -- -- 25 -- --
Other 1 1 -- 1 -- --
Investment in wholly owned
subsidiaries, at equity 238 1 -- -- -- --
---- -- -- ---- -- --
$323 1 -- 233 -- --
==== == == ==== == ==
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ------------------------------------------
LIABILITIES
Accounts payable $ -- -- -- -- -- --
Short-term borrowings -- -- -- -- -- --
Deferred income taxes -- -- -- -- -- --
Unamortized tax credits -- -- -- -- -- --
Other -- -- -- -- -- --
---- -- -- --- -- --
STOCKHOLDER'S EQUITY
Common stock 673 1 4 447 -- --
Retained earnings (deficit) (350) -- (4) (214) -- --
---- -- -- ---- -- --
323 1 -- 233 -- --
---- -- -- ---- -- --
$323 1 -- 233 -- --
==== == == ==== == ==
</TABLE>
Continued on next page.
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4
December 31, 1997
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEIPC HEIPC
HEI Phnom Penh Phnom Penh Reclassifi-
HEIPC Power Power Power cations
Bulacan II, Corp. (General), (Limited), Eliminations
ASSETS LLC China LLC LLC Dr. (Cr.) Consolidated
- --------------------------------- ---------- ------ ---------- --------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ -- -- -- -- -- $ 287
Notes receivable from
affiliated companies -- -- -- -- -- --
Accounts receivable and
unbilled revenues, net -- -- -- -- -- --
Other investments -- -- -- -- -- 4
Property, plant and equipment, net -- -- -- -- -- 25
Other -- -- 2 2 -- 7
Investment in wholly owned
subsidiaries, at equity -- -- -- -- (238) --
---- --- --- --- ---- -----
$ -- -- 2 2 (238) $ 323
==== === === === ==== =====
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ---------------------------------
LIABILITIES
Accounts payable $ -- -- -- -- -- $ --
Short-term borrowings -- -- -- -- -- --
Deferred income taxes -- -- -- -- -- --
Other -- -- -- -- -- --
---- --- --- --- ---- -----
-- -- -- -- -- --
==== === === === ==== =====
STOCKHOLDER'S EQUITY
Common stock -- -- 2 2 456 673
Retained earnings (deficit) -- -- -- -- (218) (350)
---- --- --- --- ---- -----
-- -- 2 2 238 323
---- --- --- --- ---- -----
$ -- -- 2 2 238 $ 323
==== === === === ==== =====
</TABLE>
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7
Consolidating Schedule - Income (Loss) Information Page 3 of 4
Year ended December 31, 1997
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
HEIPC
HEI HEIPC Lake
Power Philippine HEIPC Mainit HEIPC HEIPC
Corp. Development, Philippine Power, Cambodia Bulacan I,
International LLC Ventures LLC Ventures LLC
------------- ------------ -------- ------ -------- ---------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Other $ -- -- -- 7 -- --
Equity in net income of
subsidiaries 7 -- -- -- -- --
----- --- --- --- --- ---
7 -- -- 7 -- --
----- --- --- --- --- ---
EXPENSES 136 -- -- -- -- --
----- --- --- --- --- ---
OPERATING LOSS (129) -- -- 7 -- --
Interest expense -- -- -- -- -- --
----- --- --- --- --- ---
LOSS BEFORE
INCOME TAX EXPENSE (129) -- -- 7 -- --
Income taxes -- -- -- -- -- --
----- --- --- --- --- ---
NET LOSS $(129) -- -- 7 -- --
===== === === === === ===
</TABLE>
Continued below.
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES
Consolidating Schedule - Income (Loss) Information
Year ended December 31, 1997
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEIPC HEIPC Phnom Reclassifi-
HEI Phnom Penh Penh cations
HEIPC Power Power Power and
Bulacan II, Corp. (General), (Limited), Eliminations
LLC China LLC LLC Dr. (Cr.) Consolidated
----------- ----- ---------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
REVENUES
Other $ -- -- -- -- -- $ 7
Equity in net loss of subsidiaries -- -- -- -- 7 --
---- --- --- --- --- -----
-- -- -- -- 7 7
---- --- --- --- --- -----
EXPENSES -- -- -- -- -- 136
---- --- --- --- --- -----
OPERATING LOSS -- -- -- -- 7 (129)
Interest expense -- -- -- -- -- --
---- --- --- --- --- -----
LOSS BEFORE
INCOME TAX EXPENSE -- -- -- -- 7 (129)
Income taxes -- -- -- -- -- --
---- --- --- --- --- -----
NET LOSS $ -- -- -- -- 7 $(129)
==== === === === === =====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-7
Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4
Year ended December 31, 1997
(Unaudited)
(in thousands)
HEIPC
HEI HEIPC Lake
Power Philippine HEIPC Mainit HEIPC HEIPC
Corp. Development, Philippine Power, Cambodia Bulacan I,
International LLC Ventures LLC Ventures LLC
------------- ------------ ---------- ------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(221) -- (2) (221) -- --
Net income (loss) (129) -- -- 7 -- --
Transfer of interest to HEI Power
Corp. International -- -- (2) -- -- --
----- --- --- --- --- ---
Retained earnings (deficit),
end of year $(350) -- (4) (214) -- --
===== === === ==== === ===
Continued below.
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1997
(Unaudited)
(in thousands)
(Continued)
<CAPTION>
HEIPC HEIPC Reclassifi-
HEI Phnom Penh Phnom Penh cations
HEIPC Power Power Power and
Bulacan II, Corp. (General), (Limited), Eliminations
LLC China LLC LLC Dr. (Cr.) Consolidated
----------- ----- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ -- -- -- -- (223) $(221)
Net income (loss) -- -- -- -- 7 (129)
Transfer of interest to HEI Power
Corp. International -- -- -- -- (2) --
--- --- --- --- --- ---
Retained earnings (deficit),
end of year $ -- -- -- -- (218) $(350)
==== === === === ==== =====
</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, 1997
- -------- -------------------------------------------------
<S> <C> <C>
1 Total Assets (at December 31)..... $7,953,882
2 Total Operating Revenues.......... 1,463,979
3 Net Income........................ 86,442
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Item No. Year ended December 31, 1997
- -------- ------------------------------------------------
<S> <C> <C>
1 Total Assets (at December 31).... $2,212,314
2 Total Operating Revenues......... 1,107,523
3 Net Income....................... 78,189
</TABLE>
|
|