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Previous: C FUNDS GROUP INC, 24F-2NT, 1996-02-29 |
Next: SCUDDER VARIABLE LIFE INVESTMENT FUND/MA/, NSAR-B, 1996-02-29 |
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:
<PAGE>
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 ("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. 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.
b. SunCor Development Company ("SunCor") -- an Arizona
corporation having been incorporated on June 30, 1965 and having its
principal executive offices at 3838 North Central Avenue, Suite 1500,
Phoenix, Arizona 85012, 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 3838 North Central Avenue,
Suite 1500, Phoenix, Arizona 85012 operates and manages hotel,
golf, food and beverage for the Wigwam Resort and Country
Club, Sedona Golf Resort, SunRidge Canyon Golf Club, Real del
Mar Golf 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 3838 North Central Avenue,
Suite 1500, Phoenix, Arizona 85012, 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.
(i) Golden Heritage Construction, Inc. ("Golden
Heritage") -- an Arizona corporation having been
incorporated on December 30, 1947 and having its
principal executive offices at 7975 North Hayden Rd.
Suite D-280, Scottsdale, Arizona 85258, was
organized to serve as a general residential
contractor. Golden Heritage became a wholly-owned
subsidiary of SunCor Homes, Inc. on January 1, 1996.
(4) SCM, Inc. ("SCM") -- an Arizona corporation having been
incorporated on May 14, 1991 and having its principal
executive offices at 3838 North Central Avenue, Suite 1500,
Phoenix, Arizona 85012, 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 3838 North Central
Avenue, Suite 1500, Phoenix, Arizona 85012, was organized to
operate and manage the Real del Mar Golf Course in Mexico.
(6) SunCor Realty & Management Company ("SunCor Realty") --
(previously named Russell Ranch Development Company) an
Arizona corporation having been incorporated on April 1, 1994
and having its principal executive offices at 3838 North
Central Avenue, Suite 1500, Phoenix, Arizona 85012 was
organized to participate in real estate joint ventures and
other real estate related activities. SunCor Realty is a
wholly-owned subsidiary of SunCor.
(7) Palm Valley Golf Club, Inc. ("Palm Valley Golf") -- an
Arizona corporation having been incorporated on January 23,
1996 and having its principal executive offices at 3838 North
Central Avenue, Suite 1500, Phoenix, Arizona 85012 was
organized to hold title to the Palm Valley Golf Course. Palm
Valley Golf 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 750, Phoenix, Arizona
85004, is a wholly-owned subsidiary of Claimant engaged primarily in
the acquisition and holding of stocks and securities 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 distribution of electric
energy for sale.
<PAGE>
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 4,025,241 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............................ 615,000
14% owned Units 1, 2 and 3 at the Navajo
Plant, representing.................... 315,000
---------
1,712,000 kw
=========
Gas or Oil:
Two steam units at Ocotillo, two steam
units at Saguaro and one steam
unit at Yucca, aggregating............. 463,400 kw(1)
Eleven combustion turbine units,
aggregating.......................... 500,600
Three combined cycle units,
aggregating.......................... 253,500
---------
1,217,500 kw
=========
Nuclear:
29.1% owned or leased Units 1, 2 and 3
at Palo Verde, representing 1,091,541 kw
=========
Other 4,200 kw
=========
- ---------------
(1) West Phoenix steam units (96,300 kw) are currently mothballed.
<PAGE>
APS' transmission facilities consist of approximately 4,856 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 11,161 pole miles of overhead lines and approximately 8,750 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 20,469,415,000 kwh of electric
energy sold at wholesale or retail
b. Number of kwh of electric energy distributed at retail outside the
state in which each such company is organized.
Claimant APS
-------- ---
None 62,910,000 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 982,300 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 16,790,494 kwh of electric energy
purchased outside Arizona or at
state line
<PAGE>
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.
<PAGE>
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 Subsidiaries. Also
included are consolidating statements of income and consolidating balance sheets
for SunCor Development Company and its subsidiaries.
<PAGE>
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.
<PAGE>
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.
<PAGE>
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.
<PAGE>
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, 1996.
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 correspondence concerning
this statement should be addressed:
Michael S. Ash Corporate Counsel
- -------------- -----------------
(Name) (Title)
400 East Van Buren, Suite 700, Phoenix, Arizona 85004
- ----------------------------------------------------------
(Address)
<PAGE>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1995
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
* E L I M I N A T I O N S *
PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL
OPERATING REVENUES:
<S> <C> <C> <C> <C> <C> <C> <C>
Electric 1,614,952 $1,614,952
Real Estate 54,846 54,846
- ---------------------------------------------------------------------------------------------------------------------------------
Total -- 1,614,952 54,846 -- -- -- 1,669,798
--------------------------------------------------------------------------------------------------------------------------------
FUEL EXPENSES:
Fuel for electric generation 208,928 208,928
Purchased power 60,870 60,870
- ---------------------------------------------------------------------------------------------------------------------------------
Total -- 269,798 -- -- -- -- 269,798
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES:
Utility operations and maintenance 400,814 400,814
Real estate operations 49,741 603(c) 50,344
Depreciation and amortization 234 242,098 1,657 -- 243,989
Taxes other than income taxes 7 141,623 799 142,429
- ---------------------------------------------------------------------------------------------------------------------------------
Total 241 784,535 52,197 -- 603 -- 837,576
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATING INCOME (241) 560,619 2,649 -- (603) -- 562,424
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER INCOME (DEDUCTIONS):
Allowance for equity funds used
during construction 4,982 4,982
Palo Verde accretion income -- 0
Interest on long-term debt (47,048) (160,032) (2,816) -- 603(c) (209,293)
Other interest (207) (16,765) -- (657) 654(b) (16,975)
Allowance for borrowed funds used
during construction 9,065 9,065
Preferred stock dividend requirements (19,134) (19,134)
Other, net 233,831 (17,032) 4,245 9,135 233,675(a,b) (3,496)
- --------------------------------------------------------------------------------------------------------------------------------
Total 186,576 (198,916) 1,429 8,478 233,675 1,257 (234,851)
- --------------------------------------------------------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS
B-4 INCOME TAXES 186,335 361,703 4,078 8,478 234,278 1,257 327,573
PROVISION FOR INCOME TAXES benefit 13,273 (141,267) 29 (127,965)
- --------------------------------------------------------------------------------------------------------------------------------
INCOME (LOSS) B-4 CUMU EFFECT OF ACCTG CHG 199,608 220,436 4,078 8,507 234,278 1,257 199,608
Extraordinary Item for Early Retirement
of Debt (11,571) (11,571)
CUMULATIVE EFFECT OF ACCOUNTING CHANGE -- -- -- -- -- -- 0
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCOME (L0SS) 188,037 220,436 4,078 8,507 234,278 1,257 188,037
====================================================================================================================================
</TABLE>
<PAGE>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING INCOME STATEMENT
ELIMINATING ENTRIES
(THOUSANDS OF DOLLARS)
(a) Income from Subsidiaries $233,021
Retained Earnings $233,021
To eliminate PWCC Equity in earnings
from subsidiairies
PWCC
APS $220,436
SUNCOR 4,078
EL DORADO 8,507
------------
$233,021
------------
(b) Interest Income (SunCor) $654
Interest Expense (El Dorado) $654
To eliminate SunCor interest charges to El Dorado.
(c) Real Estate Operations $603
Interest Expense (PWCC) $603
To reclass Capitalized Interest for SunCor Land Sales.
<PAGE>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 1995
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
*ELIMINATIONS AND ADJUSTING ENTRIES*
-----------------------------------
PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL
A S S E T S
CURRENT ASSETS
<S> <C> <C> <C> <C> <C> <C> <C>
Cash and cash equivalents 39,763 18,389 15,270 6,117 79,539
Trust fund for bond redemption -- 0
Customer and other receivables - net 722 126,884 3,395 1,097 705 (b,d) 131,393
Accrued utility revenue 53,519 (e) 53,519
Materials and supplies 78,271 78,271
Fossil fuel 21,722 21,722
Deferred income taxes 40,702 5,653 46,355
Other current assets 328 17,839 1,612 0 108 (c) 19,671
-------------------------------------------------------------- ------------- ----------
Total current assets 81,515 322,277 20,277 7,214 0 813 430,470
-------------------------------------------------------------- ------------- ----------
INVESTMENTS AND OTHER ASSETS
Real estate investments, net
(cap interest) 1145.1 10,890 408,405 7,602 (f) 411,693
Other assets 2,023,711 97,742 4,065 31,225 2,005,616 (a) 151,127
-------------------------------------------------------------- ------------- ----------
Total investments and other 2,034,601 97,742 412,470 31,225 0 2,013,218 562,820
-------------------------------------------------------------- ------------- ----------
UTILITY PLANT
Electric plant in service 6,544,860 6,544,860
Nuclear Fuel 52,084 52,084
Construction work in progress 281,757 281,757
-------------- ----------
Total Utility Plant 6,878,701 6,878,701
Less accumulated depreciation and
amortization 2,231,614 2,231,614
-------------- ----------
Net Utility Plant 4,647,087 4,647,087
-------------------------------------------------------------- ------------- ----------
DEFERRED DEBITS
Regulatory asset for income taxes 0 548,464 548,464
Palo Verde Unit 3 cost deferral 283,426 283,426
Palo Verde Unit 2 cost deferral 165,873 165,873
Other deferred debits 2,235 353,393 3,284 358,912
-------------------------------------------------------------- ------------- ----------
Total deferred debits 2,235 1,351,156 3,284 0 0 0 1,356,675
-------------------------------------------------------------- ------------- ----------
TOTAL ASSETS 2,118,351 6,418,262 436,031 38,439 0 2,014,031 6,997,052
============================================================== ============= ==========
</TABLE>
<PAGE>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEET
December 31, 1995
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
* E L I M I N A T I O N S *
PWCC APS SUNCOR ELDO DEBIT CREDIT TOTAL
L I A B I L I T I E S A N D E Q U I T Y
CURRENT LIABILITIES
<S> <C> <C> <C> <C> <C> <C> <C>
Accounts payable 4,143 106,583 4,135 102 114,963
Accrued taxes 13,135 82,827 95,962
Accrued interest 7,108 41,549 298 3 0 (e) 48,958
Dividend payable 0 0
Short-term borrowings 0 0 0
Commerical paper, net 0 177,800 177,800
Current maturities of long-term debt 0 3,512 5,268 8,780
Deferred fuel 0
Other current liabilities 4,513 53,880 434 16 813 (b,d) 58,030
(c)
----------------------------------------------------------- --------- ---------
Total current liabilities 28,899 466,151 10,135 121 813 0 504,493
----------------------------------------------------------- --------- ---------
NON-CURRENT LIABILITIES
Long-term debt less current maturities 310,411 2,132,021 68,277 2,510,709
Other liabilites 0
----------------------------------------------------------- --------- ---------
Total 310,411 2,132,021 68,277 0 0 0 2,510,709
----------------------------------------------------------- --------- ---------
DEFERRED CREDITS AND OTHER
Deferred income taxes (101,601) 1,429,482 1,327,881
Deferred investment tax credit 2123.1 (17,456) 115,353 97,897
Unamortized gain-sale of utility plant 91,514 91,514
Other deferred credits 17,011 293,625 4,274 314,910
----------------------------------------------------------- --------- ---------
Total deferred credits (102,046) 1,929,974 4,274 0 0 0 1,832,202
----------------------------------------------------------- --------- ---------
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 7,602 7,602 (f) 0
---------------------------------------------------------- ------- ---------
COMMON STOCK EQUITY:
Common stock 2,111,785 1,217,712 471,390 78,546 2,240,749(a) 1,638,684
Accumulated deficit (230,698) 403,843 (125,647) (40,228) 235,133(a) 242,403
---------------------------------------------------------- --------- ---------
Total 1,881,087 1,621,555 345,743 38,310 2,240,749 235,133 1,881,087
----------------------------------------------------------- --------- ---------
TOTAL LIABILITIES AND EQUITY 2,118,351 6,418,262 436,031 38,439 2,249,164 235,133 6,997,052
=========================================================== ========= =========
</TABLE>
<PAGE>
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATING BALANCE SHEET
ELIMINATING AND ADJUSTING ENTRIES
(THOUSANDS OF DOLLARS)
(a) Common stock $2,240,749
Notes payable - SunCor, El Dorado --
Accumulated deficit -- $235,133
Other investments 2,005,616
------------- ------------
$2,240,749 $2,240,749
To eliminate PWCC investment in subsidiaries
Common Earnings/
Stock Dividends Notes Total
APS $1,690,813 ($69,258) $0 $1,621,555
SunCor 471,390 (125,647) 0 345,743
El Dorado 78,546 (40,228) 0 38,318
total $2,240,749 ($235,133) $0 $2,005,616
(b) Other current liabilities $705
Customer and other receivables - net $705
To eliminate intercompany receivable/payable
A/R A/P
PWCC's Books SUB's Books
APS $428 $428
SunCor 270 270
El Dorado 7 7
------------ ------------
$705 $705
(c) Other current liabilities (PWCC) (2070.1) $108
Other current assets (APS) $108
To eliminate PWCC payable to APS
(d) Other current liabilities (El Dorado) $0
Customer and other receiv. (SunCor) $0
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 $7,602
Real estate investments - net $7,602
To eliminate Minority Interest - SunCor Scottsdale Mountain
<PAGE>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
**F** **G** *H** **I** **J** **K** **L** **M**
ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM SH WWOS
ASSETS:
CURRENT ASSETS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH 13,416,863 171,168 301,289 683,113 61,840 324,739 49,295 261,338
ACCOUNTS RECEIVABLE 2,555,890 87,339 206,168 832,100 35,398 152,520
INTEREST RECEIVABLE 89,007
NOTES RECEIVABLE OTHER 1,036,368
INVENTORIES 81,021
OTHER RECEIVABLES 3,792
PREPAID EXPENSE 42,959 285,348
HOME INVENTORY 1,641,487 1,071,793
TOTAL CURRENT ASSETS 17,141,087 547,647 507,457 1,515,213 178,259 1,966,226 1,121,088 413,858
LONG-TERM ASSETS
DEVELOPMENT PROJECTS
PALM VALLEY 212,535,724
LITCHFIELD GREENS 4,007,442
KABUTO 0
SCOTTSDALE MTN 0 13,404,989
SUNRIDGE CANYON 0
MARKETPLACE 29,009,410
TATUM RANCH 51,065,427
TALAVI 8,517,303
TALAVI SEARS BUILDING 804,922
WIGWAM OUTLET STORES 344,558 19,135,502
TUCSON FEC 4,605
OAT CROPS INVENTORY 0
EQUITY IN TEMPE MKTPL JV 4,645,207
EQUITY IN CTRPT ASSOC-JV 23,426,065
INVEST IN MKT-FIDDLESTICKS 0
INVEST IN KABUTO/SUNCOR JV 5,843,225
INVESTMENT IN WIGWAM OUTLET 1,060,005
INVESTMENT IN BILTMORE ESTATES 1,085,965
INVESTMENT IN WIGWAM 0
INVEST IN SCOTTS MTN LTD PART 7,764,687
INVEST IN SUNCOR HOMES (663,306) 452,000
INVEST IN PV APARTMENTS 81,921
COMMERCIAL PROPERTIES 7,914,891 5,764,958
INVESTMENT IN LPSCO 1,605,888
LONG-TERM NOTES RECEIVABLE 4,076,591 1,072,263
INVESTMENT IN SASI 301,317
INVESTMENT IN PALM VALLEY GOLF 5,788,749
INVESTMENT IN SUNRIDGE CANYON 11,073,298
INVESTMENT IN SEDONA GOLF 3,986,587
BUILDING, EQUIPMENT AND OTHER 640,284 1,690 228,295
DEFERRED ASSETS 2,962,657 195,352 55,005 59,597
CAPITALIZED INTEREST
ACCUMULATED AMORTIZATION
HOTEL PROPERTIES
ACCUMULATED DEPRECIATION
WATER, SEWER UTILITY PROP 2,954,284
ACCUMULATED DEPRECIATION (958,577)
CONTRIBUTED PROPERTY 1,062,524
ACCUMULATED DPRECIATION
TOTAL LONG-TERM ASSETS 387,883,422 3,058,231 0 14,674,294 5,819,963 0 680,295 19,195,099
TOTAL ASSETS 405,024,509 3,605,878 507,457 16,189,507 5,998,223 1,966,226 1,801,383 19,608,957
</TABLE>
<PAGE>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
ACCOUNT DESCRIPTION
ELIMINATIONS
-----------------------------------------------------------------
**R**
ASSETS: REF DEBIT REF CREDIT CONSOLIDATED
CURRENT ASSETS
<S> <C> <C> <C> <C>
CASH 250 L 15,269,895
ACCOUNTS RECEIVABLE CDGIK 1,972,415 1,897,000
INTEREST RECEIVABLE K 40,316 48,691
NOTES RECEIVABLE OTHER B 300,000 736,368
INVENTORIES 81,021
OTHER RECEIVABLES 3,792
PREPAID EXPENSE 328,307
HOME INVENTORY I 215 I 1,101,793 1,611,702
TOTAL CURRENT ASSETS 19,976,776
LONG-TERM ASSETS
DEVELOPMENT PROJECTS
PALM VALLEY 212,535,724
LITCHFIELD GREENS 4,007,442
KABUTO L 11,991,464 L 2,304,807 9,686,657
SCOTTSDALE MTN F 136,448 13,268,541
SUNRIDGE CANYON 0
MARKETPLACE 29,009,410
TATUM RANCH 51,065,427
TALAVI 8,517,303
TALAVI SEARS BUILDING 804,922
WIGWAM OUTLET STORES 1,011,722 18,468,338
TUCSON FEC 4,605
OAT CROPS INVENTORY 0
EQUITY IN TEMPE MKTPL JV 4,645,207
EQUITY IN CTRPT ASSOC-JV 23,426,065
INVEST IN MKT-FIDDLESTICKS 0
INVEST IN KABUTO/SUNCOR JV L 5,843,225 (0)
INVESTMENT IN WIGWAM OUTLET K 1,060,005 0
INVESTMENT IN BILTMORE ESTATES 1,085,965
INVESTMENT IN WIGWAM 0
INVEST IN SCOTTS MTN LTD PART F 7,764,687 0
INVEST IN SUNCOR HOMES I 211,306 0
INVEST IN PV APARTMENTS 81,921
COMMERCIAL PROPERTIES 13,679,849
INVESTMENT IN LPSCO A 1,605,888 0
LONG-TERM NOTES RECEIVABLE K 1,654,173 3,494,681
INVESTMENT IN SASI H 301,317 0
INVESTMENT IN PALM VALLEY GOLF J 5,788,749 0
INVESTMENT IN SUNRIDGE CANYON 11,073,298
INVESTMENT IN SEDONA GOLF 3,986,587
BUILDING, EQUIPMENT AND OTHER 870,269
DEFERRED ASSETS 3,272,611
CAPITALIZED INTEREST 0
ACCUMULATED AMORTIZATION 0
HOTEL PROPERTIES 0
ACCUMULATED DEPRECIATION 0
WATER, SEWER UTILITY PROP 2,954,284
ACCUMULATED DEPRECIATION (958,577)
CONTRIBUTED PROPERTY 1,062,524
ACCUMULATED DPRECIATION 0
TOTAL LONG-TERM ASSETS 416,043,054
TOTAL ASSETS 436,019,830
</TABLE>
<PAGE>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
**F** **G** *H** **I** **J** **K**
ACCOUNT DESCRIPTION SUNCOR LPSCO SASI SCTS MTN PVGC SCM
LIABILITIES:
CURRENT LIABILITIES
<S> <C> <C> <C> <C> <C> <C>
A/P & OTHER ACCRUED LIAB 1,380,054 99,702 206,140 488,438 (454,714) 1,586,940
INTEREST PAYABLE 205,156
S/T NOTES PAYABLE OTHER (1,223) 3,545,505
PWCC NOTES PAYABLE
PWCC INTERCO PAYABLE 434,278
PWCC INTERCO INTEREST
HOTEL CURRENT LIABILITIES
HOTEL ACCRUED LIABILITIES
INTERCOMPANY - OTHER
METER DEPOSITS
ADVANCE-IN-AID
ACCRUED FEDERAL & STATE TAXES 18,275
ACC TAXES OTHER THAN INCOME 39,172
MISCELLANEOUS LIABILITIES 21,778
TOTAL CURRENT LIABILITIES 2,018,265 178,927 206,140 4,033,943 (454,714) 1,586,940
LONG-TERM LIABILITIES
LONG-TERM NOTES PAYABLE 25,000,000 300,000
LONG-TERM BONDS PAYBLE 30,000,000
OTHER ACCRUED LIABILITIES 2,262,371 479,331
DEFERRED TAXES 101,862
LONG-TERM ADVANCE-IN-AID 49,688
LONG-TERM METER DEPOSITS 306,989
CONTRIB PROPERTY AIA 1,062,524
ACCUMULATED AMORTIZATION
INTEREST PAYABLE
TOTAL L/T LIABILITIES 57,262,371 1,821,063 0 479,331 0 0
TOTAL LIABILITIES 59,280,636 1,999,990 206,140 4,513,274 (454,714) 1,586,940
SCOTTS MTN MINORITY INTEREST (945,082)
EQUITY:
COMMON STOCK 1,022,000 78,200 0 166,635
ADDITIONAL PAID IN CAPITAL 470,368,522 724,000 220,000 (1,031,405) 6,158,173
EARNED SURPLUS-BEGINNING (129,724,993) 769,077 11,379 10,094,030 145,457 178,619
EARNED SURPLUS-CURRENT 4,078,344 34,611 69,938 3,392,055 149,307 200,666
TOTAL EQUITY 345,743,873 1,605,888 301,317 12,621,315 6,452,937 379,285
TOTAL LIABILITIES AND EQUITY 405,024,509 3,605,878 507,457 16,189,507 5,998,223 1,966,225
</TABLE>
<PAGE>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED BALANCE SHEET
FOR THE MONTH ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
ELIMINATIONS
------------------------------------------
**L** **M** **R**
ACCOUNT DESCRIPTION SH WWOS REF DEBIT REF CREDIT CONSOLIDATED
LIABILITIES:
CURRENT LIABILITIES
<S> <C> <C> <C> <C> <C> <C>
A/P & OTHER ACCRUED LIAB 2,012,654 750,047 DGIIIIK 4,209,321 IIIIIJL 2,223,540 4,083,480
INTEREST PAYABLE 133,007 K 40,316 297,847
S/T NOTES PAYABLE OTHER 3,544,282
PWCC NOTES PAYABLE 0
PWCC INTERCO PAYABLE 434,278
PWCC INTERCO INTEREST 0
HOTEL CURRENT LIABILITIES 0
HOTEL ACCRUED LIABILITIES 0
INTERCOMPANY - OTHER 0
METER DEPOSITS 0
ADVANCE-IN-AID 0
ACCRUED FEDERAL & STATE TAXES 18,275
ACC TAXES OTHER THAN INCOME 39,172
MISCELLANEOUS LIABILITIES C 26,743 (4,965)
TOTAL CURRENT LIABILITIES 2,012,654 883,054 8,412,369
LONG-TERM LIABILITIES
LONG-TERM NOTES PAYABLE 16,654,173 B 1,954,173 40,000,000
LONG-TERM BONDS PAYBLE 30,000,000
OTHER ACCRUED LIABILITIES 2,741,702
DEFERRED TAXES 101,862
LONG-TERM ADVANCE-IN-AID 49,688
LONG-TERM METER DEPOSITS 309,989
CONTRIB PROPERTY AIA 1,062,524
ACCUMULATED AMORTIZATION 0
INTEREST PAYABLE 0
TOTAL L/T LIABILITIES 0 16,654,173 74,262,765
TOTAL LIABILITIES 2,012,654 17,537,226 82,675,134
SCOTTS MTN MINORITY INTEREST FFL 8,545,903 7,600,821
EQUITY:
COMMON STOCK 0 AF 244,835 1,022,000
ADDITIONAL PAID IN CAPITAL 0 AHJ 7,102,173 F 1,031,405 470,368,522
EARNED SURPLUS-BEGINNING 2,203,238 AFHIJKK 14,124,662 K 722,864 (129,724,991)
EARNED SURPLUS-CURRENT (211,271) (131,507)AFHIJ 3,846,782 IK 342,983 4,078,345
TOTAL EQUITY (211,271) 2,071,731 345,743,875
TOTAL LIABILITIES AND EQUITY 1,801,383 19,608,957 31,549,005 12,866,695 436,019,830
</TABLE>
<PAGE>
SunCor Development Company
Consolidating Balance Sheet
DECEMBER 1995 ELIMINATING ENTRIES
A. COMMON STOCK 78,200
EARNED SURPLUS - BEGINNING 769,077
ADDITIONAL PAID IN CAPITAL 724,000
EARNED SURPLUS - CURRENT 34,611
INVESTMENT IN LPSCO 1,605,888
ELIMINATE INVESTMENT IN LPSCO
B. LONG-TERM NOTES PAYABLE 300,000
LONG-TERM NOTES RECEIVABLE 300,000
ELIMINATE INTERCOMPANY NOTES (LPSCO)
C. MISCELLANEOUS LIABILITIES 26,743
ACCOUNTS RECEIVABLE 26,743
ELIMINATE INTERCOMPANY INTEREST WITH LPSCO
D. ACCOUNTS PAYABLE 65,360
ACCOUNTS RECEIVABLE 65,360
ELIMINATE LPSCO RECEIVABLE ON SUNCOR'S BOOKS
E. NO ENTRY
ELIMINATE INVESTMENT IN WIGWAM
F. COMMON STOCK 166,635
ADDITIONAL PAID IN CAPITAL 490,147
EARNED SURPLUS - BEGINNING 10,094,030
EARNED SURPLUS - CURRENT 3,392,055
MINORITY INTEREST - PRIOR YEAR 3,532,960
MINORITY INTEREST - CURRENT YEAR 1,187,220
INVESTMENT IN SCOTTSDALE MTN LTD PART 9,286,239
LAND 136,448
ELIMINATE INVESTMENT IN SME LTD PART 14,142,867 14,142,867
G. ACCOUNTS PAYABLE 35,721
ACCOUNTS RECEIVABLE 35,721
ELIMINATE NOTE & INTEREST AND A/R WITH SMLP
H.
EARNED SURPLUS - CURRENT 69,938
EARNED SURPLUS - BEGINNING 11,379
ADDITIONAL PAID IN CAPITAL 220,000
INVESTMENT IN SASI 301,317
ELIMINATE INVESTMENT IN SASI
I. HOME INVENTORY-SDC 215
EARNED SURPLUS - CURRENT 200,666
EARNED SURPLUS - BEGINNING 178,619
INTERCOMPANY - OTHER(LIAB) A/P & OTHER 379,285
EARNED SURPLUS -CURRENT SHOMES 211,272
INVESTMENT IN SHOMES 211,306
S HOMES BOOKS
I/C TO SDC - GENERAL 487,992
I/C TO SDC - LAND 422,000
I/C TO SDC - CONSRUCTION 67,750
I/C TO SCM - SUSPENSE 215,062
I/C TO SCM - CONSTRUCTION ACCTS (B10) 1,101,793
I/C TO SCM 1,353,406
SCM BOOKS
I/C TO SDC 1,818,788
I/C TO SHOMES 251,612
SDC BOOKS
I/C TO SHOMES - GENERAL 627,430
I/C TO SCM 1,818,788
ELIMINATE SCM INTERCOMPANY
J.
EARNED SURPLUS - CURRENT 149,512
EARNED SURPLUS - BEGINNING 145,457
ADDITIONAL PAID IN CAPITAL 6,158,173
ACCOUNTS PAYABLE 664,392
INVESTMENT IN PV GOLF CLUB 5,788,750
ELIMINATE PALM VALLEY GOLF
K.
A/P INTERCOMPANY - SDC BOOKS 0
LOC NOTE PAYABLE 0
INTEREST PAYABLE 40,316
I/C PAYABLE 25,803
BEGINNING EARNED SURPLUS 112,472
SDC OTHER CAPITAL 2,813,629
SDC DISTRIBUTIONS 722,864
CURRENT EARNED SURPLUS 131,507
N/P - LAND 1,654,173
INVESTMENT IN WWOS 1,060,008
N/R - LAND 1,654,173
I/C RECEIVABLE 25,803
INTEREST RECEIVABLE 40,316
DIFF IN LAND BASIS 854,972
BUILDING 156,750
NOTES RECEIVABLE - LOC 0
ELIMINATE WIGWAM OUTLET STORES
L.
CASH 250
LAND 11,991,464
A/P 18,009
MINORITY INTEREST 3,825,724
INVESTMENT IN KABUTO 5,843,174
LAND 2,304,807
ELIMINATE KABUTO/SUNCOR JV
58,385,006 58,385,004
<PAGE>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED INCOME STATEMENT
FOR THE MONTH ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
ACCOUNT DESCRIPTION SUNCOR LPSCO SCTS MTN PVGC SCM SHOMES
REVENUES:
<S> <C> <C> <C> <C> <C> <C>
SALE OF ASSETS $3,362,195 $0 $0 $0 $0 $0
DEFERRED RECOGNITION ($434,375) $0 $0 $0 $0 $0
LAND & HOME SALES 30,868,796 0 7,779,110 0 2,004,176 2,869,949
COMMERCIAL PROPERTIES 4,834,475 0 0 1,925,134 0 0
UTILITY SALES 0 1,254,590 0 0 0 0
RESORT OPERATIONS 2,414,303 0 0 0 0 0
TOTAL OPERATING REVENUES 41,045,394 1,254,590 0 7,779,110 0 1,925,134 0 2,004,176 0 2,869,949 0
OPERATING EXPENSES
COST OF ASSETS SOLD 3,276,855 0 0 0 0 0
COST OF PROPERTY SOLD 22,208,970 0 3,549,056 0 1,803,510 2,310,955
LAND PROJECT COSTS 2,596,189 0 463,449 0 0 0
COMMERCIAL & PROPERTY MGMT 3,287,928 0 0 1,573,454 0 0
GENERAL & ADMINISTRATIVE 9,849,602 0 382,155 0 0 212,347
UTILITY EXPENSE 0 1,073,026 0 0 0 0
DEPRECIATION 858,156 161,760 0 202,168 0 467
TOTAL OPERATING EXPENSES 42,077,700 1,234,786 4,394,660 1,775,622 1,803,510 2,523,769
NET OPERATING INCOME (1,032,306) 19,804 3,384,450 149,512 200,666 346,180
OTHER INCOME AND GAINS:
EQUITY IN JOINT VENTURES 1,832,660 0 0 0 0 0
MANAGEMENT FEES 1,263,797 0 0 0 0 0
INTEREST INCOME 1,005,899 14,806 120,279 0 0 32
TOTAL OTHER INCOME AND GAINS 4,102,356 14,806 120,279 0 0 32
INTEREST EXPENSE
INTEREST EXPENSE 3,855,124 0 317,845 0 0 0
LESS: CAPITALIZED INTEREST (2,059,509) 0 (205,171) 0 0 0
TOTAL INTEREST EXPENSE 1,795,615 0 112,674 0 0 0
NET INCOME BEFORE MINORITY INTEREST 1,274,435 34,610 3,392,055 149,512 200,666 346,212
MINORITY INTEREST 0 0 1,187,640 0 0 0
NET INCOME/(LOSS) $1,274,435 $34,610 $2,204,415 $149,512 $200,666 $346,212
</TABLE>
<PAGE>
SUNCOR DEVELOPMENT COMPANY
CONSOLIDATED INCOME STATEMENT
FOR THE MONTH ENDED DECEMBER 31, 1995
<TABLE>
<CAPTION>
ELIMINATING CONSOLIDATED
ACCOUNT DESCRIPTION WWOS ENTRIES INCOME
REVENUES:
<S> <C> <C> <C>
SALE OF ASSETS $0 $0 $3,362,195
DEFERRED RECOGNITION $0 $0 ($434,375)
LAND & HOME SALES 800,000 (A) (2,004,176) 42,317,855
COMMERCIAL PROPERTIES 1,674,013 0 8,433,622
UTILITY SALES 0 0 1,254,590
RESORT OPERATIONS 0 0 2,414,303
TOTAL OPERATING REVENUES 2,474,013 0 (2,004,176) 0 57,348,191
OPERATING EXPENSES
COST OF ASSETS SOLD 0 0 3,276,855
COST OF PROPERTY SOLD 467,813 (A) (2,004,176) 28,336,127
LAND PROJECT COSTS 0 0 3,059,638
COMMERCIAL & PROPERTY MGMT 802,331 0 5,663,713
GENERAL & ADMINISTRATIVE 0 0 10,444,104
UTILITY EXPENSE 0 0 1,073,026
DEPRECIATION 434,120 0 1,656,671
TOTAL OPERATING EXPENSES 1,704,264 (2,004,176) 53,510,135
NET OPERATING INCOME 769,749 0 3,838,055
OTHER INCOME AND GAINS:
EQUITY IN JOINT VENTURES 0 0 1,832,660
MANAGEMENT FEES 0 0 1,263,797
INTEREST INCOME 7,176 0 1,148,192
TOTAL OTHER INCOME AND GAINS 7,176 0 4,244,649
INTEREST EXPENSE
INTEREST EXPENSE 1,127,258 0 5,300,227
LESS: CAPITALIZED INTEREST (218,825) 0 (2,483,505)
TOTAL INTEREST EXPENSE 908,433 0 2,816,722
NET INCOME BEFORE MINORITY INTEREST (131,508) 0 5,265,982
MINORITY INTEREST 0 0 1,187,640
NET INCOME/(LOSS) ($131,508) $0 $4,078,342
</TABLE>
<PAGE>
SunCor Development Company
Consolidating Income Statement
DECEMBER 1995 ELIMINATING ENTRIES
A. SALES 2,004,176
COST OF SALES 2,004,176
ELIMINATE INTERCOMPANY SALES BETWEEN SCM AND SUNCOR HOMES
<PAGE>
EXHIBIT B Financial Data Schedule
The Claimant submits the following consolidated financial information:
1. Total Assets: $6,997,052,000
2. Total Operating Revenues: $1,669,798,000
3. Net Income: $188,037,000
<PAGE>
EXHIBIT D
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.
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