Adopted November 9, 1939 File No. 69-306
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM U-3A-2
Statement by Holding Company
Claiming Exemption under Rule U-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
Pinnacle West Capital Corporation
---------------------------------
(Name of Company)
hereby files with the Securities and Exchange
Commission, pursuant to Rule 2, its statement claiming
exemption as a holding company from the provisions of
the Public Utility Holding Company Act of 1935, 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.
Pinnacle West Capital Corporation, (the "Claimant"), having been
incorporated on February 20, 1985 under the laws of the State of Arizona, and
having its principal executive offices at 400 East Van Buren, Suite 700,
Phoenix, Arizona 85004, was organized principally to acquire and hold securities
of other corporations for investment purposes. The Claimant currently holds
stock in the following subsidiaries:
a. Arizona Public Service Company ("APS" or the
"Company"), is engaged principally in serving electricity
in the State of Arizona. Incorporated in 1920 under the
laws of the State of Arizona and having its principal
executive offices at 400 North Fifth Street, Phoenix,
Arizona 85004, APS became a subsidiary of the Claimant
pursuant to a corporate restructuring plan approved by the
Company's shareholders on April 18, 1985.
(1) Bixco, Inc. ("Bixco") -- an Arizona
corporation having been incorporated on
June 4, 1971 and having its principal
executive offices at 400 North Fifth
Street, Phoenix, Arizona 85004, was
organized primarily to conduct exploration
activities for energy resources and other
valuable minerals. Subsequent to the sale
of its oil and natural gas properties in
1981, Bixco has been inactive. Bixco is a
wholly-owned subsidiary of APS.
(2) Stagg Systems, Inc. ("Stagg") -- a New
York corporation having been incorporated
on March 25, 1970 and having its principal
executive offices at 400 N. 5th Street,
Phoenix, Arizona 85004, was organized
primarily to design, implement, test and
install control and energy management and
general engineering processing systems for
the electric utility and related process
control and transportation industries.
Stagg is a wholly-owned subsidiary of APS.
b. SunCor Development Company ("SunCor") -- an
Arizona corporation having been incorporated on
June 30, 1965 and having its principal executive
offices at 2828 North Central Avenue, Suite 900,
Phoenix, Arizona 85004, is a wholly-owned subsidiary
of Claimant engaged primarily in the owning, holding
and development of real property.
(1) SunCor Resort & Golf Management, Inc.
("Resort & Golf Management") (previously
named "SunCor Resort Management, Inc." and
"SunCor Farms, Inc.") -- an Arizona corporation
having been incorporated on December 31, 1986
and having its principal executive offices at
2828 North Central Avenue, Suite 900, Phoenix,
Arizona 85004 operates and manages hotel, golf,
food and beverage for the Wigwam Resort and
Country Club and Palm Valley Golf Club. Resort &
Golf Management is a wholly-owned subsidiary of SunCor.
(2) Litchfield Park Service Company
("LPSCO") -- an Arizona corporation having been
incorporated on September 21, 1954 and having its
principal executive offices at 501 East Plaza Circle,
Suite B, Litchfield Park, Arizona 85340, is a regulated
public utility engaged in providing water and sewer
services to commercial and residential customers.
LPSCO became a wholly-owned subsidiary of SunCor on
December 31, 1986.
(3) SunCor Homes, Inc. ("SunCor Homes") --
(previously named "LGR, Inc." and "WGP
Realty, Inc.") an Arizona corporation
having been incorporated on May 14, 1986
and having its principal executive offices
at 2828 North Central Avenue, Suite 900,
Phoenix, Arizona 85004, was organized to
provide brokerage and realty services in
the sale of commercial and residential real
property. SunCor Homes is a wholly-owned
subsidiary of SunCor.
(4) SCM, Inc. ("SCM")-- an Arizona corporation
having been incorporated on May 14, 1991 and having
its principal executive offices at 2828 North Central
Avenue, Suite 900, Phoenix, Arizona 85004, was organized
to participate in real estate joint ventures and other
real estate related activities. SCM is a wholly-owned
subsidiary of SunCor.
(5) Golf de Mexico, S.A. DE C.V. ("Golf de
Mexico") -- a Mexican variable capital
corporation having been incorporated on
February 8, 1992 in Tijuana, Baja California, Mexico,
and having its principal executive offices at 2828
North Central Avenue, Suite 900, Phoenix, Arizona 85004,
was organized to operate and manage the
Real del Mar Golf Course in Mexico.
(6) Russell Ranch Development Company ("Russell
Ranch") -- an Arizona corporation having been incorpo-
rated on April 1, 1994 and having its principal
executive offices at 2828 North Central Avenue, Suite
900, Phoenix, Arizona 85004, was organized to partici-
pate in real estate joint ventures and other real
estate related activities. Russell Ranch is a wholly-
owned subsidiary of SunCor.
c. El Dorado Investment Company -- an Arizona
corporation having been incorporated on July 27, 1983
and having its principal executive offices at 400 East
Van Buren, Suite 600, Phoenix, Arizona 85004, is a
wholly-owned subsidiary of Claimant engaged primarily
in the acquisition and holding of stocks and securi-
ties of other companies for investment purposes.
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.
Neither the Claimant nor any of its subsidiaries own
property used for the production, transmission and distribution
of natural or manufactured gas. APS, a "public utility company"
as that term is defined in the Public Utility Holding Company
Act of 1935, is the only one of Claimant's subsidiaries that
owns property used for the generation, transmission and dis-
tribution of electric energy for sale.
Exhibit D attached hereto shows the location of APS' major
generating plants (including those owned jointly with others),
principal transmission lines (including those operated for
others) and interconnections of transmission lines with out-of-
state utilities at state lines. All of such facilities, except
the Four Corners Generating Station ("Four Corners"), and all of
APS' distribution facilities, are located within the State of
Arizona. Four Corners is a mine-mouth power plant, located in
the northwest corner of New Mexico, near the city of Farming-
ton, approximately 40 miles east of the Arizona-New Mexico
border.
APS' present generating facilities have an accredited
capacity aggregating 4,022,410 kilowatts, comprised as follows:
Coal: Capacity
Units 1, 2 and 3 at Four Corners, --------
aggregating............................ 560,000 kw
15% owned Units 4 and 5 at Four Corners,
representing........................... 222,000
Units 1, 2, and 3 at the Cholla Plant,
aggregating............................ 590,000
14% owned Units 1, 2 and 3 at the Navajo
Plant, representing.................... 315,000
------------
1,687,000 kw
============
Gas or Oil:
Two steam units at Ocotillo, two steam
units at Saguaro and one steam
unit at Yucca, aggregating............. 468,400 kw(1)
Eleven combustion turbine units,
aggregating.......................... 500,600
Three combined cycle units,
aggregating.......................... 253,500
------------
1,222,500 kw
============
Nuclear:
29.1% owned or leased Units 1, 2 and 3
at Palo Verde, representing.......... 1,108,710 kw
============
Other.................................... 4,200 kw
============
- - - --------
(1) West Phoenix steam units (96,300 kw) are currently
mothballed.
APS' transmission facilities consist of approximately 4,845
pole miles of overhead lines and approximately 18 miles of
underground lines, all of which are located within the State of
Arizona. APS' distribution facilities consist of approximately
11,072 pole miles of overhead lines and approximately 8,477
miles of underground lines, all of which are located within the
State of Arizona.
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.
Claimant APS
-------- ---
None 20,229,057,000 kwh of electric
energy sold at wholesale or re-
tail
b. Number of kwh of electric energy distributed
at retail outside the state in which each such company
is organized.
Claimant APS
-------- ---
None 59,171,000 kwh of electric energy
distributed at retail outside
Arizona
c. Number of kwh of electric energy sold at
wholesale outside the state in which each such company
is organized, or at the state line.
Claimant APS
-------- ---
None 1,070,200 kwh of electric energy
sold at wholesale outside Arizona
or at state line
d. Number of kwh of electric energy purchased
outside the state in which each such company is
organized or at the state line.
Claimant APS
-------- ---
None 16,579,915 kwh of electric energy
purchased outside Arizona or at
state line
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:
The Claimant holds no interest, direct or indirect, 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.
EXHIBIT A
A consolidating statement of income and surplus of the
Claimant and its subsidiary companies for the last calendar
year, together with a consolidating balance sheet of Claimant
and its subsidiary companies as of the close of such calendar
year.
Exhibit A hereto includes consolidating statements of
income and consolidating balance sheets for the Claimant and the
following of its subsidiaries: Arizona Public Service Company,
SunCor Development Company and El Dorado Investment Company.
Subsidiaries have been consolidated for financial reporting
purposes in accordance with Statement of Financial Accounting
Standards No. 94, Consolidation of All Majority-Owned Sub-
sidiaries. Also included are consolidating statements of income
and consolidating balance sheets for SunCor Development Company
and its subsidiaries.
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EXHIBIT B FINANCIAL DATA STATEMENT
If, at the time a report on this form is filed, the registrant
is required to submit this report and any amendments thereto
electronically via EDGAR, the registrant shall furnish a
Financial Data Schedule. The Schedule shall set forth the
financial and other data specified below that are applicable to
the registrant on a consolidated basis.
1. Total Assets.
2. Total Operating Revenues.
3. Net Income.
See Exhibit B hereto.
EXHIBIT C
An organizational chart showing the relationship of each
EWG or foreign utility company to associate companies in the
holding-company system.
Not applicable.
EXHIBIT D
Exhibit D is a map of the state of Arizona showing the
following:
APS Service Area;
Major APS Power Plants, including joint ownership;
Principal APS Transmission Lines; and
Transmission Lines Operated for Others.
The above-named Claimant has caused this statement to be
duly executed on its behalf by its authorized officer on this
28th day of February, 1995.
Pinnacle West Capital Corporation
---------------------------------
(Name of Claimant)
By /s/ Michael S. Ash
---------------------------------
Michael S. Ash
Corporate Counsel
[CORPORATE SEAL]
Attest:
/s/ Suzanne Debes
----------------------------------
Suzanne Debes
Associate Secretary
Name, title and address of officer to whom notices and cor-
respondence concerning this statement should be addressed:
Michael S. Ash Corporate Counsel
----------------------------------
(Name) (Title)
400 East Van Buren, Suite 700, Phoenix, Arizona 85004
---------------------------------------------------------
(Address)
EXHIBIT A
<TABLE>
<CAPTION>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 1994
(THOUSANDS OF DOLLARS)
*ELIMINATIONS AND ADJUSTING ENTRIES*
------------------------------------
PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL
---------- --------- --------- -------- ------- ------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
A S S E T S
CURRENT ASSETS
Cash and cash equivalents .............. 16,072 6,532 11,338 777 34,719
Trust fund for bond redemption ......... 0 0
Customer and other receivables - net ... 2,002 128,543 13,397 1,008 8,807(b,d) 136,143
Accrued utility revenue ................ 55,432 0(e) 55,432
Materials and supplies ................. 89,864 89,864
Fossil fuel ............................ 35,735 35,735
Deferred income taxes .................. 54,385 19,114 0 73,499
Other current assets ................... 305 14,162 1,151 0 196(c) 15,422
---------- --------- --------- -------- ------- --------- ---------
Total current assets ................ 72,764 349,382 25,886 1,785 0 9,003 440,814
---------- --------- --------- -------- ------- --------- ---------
INVESTMENTS AND OTHER ASSETS
Real estate investments, net
(cap interest) 1145.1 ............... 11,494 402,477 5,466(f) 408,505
Other assets ........................... 1,989,129 90,105 3,125 50,922 1,979,897(a) 153,384
---------- --------- --------- -------- ------- --------- ---------
Total investments and other ......... 2,000,623 90,105 405,602 50,922 0 1,985,363 561,889
---------- --------- --------- -------- ------- --------- ---------
UTILITY PLANT
Electric plant in service,
including nuclear fuel ............... 6,602,799 6,602,799
Construction work in progress .......... 224,312 224,312
--------- ---------
Total Utility Plant ................. 6,827,111 6,827,111
Less accumulated depreciation
and amortization ..................... 2,203,038 2,203,038
--------- ---------
Net Utility Plant ................... 4,624,073 4,624,073
---------- --------- --------- -------- ------- --------- ---------
DEFERRED DEBITS
Regulatory asset for income taxes ...... 0 557,049 0(h) 557,049
Palo Verde Unit 3 cost deferral ........ 292,586 292,586
Palo Verde Unit 2 cost deferral ........ 171,936 171,936
Other deferred debits .................. 263,130 3,511 266,641
---------- --------- --------- -------- ------- --------- ---------
Total deferred debits ............... 0 1,284,701 3,511 0 0 0 1,288,212
---------- --------- --------- -------- ------- --------- ---------
TOTAL ASSETS ......................... 2,073,387 6,348,261 434,999 52,707 0 1,994,366 6,914,988
========== ========= ========= ======== ======= ========= =========
</TABLE>
<TABLE>
<CAPTION>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 1994
(THOUSANDS OF DOLLARS)
* E L I M I N A T I O N S *
---------------------------
PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL
--------- --------- -------- -------- --------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
L I A B I L I T I E S A N D E Q U I T Y
CURRENT LIABILITIES
Accounts payable .......... 5,136 110,854 10,763 89 126,842
Accrued taxes ............. 3,908 89,412 93,320
Accrued interest .......... 10,657 45,170 228 3 0(e) 56,058
Dividend payable .......... 0 0
Short-term borrowings ..... 0 0 0
Commercial paper, net ..... 0 131,500 131,500
Current maturities of
long-term debt ........... 75,000 3,428 84 78,512
Deferred fuel ............. 0
Other current liabilities . 1,576 50,487 196 6,804 9,003(b,d) 50,060
(c)
--------- --------- -------- -------- --------- ------- ---------
Total current liabilities 96,277 430,851 11,271 6,896 9,003 0 536,292
--------- --------- -------- -------- --------- ------- ---------
NON-CURRENT LIABILITIES
Long-term debt less
current maturities ....... 354,827 2,181,832 51,866 2,588,525
Other liabilites .......... 5,260 3,419 8,679
--------- --------- -------- -------- --------- ------- ---------
Total ................... 360,087 2,181,832 55,285 0 0 0 2,597,204
--------- --------- -------- -------- --------- ------- ---------
DEFERRED CREDITS AND OTHER
Deferred income taxes ..... (137,826) 1,436,184 1,298,358
Deferred investment tax
credit 2123.1............ (21,568) 142,994 121,426
Unamortized gain-sale of
utility plant ........... 98,551 98,551
Other deferred credits .... 218,168 11 218,179
--------- --------- -------- -------- --------- ------- ---------
Total deferred credits . (159,394) 1,895,897 11 0 0 0 1,736,514
--------- --------- -------- -------- --------- ------- ---------
COMMITMENTS AND CONTINGENCIES
(NOTE)
MINORITY INTERESTS:
Non-Redeemable preferred
stock of APS ............ 193,561 193,561
--------- --------- -------- -------- --------- ------- ---------
Redeemable preferred stock
of APS .................. 75,000 75,000
--------- --------- -------- -------- --------- ------- ---------
Scottsdale Mountain of
SunCor ................... 5,466 $5,466(f) 0
--------- --------- -------- -------- --------- ------- ---------
COMMON STOCK EQUITY:
Common stock .............. 2,114,297 1,217,465 492,691 78,546 2,261,803(a) 1,641,196
Accumulated deficit ....... (337,880) 353,655 (129,725) (32,735) 281,906(a) 135,221
--------- --------- -------- -------- --------- ------- ---------
Total ................... 1,776,417 1,571,120 362,966 45,811 2,261,803 281,906 1,776,417
--------- --------- -------- -------- --------- ------- ---------
TOTAL LIABILITIES AND
EQUITY ................... 2,073,387 6,348,261 434,999 52,707 2,276,272 281,906 6,914,988
========= ========= ======== ======== ========= ======= =========
</TABLE>
ELIMINATING AND ADJUSTING ENTRIES
(a) Common stock.......................... $2,261,803
Notes payable - SunCor, El Dorado..... 0
Accumulated deficit........... 0 $ 281,906
Other investments............. 1,979,897
---------- ----------
$2,261,803 $2,261,803
To eliminate PWCC investment in subsidiaries
Common Earnings/
Stock Dividends Notes Total
----- --------- ----- -----
APS.......... $1,690,566 ($119,446) $0 $1,571,120
SunCor....... 492,691 (129,725) 0 362,966
El Dorado.... 78,546 (32,735) 0 45,811
total...... $2,261,803 ($281,906) $0 $1,979,897
(b) Other current liabilities $2,007
Customer and other receivables - net $2,007
To eliminate intercompany receivable/payable
A/R A/P
PWCC's Books SUB's Books
------------ -----------
APS............. $1,501 $1,501
SunCor.......... 490 490
El Dorado....... 16 16
------ ------
$2,007 $2,007
(c) Other current liabilities (PWCC) (2070.1) $196
Other current assets (APS) $196
To eliminate PWCC payable to APS
(d) Other current liabilities (El Dorado) $6,800
Customer and other receiv. (SunCor) $6,800
To eliminate El Dorado's note payable to SunCor
(e) Interest payable (El Dorado) $0
Customer and other receiv. (SunCor) $0
To eliminate El Dorado's interest payable to SunCor
(f) Scottsdale Mountain - Minority Interest $5,466
Real estate investments - net $5,466
To eliminate Minority Interest - SunCor Scottsdale Mountain
<TABLE>
<CAPTION>
PINNACLE WEST CAPITAL CORPORATION `
CONSOLIDATING INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1994
(THOUSANDS OF DOLLARS)
* E L I M I N A T I O N S *
PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL
------- ---------- ------ ------- ------- ----- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING REVENUES:
Electric $1,626,168 $1,626,168
Real Estate 59,253 59,253
------- ---------- ------ ------- ------- ----- ----------
Total 0 1,626,168 59,253 0 0 0 1,685,421
------- ---------- ------ ------- ------- ----- ----------
FUEL EXPENSES:
Fuel for electric generation 237,103 237,103
Purchased power 63,586 63,586
------- ---------- ------ ------- ------- ----- ----------
Total 0 300,689 0 0 0 0 300,689
------- ---------- ------ ------- ------- ----- ----------
OPERATING EXPENSES:
Utility operations and
maintenance 411,921 411,921
Real estate operations 58,851 938(c) 59,789
Depreciation and amortization 464 236,108 754 0 237,326
Taxes other than income taxes 37 140,815 1,074 141,926
------- ---------- ------ ------- ------- ----- ----------
Total 501 788,844 60,679 0 938 0 850,962
------- ---------- ------ ------- ------- ----- ----------
OPERATING INCOME (501) 536,635 (1,426) 0 (938) 0 533,770
------- ---------- ------ ------- ------- ----- ----------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds
used during construction 3,941 3,941
Palo Verde accretion income 33,596 33,596
Interest on long-term debt (69,470) (159,840) (1,438) 0 938(c) (229,810)
Other interest (117) (15,059) 0 (643) 634(b) (15,185)
Allowance for borrowed
funds used during
construction 5,442 5,442
Preferred stock dividend
requirements (25,274) (25,274)
Other, net 216,410 16,015 3,403 (3,341) 215,378(a,b) 17,109
------- ---------- ------ ------- ------- ----- ----------
Total 146,823 (141,179) 1,965 (3,984) 215,378 1,572 (210,181)
------- ---------- ------ ------- -------- ----- ----------
INCOME FROM CONTINUING
OPERATIONS B-4 INCOME TAXES 146,322 395,456 539 (3,984) 216,316 1,572 323,589
PROVISION FOR INCOME
TAXES benefit 27,527 (177,244) (23) (149,740)
26,770 26,770
------- ---------- ------ ------- ------- ----- ----------
INCOME (LOSS) B-4 CUMU
EFFECT OF ACCTG CHG 200,619 218,212 539 (4,007) 216,316 1,572 200,619
CUMULATIVE EFFECT OF
ACCOUNTING CHANGE 0 0 0 0 0 0 0
------- ---------- ------ ------- ------- ----- ----------
NET INCOME (L0SS) 200,619 218,212 539 (4,007) 216,316 1,572 200,619
======= ========== ====== ======= ======= ===== ==========
</TABLE>
ELIMINATING ENTRIES
(a) Income from Subsidiaries $214,744
Retained Earnings $214,744
To eliminate PWCC Equity in earnings from subsidiairies
PWCC
----
APS $218,212
SUNCOR 539
EL DORADO (4,007)
--------
$214,744
--------
(b) Interest Income (SunCor) $634
Interest Expense (El Dorado) $634
To eliminate SunCor interest charges to El Dorado.
(c) Real Estate Operations $938
Interest Expense (PWCC) $938
To reclass Capitalized Interest for SunCor Land Sales.
<TABLE>
<CAPTION>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED DECEMBER 31, 1994
* * * * * * * * * * * * * * * *
**F** **G** **H** **I** **J** **K** **L**
ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM WWOS
------------------- ------------ --------- ------- ---------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS
CASH 9,222,098 244,107 393,472 836,643 62,573 210,863 696,224
ACCOUNTS RECEIVABLE 756,408 68,811 289,674 1,366,450 70,709 282,255
INTEREST RECEIVABLE 63,013
NOTES RECEIVABLE OTHER 10,421,938
INVENTORIES 110,074
OTHER RECEIVABLES 7,634
PREPAID EXPENSE 197,419 629
HOME INVENTORY 1,151,076
------------ --------- ------- ---------- --------- --------- --------
TOTAL CURRENT ASSETS 20,463,457 517,971 683,146 2,203,093 243,356 1,361,939 979,108
------------ --------- ------- ---------- --------- --------- --------
LONG-TERM ASSETS
DEVELOPMENT PROJECTS 324,875,318 13,548,661 13,351,805
INVESTMENT IN JOINT VENTURES 43,876,611
INVESTMENT IN BILTMORE ESTATES 1,488,425
INVESTMENT IN WIGWAM (1,238,616)
COMMERCIAL PROPERTIES 6,700,621 4,629,015
INVESTMENT IN LPSCO 1,571,277
LONG-TERM NOTES RECEIVABLE 3,973,864 497,410
INVESTMENT IN SASI 481,379
INVESTMENT IN PALM VALLEY GOLF 4,751,314
BUILDING, EQUIPMENT AND OTHER 847,186
DEFERRED ASSETS 2,965,009 13,218 68,753 453,448
CAPITALIZED INTEREST
ACCUMULATED AMORTIZATION
HOTEL PROPERTIES
ACCUMULATED DEPRECIATION
WATER, SEWER UTILITY PROP 2,741,843
ACCUMULATED DEPRECIATION (870,539)
CONTRIBUTED PROPERTY 1,114,676
------------ --------- ------- ---------- --------- --------- ----------
TOTAL LONG-TERM ASSETS 390,292,389 2,985,980 0 14,059,289 4,697,768 0 13,805,253
------------ --------- ------- ---------- --------- --------- ----------
TOTAL ASSETS 410,755,845 3,503,951 683,146 16,262,382 4,941,125 1,361,939 14,784,361
=========== ========= ======= ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET--(CONTINUED)
FOR THE MONTH ENDED DECEMBER 31, 1994
* * * * * *
ELIMINATIONS
------------------------------------ **R**
ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED
------------------- --- ---------- ----- --------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
CURRENT ASSETS
CASH E 327,752 11,338,228
ACCOUNTS RECEIVABLE E 2,944,837 CDGJ 178,971 5,600,173
INTEREST RECEIVABLE 63,013
NOTES RECEIVABLE OTHER E 35,797 G 3,200,000 7,257,735
INVENTORIES 110,074
OTHER RECEIVABLES 7,634
PREPAID EXPENSE E 160,004 358,052
HOME INVENTORY 1,151,076
----------
TOTAL CURRENT ASSETS 25,885,985
----------
LONG-TERM ASSETS
DEVELOPMENT PROJECTS FK 1,312,310 350,463,474
EQUITY IN JOINT VENTURES FK 7,668,060 36,208,551
INVESTMENT IN BILTMORE ESTATES 1,488,425
INVESTMENT IN WIGWAM E 1,238,616 (0)
COMMERCIAL PROPERTIES 11,329,637
INVESTMENT IN LPSCO A 1,571,277 0
LONG-TERM NOTES RECEIVABLE BK 2,193,095 2,278,179
INVESTMENT IN SASI H 481,379 0
INVESTMENT IN PALM VALLEY GOLF J 4,751,314 (0)
BUILDING, EQUIPMENT AND OTHER 847,186
DEFERRED ASSETS 3,500,428
CAPITALIZED INTEREST 0
ACCUMULATED AMORTIZATION 0
HOTEL PROPERTIES 0
ACCUMULATED DEPRECIATION 0
WATER, SEWER UTILITY PROP 2,741,843
ACCUMULATED DEPRECIATION (870,539)
CONTRIBUTED PROPERTY 1,114,676
-----------
TOTAL LONG-TERM ASSETS 409,101,859
-----------
TOTAL ASSETS 434,987,844
===========
</TABLE>
<TABLE>
<CAPTION>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET--(CONTINUED)
FOR THE MONTH ENDED DECEMBER 31, 1994
* * * * * * * * * * * * * * * *
**F** **G** **H** **I** **J** **K** **L**
ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM WWOS
------------------- ------------ --------- ------- ---------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES:
CURRENT LIABILITIES
A/P & OTHER ACCRUED LIAB 2,975,506 95,225 201,767 3,536,827 (113,632) 1,183,320 1,628,747
INTEREST PAYABLE 228,180
S/T NOTES PAYABLE OTHER 18,860
PWCC INTERCO PAYABLE 195,527
ACCRUED FEDERAL & STATE TAXES 18,275
ACC TAXES OTHER THAN INCOME 37,788
MISCELLANEOUS LIABILITIES 21,960
------------ --------- ------- ---------- --------- --------- ----------
TOTAL CURRENT LIABILITIES 3,418,073 173,248 201,767 3,536,827 (113,632) 1,183,320 1,628,747
------------ --------- ------- ---------- --------- --------- ----------
LONG-TERM LIABILITIES
LONG-TERM NOTES PAYABLE 12,453,553 300,000 11,393,095
LONG-TERM BONDS PAYBLE 30,000,000
OTHER ACCRUED LIABILITIES 1,918,691 41,377
DEFERRED TAXES 101,862
LONG-TERM ADVANCE-IN-AID 49,688
LONG-TERM METER DEPOSITS 192,557
CONTRIB PROPERTY AIA 1,115,319
------------ --------- ------- ---------- --------- --------- ----------
TOTAL L/T LIABILITIES 44,372,244 1,759,426 0 41,377 0 0 11,393,095
------------ --------- ------- ---------- --------- --------- ----------
TOTAL LIABILITIES 47,790,317 1,932,674 201,767 3,578,204 (113,631) 1,183,320 13,021,842
------------ --------- ------- ---------- --------- --------- ----------
SCOTTS MTN MINORITY INTEREST 1,933,366
------------ --------- ------- ---------- --------- --------- ----------
EQUITY:
COMMON STOCK 1,022,000 78,200 166,635
ADDITIONAL PAID IN CAPITAL 491,668,522 724,000 70,000 490,147 4,909,299
EARNED SURPLUS-BEGINNING (130,263,900) 678,900 103,443 2,361,426 119,243 82,229 1,637,765
EARNED SURPLUS-CURRENT 538,906 90,177 307,936 7,732,604 26,214 96,390 124,754
------------ --------- ------- ---------- --------- --------- ----------
TOTAL EQUITY 362,965,528 1,571,277 481,379 10,750,812 5,054,756 178,619 1,762,519
------------ --------- ------- ---------- --------- --------- ----------
TOTAL LIABILITIES AND EQUITY 410,755,845 3,503,951 683,146 16,262,382 4,941,124 1,361,939 14,784,361
============ ========= ======= ========== ========= ========== ==========
</TABLE>
<TABLE>
<CAPTION>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET--(CONTINUED)
FOR THE MONTH ENDED DECEMBER 31, 1994
* * * * * *
ELIMINATIONS
------------------------------------ **R**
ACCOUNT DESCRIPTION REF DEBIT REF CREDIT CONSOLIDATED
------------------- --- ---------- ----- --------- ------------
<S> <C> <C> <C> <C> <C>
LIABILITIES:
CURRENT LIABILITIES
A/P & OTHER ACCRUED LIAB DGI 4,462,422 EIIJ 5,619,147 10,664,485
INTEREST PAYABLE 228,180
S/T NOTES PAYABLE OTHER 18,860
PWCC INTERCO PAYABLE 195,527
ACCRUED FEDERAL & STATE TAXES 18,275
ACC TAXES OTHER THAN INCOME 37,788
MISCELLANEOUS LIABILITIES C 2,133 19,827
-----------
TOTAL CURRENT LIABILITIES 11,182,942
-----------
LONG-TERM LIABILITIES
LONG-TERM NOTES PAYABLE BK 2,193,095 21,953,553
LONG-TERM BONDS PAYBLE 30,000,000
OTHER ACCRUED LIABILITIES 1,960,068
DEFERRED TAXES 101,862
LONG-TERM ADVANCE-IN-AID 49,688
LONG-TERM METER DEPOSITS 192,557
CONTRIB PROPERTY AIA 1,115,319
-----------
TOTAL L/T LIABILITIES 55,373,047
-----------
TOTAL LIABILITIES 66,555,989
-----------
SCOTTS MTN MINORITY INTEREST F 3,532,960 5,466,326
-----------
EQUITY:
COMMON STOCK AF 244,835 1,022,000
ADDITIONAL PAID IN CAPITAL AFHJ 6,193,446 491,668,522
EARNED SURPLUS-BEGINNING AFHIJK 4,983,006 (130,263,901)
EARNED SURPLUS-CURRENT AFHIJK 8,378,075 538,906
-----------
TOTAL EQUITY 362,965,528
---------- ---------- -----------
TOTAL LIABILITIES AND EQUITY 30,836,266 30,836,266 434,987,844
========== ========== ===========
</TABLE>
NOTES TO DECEMBER 1994 CONSOLIDATED WORKSHEET
A. COMMON STOCK 78,200
EARNED SURPLUS - BEGINNING 678,900
ADDITIONAL PAID IN CAPITAL 724,000
EARNED SURPLUS - CURRENT 90,177
INVESTMENT IN LPSCO 1,571,277
ELIMINATE INVESTMENT IN LPSCO
B.
LONG-TERM NOTES PAYABLE 300,000
LONG-TERM NOTES RECEIVABLE 300,000
ELIMINATE INTERCOMPANY NOTES (LPSCO)
C. MISCELLANEOUS LIABILITIES 2,133
ACCOUNTS RECEIVABLE 2,133
ELIMINATE INTERCOMPANY INTEREST WITH LPSCO
D. ACCOUNTS PAYABLE 80,819
ACCOUNTS RECEIVABLE 80,819
ELIMINATE LPSCO RECEIVABLE ON SUNCOR'S BOOKS
E. CASH 327,752
ACCOUNTS RECEIVABLE 2,944,837
PREPAIDS 160,004
SECURITY DEPOSITS (OTHER REC) 35,797
ACCOUNTS PAYABLE 4,051,502
INVESTMENT IN WIGWAM 1,238,616
ELIMINATE INVESTMENT IN WIGWAM
F. COMMON STOCK 166,635
ADDITIONAL PAID IN CAPITAL 490,147
EARNED SURPLUS - BEGINNING 2,361,426
EARNED SURPLUS - CURRENT 7,732,604
MINORITY INTEREST - PRIOR YEAR 826,547
MINORITY INTEREST - CURRENT YEAR 2,706,413
INVESTMENT IN SCOTTSDALE MTN LTD PART 7,061,281
LAND 156,571
ELIMINATE INVESTMENT IN SME LTD PART
G. ACCOUNTS PAYABLE 3,230,107
ACCOUNTS RECEIVABLE 30,107
NOTES RECEIVABLE 3,200,000
ELIMINATE NOTE & INTEREST AND A/R WITH SMLP
H. EARNED SURPLUS - CURRENT 307,936
EARNED SURPLUS - BEGINNING 103,443
ADDITIONAL PAID IN CAPITAL 70,000
INVESTMENT IN SASI 481,379
ELIMINATE INVESTMENT IN SASI
I. EARNED SURPLUS - CURRENT 96,390
EARNED SURPLUS - BEGINNING 82,229
INTERCOMPANY - OTHER(LIAB) A/P & OTHER 178,619
INTERCOMPANY - OTHER(LIAB) A/P & OTHER 1,151,496
ACCOUNTS PAYABLE 1,151,496
ELIMINATE SCM INTERCOMPANY
J. EARNED SURPLUS - CURRENT 26,214
EARNED SURPLUS - BEGINNING 119,243
ADDITIONAL PAID IN CAPITAL 4,909,299
ACCOUNTS PAYABLE 237,530
INVESTMENT IN PV GOLF CLUB 4,751,314
ACCOUNTS RECEIVABLE 65,912
ELIMINATE PALM VALLEY GOLF
K. BEGINNING EARNED SURPLUS 1,637,765
CURRENT EARNED SURPLUS 124,754
N/P 1,893,095
INVESTMENT IN WWOS 606,780
N/R 1,893,095
LAND 1,155,739
ELIMINATE WIGWAM OUTLET STORES
30,836,266 30,836,266
<TABLE>
<CAPTION>
SUNCOR DEVELOPMENT COMPANY
INCOME STATEMENT
FOR THE PERIOD ENDING 12/31/94
SUNCOR LPSCO SMLP PV GOLF SCM
---------- --------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
REVENUES:
DEFERRED RECOGNITION OF PROFITS 788,227 0 0 0 0
LAND & HOME SALES 37,149,289 0 15,580,688 0 2,410,489
COMMERCIAL & PROPERTY MANAGEMENT 2,181,070 0 0 1,690,209 0
UTILITY SALES (1) 1,106,996 0 0 0
---------- --------- ---------- --------- ---------
TOTAL OPERATING REVENUES 40,118,585 1,106,996 15,580,688 1,690,209 2,410,489
---------- --------- ---------- --------- ---------
OPERATING EXPENSES:
COST OF PROPERTY SOLD 32,729,510 0 6,676,913 0 2,314,098
LAND PROJECT COSTS 2,721,408 0 747,016 0 0
COMMERCIAL & PROP. MANGMNT EXPENSES 1,332,056 0 0 1,463,745 0
GENERAL AND ADMINISTRATIVE 8,628,271 0 315,270 0 0
RESORT OPERATIONS 1,218,498 0 0 0 0
UTILITY EXPENSES 0 940,837 0 0 0
DEPRECIATION 477,864 75,984 0 200,250 0
---------- --------- ---------- --------- ---------
TOTAL OPERATING EXPENSES 47,107,608 1,016,821 7,739,199 1,663,995 2,314,098
---------- --------- ---------- --------- ---------
NET OPERATING INCOME (6,989,023) 90,175 7,841,489 26,214 96,390
---------- --------- ---------- --------- ---------
OTHER INCOME AND GAINS:
EQUITY IN JOINT VENTURES 66,265 0 0 0 0
MANAGEMENT FEES 128,339 0 0 0 0
INTEREST INCOME 1,734,735 0 62,682 0 0
OTHER, NET 815,177 0 0 0 0
---------- --------- ---------- --------- ---------
TOTAL OTHER INCOME AND GAINS 3,344,516 0 62,682 0 0
---------- --------- ---------- --------- ---------
INTEREST EXPENSE
INTEREST EXPENSE 2,957,628 0 365,258 0 0
LESS CAPITALIZED INTEREST (1,777,315) 0 (193,690) 0 0
---------- --------- ---------- --------- ---------
TOTAL INTEREST EXPENSE 1,180,313 0 171,567 0 0
---------- --------- ---------- --------- ---------
NET INCOME BEFORE MINORITY INT (4,824,820) 90,175 7,732,604 26,214 96,390
MINORITY INTEREST 0 0 2,706,411 0 0
---------- --------- ---------- --------- ---------
NET INCOME/(LOSS) (4,824,820) $90,175 $5,026,192 $26,214 $96,390
=========== ========= ========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
SUNCOR DEVELOPMENT COMPANY
INCOME STATEMENT--(CONTINUED)
FOR THE PERIOD ENDING 12/31/94
ELIMINATING CONSOLIDATED
WWOS ENTRIES INCOME
------- ---------- ----------
<S> <C> <C> <C>
REVENUES:
DEFERRED RECOGNITION OF PROFITS 0 0 788,227
LAND & HOME SALES 450,000 (2,410,489) 53,179,977
COMMERCIAL & PROPERTY MANAGEMENT 307,049 0 2,181,070
UTILITY SALES 0 0 1,106,995
------- ---------- ----------
TOTAL OPERATING REVENUES 757,049 (2,410,489) 59,253,527
------- ---------- ----------
OPERATING EXPENSES:
COST OF PROPERTY 271,644 (2,410,489) 39,581,677
LAND PROJECT COSTS 0 0 3,468,424
COMMERCIAL & PROP. MANGMNT EXPENSES 274,605 0 3,070,406
GENERAL AND ADMINISTRATIVE 0 0 8,943,541
RESORT OPERATIONS 0 0 1,218,498
UTILITY EXPENSES 0 (24,414) 916,423
DEPRECIATION 0 0 754,099
------- ---------- ----------
TOTAL OPERATING EXPENSES 546,249 (2,434,903) 57,953,068
------- ---------- ----------
NET OPERATING INCOME 210,800 24,414 1,300,459
------- ---------- ----------
OTHER INCOME AND GAINS:
EQUITY IN JOINT VENTURES 0 0 66,265
MANAGEMENT FEES 0 0 128,339
INTEREST INCOME 0 (24,414) 1,773,003
OTHER, NET 0 0 815,177
------- ---------- ----------
TOTAL OTHER INCOME AND GAINS 0 (24,414) 3,382,784
------- ---------- ----------
INTEREST EXPENSE
INTEREST EXPENSE 86,045 0 3,408,931
LESS CAPITALIZED INTEREST 0 0 (1,971,005)
------- ---------- ----------
TOTAL INTEREST EXPENSE 86,045 0 1,437,925
------- ---------- ----------
NET INCOME BEFORE MINORITY INT 124,755 0 3,245,318
MINORITY INTEREST 0 0 2,706,411
------- ---------- ----------
NET INCOME/(LOSS) $124,755 $0 $538,907
======== ========== ==========
</TABLE>
EXHIBIT B Financial Data Schedule
The Claimant submits the following consolidated financial
information:
1. Total Assets: $6,914,988,000
2. Total Operating Revenues: $1,685,421,000
3. Net Income: $200,619,000
