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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 (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 Investments, Inc., Malama Pacific Corp.
(MPC), The Old Oahu Tug Service, Inc., HEI Diversified, Inc. (HEIDI),
HEI Properties, Inc., Pacific Energy Conservation Services, Inc.
(PECS), HEI Power Corp. (HEIPC), HEI District Cooling, Inc. (HEIDC),
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ProVision Technologies, Inc. (ProVision), Hycap Management, Inc.
(Hycap), Hawaiian Electric Industries Capital Trust I (HEI Trust I),
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, Limited (MECO), HECO Capital Trust I
(HECO Trust I) and HECO Capital Trust II (HECO Trust II).
MPC is the parent company of Malama Property Investment Corp.
(MPIC), Malama Waterfront Corp. (MWC), Malama Development Corp. (MDC),
TMG Service Corp. (TMG) and Malama Mohala Corp. (MMoC). On September
14, 1998, the Board of Directors of HEI adopted a plan to exit the
residential real estate development business (engaged in by Malama
Pacific Corp. and its subsidiaries). Accordingly, MPC management
commenced a program to sell all of MPC's real estate assets and
investments and HEI reported MPC as a discontinued operation in the
Company's consolidated statements of income in the third quarter of
1998. As real estate assets and investments have been sold or
transferred, the entities which held them and entities which were no
longer active, have been dissolved. As of December 31, 1999, the
following entities were dissolved as contemplated by the plan to exit
the residential real estate development business: Malama Hoaloha
Corp., Malama Realty Corp., Malama Elua Corp. and Baldwin*Malama, a
limited partnership in which MDC owned a 50% and was the sole general
partner.
In November 1999, Hawaiian Tug & Barge Corp. (HTB) sold
substantially all of its operating assets and the stock of Young
Brothers, Limited (YB). On November 10, 1999, HTB changed its name to
The Old Oahu Tug Service, Inc. (TOOTS).
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., American Savings
Mortgage Co., Inc., ASB Service Corporation and ASB Realty
Corporation. HEIDI changed the name of its subsidiary, HEIDI Real
Estate Corp. to HEI Properties, Inc. (HEIPI) in September 1999 and
then transferred ownership of HEIPI to HEI.
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HEIPC is the parent company of HEI Power Corp. Guam (a foreign
utility company, see items 4a and 4b), HEI Power Corp. Saipan 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, HEI Power Corp.
Philippines (formerly HEIPC Phnom Penh Power (General), LLC), HEIPC
Phnom Penh Power (Limited), LLC, HEIPC Bulacan I, LLC, HEIPC Bulacan
II, LLC, HEI Power Corp. China (parent of Dafeng Sanlian Cogeneration
Co., Ltd.), HEI Power Corp. China II, the 100% owner of United Power
Pacific Company Limited (UPP), which in turn is the 75% owner of
Baotou Tianjiao Power Co., Ltd. (a foreign utility company, see items
4a and 4b), HEI Power Corp. China III and HEI Power Corp. China IV.
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 Trust I was formed under the laws of the
State of Delaware on December 31, 1996. The Bank of New York is the
corporate trustee of HECO Trust I and its principal administrative
offices are located at 101 Barclay Street 21st floor, New York, New
York 10286. HECO Trust I is a statutory business trust formed for the
exclusive purposes of (i) issuing and selling its common
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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 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. HECO Trust II was formed
under the laws of the State of Delaware on October 15, 1998. The Bank
of New York is the corporate trustee of HECO Trust II and its
principal administrative offices are located at 101 Barclay Street
21st floor, New York, New York 10286. HECO Trust II is a statutory
business trust formed for the exclusive purposes of (i) issuing and
selling its common securities to HECO and its 7.30% Cumulative
Quarterly Income Preferred Securities, Series 1998 (QUIPS) to the
public in an underwritten public offering in December 1998, (ii) using
the proceeds from the sale of QUIPS and the common securities to
acquire 7.30% Junior Subordinated Deferrable Interest Debentures,
Series 1998 issued by HECO and its subsidiaries, MECO and HELCO, (iii)
maintaining the status of HECO Trust II as a grantor trust for United
States federal income tax purposes and (iv) engaging in only those
other activities necessary, convenient or incidental thereto.
On January 26, 2000, HEI Investment Corp. (HEIIC) changed its
name to HEI Investments, Inc. (HEIII). HEIIC was incorporated under
the laws of the State of Hawaii on May 25, 1984. HEIII's 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 currently
holds investments primarily in leveraged leases.
On December 30, 1985, HEIIC (now known as HEIII) acquired, as
part of its investment portfolio, a 15.1899% undivided interest in
Plant Robert W. Scherer Unit No. 2, an 818 -megawatt (MW) coal-fired
generating unit located in Monroe County, Georgia 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
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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 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 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 which were organized to
invest in, develop and sell real estate. Since September 14, 1998, MPC
and its subsidiaries have been accounted for as discontinued
operations in HEI's consolidated financial statements.
Dillingham Tug & Barge Corporation was incorporated under the
laws of the State of Hawaii on March 16, 1972, and changed its name to
Hawaiian Tug & Barge Corp. on October 1, 1986 when HEI acquired HTB
from Dillingham Corporation. On November 10, 1999, the sale of
substantially all of the operating assets of HTB was closed and HTB's
name was changed to The Old Oahu Tug Service, Inc. Its principal
executive office is located at 900 Richards Street, Honolulu, Hawaii
96813. It was a nonutility company organized to provide charter towing
and harbor-assist services primarily within the State of Hawaii.
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TOOTS no longer provides charter towing and harbor-assist towing
services and is currently conducting shut-down activities. It is
anticipated that TOOTS will be dissolved in 2000. YB, also acquired on
October 1, 1986, was incorporated under the laws of the State of
Hawaii on January 7, 1960. On November 10, 1999, HTB sold all of the
stock of YB. YB's principal executive office was located at 1331 N.
Nimitz Highway, Honolulu, Hawaii 96817. It is a regulated company
organized to transport cargo within the State of Hawaii and operated
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. ASB was chartered by the
Federal Home 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. HEI acquired ASB 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 (1)
make residential and other real estate-related loans which enable
borrowers to purchase, refinance, construct or improve real estate,
(2) invest in loans secured by real estate and in mortgage-backed and
other securities, and (3) make various types of commercial and
consumer loans. ASB Service Corporation, which holds real estate for
use by ASB employees, was incorporated on October 23, 1990; American
Savings Mortgage Co., Inc. is a mortgage brokerage company which was
incorporated on October 23, 1990; AdCommunications, Inc. is an
advertising agency which was incorporated on October 23, 1990; ASISC
which was incorporated on October 11, 1990, markets insurance products
and ASB Realty Corporation which was incorporated on March 27, 1998,
owns and manages real estate assets.
HEIPI was incorporated under the laws of the State of Hawaii on
February 9, 1998, as HEIDI Real Estate Corp. and its name was changed
to HEIPI
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on September 23, 1999. Ownership of HEIPI was transferred to HEI by
HEIDI on November 18, 1999. Its principal executive office is located
at 900 Richards Street, Honolulu, Hawaii 96813. HEIPI was formed as a
nonutility company to hold real estate and related 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
currently is 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 and integrated energy services
projects in Asia and the Pacific. Those direct and indirect
subsidiaries of HEIPC which are not foreign utility companies have
been formed generally for the purposes of directly or indirectly
acquiring and maintaining an interest in one or more foreign utility
companies or developing or operating utility facilities in foreign
countries. The following are active, direct and indirect subsidiaries
which have their principal executive offices at Ugland House, P.O. Box
309, George Town, Grand Cayman, Cayman Islands, British West Indies
(Cayman Location) and were incorporated under the laws of the Cayman
Islands (incorporation dates are noted in parentheses): HEI Power
Corp. International (International) (April 10, 1996); HEIPC Philippine
Development, LLC (Philippine Develop) (September 9, 1996); Lake Mainit
Power, LLC (May 21, 1996); and HEI Power Corp. Philippines (April 24,
1996). The following are inactive subsidiaries at the Cayman Location
which were incorporated under the laws of the Cayman Islands
(incorporation dates are noted in parentheses): HEIPC Philippine
Ventures (April 23, 1996); HEIPC Cambodia Ventures (April 23, 1996);
HEIPC Phnom Penh Power (Limited), LLC (April 24, 1996); HEIPC Bulacan
I, LLC (May 29, 1997); and HEIPC Bulacan II, LLC (May 29, 1997). The
following are active, indirect subsidiaries which have their principal
executive offices at Les Jamalacs Building, Vieux Conseil St., Port-
Louis, Mauritius (Mauritius Location) and were incorporated under the
laws of Mauritius (incorporation dates are noted
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in parentheses): HEI Power Corp. China (December 10, 1997); HEI Power
Corp. China II (China II) (June 10, 1998); and UPP (June 29, 1998).
The following are inactive, indirect subsidiaries at the Mauritius
Location which were incorporated under the laws of Mauritius
(incorporation dates are noted in parentheses): HEI Power Corp. China
III (June 24, 1998) and HEI Power Corp. China IV (June 24, 1998). HEI
Power Corp. Saipan (April 1, 1998) is an inactive, direct subsidiary
incorporated under the laws of the Commonwealth of the Northern
Mariana Islands and having its principal executive offices at P.O. Box
410, Saipan, MP 96950. Dafeng Sanlian Cogeneration Co., Ltd. (August
19, 1998; 76.4% ownership percentage) is an active, indirect
subsidiary registered under the laws of the People's Republic of China
(China) and having its principal executive offices at Dafeng Economic
Development Zone, Dafeng City, Jiangsu Province, China; however, it
does not own or operate any facilities that are used for the
generation, transmission, or distribution of electric energy or the
distribution of natural or manufactured gas and does not have any
interest in any foreign utility company. HEIPC Philippines Holding
Co., Inc. is an active, indirect subsidiary incorporated on February
8, 2000 under the laws of the Republic of the Philippines. Its
principal executive office is located at Metro Manila, Philippines. On
February 10, 2000, HEIPC Philippines Holding Co., Inc. signed an
agreement to acquire a 50% interest in El Paso Philippines Holding
Company, Inc. (EPHC), which is an indirect subsidiary of El Paso
Energy Corporation, for $87 million plus up to an additional $6
million of contingent payments. The acquisition is subject to several
conditions precedent which must be met or waived before closing. EPHC
owns approximately 91.7% of the common shares of East Asia Power
Resources Corporation, a Philippines holding company primarily engaged
in the electric generation business in Manila and Cebu through its
direct and indirect subsidiaries, using land and barge-based
generating facilities, fired by bunker fuel oil, with total installed
capacity of approximately 390 MW. Other direct or indirect
subsidiaries or investments of HEIPC are listed under item 4a.
HEIDC was incorporated under the laws of the State of Hawaii on
August 17, 1998. Its principal executive office is located at 900
Richards Street, Honolulu, Hawaii 96813. HEIDC was formed to develop,
build, own, operate and/or maintain, either directly or indirectly,
central chilled water, cooling system
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facilities, and other energy related products and services for
commercial and residential buildings.
ProVision was incorporated under the laws of the State of Hawaii
on October 13, 1998. Its principal executive office is located at 900
Richards Street, Honolulu, Hawaii 96813. ProVision was formed to
sell, install, operate and maintain on-site power generation equipment
and auxiliary appliances in Hawaii and the Pacific Rim.
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 HEI
Trust I and (ii) a capital contribution by HEI in exchange for the
general partner interest in the Partnership, (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
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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.
HEI Trust I, 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 these trusts and its
principal administrative office is located at 101 Barclay Street, 21st
Floor, New York, NY 10286. HEI Trust I 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, (ii) purchasing the 8.36% Partnership Preferred
Securities, representing the limited partner interests in HEI
Preferred Funding, LP, with the proceeds from the sale of Trust
Originated 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.
HEI is a nonutility holding company which currently conducts no
business and owns no material operating assets other than as listed
under item 1. Currently, the consolidated revenues of HEI are derived
primarily from electric service, savings bank 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, 1999. HECO's power purchase
agreements (PPAs) with Kalaeloa
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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, 1999.
HELCO owns and operates electric generating equipment with an
aggregate generating capability of approximately 153 megawatts as of
December 31, 1999. Its five power plants are located on the island of
Hawaii. As of December 31, 1999, HELCO had PPAs with Puna Geothermal
Ventures and Hilo Coast Power Company providing for an additional 30
MW and 22 MW, respectively, of firm generating capability. HELCO also
has a PPA with Hamakua Energy Partners, L.P. to provide for an
additional 60 MW of firm generating capability. If Hamakua Partners
meets the deadlines in the PPA, its first phase of 22 MW will be in-
service by August 2000 and the remainder of its 60 MW facility will be
in-service by December 2000. HELCO currently owns and operates a
windfarm at Waikoloa which consists of 62 operating wind machines with
a total operating capacity of 1.2 MW as of December 31, 1999.
MECO owns and operates electric generating equipment located on
the islands of Maui, Lanai and Molokai, with an aggregate generating
capability of approximately 235 megawatts as of December 31, 1999. A
PPA between MECO and a sugar company provided for an additional 16 MW
of firm generating capability as of December 31, 1999.
HECO, HELCO and MECO own land, buildings, overhead transmission
lines, overhead distribution lines, underground cables, fully owned or
jointly owned poles, steel or aluminum high voltage transmission
towers, transmission and distribution substations, fuel oil storage
facilities and other property and equipment used in the business of
generating, purchasing, transmitting, distributing and selling
electric energy.
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.
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In 1999, HEI sold no kilowatthours of electric energy, HECO sold
at retail 6,997,935,551 kwh. of electric energy, HELCO sold at retail
922,351,519 kwh. of electric energy, and MECO sold at retail
1,064,739,472 kwh. of electric energy.
(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.
HEI Power Corp. Guam (HPG), a subsidiary of HEIPC, has principal
executive offices at Tanguisson power plant, NCS Dededo, Guam 96921
and 220 South King Street, Honolulu, Hawaii 96813. In September 1996,
HPG entered into an energy conversion agreement with Guam Power
Authority (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 or about September 3, 1998, HEI acquired an indirect 80%
interest in UPP (through HEI's indirect subsidiary China II) and an
effective 60% interest in Baotou Tianjiao Power Co., Ltd. (Tianjiao)
which has its principal executive
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offices at Suite 906, Baotou Youdian Building, Kun District, Baotou
014010, Inner Mongolia, China and is a Sino-foreign coorperative joint
venture established under the laws of the People's Republic of China.
On December 30, 1999 China II acquired the remaining interest in UPP.
Tianjiao will construct, operate, and maintain a 200-megawatt (net)
coal-fired power plant in Baotou, Inner Mongolia, China, over a 22
year period, which includes construction, beginning September 18,
1996. The power plant is being built "inside the fence" for Baotou
Iron & Steel (Group) Co., Ltd. (BaoSteel), which will be the sole
purchaser of the power. At the end of the term, the plant will be
transferred by Tianjiao to BaoSteel (which owns a 25% interest in
Tianjiao).
On December 4, 1998, HEI acquired an indirect interest in Cagayan
Electric Power & Light Co., Inc. (CEPALCO) which has its principal
executive offices at 8/F Strata 100 Building, Emerald Avenue, Ortigas
Complex, Pasig City, Metro Manila 1600, Philippines and is
incorporated under the laws of the Philippines. CEPALCO is a privately
owned regulated local distribution company on the island of Mindanao.
It operates and maintains three substations, with a total capacity of
75 MVA, and 47 kilometers of transmission lines (rates at 69 KV and
138 KV) and 1,000 kilometers of distribution lines. It also has an
interest in Mindanao Energy Systems, Inc., a Philippine power
generation company that owns and operates an 18.9 MW Bunker-C fed
diesel power generating facility.
(b) Name of each system company that holds an interest in such EWG or
foreign utility company and description of the interest held.
HEI owns all of the issued and outstanding shares of common stock
of HEIPC. HEIPC owns all of the issued and outstanding shares of
common stock of HPG and International.
International owns all of the issued and outstanding shares of
common stock of China II. China II owns 100% of the issued and
outstanding shares of UPP. UPP owns 75% of Tianjiao.
International owns all of the issued and outstanding shares of
common stock of Philippine Develop. Philippine Develop owns 5% common
stock and convertible cumulative nonparticipating preferred shares of
CEPALCO, which are convertible within two years after the acquisition
and, when fully converted, are
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intended to constitute 15% of the issued and outstanding capital stock
of CEPALCO.
(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, 1999, HEI had invested, through HEIPC (in
addition to retained earnings), $2,250,000 in HPG. Also as of December
31, 1999, there were short-term intercompany borrowings by HPG from
HEIPC of $11,860,000 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, 1999, HEI has not directly or indirectly guaranteed
the securities of HPG and there was no debt or other financial
obligation relating to HPG for which there was recourse against HEI or
any other system company (other than HPG).
As of December 31, 1999, HEI had invested, through HEIPC and its
subsidiaries, $23.1 million in connection with the Tianjiao project in
China, of which $8.8 million is reflected in equity in Tianjiao. As of
December 31, 1999, there were no short-term intercompany borrowings by
Tianjiao from HEI, HEIPC or any HEIPC subsidiary. As of December 31,
1999, HEI has not directly or indirectly guaranteed the securities of
Tianjiao and there was no debt or other financial obligation relating
to Tianjiao for which there was recourse against HEI or any other
system company (other than Tianjiao).
As of December 31, 1999, HEI had invested, through HEIPC and its
subsidiaries, $9.7 million in CEPALCO preferred and common stock. As
of December 31, 1999, there were no short-term intercompany borrowings
by CEPALCO from HEI, HEIPC or any HEIPC subsidiary. As of December 31,
1999, HEI has not directly or indirectly guaranteed the securities of
CEPALCO and there was no debt or other financial obligation relating
to CEPALCO for which there was recourse against HEI or any other
system company (other than CEPALCO).
<PAGE>
Page 15 of 17
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
As of December 31, 1999, HPG's capitalization (i.e., common stock
equity) was $2,904,000. For the year ended December 31, 1999, HPG's
net loss was $431,000.
As of December 31, 1999, Tianjiao's capitalization (i.e., common
stock equity) was $9,644,000. For the year ended December 31, 1999
Tianjiao's net loss was $194,000.
As of December 31, 1999, the investment in CEPALCO preferred and
common stock was carried at $9.7 million.
(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 certain HEI affiliates for
operation, maintenance and administrative and general services of the
power plants and electrical systems. For the year ended December 31,
1999, HPG payments for services from HEI, HECO and HEIPC totaled
$176,000.
Tianjiao and CEPALCO have no service, sales or construction
contracts with any HEI affiliate. However, certain HEI affiliates
provide general management and other services to Tianjiao in
connection with UPP's obligations under the cooperative joint venture
agreement. The HEI affiliates receive no compensation directly from
Tianjiao.
<PAGE>
Page 16 of 17
EXHIBIT A
Unaudited consolidating statements of income and retained
earnings of Hawaiian Electric Industries, Inc. and its subsidiary
companies for the calendar year 1999, together with an unaudited
consolidating balance sheet of Hawaiian Electric Industries, Inc. and
its subsidiary companies as of December 31, 1999, are attached hereto
as Exhibit A.
Unaudited consolidating income and retained earnings information
for the calendar year 1999 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 The Old Oahu Tug Service, Inc. (formerly Hawaiian Tug &
Barge Corp. and its subsidiary company), for HEI Power Corp. and its
subsidiary companies, for HEI Power Corp. International and its
subsidiary companies and for HEI Power Corp. China II and its
subsidiary companies, together with unaudited consolidating balance
sheet information for said companies and their respective subsidiaries
as of December 31, 1999, are attached hereto as Exhibits A-1 through
A-7. Unaudited consolidating income, retained earnings and balance
sheet information for MPC and its subsidiaries are not provided as MPC
and its subsidiaries are being accounted for as discontinued
operations in HEI's consolidated financial statements effective
September 14, 1998.
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
<TABLE>
<S> <C> <C> <C> <C> <C>
HEI - HEIPC - HPG
HEI - HEIPC - International - China II - UPP - Tianjiao (UPP
owns 75%)
HEI - HEIPC - International - Philippine Develop - CEPALCO
</TABLE>
<PAGE>
Page 17 of 17
Each of the above-named claimants has caused this statement to be duly
executed on its behalf by its duly authorized officers on this 24th day of
February 2000.
<TABLE>
<CAPTION>
HAWAIIAN ELECTRIC INDUSTRIES, INC.
Claimant
<S> <C>
By /s/ Robert F. Clarke
----------------------------------------------
Robert F. Clarke
Chairman, President and
ATTEST: Chief Executive Officer
/s/ Peter C. Lewis By /s/ Robert F. Mougeot
------------------------------------ --------------------------------------------
Peter C. Lewis Robert F. Mougeot
Vice President-Administration Financial Vice President and
& Corporate Secretary 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 - Customer Operations/
General Counsel
</TABLE>
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Peter C. Lewis
Vice President-Administration & Corporate Secretary
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 3) Page 1 of 8
December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
The Old Pacific Hawaiian
Hawaiian Oahu Corp. and Electric HEI
Electric Tug HEI subsidiaries Company, Diversified,
Industries, Service, Investment (Discontinued Inc. and Inc. and
ASSETS Inc. Inc. Corp. operations) subsidiaries subsidiary
- ------------------------------------ ------------- ------------- ------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Cash and equivalents $ 756 4 17 - 1,966 $ 192,836
Notes receivable from affiliated
companies 3,010 23,108 13,286 - - 17,993
Accounts receivable and
unbilled revenues, net 1,325 515 59 - 124,770 28,205
Investment and mortgage/asset-
backed securities - - - - - 2,159,945
Loans receivable, net - - - - - 3,211,878
Property, plant and equipment, net 3,489 - - - 1,958,144 66,110
Regulatory assets - - - - 114,759 -
Other 28,665 3,208 56,887 (7,529) 103,170 82,611
Goodwill and other intangibles - - - - - 106,741
Investments in wholly owned
subsidiaries, at equity 1,332,576 - - - - -
------------- ------------- ------------- -------------- ------------- -------------
$1,369,821 26,835 70,249 (7,529) 2,302,809 $5,866,319
============= ============= ============= ============== ============= =============
LIABILITIES AND
STOCKHOLDERS' EQUITY
- ------------------------------------
Liabilities
Accounts payable $ 6,518 152 11 - 60,783 $ 51,007
Deposit liabilities - - - - - 3,491,655
Short-term borrowings 82,156 - - - 107,013 -
Securities sold under agreements
to repurchase - - - - - 661,215
Advances from Federal Home
Loan Bank - - - - - 1,189,081
Long-term debt 434,500 - - - 646,029 17,073
Deferred income taxes 1,364 - 44,166 - 131,105 4,787
Contributions in aid of construction - - - - 206,302 -
Other (2,303) 4,886 2,077 - 211,181 14,420
------------- ------------- ------------- -------------- ------------- -------------
522,235 5,038 46,254 - 1,362,413 5,429,238
------------- ------------- ------------- -------------- ------------- -------------
HEI- and HECO-obligated preferred
securities of trust subsidiaries
directly or indirectly holding
solely
HEI and HEI-guaranteed and HECO
and HECO- guaranteed - - - - 100,000 -
subordinated debentures
Preferred stock of subsidiaries-not
subject to mandatory redemption - - - - 34,293 113
Minority interests - - - - - -
------------- ------------- ------------- -------------- ------------- -------------
134,293 113
------------- ------------- ------------- -------------- ------------- -------------
Stockholders' equity
Preferred stock - - - - -
Common stock 665,335 13,229 22,166 39,475 380,897 329,468
Retained earnings (deficit) 182,251 8,568 1,829 (47,004) 425,206 107,500
------------- ------------- ------------- -------------- ------------- -------------
847,586 21,797 23,995 (7,529) 806,103 436,968
------------- ------------- ------------- -------------- ------------- -------------
$1,369,821 26,835 70,249 (7,529) 2,302,809 $5,866,319
============= ============= ============= ============== ============= =============
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Balance Sheet (Page 2 of 3) Page 2 of 8
December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Pacific
Energy HEI
Conservation HEI Power District ProVision HEI
Services, Corp. and Cooling, Technologies, Properties,
ASSETS Inc. subsidiaries Inc Inc. Inc.
- ------------------------------------------- ------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 9 2,507 31 19 $1
Notes receivable from affiliated companies 19 - 3 - -
Accounts receivable and
unbilled revenues, net 12 1,258 - - -
Investment and mortgage/asset-
backed securities - - - - -
Loans receivable, net - - - - -
Property, plant and equipment, net - 38,024 387 41 -
Regulatory assets - - - - -
Other 7 9,977 - 1 -
Goodwill and other intangibles - - - - -
Investments in wholly owned
subsidiaries, at equity - - - - -
------------- ------------- ------------- -------------- --------------
$ 47 51,766 421 61 $1
============= ============= ============= ============== ==============
LIABILITIES AND
STOCKHOLDERS' EQUITY
- -------------------------------------------
Liabilities
Accounts payable $ 3 504 11 - $ -
Deposit liabilities - - - - -
Short-term borrowings - 3,010 - - -
Securities sold under agreements
to repurchase - - - - -
Advances from Federal Home Loan Bank - - - - -
Long-term debt - 17,073 - - -
Deferred income taxes - (142) (3) - -
Contributions in aid of construction - - - - -
Other 19 1,571 - - -
------------- ------------- ------------- -------------- --------------
22 22,016 8 - -
------------- ------------- ------------- -------------- --------------
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
Preferred stock of subsidiaries-
not subject to mandatory redemption - - - - -
Minority interests - 841 - - -
------------- ------------- ------------- -------------- --------------
- 841 - - -
------------- ------------- ------------- -------------- --------------
Stockholders' equity
Preferred stock - - - - -
Common stock 400 45,049 1,250 115 1
Retained earnings (deficit) (375) (16,140) (837) (54) -
------------- ------------- ------------- -------------- --------------
25 28,909 413 61 1
------------- ------------- ------------- -------------- --------------
$ 47 51,766 421 61 $1
============= ============= ============= ============== ==============
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Balance Sheet (Page 3 of 3) Page 3 of 8
December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Hawaiian Reclassifi-
HEI Electric cations
Hycap Preferred Industries and
Management, Funding, Capital Eliminations
ASSETS Inc. LP Trust I Dr. (Cr.) Consolidated
- ------------------------------------------- -------------- ------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 547 1,213 - - $ 199,906
Notes receivable from affiliated companies - 120,073 - (177,492) -
Accounts receivable and
unbilled revenues, net 3 3 - (1,545) 154,605
Investment and mortgage/asset-
backed securities - - - - 2,159,945
Loans receivable, net - - - - 3,211,878
Property, plant and equipment, net - - - - 2,066,195
Regulatory assets - - - - 114,759
Other - - - - 276,997
Goodwill and other intangibles - - - - 106,741
Investments in wholly owned
subsidiaries, at equity 18,193 - 103,093 (1,453,862) -
-------------- ------------- ------------- --------------- ---------------
$18,743 121,289 103,093 (1,632,899) $8,291,026
============== ============= ============= =============== ===============
LIABILITIES AND
STOCKHOLDERS' EQUITY
- -------------------------------------------
Liabilities
Accounts payable $ - 3 - 1,545 $ 117,447
Deposit liabilities - - - - 3,491,655
Short-term borrowings - - - 40,346 151,833
Securities sold under agreements
to repurchase - - - - 661,215
Advances from Federal Home Loan Bank - - - - 1,189,081
Long-term debt - - - 137,146 977,529
Deferred income taxes - - - - 181,277
Contributions in aid of construction - - - - 206,302
Other 3 - - - 231,854
-------------- ------------- ------------- --------------- ---------------
3 3 - 179,037 7,208,193
-------------- ------------- ------------- --------------- ---------------
HEI- and HECO-obligated preferred
securities of trust subsidiaries
directly or
indirectly holding solely HEI and HEI-
guaranteed and HECO and HECO- - - 100,000 - 200,000
guaranteed subordinated debentures
Preferred stock of subsidiaries-
not subject to mandatory redemption - - - - 34,406
Minority interests - - - - 841
-------------- ------------- ------------- --------------- ---------------
- - 100,000 - 235,247
-------------- ------------- ------------- --------------- ---------------
Stockholders' equity
Preferred stock - - - - -
Common stock 18,364 121,286 3,093 974,793 665,335
Retained earnings (deficit) 376 - - 479,069 182,251
-------------- ------------- ------------- --------------- ---------------
18,740 121,286 3,093 1,453,862 847,586
-------------- ------------- ------------- --------------- ---------------
$18,743 121,289 103,093 1,632,899 $8,291,026
============== ============= ============= =============== ===============
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Income (Page 1 of 3) Page 4 of 8
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
Pacific Hawaiian
Hawaiian The Old Corp. and Electric HEI
Electric Oahu Tug HEI subsidiaries Company, Diversified,
Industries, Service, Investment (Discontinued Inc. and Inc. and
Inc. Inc. * Corp. operations) subsidiaries subsidiary
-------------- ------------- ------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Revenues
Electric utility $ - - - - 1,055,204 $ -
Savings bank - - - - - 409,913
International power - - - - - -
Other 2,345 48,576 5,258 - - 1,090
Equity in net income of subsidiaries 116,810 - - - - -
-------------- ------------- ------------- ------------ ------------ -------------
119,155 48,576 5,258 - 1,055,204 411,003
-------------- ------------- ------------- ------------ ------------ -------------
Expenses
Electric utility - - - - 880,490 -
Savings bank - - - - - 349,561
International power - - - - - -
Other 7,156 42,639 122 - - (128)
-------------- ------------- ------------- ------------ ------------ -------------
7,156 42,639 122 - 880,490 349,433
-------------- ------------- ------------- ------------ ------------ -------------
Operating income (loss)
Electric utility - - - - 174,714 -
Savings bank - - - - - 60,352
International power - - - - - -
Other 111,999 5,937 5,136 - - 1,218
-------------- ------------- ------------- ------------ ------------ -------------
111,999 5,937 5,136 - 174,714 61,570
-------------- ------------- ------------- ------------ ------------ -------------
Interest expense-electric utility
and other (34,637) (1,209) (1) - (48,461) (1,427)
Allowance for borrowed funds
used during construction - - - - 2,576 -
Preferred stock dividends of
subsidiaries - - - - (945) (12)
Preferred securities distributions of
trust subsidiaries - - - - (7,665) -
Allowance for equity funds used
during construction - - - - 4,228 -
-------------- ------------- ------------- ------------ ------------ -------------
Income (loss) from continuing
operations before income taxes
and pfd. stock dividends and
pfd. securities distributions 77,362 4,728 5,135 - 124,447 60,131
Income tax expense (benefit) (15,532) 3,419 1,259 - 48,047 19,445
-------------- ------------- ------------- ------------ ------------ -------------
Income (loss) from continuing
operations before pfd. stock
dividends and pfd. securities
distributions 92,894 1,309 3,876 - 76,400 40,686
Preferred stock dividends of parent - - - - 1,178 -
Preferred securities distributions - - - - - -
-------------- ------------- ------------- ------------ ------------ -------------
Income (loss) from
continuing operations 92,894 1,309 3,876 - 75,222 40,686
Gain from discontinued operations 3,953 - - - - -
-------------- ------------- ------------- ------------ ------------ -------------
Net income (loss) $ 96,847 1,309 3,876 - 75,222 $ 40,686
============== ============= ============= ============ ============ =============
</TABLE>
* Formerly Hawaiian Tug & Barge Corp. and subsidiary.
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Income (Page 2 of 3) Page 5 of 8
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Pacific
Energy HEI
Conservation HEI Power District ProVision HEI
Services, Corp. and Cooling, Technologies, Properties,
Inc. subsidiaries Inc Inc. Inc.
-------------- -------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Revenues
Electric utility $ - - - - $ -
Savings bank - - - - -
International power - 4,464 - - -
Other 141 - 6 - -
Equity in net income of subsidiaries - - - - -
-------------- -------------- ------------- --------------- --------------
141 4,464 6 - -
-------------- -------------- ------------- --------------- --------------
Expenses
Electric utility - - - - -
Savings bank - - - - -
International power - 9,195 - - -
Other 215 - 307 21 -
-------------- -------------- ------------- --------------- --------------
215 9,195 307 21 -
-------------- -------------- ------------- --------------- --------------
Operating income (loss)
Electric utility - - - - -
Savings bank - - - - -
International power - (4,731) - - -
Other (74) - (301) (21) -
-------------- -------------- ------------- --------------- --------------
(74) (4,731) (301) (21) -
-------------- -------------- ------------- --------------- --------------
Interest expense-electric utility
and other - (514) - - -
Allowance for borrowed funds
used during construction - - - - -
Preferred stock dividends of
subsidiaries - - - - -
Preferred securities distributions of
trust subsidiaries - - - - -
Allowance for equity funds used
during construction - - - - -
-------------- -------------- ------------- --------------- --------------
Income (loss) from continuing
operations before income taxes and
pfd. stock dividends and pfd.
securities distributions (74) (5,245) (301) (21) -
Income tax expense (benefit) - (156) - - -
-------------- -------------- ------------- --------------- --------------
Income (loss) from continuing
operations before pfd. stock
dividends and pfd. securities
distributions (74) (5,089) (301) (21) -
Preferred stock dividends of parent - - - - -
Preferred securities distributions - - - - -
-------------- -------------- ------------- --------------- --------------
Income (loss) from continuing
operations (74) (5,089) (301) (21) -
Gain from discontinued operations - - - -
-------------- -------------- ------------- --------------- --------------
Net income (loss) $ (74) (5,089) (301) (21) $ -
============== ============== ============= =============== ==============
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Income (Page 3 of 3) Page 6 of 8
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Hawaiian Reclassifi-
HEI Electric cations
Hycap Preferred Industries and
Management, Funding, Capital Eliminations
Inc. LP Trust I Dr. (Cr.) Consolidated
------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Revenues
Electric utility $ - - - - $1,055,204
Savings bank - - - - 409,913
International power - - - - 4,464
Other 26 10,085 - 13,818 53,709
Equity in net income of subsidiaries 1,466 - 8,619 126,895 -
------------- ------------- ------------- -------------- --------------
1,492 10,085 8,619 140,713 1,523,290
------------- ------------- ------------- -------------- --------------
Expenses
Electric utility - - - - 880,490
Savings bank - - - - 349,561
International power - - - - 9,195
Other 41 - - (200) 50,173
------------- ------------- ------------- -------------- --------------
41 - - (200) 1,289,419
------------- ------------- ------------- -------------- --------------
Operating income (loss)
Electric utility - - - - 174,714
Savings bank - - - - 60,352
International power - - - - (4,731)
Other 1,451 10,085 8,619 140,513 3,536
------------- ------------- ------------- -------------- --------------
1,451 10,085 8,619 140,513 233,871
------------- ------------- ------------- -------------- --------------
Interest expense-electric utility
and other - - - (13,618) (72,631)
Allowance for borrowed funds
used during construction - - - - 2,576
Preferred stock dividends of
subsidiaries - - - 1,178 (2,135)
Preferred securities distributions of
trust subsidiaries - - - 8,360 (16,025)
Allowance for equity funds used
during construction - - - - 4,228
------------- ------------- ------------- -------------- --------------
Income (loss) from continuing
operations before income taxes
and pfd. stock dividends and
pfd. securities distributions 1,451 10,085 8,619 136,433 149,884
Income tax expense (benefit) 508 - - - 56,990
------------- ------------- ------------- -------------- --------------
Income (loss) from continuing
operations before pfd. stock dividends
and pfd. securities distributions 943 10,085 8,619 136,433 92,894
Preferred stock dividends of parent - - - (1,178) -
Preferred securities distributions - - 8,360 (8,360) -
------------- ------------- ------------- -------------- --------------
Income (loss) from continuing
operations 943 10,085 259 126,895 92,894
Gain from discontinued operations - - - - 3,953
------------- ------------- ------------- -------------- --------------
Net income (loss) $ 943 10,085 259 126,895 $ 96,847
============= ============= ============= ============== ==============
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Retained Earnings (Page 1 of 2) Page 7 of 8
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Malama
The Old Pacific Hawaiian
Hawaiian Oahu Corp. and Electric HEI
Electric Tug HEI subsidiaries Company, Diversified,
Industries, Service, Investment Discontinued Inc. and Inc. and
Inc. Inc. * Corp. operations) subsidiaries subsidiary
----------- -------- ---------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $165,252 8,592 (2,047) (47,004) 405,836 $ 86,177
Net income (loss) 96,847 1,309 3,876 - 75,222 40,686
Distributions of HEI Preferred
Funding, LP - - - - - -
Common stock dividends (79,848) (1,333) - - (55,852) (19,363)
----------- -------- ---------- ------------ ------------ ------------
Retained earnings (deficit),
end of year $182,251 8,568 1,829 (47,004) 425,206 $107,500
=========== ======== ========== ============ ============ ============
</TABLE>
* Formerly Hawaiian Tug & Barge Corp. and subsidiary.
Continued below.
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
Consolidating Statement of Retained Earnings
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Pacific
Energy HEI
Conservation HEI Power District ProVision HEI
Services, Corp. and Cooling, Technologies, Properties,
Inc. subsidiaries Inc Inc. Inc.
------------ ------------ -------- ------------- -----------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $(301) (11,051) (536) (33) $ -
Net income (loss) (74) (5,089) (301) (21) -
Distributions of HEI Preferred
Funding, LP - - - - -
Common stock dividends - - - - -
------------ ------------ -------- ------------- -----------
Retained earnings (deficit), end of year $(375) (16,140) (837) (54) $ -
============ ============ ======== ============= ===========
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES Exhibit A
Consolidating Statement of Retained Earnings (Page 2 of 2) Page 8 of 8
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Hawaiian Reclassifi-
HEI Electric cations
Hycap Preferred Industries and
Management, Funding, Capital Eliminations
Inc. LP Trust I Dr. (Cr.) Consolidated
----------- --------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ 633 - - 440,266 $165,252
Net income (loss) 943 10,085 259 126,895 96,847
Distributions of HEI
Preferred Funding, LP - (10,085) - (10,085) -
Common stock dividends (1,200) - (259) (78,007) (79,848)
----------- --------- ---------- ------------ ------------
Retained earnings (deficit), end of year $ 376 - - 479,069 $182,251
=========== ========= ========== ============ ============
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 5
December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii
Hawaiian Electric Maui
Electric Light Electric
Company, Company, Company,
ASSETS Inc. Inc. Limited
- ----------------------------------------------- ---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash and equivalents $ 1,039 198 $ 729
Notes receivable from affiliated companies 26,200 - 8,400
Accounts receivable and unbilled revenues, net 84,384 21,999 17,595
Property, plant and equipment, net 1,197,273 397,926 362,945
Regulatory assets 77,264 20,233 17,262
Other 65,565 15,456 22,149
Investments in wholly owned
subsidiaries, at equity 326,646 - -
---------------- ---------------- ----------------
$1,778,371 455,812 $429,080
================ ================ ================
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ 41,580 8,463 $ 10,391
Short-term borrowings 115,413 26,200 -
Long-term debt 432,112 145,810 171,200
Deferred income taxes 111,345 10,413 9,347
Contributions in aid of construction 132,643 49,690 23,969
Other 116,882 48,517 45,338
---------------- ---------------- ----------------
949,975 289,093 260,245
---------------- ---------------- ----------------
HECO-obligated mandatorily redeemable
preferred securities of trust subsidiary
holding solely HECO and HECO-guaranteed
subordinated debentures - - -
Preferred stock-not subject to
mandatory redemption 22,293 7,000 5,000
---------------- ---------------- ----------------
22,293 7,000 5,000
---------------- ---------------- ----------------
Stockholder's equity
Common stock 380,897 99,913 94,202
Retained earnings 425,206 59,806 69,633
---------------- ---------------- ----------------
806,103 159,719 163,835
---------------- ---------------- ----------------
$1,778,371 455,812 $429,080
================ ================ ================
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 5
December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
HECO HECO and
Capital Capital Eliminations
ASSETS Trust I Trust II Dr. (Cr.) Consolidated
- ----------------------------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Cash and equivalents $ - - - $ 1,966
Notes receivable from affiliated companies 51,546 51,546 (137,692) -
Accounts receivable and unbilled revenues, net - - 792 124,770
Property, plant and equipment, net - - - 1,958,144
Regulatory assets - - - 114,759
Other - - - 103,170
Investments in wholly owned
subsidiaries, at equity - - (326,646) -
---------------- ---------------- ---------------- ----------------
$51,546 51,546 (463,546) $2,302,809
================ ================ ================ ================
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ - - (349) $ 60,783
Short-term borrowings - - 34,600 107,013
Long-term debt - - 103,093 646,029
Deferred income taxes - - - 131,105
Contributions in aid of construction - - - 206,302
Other - - (444) 211,181
---------------- ---------------- ---------------- ----------------
- - 136,900 1,362,413
---------------- ---------------- ---------------- ----------------
HECO-obligated mandatorily redeemable
preferred securities of trust subsidiary
holding solely HECO and HECO-guaranteed
subordinated debentures 50,000 50,000 - 100,000
Preferred stock-not subject to
mandatory redemption - - - 34,293
---------------- ---------------- ---------------- ----------------
50,000 50,000 - 134,293
---------------- ---------------- ---------------- ----------------
Stockholder's equity
Common stock 1,546 1,546 197,207 380,897
Retained earnings - - 129,439 425,206
---------------- ---------------- ---------------- ----------------
1,546 1,546 326,646 806,103
---------------- ---------------- ---------------- ----------------
$51,546 51,546 463,546 $2,302,809
================ ================ ================ ================
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Income Information (Page 1 of 2) Page 3 of 5
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii
Hawaiian Electric Maui
Electric Light Electric
Company, Company, Company,
Inc. Inc. Limited
---------------- ---------------- ----------------
<S> <C> <C> <C>
Revenues
Electric utility $736,805 160,905 $159,144
Equity in net income of subsidiaries 27,336 - -
---------------- ---------------- ----------------
764,141 160,905 159,144
Expenses-Electric utility 626,721 130,012 123,757
---------------- ---------------- ----------------
Operating income 137,420 30,893 35,387
Interest expense (35,555) (11,340) (11,118)
Allowance for borrowed funds used
during construction 2,025 204 347
Preferred stock dividends of subsidiaries - - -
Preferred securities distributions of
trust subsidiaries - - -
Allowance for equity funds used
during construction 3,191 328 709
---------------- ---------------- ----------------
Income before income tax expense and
preferred stock dividends 107,081 20,085 25,325
Income taxes 30,681 7,658 9,708
---------------- ---------------- ----------------
Income before preferred stock dividends 76,400 12,427 15,617
Preferred stock dividends 1,178 534 411
---------------- ---------------- ----------------
Net income $ 75,222 11,893 $ 15,206
================ ================ ================
</TABLE>
Continued on next page.
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Income Information (Page 2 of 2) Page 4 of 5
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
HECO HECO and
Capital Capital Eliminations
Trust I Trust II Dr. (Cr.) Consolidated
-------------- -------------- --------------- ---------------
<S> <C> <C> <C> <C>
Revenues
Electric utility $ 4,149 3,753 9,552 $1,055,204
Equity in net income of subsidiaries - - 27,336 -
-------------- -------------- --------------- ---------------
4,149 3,753 36,888 1,055,204
Expenses-Electric utility - - - 880,490
-------------- -------------- --------------- ---------------
Operating income 4,149 3,753 36,888 174,714
Interest expense - - (9,552) (48,461)
Allowance for borrowed funds used
during construction - - - 2,576
Preferred stock dividends of subsidiaries - - 945 (945)
Preferred securities distributions of
trust subsidiaries (4,025) (3,640) - (7,665)
Allowance for equity funds used
during construction - - - 4,228
-------------- -------------- --------------- ---------------
Income before income tax expense and
preferred stock dividends 124 113 28,281 124,447
Income taxes - - - 48,047
-------------- -------------- --------------- ---------------
Income before preferred stock dividends 124 113 28,281 76,400
Preferred stock dividends - - (945) 1,178
-------------- -------------- --------------- ---------------
Net income $ 124 113 27,336 $ 75,222
============== ============== =============== ===============
</TABLE>
<PAGE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES Exhibit A-1
Consolidating Schedule - Retained Earnings Information Page 5 of 5
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Hawaii
Hawaiian Electric Maui
Electric Light Electric
Company, Company, Company,
Inc. Inc. Limited
-------------- -------------- --------------
<S> <C> <C> <C>
Retained earnings, beginning of year $405,836 57,210 $62,992
Net income 75,222 11,893 15,206
Common stock dividends (55,852) (9,297) (8,565)
-------------- -------------- --------------
Retained earnings, end of year $425,206 59,806 $69,633
============== ============== ==============
</TABLE>
Continued below.
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
HECO HECO and
Capital Capital Eliminations
Trust I Trust II Dr. (Cr.) Consolidated
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Retained earnings, beginning of year $ - - 120,202 $405,836
Net income 124 113 27,336 75,222
Common stock dividends (124) (113) (18,099) (55,852)
-------------- -------------- -------------- --------------
Retained earnings, end of year $ - - 129,439 $425,206
============== ============== ============== ==============
</TABLE>
<PAGE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1999
(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 $ 29 192,807 - $ 192,836
Notes receivable from
affiliated companies 17,993 - - 17,993
Accounts receivable and
unbilled revenues, net 90 28,115 - 28,205
Investment and mortgage/asset-
backed securities - 2,159,945 - 2,159,945
Loans receivable, net - 3,211,878 - 3,211,878
Property, plant and equipment, net - 66,110 - 66,110
Other 3,300 82,611 (3,300) 82,611
Goodwill and other intangibles - 106,741 - 106,741
Investment in wholly owned
subsidiary, at equity 432,604 - (432,604) -
-------------- -------------- -------------- ----------------
$454,016 5,848,207 (435,904) $5,866,319
============== ============== ============== ================
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ 204 50,803 - $ 51,007
Deposit liabilities - 3,491,655 - 3,491,655
Securities sold under
agreements to repurchase - 661,215 - 661,215
Advances from Federal Home Loan Bank - 1,189,081 - 1,189,081
Long-term debt 17,073 - - 17,073
Deferred income taxes (586) 5,373 - 4,787
Other 357 14,063 - 14,420
-------------- ------------- -------------- ----------------
17,048 5,412,190 - 5,429,238
-------------- ------------- -------------- ----------------
Preferred stock of savings bank subsidiary - 113 - 113
Minority interests - 3,300 3,300 -
Stockholder's equity
Preferred stock - 75,000 75,000 -
Common stock 329,468 239,645 239,645 329,468
Retained earnings 107,500 117,959 117,959 107,500
-------------- ------------- -------------- ----------------
436,968 432,604 432,604 436,968
-------------- ------------- -------------- ----------------
$454,016 5,848,207 435,904 $5,866,319
============== ============== ============== ================
</TABLE>
<PAGE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY Exhibit A-2
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1999
(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 $ - 409,913 - $409,913
Other 6,490 - 5,400 1,090
Equity in net income of subsidiary 35,412 - 35,412 -
------------ -------------- -------------- --------------
41,902 409,913 40,812 411,003
------------ -------------- -------------- --------------
Expenses
Savings bank - 349,561 - 349,561
Other (128) - - (128)
------------ -------------- -------------- --------------
(128) 349,561 - 349,433
------------ -------------- -------------- --------------
Operating income
Savings bank - 60,352 - 60,352
Other 42,030 - 40,812 1,218
------------ -------------- -------------- --------------
42,030 60,352 40,812 61,570
Interest expense-electric utility
and other (1,427) - - (1,427)
Preferred stock dividends of
subsidiaries - - 12 (12)
------------ -------------- -------------- --------------
Income before income taxes and
preferred stock dividends 40,603 60,352 40,824 60,131
Income tax expense (benefit) (83) 19,528 - 19,445
------------ -------------- -------------- --------------
Income before preferred stock 40,686 40,824 40,824 40,686
dividends
Preferred stock dividends - 5,412 (5,412) -
------------ -------------- -------------- --------------
Net income $40,686 35,412 35,412 $ 40,686
============ ============== ============== ==============
</TABLE>
HEI DIVERSIFIED, INC. AND SUBSIDIARY
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1999
(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 $ 86,177 98,910 98,910 $ 86,177
Net income 40,686 35,412 35,412 40,686
Common stock dividends (19,363) (16,363) (16,363) (19,363)
----------------- ----------------- ----------------- -----------------
Retained earnings, end of year $107,500 117,959 117,959 $107,500
================= ================= ================= =================
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Balance Sheet Information (Page 1 of 2) Page 1 of 4
December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American
American Savings AdCom-
Savings Investment ASB muni
Bank, Services Service cations,
ASSETS F.S.B. Corp. Corporation Inc.
- -------------------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Cash and equivalents $ 180,938 1,373 61 $420
Accounts receivable and
unbilled revenues, net 20,084 - - -
Investment and mortgage/asset-
backed securities 1,637,704 - - -
Loans receivable, net 2,105,791 - - -
Property, plant and equipment, net 65,892 146 29 -
Other 82,223 238 - -
Goodwill and other intangibles 106,733 8 - -
Investments in wholly owned
subsidiaries, at equity 1,655,008 - - -
--------------- --------------- --------------- ---------------
$5,854,373 1,765 90 $420
=============== =============== =============== ===============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ 56,558 239 - $ 1
Deposit liabilities 3,496,230 - - -
Securities sold under
agreements to repurchase 661,215 - - -
Advances from Federal Home Loan Bank 1,189,081 - - -
Deferred income taxes 5,373 - - -
Other 13,511 476 - 41
--------------- --------------- --------------- ---------------
5,421,968 715 - 42
--------------- --------------- --------------- ---------------
Preferred stock of savings bank subsidiary - - - -
Minority Interests - - - -
Stockholder's equity
Preferred stock 75,000 - - -
Common stock 239,645 10 309 61
Retained earnings (deficit) 117,760 1,040 (219) 317
--------------- --------------- --------------- ---------------
432,405 1,050 90 378
--------------- --------------- --------------- ---------------
$5,854,373 1,765 90 $420
=============== =============== =============== ===============
</TABLE>
Continued on next page.
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Balance Sheet Information (Page 2 of 2) Page 2 of 4
December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
American and
ASB Savings Elimi-
Realty Mortgage nations Consoli-
ASSETS Corporation Co., Inc. Dr. (Cr.) dated
- -------------------------------------------- ------------------ --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Cash and equivalents $ 11,876 549 (2,410) $ 192,807
Accounts receivable and
unbilled revenues, net 8,031 - - 28,115
Investment and mortgage/asset-
backed securities 522,041 - 200 2,159,945
Loans receivable, net 1,106,087 - - 3,211,878
Property, plant and equipment, net - 43 - 66,110
Other 8,366 23 (8,239) 82,611
Goodwill and other intangibles - - - 106,741
Investments in wholly owned
subsidiaries, at equity - - (1,655,008) -
------------------ --------------- --------------- ---------------
$1,656,401 615 (1,665,457) $5,848,207
================== =============== =============== ===============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ - 79 6,074 $ 50,803
Deposit liabilities - - 4,575 3,491,655
Securities sold under
agreements to repurchase - - - 661,215
Advances from Federal Home Loan Bank - - - 1,189,081
Deferred income taxes - - - 5,373
Other - 35 - 14,063
------------------ --------------- --------------- ---------------
- 114 10,649 5,412,190
------------------ --------------- --------------- ---------------
Preferred stock of savings bank subsidiary 999 - 886 113
Minority Interests - - (3,300) 3,300
Stockholder's equity
Preferred stock - - - 75,000
Common stock 1,653,720 439 1,654,539 239,645
Retained earnings (deficit) 1,682 62 2,683 117,959
------------------ --------------- --------------- ---------------
1,655,402 501 1,657,222 432,604
------------------ --------------- --------------- ---------------
$1,656,401 615 1,665,457 $5,848,207
================== =============== =============== ===============
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Income (Loss) Information Page 3 of 4
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American
American Savings AdCom-
Savings Investment ASB muni
Bank, Services Service cations,
F.S.B. Corp. Corporation Inc.
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues
Savings bank $289,259 3,083 2 $190
Equity in net income of subsidiaries 114,982 - - -
------------- ------------- ------------- --------------
404,241 3,083 2 190
Expenses-Savings bank 344,652 1,899 36 88
------------- ------------- ------------- -------------
Operating income (loss) 59,589 1,184 (34) 102
Income tax expense (benefit) 18,976 476 - 41
------------- ------------- ------------- -------------
Income (loss) before
preferred stock dividends 40,613 708 (34) 61
Preferred stock dividends 5,400 - - -
------------- ------------- ------------- -------------
Net income (loss) $ 35,213 708 (34) $ 61
============= ============= ============= =============
</TABLE>
Continued below.
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES
Consolidating Schedule - Income (Loss) Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
American and
ASB Savings Elimi-
Realty Mortgage nations
Corporation Co., Inc. Dr. (Cr.) Consolidated
------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Revenues
Savings bank $117,181 1,026 828 $409,913
Equity in net income of subsidiaries - - 114,982 -
------------- ------------- ------------- --------------
117,181 1,026 115,810 409,913
Expenses-Savings bank 2,890 939 (943) 349,561
------------- ------------- ------------- --------------
Operating income (loss) 114,291 87 114,867 60,352
Income tax expense (benefit) - 35 - 19,528
------------- ------------- ------------- --------------
Income (loss) before
preferred stock dividends 114,291 52 114,867 40,824
Preferred stock dividends 96 - (84) 5,412
------------- ------------- ------------- --------------
Net income (loss) $114,195 52 114,783 $ 35,412
============= ============= ============= ==============
</TABLE>
<PAGE>
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES Exhibit A-3
Consolidating Schedule - Retained Earnings (Deficit) Information Page 4 of 4
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
American
American Savings AdCom-
Savings Investment ASB muni
Bank, Services Service cations,
F.S.B. Corp. Corporation Inc.
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ 98,910 1,853 (185) $256
Net income (loss) 35,213 708 (34) 61
Common stock dividends (16,363) (1,521) - -
------------- ------------- ------------- -------------
Retained earnings (deficit), end of
year $117,760 1,040 (219) $317
============= ============= ============= =============
</TABLE>
Continued below.
AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
Reclassifi-
cations
American and
ASB Savings Elimi-
Realty Mortgage nations
Corporation Co., Inc. Dr. (Cr.) Consolidated
-------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Retained earnings (deficit),
beginning of year $ (214) 10 1,720 $ 98,910
Net income (loss) 114,195 52 114,783 35,412
Common stock dividends (112,299) - (113,820) (16,363)
-------------- ------------- ------------- --------------
Retained earnings (deficit), end of
year $ 1,682 62 2,683 $117,959
============== ============= ============= ==============
</TABLE>
<PAGE>
THE OLD OAHU TUG SERVICE, INC. Exhibit A-4
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
The Old
Oahu Tug
ASSETS Service, Inc.
- --------------------------------------------------- --------------
<S> <C>
Cash and equivalents $ 4
Notes receivable from affiliated company 23,108
Accounts receivable and unbilled revenues, net 515
Other 3,208
--------------
$ 26,835
==============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ---------------------------------------------------
Liabilities
Accounts payable $ 152
Other 4,886
--------------
5,038
--------------
Stockholder's equity
Common stock 13,229
Retained earnings 8,568
--------------
21,797
--------------
$ 26,835
==============
</TABLE>
<PAGE>
THE OLD OAHU TUG SERVICE, INC. Exhibit A-4
Consolidating Schedule - Income Information Page 2 of 2
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
cations
The Old Young and
Oahu Tug Brothers, Eliminations
Service, Inc.* Limited Dr. (Cr.) Consolidated
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Revenues
Other $ 7,590 42,901 1,915 $ 48,576
Equity in net income of subsidiary 1,305 - 1,305 -
---------------- ---------------- ---------------- ----------------
8,895 42,901 3,220 48,576
---------------- ---------------- ---------------- ----------------
Expenses-Other 3,979 39,877 (1,217) 42,639
---------------- ---------------- ---------------- ----------------
Operating income 4,916 3,024 2,003 5,937
Interest expense-electric utility
and other (1,098) (809) (698) (1,209)
---------------- ---------------- ---------------- ----------------
Income before income taxes 3,818 2,215 1,305 4,728
Income tax expense 2,509 910 - 3,419
---------------- ---------------- ---------------- ----------------
Net income $ 1,309 1,305 1,305 $ 1,309
================ ================ ================ ================
</TABLE>
* Formerly Hawaiian Tug & Barge Corp.
THE OLD OAHU TUG SERVICE, INC.
Consolidating Schedule - Retained Earnings Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Reclassifi-
cations
The Old Young and
Oahu Tug Brothers, Eliminations
Service, Inc.* Limited Dr. (Cr.) Consolidated
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Retained earnings, beginning of year $ 8,592 10,246 10,246 $ 8,592
Sale of Young Brothers, Limited - (10,234) (10,234) -
Net income 1,309 1,305 1,305 1,309
Common stock dividends (1,333) (1,317) (1,317) (1,333)
---------------- ---------------- ---------------- ----------------
Retained earnings, end of year $ 8,568 - - $ 8,568
================ ================ ================ ================
</TABLE>
* Formerly Hawaiian Tug & Barge Corp.
<PAGE>
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1999
(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 $ 1,190 106 1,211 - $ 2,507
Notes receivable from
affiliated companies 12,123 - (263) (11,860) -
Accounts receivable and
unbilled revenues, net 335 818 105 - 1,258
Property, plant and equipment, net 622 14,347 23,055 - 38,024
Other - 204 9,773 - 9,977
Investments in wholly owned
subsidiaries, at equity 35,783 - - (35,783) -
---------------- --------------- --------------- --------------- ---------------
$ 50,053 15,475 33,881 (47,643) $ 51,766
================ =============== =============== =============== ===============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- ------------------------------------
Liabilities
Accounts payable $ 341 2 161 - $ 504
Short-term borrowings 3,010 11,860 - 11,860 3,010
Long-term debt 17,073 - - - 17,073
Deferred income taxes - (142) - - (142)
Other 720 851 - - 1,571
---------------- --------------- --------------- --------------- ---------------
21,144 12,571 161 11,860 22,016
---------------- --------------- --------------- --------------- ---------------
Minority interests - - 841 - 841
---------------- --------------- --------------- --------------- ---------------
Stockholder's equity
Common stock 45,049 2,250 35,053 37,303 45,049
Retained earnings (deficit) (16,140) 654 (2,174) (1,520) (16,140)
---------------- --------------- --------------- --------------- ---------------
28,909 2,904 32,879 35,783 28,909
---------------- --------------- --------------- --------------- ---------------
$ 50,053 15,475 33,881 47,643 $ 51,766
================ =============== =============== =============== ===============
</TABLE>
<PAGE>
HEI POWER CORP. AND SUBSIDIARIES Exhibit A-5
Consolidating Schedule - Loss Information Page 2 of 2
Year ended December 31, 1999
(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 $ 548 3,743 721 548 $ 4,464
Equity in net loss of subsidiaries (1,190) - - (1,190) -
------------- ------------- --------------- -------------- --------------
(642) 3,743 721 (642) 4,464
------------- ------------- --------------- -------------- --------------
Expenses-Other 3,936 3,864 1,395 - 9,195
------------- ------------- --------------- -------------- --------------
Operating loss (4,578) (121) (674) (642) (4,731)
Interest expense (514) (548) - (548) (514)
------------- ------------- --------------- -------------- --------------
Loss before income taxes (5,092) (669) (674) (1,190) (5,245)
Income tax expense (benefit) (3) (238) 85 - (156)
------------- ------------- --------------- -------------- --------------
Net loss $ (5,089) (431) (759) (1,190) $ (5,089)
============= ============= =============== ============== ==============
</TABLE>
HEI POWER CORP. AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1999
(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 $ (11,051) 1,085 (1,415) (330) $ (11,051)
Net loss (5,089) (431) (759) (1,190) (5,089)
------------- ------------- --------------- -------------- --------------
Retained earnings (deficit),
end of year $ (16,140) 654 (2,174) (1,520) $ (16,140)
============= ============= =============== ============== ==============
</TABLE>
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Balance Sheet Information (Page 1 of 3) Page 1 of 6
December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
HEIPC
HEI HEIPC Lake
Power Philippine Mainit
Corp. Development, Power,
ASSETS International LLC LLC
- -------------------------------------------- --------------- ---------------- ---------------
<S> <C> <C> <C>
Cash and equivalents $ 219 196 $ 102
Notes receivable from affiliated companies (120) - 111
Accounts receivable and
unbilled revenues, net 9 84 -
Property, plant and equipment, net - - 24
Other 5 9,707 2
Investments in wholly owned
subsidiaries, at equity 32,766 - -
--------------- --------------- ----------------
$32,879 9,987 $ 239
=============== ================ ===============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ - 50 $ -
Other - - -
--------------- ---------------- ----------------
- 50 -
--------------- ---------------- ---------------
Minority interests - - -
--------------- ---------------- ---------------
Stockholder's equity
Common stock 35,053 9,901 447
Retained earnings (deficit) (2,174) 36 (208)
--------------- ---------------- --------------
32,879 9,937 239
--------------- ---------------- ---------------
$32,879 9,987 $ 239
=============== ================ ===============
</TABLE>
Continued on next page.
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Balance Sheet Information (Page 2 of 3) Page 2 of 6
December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEI HEI
HEIPC HEIPC Power Power
Bulacan I, Bulacan II, Corp. Corp.
ASSETS LLC LLC China China II
- -------------------------------------------- --------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C>
Cash and equivalents $ - - 211 $ 366
Notes receivable from affiliated companies - - (3) (251)
Accounts receivable and
unbilled revenues, net - - 12 -
Property, plant and equipment, net - - 275 22,756
Other - - 24 31
Investments in wholly owned
subsidiaries, at equity - - - -
--------------- ---------------- --------------- ---------------
$ - - 519 $22,902
=============== ================ =============== ===============
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ - - 47 $ 43
Other - - - -
--------------- ---------------- --------------- ---------------
- - 47 43
--------------- ---------------- --------------- ---------------
Minority interests - - - 841
--------------- ---------------- --------------- ---------------
Stockholder's equity
Common stock - - 1,350 23,127
Retained earnings (deficit) - - (878) (1,109)
--------------- ---------------- --------------- ---------------
- - 472 22,018
--------------- ---------------- --------------- ---------------
$ - - 519 $22,902
=============== ================ =============== ===============
</TABLE>
Continued on next page.
<PAGE>
Exhibit A-6
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Page 3 of 6
Consolidating Schedule - Balance Sheet Information (Page 3 of 3)
December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEIPC Phnom Reclassifi-
HEI Penh cations
Power Power and
Corp. (Limited), Eliminations
ASSETS Philippines LLC Dr. (Cr.) Consolidated
- -------------------------------------------- --------------- --------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Cash and equivalents $117 - - $ 1,211
Notes receivable from affiliated companies - - - (263)
Accounts receivable and
unbilled revenues, net - - - 105
Property, plant and equipment, net - - - 23,055
Other 2 2 - 9,773
Investments in wholly owned
subsidiaries, at equity - - (32,766) -
--------------- --------------- ----------------- -----------------
$119 2 (32,766) $33,881
=============== =============== ================= =================
LIABILITIES AND
STOCKHOLDER'S EQUITY
- --------------------------------------------
Liabilities
Accounts payable $ 21 - - $ 161
Other - - - -
--------------- --------------- ----------------- -----------------
21 - - 161
--------------- --------------- ----------------- -----------------
Minority interests - - - 841
--------------- --------------- ----------------- -----------------
Stockholder's equity
Common stock 181 2 35,008 35,053
Retained earnings (deficit) (83) - (2,242) (2,174)
--------------- --------------- ----------------- -----------------
98 2 32,766 32,879
--------------- --------------- ----------------- -----------------
$119 2 32,766 $33,881
=============== =============== ================= =================
</TABLE>
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Income (Loss) Information (Page 1 of 2) Page 4 of 6
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
HEIPC
HEI HEIPC Lake
Power Philippine Mainit
Corp. Development, Power,
International LLC LLC
------------- ------------ ------------
<S> <C> <C> <C>
Revenues
Other $ 1 603 $ 3
Equity in net loss of subsidiaries (720) - -
-------------- ------------ ------------
(719) 603 3
Expenses-Other 40 107 2
-------------- ------------ ------------
Income (loss) before income taxes (759) 496 1
Income tax expense (benefit) - 85 -
-------------- ------------ ------------
Net income (loss) $(759) 411 $ 1
============== ============ ============
</TABLE>
Continued below.
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES
Consolidating Schedule - Income (Loss) Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEI HEI
HEIPC HEIPC Power Power
Bulacan I, Bulacan II, Corp. Corp.
LLC LLC China China II
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Revenues
Other $ - - 3 $ 111
Equity in net loss of subsidiaries - - - -
------------- ------------- ------------- -------------
- - 3 111
Expenses-Other - - 861 302
------------- ------------- ------------- -------------
Income (loss) before income taxes - - (858) (191)
Income tax expense (benefit) - - - -
------------- ------------- ------------- -------------
Net income (loss) $ - - (858) $(191)
============= ============= ============= =============
</TABLE>
Continued on next page.
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Income (Loss) Information (Page 2 of 2) Page 5 of 6
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEIPC Reclassifi-
HEI Phnom Penh cations
Power Power and
Corp. (Limited), Eliminations
Philippines LLC Dr. (Cr.) Consolidated
------------- ------------- --------------- --------------
<S> <C> <C> <C> <C>
Revenues
Other $ - - - $ 721
Equity in net loss of subsidiaries - - (720) -
------------- ------------- --------------- ---------------
- - (720) 721
Expenses-Other 83 - - 1,395
------------- ------------- --------------- --------------
Income (loss) before income taxes (83) - (720) (674)
Income tax expense (benefit) - - - 85
------------- ------------- --------------- --------------
Net income (loss) $(83) - (720) $ (759)
============= ============= =============== ==============
</TABLE>
<PAGE>
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES Exhibit A-6
Consolidating Schedule - Retained Earnings (Deficit) Information Page 6 of 6
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
HEI HEIPC HEIPC
Power Philippine Lake Mainit
Corp. Development, Power,
International LLC LLC
------------- ------------ ------------
<S> <C> <C> <C>
Retained earnings (deficit), beginning of year $(1,415) 39 $(209)
Net income (loss) (759) 411 1
Common stock dividends - (414) -
------------- ------------ ------------
Retained earnings (deficit), end of year $(2,174) 36 $(208)
============= ============ ============
</TABLE>
Continued below.
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEI HEI
HEIPC HEIPC Power Power
Bulacan I, Bulacan II, Corp. Corp.
LLC LLC China China II
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
Retained earnings (deficit), beginning of year $ - - (20) $ (918)
Net income (loss) - - (858) (191)
Common stock dividends - - - -
------------ ------------- ------------- ------------
Retained earnings (deficit), end of year $ - - (878) $(1,109)
============ ============= ============= ============
</TABLE>
Continued below.
HEI POWER CORP. INTERNATIONAL AND SUBSIDIARIES
Consolidating Schedule - Retained Earnings (Deficit) Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
(Continued)
<TABLE>
<CAPTION>
HEIPC Reclassifi-
HEI Phnom Penh cations
Power Power and
Corp. (Limited), Eliminations
Philippines LLC Dr. (Cr.) Consolidated
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Retained earnings (deficit), beginning of year $ - - (1,108) $(1,415)
Net income (loss) (83) - (720) (759)
Common stock dividends - - (414) -
--------------- ------------- -------------- --------------
Retained earnings (deficit), end of year $ (83) - (2,242) $(2,174)
=============== ============= ============== ==============
</TABLE>
<PAGE>
HEI POWER CORP. CHINA II AND SUBSIDIARIES Exhibit A-7
Consolidating Schedule - Balance Sheet Information Page 1 of 2
December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
United Reclassifi-
HEI Power Baotou cations
Power Pacific Tianjiao and
Corp. Company Power Eliminations
ASSETS China II Limited Co., Ltd. Dr. (Cr.) Consolidated
- ----------------------------------- --------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Cash and equivalents $ 5 4 357 - $ 366
Notes receivable from
affiliated companies (466) 233 (18) - (251)
Accounts receivable and
unbilled revenues, net - - - - -
Property, plant and equipment, net 10,258 3,197 9,301 - 22,756
Other - - 31 - 31
Investments in wholly owned
subsidiaries, at equity 12,237 8,525 - (20,762) -
--------------- --------------- --------------- --------------- -----------
$22,034 11,959 9,671 (20,762) $22,902
=============== =============== =============== =============== ===========
LIABILITIES AND
STOCKHOLDER'S EQUITY
- -----------------------------------
Liabilities
Accounts payable $ 16 - 27 - $ 43
Other - - - - -
--------------- --------------- --------------- --------------- -----------
16 - 27 - 43
--------------- --------------- --------------- --------------- -----------
Minority interests - - 1,205 364 841
--------------- --------------- --------------- --------------- -----------
Stockholder's equity
Common stock 23,127 13,350 8,783 22,133 23,127
Accumulated deficit (1,109) (1,391) (344) (1,735) (1,109)
--------------- --------------- --------------- --------------- -----------
22,018 11,959 8,439 20,398 22,018
--------------- --------------- --------------- --------------- -----------
$22,034 11,959 9,671 20,762 $22,902
=============== =============== =============== =============== ===========
</TABLE>
<PAGE>
HEI POWER CORP. CHINA II AND SUBSIDIARIES Exhibit A-7
Consolidating Schedule - Loss Information Page 2 of 2
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
United Reclassifi-
HEI Power Baotou cations
Power Pacific Tianjiao and
Corp. Company Power Eliminations
China II Limited Co., Ltd. Dr. (Cr.) Consolidated
------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Revenues
Other $ 4 4 6 (97) $ 111
Equity in net loss of subsidiaries (194) (146) - (340) -
--------- --------- -------- ---------- ----------
(190) (142) 6 (437) 111
--------- --------- --------- ---------- ----------
Expenses-Other 1 101 200 - 302
--------- --------- --------- ---------- ----------
Net loss $ (191) (243) (194) (437) $(191)
========= ========= ========= ========== ==========
</TABLE>
HEI POWER CORP. CHINA II AND SUBSIDIARIES
Consolidating Schedule - Accumulated Deficit Information
Year ended December 31, 1999
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
United Reclassifi-
HEI Power Baotou cations
Power Pacific Tianjiao and
Corp. Company Power Eliminations
China II Limited Co., Ltd. Dr. (Cr.) Consolidated
------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Accumulated deficit,
beginning of year $ (918) (1,148) (150) (1,298) $ (918)
Net loss (191) (243) (194) (437) (191)
--------- --------- --------- ---------- ----------
Accumulated deficit,
end of year $(1,109) (1,391) (344) (1,735) $(1,109)
========= ========= ========= ========== ==========
</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, 1999
- ------------- ----------------------------------------------------------------------
<S> <C>
1 Total Assets (at December 31)......................... $8,291,026
2 Total Operating Revenues.............................. 1,523,290
3 Net Income............................................ 96,847
</TABLE>
HAWAIIAN ELECTRIC COMPANY, INC. AND SUBSIDIARIES
FINANCIAL DATA SCHEDULE
(Unaudited)
(in thousands)
<TABLE>
<CAPTION>
Item No. Year ended December 31, 1999
- ------------- ----------------------------------------------------------------------
<S> <C>
1 Total Assets (at December 31)......................... $2,302,809
2 Total Operating Revenues.............................. 1,055,204
3 Net Income............................................ 75,222
</TABLE>
