File No. 1-8644
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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
IPALCO ENTERPRISES, INC.
One Monument Circle, P.O. Box 1595
Indianapolis, Indiana 46206-1595
February 27, 1997
<PAGE>
File No. 1-8644
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
IPALCO ENTERPRISES, INC.
hereby files with the Securities and Exchange Commission (Commission),
pursuant to Rule 2, its statement claiming exemption as a holding company
from the provisions of the Public Utility Holding Company Act of 1935,
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:
IPALCO Enterprises, Inc. (claimant) is an Indiana
corporation and has its principal executive office at One
Monument Circle, Indianapolis, Indiana 46204.
Indianapolis Power & Light Company (IPL) is an Indiana
corporation engaged in the business of generating,
transmitting and selling electric energy in the City of
Indianapolis, Marion County and in neighboring cities, towns
and communities and adjacent rural areas, all within the
State of Indiana, the most distant point being about forty
miles from Indianapolis. It also produces, distributes and
sells steam within a limited area in such City. In July,
1965, IPL formed Property and Land Company, Inc., an Indiana
Corporation, for the purpose of engaging in the business of
buying, owning, holding, improving, leasing, selling, and
otherwise dealing in and with real estate, and for other
general purposes.
In 1996, IPL formed IPL Funding Corporation, an Indiana
corporation, for purposes of engaging in a financing
transaction.
Unless otherwise indicated, each of the following
subsidiaries is an Indiana corporation conducting business within
the State of Indiana. In July, 1984, claimant organized Mid-
America Capital Resources, Inc. (MACR), a wholly-owned subsidiary
of claimant, under and through which claimant intends to conduct
its non-regulated activities. On November 17, 1989 a wholly owned
subsidiary of MACR, called Mid-America Energy Resources, Inc.
(MAER) was formed to own and operate a district cooling system to
provide chilled water for the purpose of air conditioning buildings
in downtown Indianapolis. On July 25, 1991, MAER acquired
Cleveland Thermal Energy Corporation (CTEC), an Ohio corporation,
as a subsidiary. CTEC owns and operates a steam heating system in
Cleveland, Ohio. On March 31, 1992, Cleveland District Cooling
Corporation (CDCC), an Ohio corporation, was formed to own and
operate a district cooling system in downtown Cleveland.
In 1992, MACR acquired a 30% ownership interest in
Store Heat and Produce Energy, Inc. (SHAPE), and currently
holds an 80% interest in SHAPE. SHAPE conducts research and
development of energy storage technology. Indianapolis
Campus Energy, Inc. (ICE) was formed in 1993 to construct,
own and operate energy systems on campus locations such as
industrial complexes or college campuses.
Property and Land Company, Inc., MACR, MAER, CTEC, CDCC,
SHAPE and ICE are not "public utility companies" as defined in the
Act.
Future diversification opportunities for investment
into other business are continually being reviewed, but no
further acquisition has been made as of the date hereof. In
carrying out its diversification activities, claimant does
not intend to take any action which will impair its primary
commitment to provide adequate public utility service to
customers of IPL.
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, indicating
the location of principal generating plants, transmission lines, and
electric distribution facilities, including all such properties which are
outside the State of Indiana and all transmission lines which deliver or
receive electric energy at the borders of such State:
At the date of the filing of this Statement the
claimant had no properties of the nature above-described in
the State of Indiana or elsewhere, being solely a holding
company owning cash and all of the issued and outstanding
shares of Common Stock of IPL and MACR.
The properties of IPL, claimant's only public utility
subsidiary, used for the generation, transmission and
distribution of electric energy for sale are located wholly
within the State of Indiana and consist of the following:
Generating Plants:
IPL owns and operates five primarily coal-fired
generating plants, three of which are used for total electric
generation and two of which are for a combination of electric
and steam generation. The generating plants have a total
gross nameplate rating of 3,035 MW, a winter capability of
3,046 MW and a summer capability of 2,968 MW. All figures
are net of station use.
Total Electric Stations:
H.T. Pritchard Plant, 25 miles southwest of Indianapolis,
seven units in service with 367 MW nameplate rating (net winter
capability 344 MW, summer 341 MW).
E.W. Stout Plant, located in the southwest part of Marion
County, Indiana, eleven units in service with 921 MW nameplate
rating (net winter capability 1,000 MW, summer 924 MW).
Petersburg Plant, located in Pike County, Indiana, seven units
in service with 1,716 MW nameplate rating (net winter
capability 1,672 MW, summer 1,672 MW).
The number of units indicated above include three gas turbine units
at the Stout Plant added in 1973, one gas turbine added in 1994,
one gas turbine added in 1995, one diesel unit each at Pritchard
and Stout Plants and three diesel units at Petersburg Plant, all
added in 1967.
<PAGE>
Combination Electric and Steam Stations:
C.C. Perry Section K Plant, in the City of Indianapolis, with 20 MW
nameplate rating (net winter capability 20 MW, summer 19 MW) for
electric and a gross capacity of 1,990 M/lbs. per hour for steam.
C.C. Perry Section W Plant, in the City of Indianapolis, with 11 MW
nameplate rating (net winter capability 10 MW, summer 12 MW) for
electric and a gross capacity of 300 M/lbs. per hour for steam.
Transmission and Distribution System Properties:
IPL's transmission system located entirely within the
State of Indiana includes 457 circuit miles of 345,000 volt
lines, 359 circuit miles of 138,000 volt lines and 269 miles
of 34,500 volt lines. Distribution facilities include 4,693
pole miles and 19,826 wire miles of overhead lines.
Underground distribution and service facilities include 477
miles of conduit and 5,276 wire miles of conductor.
Underground street lighting facilities include 109 miles of
conduit and 682 wire miles of conductor. The system also has
74 bulk power substations and 76 distribution substations.
None of the transmission lines is positioned or located
to deliver or receive electric energy at the borders of the
State of Indiana.
3. The following information is for the calendar year 1996 with
respect to IPL, claimant's only subsidiary public utility company:
(a) Number of KWH of electric energy sold (at retail
or wholesale) by IPL: 14,081,105,171 KWH.
(b) Number of KWH of electric energy distributed at
retail outside the State of Indiana by IPL: None.
(c) Number of KWH of electric energy sold at wholesale
outside the State of Indiana by IPL: None.
(d) Number of KWH of electric energy purchased outside
the State of Indiana or at the State line: None.
<PAGE>
4. Claimant does not hold directly or indirectly any interest in
an EWG or a foreign utility company.
(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.
Not Applicable.
(b) Name of each system company that holds an interest in such
EWG or foreign utility company; and description of the
interest held.
Not Applicable.
(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.
Not Applicable.
(d) Capitalization and earnings of the EWG or foreign utility
company during the reporting period.
Not Applicable.
(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).
Not Applicable.
Annexed hereto as Exhibit A is a consolidating statement of income
and surplus of the claimant and its subsidiary companies for the last
calendar year (1996), together with a consolidating balance sheet of the
claimant and its subsidiary companies as of the close of such calendar
year.
Attached hereto as Exhibit B is the Financial Data Schedule.
Exhibit C is not applicable to this filing. (See Paragraph 4
above.)
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officers on this 27th day of
February, 1997.
IPALCO Enterprises, Inc.
(Name of claimant)
By /s/ John R. Brehm
John R. Brehm
Vice President and Treasurer
(CORPORATE SEAL)
Attest:
/s/ Bryan G. Tabler
Bryan G. Tabler, Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Bryan G. Tabler, Vice President, Secretary and General Counsel
One Monument Circle, Indianapolis, Indiana 46204
<TABLE>
IPALCO ENTERPRISES, INC. and SUBSIDIARIES EXHIBIT A
Consolidated Balance Sheets, December 31, 1996
(Dollars in Thousands)
<CAPTION>
MACR
ASSETS CTEC CDCC MAER (Parent) ICE
<S> <C> <C> <C> <C> <C>
UTILITY PLANT:
Utility plant in service $0 $0 $0 $0 $0
Less accumulated depreciation 0 0 0 0 0
- --------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 0 0 0
Construction work in progress 0 0 0 0 0
Property held for future use 0 0 0 0 0
- --------------------------------------------------------------------------------------------------
Utility plant - net 0 0 0 0 0
- --------------------------------------------------------------------------------------------------
OTHER ASSETS - NET 14,920 31,131 77,837 61,265 15,782
- --------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 299 0 8 5,794 1
Financial investments 0 0 0 0 0
Accounts receivable (less allowance
for doubtful accounts - $1,159) 2,640 228 23,738 35,003 374
Fuel - at average cost 504 0 0 0 0
Materials and supplies-at average cost 315 73 93 0 37
Prepayments and other current assets (843) 678 124 191 3
- --------------------------------------------------------------------------------------------------
Total current assets 2,915 979 23,963 40,988 415
- --------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Regulatory assets 0 0 0 0 0
Miscellaneous 430 2,765 2,237 490 1,106
- --------------------------------------------------------------------------------------------------
Total deferred debits 430 2,765 2,237 490 1,106
- --------------------------------------------------------------------------------------------------
TOTAL $18,265 $34,875 $104,037 $102,743 $17,303
==================================================================================================
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1996
(Dollars in Thousands)
<CAPTION>
Total
SHAPE AES MACR
<S> <C> <C> <C>
ASSETS
UTILITY PLANT:
Utility plant in service $0 $0 $0
Less accumulated depreciation 0 0 0
- --------------------------------------------------------------------------------
Utility plant in service - net 0 0 0
Construction work in progress 0 0 0
Property held for future use 0 0 0
- --------------------------------------------------------------------------------
Utility plant - net 0 0 0
- --------------------------------------------------------------------------------
OTHER ASSETS - net 226 47 201,208
- --------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 1 0 6,103
Financial investments 0 0 0
Accounts receivable (less allowance
for doubtful accounts - $1,159) 99 34 62,116
Fuel - at average cost 0 0 504
Materials and supplies-at average cost 182 0 700
Prepayments and other current assets 16 150 319
- --------------------------------------------------------------------------------
Total current assets 298 184 69,742
- --------------------------------------------------------------------------------
DEFERRED DEBITS:
Regulatory assets 0 0 0
Miscellaneous 119 0 7,147
- --------------------------------------------------------------------------------
Total deferred debits 119 0 7,147
- --------------------------------------------------------------------------------
TOTAL $643 $231 $278,097
================================================================================
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1996
(Dollars in Thousands)
MACR
<CAPTION> Consolidating Consolidating
Entries Consolidated Entries
Debit Credit MACR IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT:
Utility plant in service $0 $0 $0 $2,763,305 $0 $0 $0 $2,763,305
Less accumulated depreciation 0 0 0 1,048,492 0 0 0 1,048,492
- ----------------------------------------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 0 1,714,813 0 0 0 1,714,813
Construction work in progress 0 0 0 63,243 0 0 0 63,243
Property held for future use 0 0 0 9,913 0 0 0 9,913
- ----------------------------------------------------------------------------------------------------------------------------------
Utility plant - net 0 0 0 1,787,969 0 0 0 1,787,969
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS - net 95,421 105,787 5,799 853,684 0 851,609 (A) 113,661
- ----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 0 0 6,103 8,840 4,374 0 0 19,317
Financial investments 0 0 0 0 0 0 0 0
Accounts receivable (less allowance
for doubtful accounts - $1,159) 0 57,728 4,388 7,892 21,893 0 23,074 (B) 11,099
Fuel - at average cost 0 0 504 30,121 0 0 0 30,625
Materials and supplies-at average cost 0 0 700 52,027 0 0 0 52,727
Prepayments and other current assets 0 0 319 9,612 0 0 0 9,931
- ----------------------------------------------------------------------------------------------------------------------------------
Total current assets 0 57,728 12,014 108,492 26,267 0 23,074 123,699
- ----------------------------------------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Regulatory assets 0 0 0 137,974 0 137,974
Miscellaneous 0 0 7,147 12,166 453 0 0 19,766
- ----------------------------------------------------------------------------------------------------------------------------------
Total deferred debits 0 0 7,147 150,140 453 0 0 157,740
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL $0 $153,149 $124,948 $2,052,400 $880,404 $0 $874,683 $2,183,069
==================================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1996
(Dollars in Thousands)
<CAPTION>
MACR
CTEC CDCC MAER (Parent) ICE
<S> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $9,000 $25,000 $59,500 $33,702 $1
Premium on 4% cumulative preferred
stock 0 0 0 0 0
Advances - Associated Companies 7,724 15,205 29,025 0 323
Retained earnings (882) (6,512) (5,945) 57,133 194
- ---------------------------------------------------------------------------------------------------------
Total common shareholders' equity 15,842 33,693 82,580 90,835 518
Cumulative preferred stock 0 0 0 0 0
Long-term debt 0 0 18,800 0 16,000
- ---------------------------------------------------------------------------------------------------------
Total capitalization 15,842 33,693 101,380 90,835 16,518
- ---------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 0 12,000 0
Current maturities and sinking fund
requirements 0 0 0 0 0
Accounts payable and accrued expenses 2,509 409 686 1,606 531
Dividends payable 0 0 0 0 0
Taxes accrued 835 3 798 276 241
Interest accrued 0 0 86 18 0
Other current liabilities 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------
Total current liabilities 3,344 412 1,570 13,900 772
- ---------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes-net (921) 770 1,087 (1,992) 13
Unamortized investment tax credit 0 0 0 0 0
Accrued postretirement benefits 0 0 0 0 0
Accrued pension benefits 0 0 0 0 0
Miscellaneous 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities (921) 770 1,087 (1,992) 13
- ---------------------------------------------------------------------------------------------------------
TOTAL $18,265 $34,875 $104,037 $102,743 $17,303
=========================================================================================================
0 0 0 0 0
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1996
(Dollars in Thousands)
<CAPTION>
Total
SHAPE AES MACR
<S> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $1,545 $375 $129,123
Premium on 4% cumulative preferred
stock 0 0 0
Advances - Associated Companies 4,710 741 57,728
Retained earnings (5,728) (1,239) 37,021
- -------------------------------------------------------------------------------
Total common shareholders' equity 527 (123) 223,872
Cumulative preferred stock 0 0 0
Long-term debt 0 0 34,800
- -------------------------------------------------------------------------------
Total capitalization 527 (123) 258,672
- -------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 12,000
Current maturities and sinking fund
requirements 0 0 0
Accounts payable and accrued expenses 118 487 6,346
Dividends payable 0 0 0
Taxes accrued 7 1 2,161
Interest accrued 0 0 104
Other current liabilities 0 0 0
- -------------------------------------------------------------------------------
Total current liabilities 125 488 20,611
- -------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes (9) (134) (1,186)
Unamortized investment tax credit 0 0 0
Accrued postretirement benefits 0 0 0
Accrued pension benefits 0 0 0
Miscellaneous 0 0 0
- -------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities (9) (134) (1,186)
- -------------------------------------------------------------------------------
TOTAL $643 $231 $278,097
===============================================================================
0 0 0
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets, December 31, 1996
(Dollars in Thousands)
<CAPTION>
MACR
Consolidating
Entries Consolidated Consolidating Entries
Debit Credit MACR IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $95,421 $0 $33,702 $324,537 $389,966 $358,239 (A) $0 $389,966
Premium on 4% cumulative preferred
stock 0 0 0 1,363 0 0 0 1,363
Advances - Associated Companies 57,728 0 0 0
Retained earnings 0 0 37,021 456,349 466,397 493,370 (A) 0 466,397
- -----------------------------------------------------------------------------------------------------------------------------------
Total common shareholders' equity 153,149 0 70,723 782,249 856,363 851,609 0 857,726
Cumulative preferred stock 0 0 0 51,898 0 0 0 51,898
Long-term debt 0 0 34,800 627,791 0 0 0 662,591
- -----------------------------------------------------------------------------------------------------------------------------------
Total capitalization 153,149 0 105,523 1,461,938 856,363 851,609 0 1,572,215
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 12,000 34,000 0 0 0 46,000
Current maturities and sinking fund
requirements 0 0 0 11,250 0 0 0 11,250
Accounts payable and accrued expenses 0 0 6,346 56,537 1,311 1,972 (B) 0 62,222
Dividends payable 0 0 0 21,910 21,404 21,102 (B) 0 22,212
Taxes accrued 0 0 2,161 19,621 1,377 0 0 23,159
Interest accrued 0 0 104 13,301 (51) 0 0 13,354
Other current liabilities 0 0 0 14,519 0 0 0 14,519
- -----------------------------------------------------------------------------------------------------------------------------------
Total current liabilities 0 0 20,611 171,138 24,041 23,074 0 192,716
- -----------------------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes 0 0 (1,186) 304,854 (195) 0 0 303,473
Unamortized investment tax credit 0 0 0 47,722 0 0 0 47,722
Accrued postretirement benefits 0 0 0 23,635 0 23,635
Accrued pension benefits 0 0 0 37,283 0 37,283
Miscellaneous 0 0 0 5,830 195 0 0 6,025
- -----------------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities 0 0 (1,186) 419,324 0 0 0 418,138
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL $153,149 $0 $124,948 $2,052,400 $880,404 $874,683 $0 $2,183,069
===================================================================================================================================
153,149 (153,149) 0 0 0 (874,683) 874,683 0
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Income
For the Year Ended December 31, 1996
(Dollars In Thousands)
<CAPTION>
MACR
CTEC CDCC MAER (Parent) ICE
<S> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $0 $0 $0 $0 $0
Steam 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
Total operating revenues 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 0 0 0 0 0
Other 0 0 0 0 0
Power purchased 0 0 0 0 0
Purchased steam 0 0 0 0 0
Maintenance 0 0 0 0 0
Depreciation and amortization 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0
Income taxes - net 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
Total operating expenses 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
OPERATING INCOME 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction
Other - net (569) (2,180) 2,632 (113) 981
Income taxes - net 244 765 (633) 32 (129)
- ------------------------------------------------------------------------------------------------------
Total other income and deductions-net (325) (1,415) 1,999 (81) 852
- ------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES (325) (1,415) 1,999 (81) 852
- ------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 0 1,027 0 658
Allowance for borrowed funds
used during construction 0 0 0 0 0
Other interest 0 0 0 491 0
Amortization of redemption premiums
and expenses on debt - net 0 0 16 0 0
Preferred dividend
requirements of subsidiary 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
Total interest and other charges - net 0 0 1,043 491 658
- ------------------------------------------------------------------------------------------------------
NET INCOME ($325) ($1,415) $956 ($572) $194
======================================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
EARNINGS PER SHARE OF COMMON STOCK
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Income
For the Year Ended December 31, 1996
(Dollars In Thousands)
<CAPTION>
Consolidated
SHAPE AES MACR
<S> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $0 $0 $0
Steam 0 0 0
- ---------------------------------------------------------------------------------
Total operating revenues 0 0 0
- ---------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 0 0 0
Other 0 0 0
Power purchased 0 0 0
Purchased steam 0 0 0
Maintenance 0 0 0
Depreciation and amortization 0 0 0
Taxes other than income taxes 0 0 0
Income taxes - net 0 0 0
- ---------------------------------------------------------------------------------
Total operating expenses 0 0 0
- ---------------------------------------------------------------------------------
OPERATING INCOME 0 0 0
- ---------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction
Other - net (1,898) (1,993) (3,140)
Income taxes - net 719 754 1,752
- ---------------------------------------------------------------------------------
Total other income and deductions-net (1,179) (1,239) (1,388)
- ---------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES (1,179) (1,239) (1,388)
- ---------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 0 1,685
Allowance for borrowed funds
used during construction 0 0 0
Other interest 0 0 491
Amortization of redemption premiums
and expenses on debt - net 0 0 16
Preferred dividend
requirements of subsidiary 0 0 0
- ---------------------------------------------------------------------------------
Total interest and other charges - net 0 0 2,192
- ---------------------------------------------------------------------------------
NET INCOME ($1,179) ($1,239) ($3,580)
=================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
EARNINGS PER SHARE OF COMMON STOCK
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Income
For the Year Ended December 31, 1996
(Dollars In Thousands)
<CAPTION>
Consolidating Entries
IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $724,764 $0 $0 $0 $724,764
Steam 37,739 0 0 0 37,739
- --------------------------------------------------------------------------------------------------------
Total operating revenues 762,503 0 0 0 762,503
- --------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 164,339 0 0 0 164,339
Other 137,192 0 0 0 137,192
Power purchased 18,365 0 0 0 18,365
Purchased steam 7,240 0 0 0 7,240
Maintenance 67,768 0 0 0 67,768
Depreciation and amortization 102,769 0 0 0 102,769
Taxes other than income taxes 33,363 0 0 0 33,363
Income taxes - net 68,248 0 0 0 68,248
- --------------------------------------------------------------------------------------------------------
Total operating expenses 599,284 0 0 0 599,284
- --------------------------------------------------------------------------------------------------------
OPERATING INCOME 163,219 0 0 0 163,219
- --------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction 5,967 0 0 0 5,967
Other - net (2,527) (2,389) 0 0 (8,056)
Income taxes - net 982 911 0 0 3,645
- --------------------------------------------------------------------------------------------------------
Total other income and deductions-net 4,422 (1,478) 0 0 1,556
- --------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES 167,641 (1,478) 0 0 164,775
- --------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 43,425 0 0 0 45,110
Allowance for borrowed funds
used during construction (3,354) 0 0 0 (3,354)
Other interest 3,638 73 0 0 4,202
Amortization of redemption premiums
and expenses on debt - net 1,344 0 0 0 1,360
Preferred dividend
requirements of subsidiary 3,182 0 0 0 3,182
- --------------------------------------------------------------------------------------------------------
Total interest and other charges - net 48,235 73 0 0 50,500
- --------------------------------------------------------------------------------------------------------
NET INCOME $119,406 ($1,551) $0 $0 $114,275
========================================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 56,924
======
EARNINGS PER SHARE OF COMMON STOCK $2.01
======
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Retained Earnings
For the Year Ended December 31, 1996
(Dollars in Thousands)
<CAPTION>
MACR
CTEC CDCC MAER (Parent) ICE
<S> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR ($557) ($5,097) ($6,901) $57,705 $0
NET INCOME (325) (1,415) 956 (572) 194
- ------------------------------------------------------------------------------------------------------
Total (882) (6,512) (5,945) 57,133 194
- ------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0 0 0
Common stock 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
Total 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR ($882) ($6,512) ($5,945) $57,133 $194
======================================================================================================
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Retained Earnings
For the Year Ended December 31, 1996
<CAPTION>
Total
SHAPE AES MACR
<S> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR ($4,549) $0 $40,601
NET INCOME (1,179) (1,239) (3,580)
- ------------------------------------------------------------------------------
Total (5,728) (1,239) 37,021
- ------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0
Common stock 0 0 0
- ------------------------------------------------------------------------------
Total 0 0 0
- ------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR ($5,728) ($1,239) $37,021
===============================================================================
</TABLE>
<TABLE> EXHIBIT A
CONTINUATION OF PREVIOUS TABLE
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Retained Earnings
For the Year Ended December 31, 1996
<CAPTION>
MACR
Consolidating
Entries Consolidated Consolidated Consolidating Entries
Debit Credit MACR IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR $0 $0 $40,601 $421,229 $436,408 $461,830 (A) $0 $436,408
NET INCOME 0 0 (3,580) 122,588 114,275 119,008 (A) 114,275
- ----------------------------------------------------------------------------------------------------------------------------------
Total 0 0 37,021 543,817 550,683 580,838 0 550,683
- ----------------------------------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0 3,182 0 0 3,182(A) 0
Common stock 0 0 0 84,286 84,286 0 84,286(A) 84,286
- ----------------------------------------------------------------------------------------------------------------------------------
Total 0 0 0 87,468 84,286 0 87,468 84,286
- ----------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR $0 $0 $37,021 $456,349 $466,397 $580,838 $87,468 $466,397
==================================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidating Entries for the Year Ended December 31, 1996
<CAPTION>
Debit Credit
<S> <C> <C>
(A) Common Stock - IPL $324,537
Common Stock - Mid-America 33,702
Retained Earnings - Subsidiaries
(Beginning Balance)* 461,830
Net Income of Subsidiary Companies* 119,008
Preferred Dividends - IPL* $3,182
Dividends Declared of Subsidiary Companies* 84,286
Investment in Subsidiary Companies 851,609
To eliminate Enterprises investments in IPL and Mid-America.
*Net Credit to Retained Earnings on the balance sheet is $493,370
(B) Accounts Payable $1,972
Dividends Payable 21,102
Accounts Receivable from Associated Companies 23,074
To eliminate intercompany receivables and payables.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> OPUR3
<CIK> 0000728391
<NAME> IPALCO ENTERPRISES, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,183,069
<TOTAL-OPERATING-REVENUES> 762,503
<NET-INCOME> 114,275
</TABLE>
