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
IPALCO ENTERPRISES, INC.
One Monument Circle, P.O. Box 1595
Indianapolis, Indiana 46206-1595
February 28, 2000
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. Property
and Land Company, Inc. was voluntarily dissolved
effective May 25, 1999.
In 1996, IPL formed IPL Funding Corporation,
an Indiana corporation, for purposes of engaging
in a financing transaction, and Fort Ben Energy
Management Corp., an Indiana corporation, for
purposes of managing, operating and maintaining
certain steam and chilled water production
facilities and related equipment and distribution
lines. Fort Ben Energy Management Corp. was
voluntarily dissolved effective November 24, 1999.
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. As of
March, 1997, CTEC and CDCC became wholly owned
subsidiaries of MACR and not MAER.
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 owns a portfolio of patents on
energy storage technology. Indianapolis Campus
Energy, Inc. (ICE) was formed in 1993 to
construct, own and operate a chilled water
production facility to provide air conditioning
for the Eli Lilly and Company Technology Center
industrial campus.
Property and Land Company, Inc., IPL Funding
Corporation, Fort Ben Energy Management Corp., 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 three primarily coal-
fired generating plants that are used for electric
generation. IPL operates one coal and gas-fired
plant that is used for a combination of electric
and steam generation. The generating plants have
a total gross nameplate rating of 3,024 MW, a
winter capability of 3,036 MW and a summer
capability of 2,956 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. Each diesel unit has a nameplate rating of 3 MW.
Combination Electric and Steam Station:
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.
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 4,717 pole
miles and 19,892 wire miles of overhead lines.
Underground distribution and service facilities
include 686 miles of conduit and 6,487 wire miles
of conductor. Underground street lighting
facilities include 108 miles of conduit and 760
wire miles of conductor. The system also has 73
bulk power substations and 69 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.
IPL is in the process of constructing a new
100-megawatt combustion turbine to be used during
times of highest or "peak" electric demand. This
turbine is expected to be in service by June,
2000.
3. The following information is for the calendar year
1999 with respect to IPL, claimant's only subsidiary public
utility company:
(a) Number of KWH of electric energy sold
(at retail or wholesale): 15,849,776,214 KWH.
(b) Number of KWH of electric energy
distributed at retail outside the State of
Indiana: None.
(c) Number of KWH of electric energy sold at
wholesale outside the State of Indiana or at the
State line: None.
(d) Number of KWH of electric energy
purchased outside the State of Indiana or at the
State line: None.
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 (1999),
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 28th day of February, 2000.
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>
EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets,
December 31, 1999
(Dollars in Thousands)
<CAPTION>
MACR Total
ASSETS CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY PLANT:
Utility plant in service $0 $0 $0 $0 $0 $0 $0
Less accumulated depreciation 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 0 0 0 0 0
Construction work in progress 0 0 0 0 0 0 0
Property held for future use 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------
Utility plant - net 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------
OTHER ASSETS - NET 5,172 7,575 44,759 150,803 16,037 0 224,346
- ---------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 1 0 4,220 1,362 701 0 6,284
Financial investments 0 0 0 0 0 0 0
Accounts receivable (less allowance
for doubtful accounts - $1,360) 1,692 1,170 944 31,324 1,340 205 36,675
Fuel - at average cost 1,031 0 0 0 0 0 1,031
Materials and supplies-at average cost 415 40 97 0 36 0 588
Tax refund receivable 182 612 111 45 0 25 975
Prepayments and other current assets 164 18 129 0 11 0 322
- ---------------------------------------------------------------------------------------------------------------
Total current assets 3,485 1,840 5,501 32,731 2,088 230 45,875
- ---------------------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Regulatory assets 0 0 0 0 0 0 0
Miscellaneous 159 1,866 1,909 241 171 316 4,662
- ---------------------------------------------------------------------------------------------------------------
Total deferred debits 159 1,866 1,909 241 171 316 4,662
- ---------------------------------------------------------------------------------------------------------------
TOTAL $8,816 $11,281 $52,169 $183,775 $18,296 $546 $274,883
===============================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
(CONTINUATION OF PREVIOUS TABLE)
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets,
December 31, 1999
(Dollars in Thousands)
<CAPTION>
MACR
Consolidating
Entries Consolidated IPL
Debit Credit MACR (Parent) FT BEN IPL FUND
<S> <C> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT:
Utility plant in service $0 $0 $0 $2,922,338 $0 $0
Less accumulated depreciation 0 0 0 1,299,122 0 0
- -------------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 0 1,623,216 0 0
Construction work in progress 0 0 0 116,478 0 0
Property held for future use 0 0 0 10,718 0 0
- -------------------------------------------------------------------------------------------------------
Utility plant - net 0 0 0 1,750,412 0 0
- -------------------------------------------------------------------------------------------------------
OTHER ASSETS - net 0 (25,940) 250,286 5,803 0 0
- -------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 0 0 6,284 16,182 0 52
Financial investments 0 0 0 0 0 0
Accounts receivable (less allowance
for doubtful accounts - $1,360) 0 32,194 4,481 49,317 0 5,556
Fuel - at average cost 0 0 1,031 50,985 0 0
Materials and supplies-at average cost 0 0 588 48,106 0 0
Tax refund receivable 0 0 975 3,549 0 0
Prepayments and other current assets 0 0 322 8,120 0 0
- -------------------------------------------------------------------------------------------------------
Total current assets 0 32,194 13,681 176,259 0 5,608
- -------------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Regulatory assets 0 0 0 155,660 0 0
Miscellaneous 0 0 4,662 8,044 0 0
- -------------------------------------------------------------------------------------------------------
Total deferred debits 0 0 4,662 163,704 0 0
- -------------------------------------------------------------------------------------------------------
TOTAL $0 $6,254 $268,629 $2,096,178 $0 $5,608
=======================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
(CONTINUATION OF PREVIOUS TABLE)
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets,
December 31, 1999
(Dollars in Thousands)
<CAPTION>
IPL
Consolidating Consolidating
Entries Consolidated Entries
Debit Credit IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
UTILITY PLANT:
Utility plant in service $0 $0 $2,922,338 $0 $0 $0 $2,922,338
Less accumulated depreciation 0 0 1,299,122 0 0 0 1,299,122
- -------------------------------------------------------------------------------------------------------------------------
Utility plant in service - net 0 0 1,623,216 0 0 0 1,623,216
Construction work in progress 0 0 116,478 0 0 0 116,478
Property held for future use 0 0 10,718 0 0 0 10,718
- -------------------------------------------------------------------------------------------------------------------------
Utility plant - net 0 0 1,750,412 0 0 0 1,750,412
- -------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS - net 0 50 5,753 783,566 0 781,377 (A) 258,228
- -------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS:
Cash and cash equivalents 0 0 16,234 1,417 0 0 23,935
Financial investments 0 0 0 0 0 0 0
Accounts receivable (less allowance
for doubtful accounts - $1,360) 0 5,274 49,599 13,067 0 15,790 (B) 51,357
Fuel - at average cost 0 0 50,985 0 0 0 52,016
Materials and supplies-at average cost 0 0 48,106 0 0 0 48,694
Tax refund receivable 0 0 3,549 338 0 4,092 (B) 770
Prepayments and other current assets 0 0 8,120 1,023 0 0 9,465
- -------------------------------------------------------------------------------------------------------------------------
Total current assets 0 5,274 176,593 15,845 0 19,882 186,237
- -------------------------------------------------------------------------------------------------------------------------
DEFERRED DEBITS:
Regulatory assets 0 47,712 107,948 0 107,948
Miscellaneous 0 0 8,044 306 0 0 13,012
- -------------------------------------------------------------------------------------------------------------------------
Total deferred debits 0 47,712 115,992 306 0 0 120,960
- -------------------------------------------------------------------------------------------------------------------------
TOTAL $0 $53,036 $2,048,750 $799,717 $0 $801,259 $2,315,837
=========================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets,
December 31, 1999
(Dollars in Thousands)
<CAPTION>
MACR Total
CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $7,000 $25,000 $1 $13,702 $1 $1,545 $47,249
Unearned Compensation - Restricted Stock
Premium and net gain on preferred
stock 0 0 0 0 0 0 0
Advances - Associated Companies 12,050 12,660 0 0 189 6,206 31,105
Retained earnings (11,610) (21,238) (19,782) (12,676) 886 (7,744) (72,164)
Accumulated other comprehensive income 0 0 0 106,733 0 0 106,733
Treasury stock, at cost 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------
Total common shareholders' equity 7,440 16,422 (19,781) 107,759 1,076 7 112,923
Cumulative preferred stock 0 0 0 0 0 0 0
Long-term debt 0 0 65,699 0 16,000 0 81,699
- ------------------------------------------------------------------------------------------------------------------
Total capitalization 7,440 16,422 45,918 107,759 17,076 7 194,622
- ------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 78 0 0 8,500 0 0 8,578
Current maturities and sinking fund
requirements 0 0 1,382 0 0 300 1,682
Accounts payable and accrued expenses 2,815 205 1,298 544 150 30 5,042
Dividends payable 0 0 0 0 0 0 0
Taxes accrued 1,319 0 970 64 416 359 3,128
Interest accrued 0 0 396 16 406 34 852
Other current liabilities 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------
Total current liabilities 4,212 205 4,046 9,124 972 723 19,282
- ------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes-net (2,836) (5,346) 2,205 66,892 248 (184) 60,979
Unamortized investment tax credit 0 0 0 0 0 0 0
Accrued postretirement benefits 0 0 0 0 0 0 0
Accrued pension benefits 0 0 0 0 0 0 0
Miscellaneous 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities (2,836) (5,346) 2,205 66,892 248 (184) 60,979
- ------------------------------------------------------------------------------------------------------------------
TOTAL $8,816 $11,281 $52,169 $183,775 $18,296 $546 $274,883
==================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
(CONTINUATION OF PREVIOUS TABLE)
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets,
December 31, 1999
(Dollars in Thousands)
<CAPTION>
MACR
Consolidating
Entries Consolidated
Debit Credit MACR IPL FT BEN IPL FUND
(Parent)
<S> <C> <C> <C> <C> <C> <C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $33,547 $0 $13,702 $324,537 $0 $50
Unearned Compensation - Restricted Stock 0 0 0 0 0 0
Premium and net gain on preferred
stock 0 0 0 2,642 0 0
Advances - Associated Companies 31,105 0 0 0 0 0
Retained earnings (59,488) 0 (12,676) 453,331 0 0
Accumulated other comprehensive income 0 0 106,733 0 0 0
Treasury stock, at cost 0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------
Total common shareholders' equity 5,164 0 107,759 780,510 0 50
Cumulative preferred stock 0 0 0 59,135 0 0
Long-term debt 0 0 81,699 627,951 0 0
- ----------------------------------------------------------------------------------------------------------
Total capitalization 5,164 0 189,458 1,467,596 0 50
- ----------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 8,578 49,000 0 0
Current maturities and sinking fund
requirements 0 0 1,682 0 0 0
Accounts payable and accrued expenses 1,090 0 3,952 53,153 0 5,558
Dividends payable 0 0 0 13,668 0 0
Taxes accrued 0 0 3,128 22,078 0 0
Interest accrued 0 0 852 12,898 0 0
Other current liabilities 0 0 0 13,356 0 0
- ----------------------------------------------------------------------------------------------------------
Total current liabilities 1,090 0 18,192 164,153 0 5,558
- ----------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes 0 0 60,979 387,698 0 0
Unamortized investment tax credit 0 0 0 39,226 0 0
Accrued postretirement benefits 0 0 0 4,338 0 0
Accrued pension benefits 0 0 0 29,018 0 0
Miscellaneous 0 0 0 4,149 0 0
- ----------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities 0 0 60,979 464,429 0 0
- ----------------------------------------------------------------------------------------------------------
TOTAL $6,254 $0 $268,629 $2,096,178 $0 $5,608
==========================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
(CONTINUATION OF PREVIOUS TABLE)
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidated Balance Sheets,
December 31, 1999
(Dollars in Thousands)
<CAPTION>
IPL
Consolidating Consolidating
Entries Consolidated Entries
Debit Credit IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C><C>
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:
Common shareholders' equity:
Common stock $50 $0 $324,537 $439,066 $338,239 (A) $0 $439,066
Unearned Compensation - Restricted Stock 0 0 0 (1,979) 0 0 ($1,979)
Premium and net gain on preferred
stock 0 0 2,642 0 1,993 (A) 0 $649
Advances - Associated Companies 0 0 0 0 0 0 $0
Retained earnings 0 0 453,331 690,945 441,145 (A) 0 $690,455
Accumulated other comprehensive income 0 0 0 0 0 0 $106,733
Treasury stock, at cost 0 0 0 (557,178) 0 0 ($557,178)
- -----------------------------------------------------------------------------------------------------------------------------
Total common shareholders' equity 50 0 780,510 570,854 781,377 0 677,746
Cumulative preferred stock 0 0 59,135 0 0 0 59,135
Long-term debt 0 0 627,951 160,400 0 0 870,050
- -----------------------------------------------------------------------------------------------------------------------------
Total capitalization 50 0 1,467,596 731,254 781,377 0 1,606,931
- -----------------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES:
Notes payable-banks and commercial paper 0 0 49,000 0 0 0 57,578
Current maturities and sinking fund
requirements 0 0 0 50,795 0 0 52,477
Accounts payable and accrued expenses 5,274 0 53,437 2,337 2,928 (B) 0 56,798
Dividends payable 0 0 13,668 13,053 12,862 (B) 0 13,859
Taxes accrued 0 0 22,078 1,123 4,092 (B) 0 22,237
Interest accrued 0 0 12,898 17 0 0 13,767
Other current liabilities 0 0 13,356 0 0 0 13,356
- -----------------------------------------------------------------------------------------------------------------------------
Total current liabilities 5,274 0 164,437 67,325 19,882 0 230,072
- -----------------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS AND OTHER
LONG-TERM LIABILITIES:
Accumulated deferred income taxes 47,712 0 339,986 (377) 0 0 400,588
Unamortized investment tax credit 0 0 39,226 0 0 0 39,226
Accrued postretirement benefits 0 0 4,338 0 4,338
Accrued pension benefits 0 0 29,018 0 29,018
Miscellaneous 0 0 4,149 1,515 0 0 5,664
- -----------------------------------------------------------------------------------------------------------------------------
Total deferred credits and other
long-term liabilities 47,712 0 416,717 1,138 0 0 478,834
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL $53,036 $0 $2,048,750 $799,717 $801,259 $0 $2,315,837
=============================================================================================================================
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated Income
For the Year Ended
December 31, 1999
(Dollars In Thousands)
<CAPTION>
MACR Total
CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $0 $0 $0 $0 $0 $0 $0
Steam 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
Total operating revenues 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0
Power purchased 0 0 0 0 0 0 0
Purchased steam 0 0 0 0 0 0 0
Maintenance 0 0 0 0 0 0 0
Depreciation and amortization 0 0 0 0 0 0 0
Taxes other than income taxes 0 0 0 0 0 0 0
Income taxes - net 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
Total operating expenses 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction
Other - net (1,446) 468 6,259 253 1,706 (870) 6,370
Provision for impairment of nonutility property 0 0 0 0 0 0 0
Income taxes - net 504 (164) (143) (1,687) (120) 332 (1,278)
- ------------------------------------------------------------------------------------------------------------------------
Total other income and deductions-net (942) 304 6,116 (1,434) 1,586 (538) 5,092
- ------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES (942) 304 6,116 (1,434) 1,586 (538) 5,092
- ------------------------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 0 4,763 0 1,215 0 5,978
Allowance for borrowed funds
used during construction 0 0 0 0 0 0 0
Other interest 0 0 6 449 4 0 459
Amortization of redemption premiums
and expenses on debt - net 0 0 534 0 20 0 554
Preferred dividend
requirements of subsidiary 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
Total interest and other charges - net 0 0 5,303 449 1,239 0 6,991
- ------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE CUMULATIVE EFFECT ($942) $304 $813 ($1,883) $347 ($538) ($1,899)
- ------------------------------------------------------------------------------------------------------------------------
CUMULATIVE EFFECT OF ACCOUNTING CHANGE 0 0 0 0 0 0 0
- ------------------------------------------------------------------------------------------------------------------------
NET INCOME ($942) $304 $813 ($1,883) $347 ($538) ($1,899)
========================================================================================================================
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, 1999
(Dollars In Thousands)
<CAPTION>
MACR
Consolidating
Entries Consolidated
Debit Credit MACR IPL FT BEN IPL FUND
(Parent)
<S> <C> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $0 $0 $0 $800,337 $0 $0
Steam 0 0 0 34,315 0 0
- ---------------------------------------------------------------------------------------------------------------
Total operating revenues 0 0 0 834,652 0 0
- ---------------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 0 0 0 173,872 0 0
Other 0 0 0 137,348 0 3,384
Power purchased 0 0 0 29,769 0 0
Purchased steam 0 0 0 6,391 0 0
Maintenance 0 0 0 77,637 0 0
Depreciation and amortization 0 0 0 107,469 0 0
Taxes other than income taxes 0 0 0 34,179 11 0
Income taxes - net 0 0 0 84,479 (4) 0
- ---------------------------------------------------------------------------------------------------------------
Total operating expenses 0 0 0 651,144 7 3,384
- ---------------------------------------------------------------------------------------------------------------
OPERATING INCOME 0 0 0 183,508 (7) (3,384)
- ---------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction 0 0 0 1,372 0 0
Other - net 16 0 6,386 1,702 1,122 3,384
Provision for impairment of nonutility property 0 0 0 0 0 0
Income taxes - net 0 0 (1,278) (160) (421) 0
- ---------------------------------------------------------------------------------------------------------------
Total other income and deductions-net 16 0 5,108 2,914 701 3,384
- ---------------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES 16 0 5,108 186,422 694 0
- ---------------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 0 5,978 38,057 0 0
Allowance for borrowed funds
used during construction 0 0 0 (829) 0 0
Other interest 0 0 459 1,141 0 0
Amortization of redemption premiums
and expenses on debt - net 0 0 554 1,822 0 0
Preferred dividend
requirements of subsidiary 0 0 0 3,213 0 0
- ---------------------------------------------------------------------------------------------------------------
Total interest and other charges - net 0 0 6,991 43,404 0 0
- ---------------------------------------------------------------------------------------------------------------
INCOME BEFORE CUMULATIVE EFFECT $16 $0 ($1,883) $143,018 $694 $0
- ---------------------------------------------------------------------------------------------------------------
CUMULATIVE EFFECT OF ACCOUNTING CHANGE 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------
NET INCOME $16 $0 ($1,883) $143,018 $694 $0
===============================================================================================================
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, 1999
(Dollars In Thousands)
<CAPTION>
IPL
Consolidating Consolidating
Entries Consolidated Entries
Debit Credit IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C>
UTILITY OPERATING REVENUES:
Electric $0 $0 $800,337 $0 $0 $0 $800,337
Steam 0 0 34,315 0 0 0 34,315
- ---------------------------------------------------------------------------------------------------------------------------------
Total operating revenues 0 0 834,652 0 0 0 834,652
- ---------------------------------------------------------------------------------------------------------------------------------
UTILITY OPERATING EXPENSES:
Operation:
Fuel 0 0 173,872 0 0 0 173,872
Other 0 3,384 137,348 0 0 0 137,348
Power purchased 0 0 29,769 0 0 0 29,769
Purchased steam 0 0 6,391 0 0 0 6,391
Maintenance 0 0 77,637 0 0 0 77,637
Depreciation and amortization 0 0 107,469 0 0 0 107,469
Taxes other than income taxes 0 0 34,190 0 0 0 34,190
Income taxes - net 0 0 84,475 0 0 0 84,475
- ---------------------------------------------------------------------------------------------------------------------------------
Total operating expenses 0 3,384 651,151 0 0 0 651,151
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME 0 (3,384) 183,501 0 0 0 183,501
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS:
Allowance for equity funds used
during construction 0 0 1,372 0 0 0 1,372
Other - net 0 4,078 2,130 (4,936) 0 0 3,580
Gain on termination of agreement 0 0 0 0 0 0 0
Provision for impairment of nonutility property 0 0 0 0 0 0 0
Income taxes - net 0 0 (581) 7,547 0 0 5,688
- ---------------------------------------------------------------------------------------------------------------------------------
Total other income and deductions-net 0 4,078 2,921 2,611 0 0 10,640
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST AND OTHER CHARGES 0 694 186,422 2,611 0 0 194,141
- ---------------------------------------------------------------------------------------------------------------------------------
INTEREST AND OTHER CHARGES:
Interest on long-term debt 0 0 38,057 14,549 0 0 58,584
Allowance for borrowed funds
used during construction 0 0 (829) 0 0 0 (829)
Other interest 0 0 1,141 71 0 0 1,671
Amortization of redemption premiums
and expenses on debt - net 0 0 1,822 179 0 0 2,555
Preferred dividend
requirements of subsidiary 0 0 3,213 0 0 0 3,213
- ---------------------------------------------------------------------------------------------------------------------------------
Total interest and other charges - net 0 0 43,404 14,799 0 0 65,194
- ---------------------------------------------------------------------------------------------------------------------------------
INCOME BEFORE CUMULATIVE EFFECT $0 $694 $143,018 ($12,188) $0 $0 $128,947
- ---------------------------------------------------------------------------------------------------------------------------------
CUMULATIVE EFFECT OF ACCOUNTING CHANGE 0 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
NET INCOME $0 $694 $143,018 ($12,188) $0 $0 $128,947
=================================================================================================================================
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 86,096
==========
EARNINGS PER SHARE OF COMMON STOCK $1.50
==========
</TABLE>
<TABLE> EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated
Retained Earnings
For the Year Ended
December 31, 1999
(Dollars in Thousands)
<CAPTION>
MACR Total
CTEC CDCC MAER (Parent) ICE SHAPE MACR
<S> <C> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR ($10,668) ($21,542) ($20,595) ($10,793) $539 ($7,206) ($70,265)
NET INCOME (942) 304 813 (1,883) 347 (538) (1,899)
- ----------------------------------------------------------------------------------------------------------------
Total (11,610) (21,238) (19,782) (12,676) 886 (7,744) (72,164)
- ----------------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0 0 0 0 0
Common stock 0 0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------
Total 0 0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR ($11,610) ($21,238) ($19,782) ($12,676) $886 ($7,744) ($72,164)
================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
(CONTINUATION OF PREVIOUS TABLE)
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated
Retained Earnings
For the Year Ended
December 31, 1999
(Dollars in Thousands)
<CAPTION>
MACR
Consolidating
Entries Consolidated
Debit Credit MACR IPL FT BEN IPL FUND
(Parent)
<S> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR $0 $59,472 ($10,793) $440,747 $2,971 $0
NET INCOME 0 16 (1,883) 146,231 694 0
- -------------------------------------------------------------------------------------------------------
Total 0 59,488 (12,676) 586,978 3,665 0
- -------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 0 3,213 0 0
Common stock 0 0 0 130,434 0 0
- -------------------------------------------------------------------------------------------------------
Total 0 0 0 133,647 0 0
- -------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR $0 $59,488 ($12,676) $453,331 $3,665 $0
=======================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
(CONTINUATION OF PREVIOUS TABLE)
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Statements of Consolidated
Retained Earnings
For the Year Ended
December 31, 1999
(Dollars in Thousands)
<CAPTION>
IPL
Consolidating Consolidating
Entries Consolidated Consolidated Entries
Debit Credit IPL Enterprises Debit Credit Consolidation
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
RETAINED EARNINGS AT BEGINNING OF YEAR $2,971 $0 $440,747 $613,431 $430,444 (A) $0 $612,941
NET INCOME 694 0 146,231 128,947 144,348 (A) 0 128,947
- -----------------------------------------------------------------------------------------------------------------------------------
Total 3,665 0 586,978 742,378 574,792 0 741,888
- -----------------------------------------------------------------------------------------------------------------------------------
DEDUCT:
Cash dividends declared:
Cumulative preferred stock - at
prescribed rate of each series 0 0 3,213 0 0 3,213 (A) 0
Common stock 0 0 130,434 51,433 0 130,434 (A) 51,433
Capital stock expense 0 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------------
Total 0 0 133,647 51,433 0 133,647 51,433
- -----------------------------------------------------------------------------------------------------------------------------------
RETAINED EARNINGS AT END OF YEAR $3,665 $0 $453,331 $690,945 $574,792 $133,647 $690,455
===================================================================================================================================
</TABLE>
<TABLE>
EXHIBIT A
IPALCO ENTERPRISES, INC. and SUBSIDIARIES
Consolidating Entries for the Year Ended December 31, 1999
<CAPTION>
Debit Credit
----------- ----------
<S> <C> <C>
(A) Common Stock - IPL $324,537
Common Stock - Mid-America 13,702
Retained Earnings - Subsidiaries
(Beginning Balance)* 429,954
Capital Stock Expense - IPL* 490
Net Income of Subsidiary Companies* 144,348
Net Gain on Preferred Stock - IPL 1,993
Preferred Dividends - IPL* $3,213
Dividends Declared of Subsidiary Companies* 130,434
Investment in Subsidiary Companies* 781,377
To eliminate Enterprises investments in IPL and Mid-America.
*Net Credit to Retained Earnings on the balance sheet is $441,145
(B) Accounts Payable $2,928
Dividends Payable 12,862
Accounts Receivable from Associated Comnpanies 15,790
Taxes Payable $4,092
Tax Refund Receivable 4,092
To eliminate/consolidate 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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 2,315,837
<TOTAL-OPERATING-REVENUES> 834,652
<NET-INCOME> 128,947
</TABLE>
