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. January 1. 2000 to
Dallas, Texas 75202 March 31, 2000
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.
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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 17th day of May, 2000.
CSW Energy, Inc.
CSW International, Inc.
/s/ Sandra S. Bennett
Sandra S. Bennett
Controller
Exhibit A
CSW Energy, Inc.
Balance Sheet
March 31, 2000
(Unaudited)
($000's)
Assets
Current Assets
Cash and cash equivalents $6,415
Accounts receivable 26,524
Prepaid expenses 11,002
---------
Total current assets 43,941
Investments In and Advances to Energy Projects 133,005
Notes Receivable - Affiliate 162,126
Other Assets
Property, Plant, and Equipment, net 19,525
Construction in progress and project development costs 265,836
Other - net 5,641
---------
Total other assets 291,002
---------
Total assets $630,074
=========
Liabilities and Shareholder's Equity
Current Liabilities
Accounts payable $5,553
Accrued liabilities and other 8,939
---------
Total current liabilities 14,492
Notes Payable - Affiliate 191,052
Long Term Debt 199,938
Deferred Income Taxes 47,774
Other 14,349
---------
Total liabilities 467,605
Minority Interest 66
Shareholder's Equity
Common stock 1
Additional paid-in-capital 108,139
Accumulated retained earnings 54,263
---------
Total shareholder's equity 162,403
---------
Total liabilities and shareholder's equity $630,074
=========
Exhibit B
CSW International, Inc.
Consolidated Balance Sheet
March 31, 2000
(Unaudited)
($000's)
ASSETS
Fixed Assets
Electric distribution plant $ 1,516,339
General plant 373,266
-------------
Total Electric Plant 1,889,605
Less - Accumulated depreciation (696,687)
-------------
Total Fixed Assets 1,192,918
Current Assets
Cash and cash equivalents 116,249
Short-term investments 13,275
Accounts receivable 162,096
Notes receivable 54,886
Advances to affiliates 67
Inventories 14,861
Other current assets 49,130
-------------
Total Current Assets 410,564
Other Assets
Goodwill 1,298,718
Prepaid benefit costs 57,280
Notes receivable 30,031
Equity investments and other 284,148
-------------
Total Other Assets 1,670,177
Total Assets $ 3,273,659
=============
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock $ 1
Paid-in capital 829,000
Retained earnings 318,372
Foreign currency translation and other (34,197)
-------------
1,113,176
Long-term debt 1,179,272
Current Liabilities
Accounts payable 172,589
Advances from affiliates 184,071
Accrued interest payable 38,410
Loan notes 21,759
Accrued taxes payable 95,711
Customer prepayments 26,526
Other 137,895
-------------
676,961
Deferred Credits
Deferred tax liability 276,897
Other 27,353
-------------
Total Deferred Credits 304,250
-------------
Total Capitalization and Liabilities $ 3,273,659
=============
Exhibit C
CSW Energy, Inc.
Statements of Income
For the Twelve Months Ended March 31, 2000
(Unaudited)
($000's)
OPERATING REVENUE:
Electric revenues $81,242
Thermal revenues 22,259
Equity in Income from energy projects 16,336
Operating and mantenance contract services 9,610
Construction contract revenue 48,131
Other 52,952
-----------
Total operating revenue 230,530
OPERATING EXPENSES:
Fuel 58,114
Operating, maintnance and supplies 12,889
Depreciation and amortization 6,077
Salaries, wages and benefits 12,397
Construction contract expenses 40,245
General and administrative 13,270
Operating and maintenance contract services 5,176
-----------
Total operating expenses 148,168
INCOME FROM OPERATIONS 82,362
OTHER INCOME (EXPENSE)
Interest income 30,033
Interest expense (25,743)
Other, net (3,261)
-----------
Total other (expense) 1,029
INCOME BEFORE INCOME TAXES 83,391
PROVISION FOR INCOME TAXES 34,400
-----------
Net income $48,991
===========
Exhibit D
CSW International, Inc.
Consolidated Statement of Income
For the Twelve Months Ended March 31, 2000
(Unaudited)
($000's)
Operating Revenues
Electric revenues $ 1,433,218
Other diversified 283,994
--------------
1,717,212
Operating Expenses
Cost of electric sales 913,879
General and administrative 256,613
Depreciation and amortization 129,672
Other diversified 221,612
--------------
1,521,776
--------------
Operating Income 195,436
Other Income and (Deductions)
Investment income 33,533
Interest income 15,502
Interest expense (111,264)
--------------
(62,229)
--------------
Income Before Income Taxes 133,207
Provision for Income Taxes 16,808
--------------
Net Income $ 116,399
==============