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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. October 1, 1999 to
Dallas, Texas 75202 December 31, 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 15th day of February, 2000.
CSW Energy, Inc.
CSW International, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
Exhibit A
CSW Energy, Inc.
Balance Sheet
December 31, 1999
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $7,057
Accounts receivable 13,471
Prepaid expenses 6,943
---------
Total current assets 27,471
Investments In and Advances to Energy Projects 135,295
Notes Receivable - Affiliate 8,624
Other Assets
Construction in progress and project development costs 19,317
Property, Plant, and Equipment, net 251,426
Other - net 5,862
---------
Total other assets 276,605
---------
Total assets $447,995
=========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $19,369
Accrued liabilities and other 7,757
---------
Total current liabilities 27,126
Long Term Debt 199,928
Deferred Income Taxes 46,958
Other 12,935
---------
Total liabilities 286,947
Minority Interest 66
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 52,842
---------
Total shareholder's equity 160,982
---------
Total liabilities and shareholder's equity $447,995
=========
Exhibit B
CSW International, Inc.
Consolidated Balance Sheet
December 31, 1999
(Unaudited)
($000's)
ASSETS
Fixed Assets
Electric distribution plant $ 1,518,137
General plant 378,935
------------
Total Electric Plant 1,897,072
Less - Accumulated depreciation (695,324)
------------
Total Fixed Assets 1,201,748
Current Assets
Cash and cash equivalents 97,407
Short-term investments 16,951
Accounts receivable 131,148
Notes receivable 53,337
Advances to affiliates 93
Inventories 12,619
Other current assets 74,967
------------
Total Current Assets 386,522
Other Assets
Goodwill 1,330,104
Prepaid benefit costs 58,255
Notes receivable 30,865
Equity investments and other 283,901
------------
Total Other Assets 1,703,125
Total Assets $ 3,291,395
============
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock $ 1
Paid-in capital 829,000
Retained earnings 270,623
Minority interests 1,786
Foreign currency translation and other (13,778)
------------
1,087,632
Long-term debt 1,176,473
Current Liabilities
Accounts payable 210,280
Advances from affiliates 180,199
Accrued interest payable 28,431
Loan notes 23,851
Accrued taxes payable 91,244
Customer prepayments 26,362
Other 84,083
------------
644,450
Deferred Credits
Deferred tax liability 294,018
Other 88,822
------------
Total Deferred Credits 382,840
------------
Total Capitalization and Liabilities $ 3,291,395
============
Exhibit C
CSW Energy, Inc.
Statement of Income
For the Twelve Months Ended December 31, 1999
(Unaudited)
($000's)
1999
OPERATING REVENUE:
Electric revenues $95,023
Thermal revenues 30,848
Equity in Income from energy projects 15,416
Operating and mantenance contract services 9,179
Construction contract revenue 28,883
Other 52,946
---------
Total operating revenue 232,295
OPERATING EXPENSES:
Fuel 67,047
Operating, maintnance and supplies 16,377
Depreciation and amortization 7,279
Salaries, wages and benefits 10,848
Construction contract expenses 23,624
General and administrative 13,277
Operating and maintenance contract services 5,062
---------
Total operating expenses 143,514
INCOME FROM OPERATIONS 88,781
OTHER INCOME (EXPENSE)
Interest income 17,605
Interest expense (17,618)
Other, net (4,814)
---------
Total other (expense) (4,827)
INCOME BEFORE INCOME TAXES 83,954
PROVISION FOR INCOME TAXES 34,362
---------
Net income before change in accounting principle 49,592
EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 117
---------
Net income $49,475
=========
Exhibit D
CSW International, Inc.
Consolidated Statement of Income
For the Twelve Months Ended Decembr 31, 1999
(Unaudited)
($000's)
Operating Revenues
Electric revenues $ 1,481,806
Other diversified 226,733
------------
1,708,539
Operating Expenses
Cost of electric sales 961,373
General and administrative 258,703
Depreciation and amortization 127,467
Other diversified 172,156
------------
1,519,699
------------
Operating Income 188,840
Other Income and (Deductions)
Investment income 35,520
Interest income 16,490
Interest expense (112,846)
------------
(60,836)
------------
Income Before Income Taxes 128,004
Provision for Income Taxes 15,107
------------
Net Income $ 112,897
============
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