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UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
- -------------------------------------------------------------------------------
In the matter of
CSW, Energy Inc REPORT FOR PERIOD
CSW, International Inc. July 1, 1999 to
Dallas, Texas 75202 September 30, 1999
File No. 070-9091 PURSUANT TO RULE 24
This report is filed under Rule 24 of the Public Utility Holding Company Act of
1935 by CSW Energy, Inc. ("CSW Energy"), and CSW International, Inc. ("CSW
International"). The two companies are wholly owned subsidiaries of Central and
South West Corporation.
Under HCAR 35-26887, CSW Energy and CSW International are authorized to enter
into agreements to provide energy-related services to certain associate
companies at fair market prices.
Attached is the information required pursuant to HCAR 35-26887.
(1) Consolidated Balance Sheets for CSW Energy and CSW International as of the
relevant quarter end. Refer to Exhibits A and B, respectively.
(2) Consolidated Statements of Income for CSW Energy and CSW International
for the twelve months ended as of the relevant quarter end. Refer to
Exhibits C and D, respectively.
(3) Name, owner, and location of each qualifying facility, independent power
facility and foreign utility company served by CSW Energy and CSW
International or subsidiaries thereof as specified in HCAR 35-26887.
None.
(4) The amount of compensation received from each qualifying facility,
independent power facility and foreign utility company. None.
(5) Information on intercompany service transactions as specified in HCAR
35-26887 between CSW Energy, CSW International and their respective
subsidiaries. None.
<PAGE>
S I G N A T U R E
As requested by order of this Commission pursuant to the Public Utility Holding
Company Act of 1935, CSW Energy and CSW International have duly caused this
report to be signed on their behalf on this 22nd day of November, 1999.
CSW Energy, Inc.
CSW International, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
Exhibit A
CSW Energy, Inc.
Balance Sheet
September 30, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $ 32,954
Accounts receivable 27,174
Prepaid expenses 2,765
--------
Total current assets 62,893
Investments In and Advances to Energy Projects 112,958
Notes Receivable - Affiliate 2,728
Notes Receivable 64,909
Other Assets
Construction in progress and project development costs 192,277
Property, Plant, and Equipment, net 183,062
Other - net 14,527
--------
Total other assets 389,866
--------
Total assets $633,354
========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $ 18,932
Accrued liabilities and other 15,626
--------
Total current liabilities 34,558
Long Term Debt 348,918
Deferred Income Taxes 39,544
Other 74,165
--------
Total liabilities 497,185
Minority Interest 12,131
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 15,898
--------
Total shareholder's equity 124,038
--------
Total liabilities and shareholder's equity $633,354
========
Exhibit B
CSW International, Inc.
Consolidated Balance Sheet
September 30, 1999
(Unaudited)
($000's)
ASSETS
Fixed Assets
Electric distribution plant $ 1,528,598
General plant 305,284
-----------
Total Electric Plant 1,833,882
Less - Accumulated depreciation (683,514)
-----------
Total Fixed Assets 1,150,368
Current Assets
Cash and cash equivalents 94,461
Short-term investments 25,087
Accounts receivable 295,232
Notes receivable 119,357
Advances to affiliates 114
Inventories 12,875
Other current assets 10,875
-----------
Total Current Assets 558,001
Other Assets
Goodwill 1,362,317
Prepaid benefit costs 59,256
Notes receivable 31,906
Equity investments and other 197,227
-----------
Total Other Assets 1,650,706
Total Assets $ 3,359,075
===========
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock $ 1
Paid-in capital 829,000
Retained earnings 221,413
Minority interests 1,377
Foreign currency translation and other (27,633)
-----------
1,024,158
Long-term debt 1,220,184
Current Liabilities
Accounts payable 199,594
Advances from affiliates 196,806
Accrued interest payable 42,615
Loan notes 29,749
Accrued taxes payable 96,873
Customer prepayments 28,915
Other 90,886
-----------
685,438
Deferred Credits
Deferred tax liability 291,645
Other 137,650
-----------
Total Deferred Credits 429,295
===========
Total Capitalization and Liabilities $ 3,359,075
===========
Exhibit C
CSW Energy, Inc.
Statement of Income
For the Twelve Months Ended September 30, 1999
(Unaudited)
($000's)
OPERATING REVENUE:
Electric revenues $ 109,015
Thermal revenues 42,322
Equity in Income from energy projects 12,607
Operating and mantenance contract services 8,204
Construction contract revenue 23,910
Other 630
---------
Total operating revenue 196,688
OPERATING EXPENSES:
Fuel 82,372
Operating, maintnance and supplies 20,924
Depreciation and amortization 9,043
Salaries, wages and benefits 10,915
Construction contract expenses 17,400
General and administrative 11,534
Operating and maintenance contract services 5,139
---------
Total operating expenses 157,327
INCOME FROM OPERATIONS 39,361
OTHER INCOME (EXPENSE)
Interest income 6,001
Interest expense (16,632)
Other, net (2,108)
---------
Total other (expense) (12,739)
INCOME BEFORE INCOME TAXES 26,622
PROVISION FOR INCOME TAXES 9,616
---------
Net income before change in accounting principle 17,006
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 5,203
---------
Net income $ 11,803
=========
Exhibit D
CSW International, Inc.
Consolidated Statement of Income
For the Twelve Months Ended September 30, 1999
(Unaudited)
($000's)
Operating Revenues
Electric revenues $ 1,492,669
Other diversified 184,819
-----------
1,677,488
Operating Expenses
Cost of electric sales 968,271
General and administrative 314,141
Depreciation and amortization 110,407
Other diversified 104,126
-----------
1,496,945
-----------
Operating Income 180,543
Other Income and (Deductions)
Investment income 24,234
Interest income 24,919
Interest expense (121,825)
-----------
(72,672)
-----------
Income Before Income Taxes 107,871
Provision for Income Taxes 9,763
-----------
Net Income $ 98,108
===========
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