UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2
File No. 69-344
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
EDISON INTERNATIONAL
(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:
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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.
HOLDING COMPANY
00 EDISON INTERNATIONAL is a corporation organized under the laws of the State
of California and having its principal place of business at 2244 Walnut
Grove Avenue (P.O. Box 999), Rosemead, California 91770. It was organized
principally to acquire and hold securities of other corporations for
investment purposes. Edison International has the following subsidiaries:
UTILITY SUBSIDIARIES
01 SOUTHERN CALIFORNIA EDISON COMPANY ("SCE") is a California corporation
having its principal place of business at 2244 Walnut Grove Avenue (P.O.
Box 800), Rosemead, California 91770. SCE is a public utility primarily
engaged in the business of supplying electric energy to portions of central
and southern California, excluding the City of Los Angeles and certain
other cities. Its subsidiaries have the same principal place of business as
Southern California Edison Company:
02 CALIFORNIA ELECTRIC POWER COMPANY is an inactive California
corporation that remains from a 1964 merger with SCE.
02 CONSERVATION FINANCING CORPORATION is a California corporation engaged
in the remediation and mitigation of environmental liabilities.
02 EDISON ESI is a California corporation engaged in the business of
marketing services, products, information, and copyrighted materials
to third parties on behalf of SCE.
02 MONO POWER COMPANY is an inactive California corporation that has been
engaged in the business of exploring for and developing fuel
resources.
03 The Bear Creek Uranium Company is an inactive California
partnership between Mono Power Company (50%) and Union
Pacific Resources (50%) that has been engaged in reclamation
of an integrated uranium mining and milling complex in
Wyoming.
02 SCE CAPITAL COMPANY is an inactive Delaware corporation that acted as
a financing vehicle for SCE.
02 SCE FUNDING LLC is a Delaware limited liability company that acts as a
financing vehicle for rate reduction bonds.
02 SCE UK SERVICES LTD is a United Kingdom private limited company that
provides auditing services for affiliated companies.
02 SOUTHERN STATES REALTY is a California corporation engaged in holding
real estate assets for SCE.
2
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NONUTILITY SUBSIDIARIES
01 EDISON DRIVES ELECTRIC is a California corporation having its principal
place of business at 2244 Walnut Grove Avenue, Rosemead, California 91770,
which is engaged in administering a vehicle lease program for Edison
International employees.
01 EDISON INSURANCE SERVICES, INC., is a Hawaii corporation having its
principal executive office at 1099 Alakea Street, 22nd Floor, Honolulu,
Hawaii 96813, formed for the purpose of issuing domestic and foreign
property damage and business interruption insurance to Edison International
and its subsidiaries.
01 EDISON VENTURES is a California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770, which was
organized to own the stock and coordinate the activities of nonutility
companies. The subsidiaries of Edison Ventures are as follows:
02 EDISON TRANSENERGY is a California corporation having its principal
place of business at 2244 Walnut Grove Avenue, Rosemead, California
91770, which is engaged in pipeline development activities to
transport crude oil.
01 EDISON ENERGY (inactive)
01 THE MISSION GROUP is a California corporation having its principal place of
business at 18101 Von Karman Avenue, Suite 1700, Irvine, California
92612-1046, which was organized to own the stock and coordinate the
activities of nonutility companies. The subsidiaries of The Mission Group
are as follows:
02 EDISON TECHNOLOGY SOLUTIONS ("ETS") is a California corporation having
its principal place of business at 6040 North Irwindale Avenue,
Irwindale, California 91706, which was organized to engage in
technology development and commercialization. The subsidiaries of
Edison Technology Solutions are as follows:
03 EDISON EV is a California corporation having its principal place
of business at 6040 North Irwindale Avenue, Irwindale, California
91706, which is engaged in the business of providing electric
vehicle charging infrastructure.
03 FACILICHEM, INC., is a California corporation having its principal
place of business at 333 Ravenswood Avenue, Menlo Park, California
94025, which was organized to engage in the research, development
and commecialization of liquid membrane technologies for
application in specific industrial and chemical processes.
ETS has a 10%ownership interest with an option to increase
that interest to 16.66%
02 EDISON ENVIRONMENTAL SERVICES is a California corporation having its
principal place of business at 18101 Von Karman Avenue, Suite 1700,
Irvine, California 92612-1046, which was organized to provide nuclear
decommissioning services.
02 EDISON ENTERPRISES is a California corporation having its principal
place of business at 13191 Crossroads Parkway North, City of Industry,
California 91746, which was organized to own the stock and coordinate
the activities of various retail companies. The subsidiaries of Edison
Enterprises are as follows:
3
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03 EDISON SOURCE is a California corporation having its
principal place of business at 13191 Crossroads Parkway
North, City of Industry, California 91746. It is engaged in
the business of integrated energy services and wholesale
power marketing.
04 G.H.V. REFRIGERATION, INC. is a California corporation having
its principal place of business at 13191 Crossroads Parkway
North City of Industry, California 91746. It is engaged in
the business of providing refrigeration/HVAC operations,
maintenance and installations throughout Southern California
and Arizona.
03 EDISON SELECT is a California corporation having its principal
place of business at 13191 Crossroads Parkway North, City of
Industry, California 91746. It is engaged in the business of
providing consumer products and services.
04 EDISON HOME PROTECTION COMPANY (inactive)
04 SELECT HOME WARRANTY COMPANY is a California corporation having
its principal place of business at 13191 Crossroads Parkway
North, City of Industry, California 91746. It is engaged in
the homeprotection company business.
04 VALLEY BURGLAR & FIRE ALARM CO., INC. is a California
corporation having its principal place of business at 13191
Crossroads Parkway North, City of Industry, California 91746.
It is engaged in the business of providing home security
services.
04 WESTEC RESIDENTIAL SECURITY, INC. is a Delaware corporation
having its principal place of business at 13191 Crossroads
Parkway North, City of Industry, California 91746. It is
engaged in the business of providing home security services.
03 EDISON UTILITY SERVICES is a California corporation having
its principal place of business at 13191 Crossroads Parkway
North, City of Industry, California 91746. It is engaged in
the business of providing services including billing and
transmission and distribution outsourcing.
4
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02 EDISON CAPITAL is a California corporation having its principal
place of business at 18101 Von Karman Avenue, Suite 800, Irvine,
California 92612-1046. It is engaged in the business of leveraged-
leasing transactions and other project financings, either directly
or through subsidiaries. Edison Capital owns a group of subsidiaries
and has interests in various partnerships through its subsidiaries.
The subsidiaries and partnerships of Edison Capital are listed below.
Unless otherwise indicated, all entities are corporations, are
organized under the laws of the State of California, and have the
same principal place of business as Edison Capital. (P)=partnership;
(C)=commitment.
03 BURLINGTON APARTMENTS, INC.
04 Burlington Arboretum L.P. (P) 1%
03 EDISON CAPITAL EUROPE LIMITED (UK corporation)
03 EDISON CAPITAL VENTURES
03 EDISON FUNDING COMPANY
04 EDISON CAPITAL HOUSING INVESTMENTS
05 1st Time Homebuyer Opportunities L.P. (Chester County Homes)(P)99%
05 1010 SVN Associates L.P. (P) 99%
05 1475 167th Avenue Associates L.P. (Bermuda Gardens) (P) 99.9%
05 16th & Church Street Associates L.P. (P) 99%
05 1732 Champa L.P. (Buerger Brothers Lofts) (P) 99%
05 18303 Kittridge Associates - 39 L.P. (P) 99%
05 1856 Wells Court Partners, L.P. (Wells Court) (P) 99%
05 210 Washington Avenue Associates (Renaissance Plaza)
(Connecticut partnership) 99%
05 2400 Locust Associates L.P. (Locust on the Park) (P) 99%
05 Abajo Del Sol L.P. (P) 99.9%
05 AE Associates L.P. (Avenida Espana) (P) 99%
05 Agape Housing L.P. (P) 99%
05 Alhambra Apartments L.P. (P) 99.9%
05 Anglo Edison LLC No. 1 (Las Brisas) (P) 99%
05 Anglo Edison Pinecrest L.L.C. (P) 99%
05 Anglo Edison Ravenwood L.L.C. (P) 99%
05 Apollo Development Associates LP (Apollo Hotel) (P) 99%
05 Argyle Redevelopment Partnership, Ltd. (Colorado
partnership) 99%
05 Auburn Manor Apartments L.P. (P) 99%
05 B.A.I. Anglo Edison Pinecrest, LLC (Pinecrest) (P) 99%
05 Barnsdall Court L.P. (Villa Mariposa) (P) 99%
05 Bartlett Hill Associates L.P. (P) 70%; 100% w/ MBHCo.
05 Beacon Manor Associates L.P. (P) 99%
05 Borregas Court L.P. (P) 99%
05 Boulder Creek Apartments L.P. (P) 99%
05 Bouquet Canyon Seniors L.P. (P) 99%
05 Brantwood II Associates L.P. (P) 98.99%
05 Brooks School Associates L.P. (P) 98.99%
05 Bryn Mawr - Belle Shore L.P. (P) 99%
05 Burlington Arboretum L.P. (P) 94.66%
05 Burlington Senior Housing LLC (P) 98.9%
05 Bush Hotel L.P. (P) 99%
05 Carson Housing L.P. (P) 99%
05 CCS/Bellingham L.P. (Washington Grocery Building) (P) 99%
05 CCS/Mount Vernon Housing L.P. (La Venture) (P) 99%
05 CCS/Renton Housing L.P. (Renton) (P) 99%
05 Cedarshores Limited Dividend Housing Association L.P. (P) 98.99%
05 Centertown Associates L.P. (P) 99%
05 Centro Partners L.P. (El Centro) (P) 99%
05 Cincinatti Ravenwood Apartments L.P. (Ravenwood) (P) 99%
05 Cochrane Village Apartments L.P. (P) 99%
05 Conejo Valley Community Housing Associates (Community House
Apartments) (P) 99%
05 Coolidge Station Apartments L.L.C. (P) 99%
05 Coyote Springs Apartments Associates L.P. (P) 99%
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5
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05 Cypress Cove Associates (P) 99%
05 Davis MHA Twin Pines Community Associates L.P. (Northstar
Apartments) (P) 99%
05 Delta Plaza Apartments L.P. (P) 99%
05 EAH Larkspur Creekside Associates L.P. (P) 99%
05 EAST COAST CAPITAL, INC. (Massachusetts corporation)
05 East Cotati Avenue Partners L.P. (P) 99%
05 Eastwood Homes L.P. (P) 98.99%
05 EC ASSET SERVICES, INC. (Massachusetts corporation)
05 EC PROPERTIES, INC. (Massachusetts corporation)
06 Corporations for Affordable Housing L.P. (P) 1%
07 Arbor Lane Associates Phase II L.P. (Timberwood) (P) 99%
07 Arroyo Vista Associates L.P. (P) 99%
07 Artloft Associates L.P. (P) 35.6%
07 Caleb Affordable Housing Associates L.P.
(Ledges/Pinebrook) (P) 99%
07 The Carlin L.P. (P) 99%
07 Diamond Phase III Venture L.P. (P) 99%
07 Fairmont Hotel Urban Renewal Associates L.P. (P) 99%
07 Mackenzie Park Associates L.P. (P) 99%
07 Parkside Associates L.P. (Parkside Garden) (P) 99%
07 Pines Housing L.P. (P) 99%
07 Pines Housing II, L.P. (P) 99%
07 Smyrna Gardens Associates L.P. (P) 99%
07 Tioga Gardens L.P. (P) 99%
07 Walden Pond, L.P. (Hamlet) (P) 99%
06 Corporations for Affordable Housing L.P. II (P) 1%
07 2601 North Broad Street Associates L.P. (Station House)
(P) 99%
07 Artloft Associates L.P. (P) 53.39%
07 Brookline Housing Associates LLC (Bridgewater) (P) 99%
07 EDA L.P. (Eagle's Nest) (P) 99%
07 Edgewood Manor Associates II L.P. (P) 99%
07 Gateway Housing L.P. (Gateway Townhomes) (P) 99%
07 Homestead Village Associates L.P. (P) 99%
07 Junction City Apartments L.P. (Green Park) (P) 99%
07 Liberty House Associates L.P. (P) 99%
07 Maple Ridge Development Associates L.P. (P) 99%
07 Parsonage Cottage Senior Residence L.P. (P) 99%
07 Rittenhouse School L.P. (P) 99%
07 Silver City Housing L.P. (P) 99%
07 South 55th Street, L.P. (P) 99%
07 W. M. Housing Associates L.P. (Williamsport Manor) (P) 99%
07 Winnsboro Apartments L.P. (Deer Wood) (P) 99%
05 EC PROPERTIES III, INC. (Massachusetts corporation)
06 Corporations for Affordable Housing L.P. III (P) 1%
07 Piedmont Housing Associates (P) 99%
07 Pines Housing III (P) 99%
07 Salem-Lafayette Urban Renewal Associates, L.P. (P) 99%
07 Spring Valley Commons (P) 99%
07 Stevenson Housing Associates (Park Vista) (P) 99%
05 EC-SLP, INC. (Massachusetts corporation)
05 ECHI Wyvernwood, Inc. [dead project]
05 ECH/HFC GP Partnership No. 1 (P) 34.9%
06 Edison Capital Housing Partners VII L.P. (P) 19.4%
07 C-Court L.P. (Cawelti Court) (P) 99%
07 Cottonwood Affordable Housing L.P. (P) 99%
07 Fifth & Wilshire (P) 99%
07 Flagstaff Affordable Housing II, L.P. (Forest View Apts.)
(P) 99%
07 Huff Avenue Associates L.P. (P) 99%
07 Mountain View Townhomes Associates L.P. (P) 99%
07 Oak Forest Associates L.P. (P) 99%
07 Paradise Road Partners L.P. (Gateway Village) (P) 99%
07 Woodland Arms Apartments, Ltd. (P) 99%
6
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05 ECH/HFC GP Partnership No. 2 (P) 56.7%
06 Edison Capital Housing Partners VIII L.P. (P) 18.54%
07 Catalonia Associates L.P. (P) 99%
07 Ohlone Housing Associates L.P. (P) 99%
05 EDISON CAPITAL AFFORDABLE HOUSING 97 V
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VI
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VII
05 EDISON CAPITAL AFFORDABLE HOUSING 97 VIII
05 Edison Capital Contributions VI Partners (P) 91.77%
06 ECH Investor Partners VI-A L.P. (P) 15.39%
07 Edison Capital Housing Partners VI L.P. (P) 61.82%
08 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
P) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
08 Altamont Hotel Associates L.P. (P) 99%
08 Bradley Manor Senior Apartments L.P. (P) 99%
08 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
08 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
08 Hamilton Place Senior Living L.P. (P) 99%
08 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
08 KDF Malabar L.P. (P) 99%
08 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
08 MAS-WT, L.P. (Washington Terrace) (P) 99%
08 Northwood Manor Associates L.P. (P) 99%
08 Silver Lake Properties L.P. (P) 99%
08 University Park Properties L.P. (P)99%
08 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
08 Vista Verde Townhomes II LLC (P) 99%
08 Vista Properties LLC (Vista View) (P) 99%
06 ECH Investor Partners VI-B L.P. (P) 15.39%
07 Edison Capital Housing Partners VI L.P. (P) 37.18%
08 Admiralty Heights Associates II 1995 L.P. (Kent Manor)
(P) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
08 Altamont Hotel Associates L.P. (P) 99%
08 Bradley Manor Senior Apartments L.P. (P) 99%
08 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
08 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
08 Hamilton Place Senior Living L.P. (P) 99%
08 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
08 KDF Malabar L.P. (P) 99%
08 LINC-Bristol Associates I, L.P. (City Gardens) (P) 99%
08 MAS-WT, L.P. (Washington Terrace) (P) 99%
08 Northwood Manor Associates L.P. (P) 99%
08 Silver Lake Properties L.P. (P) 99%
08 University Park Properties L.P. (P)99%
08 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
08 Vista Verde Townhomes II LLC (P) 99%
08 Vista Properties LLC (Vista View) (P) 99%
05 EDISON CAPITAL HOUSING DELAWARE, INC.
06 B.A.I. Edison Ravenwood L.P. (Ravenwood) (P) 90%
07 Cincinatti Ravenwood Apartments L.P. (P) 0.95%
05 Edison Capital Housing Partners V L.P. (P) 16.38%
06 AMCAL Santa Barbara Fund XXXVI L.P. (Positano) (P) 99%
06 Bodega Hills Investors L.P. (P) 99%
06 Mercy Housing California IV L.P. (Vista Grande) (P) 99%
06 Park Place Terrace L.P. (P) 99%
06 River Walk Apartments Homes L.P. (P) 99%
06 San Diego Golden Villa Partners L.P. (Golden Villa) (P) 99%
06 Santa Alicia Gardens Townhomes L.P. (The Gardens) (P) 99%
06 St. Hedwigs Gardens (P) 99%
06 Sunshine Terrace L.P. (P) 99%
06 Union Meadows Apartments (P) 99%
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05 EDISON CAPITAL HOUSING FLORIDA
05 EDISON CAPITAL HOUSING MANAGEMENT
06 JOHN STEWART COMPANY
Address: 2310 Mason Street, San Francisco, CA 94133
07 2814 Fifth Street Associates L.P. (P) 0.5%GP
07 381 Turk Street L.P. (P) 1%GP
07 Community Investment L.P. (Oak Village Apartments) (P) 1%GP
07 Crescent Manor Associates L.P. (P) 2.85%GP
07 The IBEX Group (P) 10%GP
08 Del Norte Place L.P. (P) 18%GP
08 Woodhaven Senior Residences L.P. (P) 1%GP
07 Jackie Robinson Apartments L.P. (P) 1.67%GP
07 Larkspur Isle L.P. (P) 0.5%GP
07 Las Casitas L.P. (P) 0.5%GP
07 Mason Street Enterprises L.P. (P) 1%GP
07 Piper Court G.P. (P) 99.9%GP
07 Shiloh Arms L.P. (P) 1%GP/9.8%LP
07 St. John's L.P. (P) 1%GP/19.6%LP
07 Village East Apartments L.P. (P) 2.48%GP
05 EDISON CAPITAL HOUSING NEW JERSEY
06 El Barrio Academy Urban Renewal Associates, L.P. (Academy
Street) (P) 98.99%
06 Pellettieri Homes Urban Renewal Associates, L.P. (P) 98.99%
05 EDISON CAPITAL HOUSING NEW YORK
06 WPA/Edison LLC (Pier A) (P) 99%
05 EDISON CAPITAL HOUSING PENNSYLVANIA
06 Lackawana Housing Associates LLC (Goodwill Neighborhood
Residences) (P) 98.99%
06 McFarland Press Associates (P) 98.99%
06 Villa Maria Housing L.P. (P) 98.99%
05 EDISON HOUSING GEORGIA
06 HMB-Atlanta I L.P. (Spring Branch) (P) 99%
05 EDISON HOUSING NORTH CAROLINA
06 Edison Capital Contributions VI Partners (P) 4.03%
07 ECH Investor Partners VI-A L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 61.82%
09 Admiralty Heights Associates II 1995 L.P. (Kent
Manor)(P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens)
(P) 99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
07 ECH Investor Partners VI-B L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 37.18%
09 Admiralty Heights Associates II 1995 L.P. (Kent
Manor) (P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
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09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens)
(P) 99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
05 EDISON HOUSING OREGON, INC.
05 EDISON HOUSING SOUTH CAROLINA
06 Edison Capital Contributions VI Partners (P) 4.20%
07 ECH Investor Partners VI-A L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 61.82%
09 Admiralty Heights Associates II 1995 L.P.
(Kent Manor) (P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens)(P)99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
07 ECH Investor Partners VI-B L.P. (P) 15.39%
08 Edison Capital Housing Partners VI L.P. (P) 37.18%
09 Admiralty Heights Associates II 1995 L.P.(Kent Manor)
(P) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn
Apts. Phase II) (P) 99%
09 Altamont Hotel Associates L.P. (P) 99%
09 Bradley Manor Senior Apartments L.P. (P) 99%
09 Double X Associates 1995 L.P. (Terrace Manor) (P) 99%
09 Hamilton Place Apartments L.P. (Larkin Place) (P) 99%
09 Hamilton Place Senior Living L.P. (P) 99%
09 Hearthstone Group 3 L.P. (Evergreen Court) (P) 99%
09 KDF Malabar L.P. (P) 99%
09 LINC-Bristol Associates I, L.P. (City Gardens) (P)99%
09 MAS-WT, L.P. (Washington Terrace) (P) 99%
09 Northwood Manor Associates L.P. (P) 99%
09 Silver Lake Properties L.P. (P) 99%
09 University Park Properties L.P. (P)99%
09 Upland Senior Housing L.P. (Coy D. Estes) (P) 99%
09 Vista Verde Townhomes II LLC (P) 99%
09 Vista Properties LLC (Vista View) (P) 99%
05 Edmundson Associates L.P. (Willows) (P) 99%
05 EHI DEVELOPMENT COMPANY
05 EHI DEVELOPMENT FUND
05 Electra Arms Senior Associates L.P. (P) 99%
05 Elizabeth West & East L.P. (P) 99%
05 Farm (The) Associates L.P. (P) 99%
05 Florence Apartments LLC (P) 99%
05 Gilroy Redwood Associates L.P. (Redwoods) (P) 99%
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<PAGE>
05 Ginzton Associates L.P. (P) 99%
05 Grace Housing L.P. (P) 99%
05 Grandy Lake 1996 L.P. (Grandy Lake Residences) (P) 99%
05 Grossman Apartments Investors L.P. (P) 99%
05 Harry Clark Jr. Residential Center LLC (P) 99%
05 Heartland-Wisconsin Rapids Timber Trails LLC (Timber Trails)(P)99%
05 Heather Glen Associates L.P. (P) 99%
05 Heritage Partners L.P. (P) 99%
05 Holy Family Associates L.P. (P) 99%
05 Hotel Elkhart L.L.C. (The Cornerstone) (P) 99%
05 KDF Park Glenn L.P. (Park Glenn) (P) 99%
05 KDF Santa Paula L.P. (Santa Paula) (P) 99%
05 Kennedy Lofts Associates L.P. (Massachusetts partnership) 97%
05 Lark Ellen L.P. (P) 99%
05 LL Housing L.P. (Maryland partnership) (P) 99%
05 LL Housing L.L.C. (P) 99%
05 Madison/Mollison L.P. (Park Mollison) (P) 99%
05 Maplewood School Apartments L.P. (P) 99%
05 Mar Associates L.P. (Frank Mar) (P) 99%
05 Marlton Residences Associates L.P. (P) 99%
05 Mercy Housing California IX L.P. (Sycamore) (P) 99%
05 Merrill Road Associates L.P. (P) 99%
05 MH I L.P. (P) 1%
06 California Park Apartments L.P. (P) 1% of 99%
05 MH II L.P. (P) 1%
06 5363 Dent Avenue Associates L.P. (P) 1% of 99%
05 MH III L.P. (P) 1%
06 DeRose Housing Associates L.P. (P) 1% of 99%
05 MH IV L.P. (P) 1%
06 MPT Apartments L.P. (MacArthur Park) (P) 1% of 99%
05 MH V L.P. (P) 1%
06 Centennial Place L.P. (P) 1% of 99%
05 MHICAL 94 COMPANY
06 MHICAL 94 L.P. (Delaware partnership) 99%LP
07 Mayacamas Village Associates L.P. (P) 99% of 99%
07 Rincon De Los Esteros Associates L.P. (P) 99% of 99%
07 West Capital Courtyard L.P. (P) 99% of 99%
07 Winfield Hill Associates L.P. (P) 99% of 99%
05 MHICAL 94 L.P. (Delaware partnership) 1%GP
06 Mayacamas Village Associates L.P. (P) 1% of 99%
06 Rincon De Los Esteros Associates L.P. (P) 1% of 99%
06 West Capital Courtyard L.P. (P) 1% of 99%
06 Winfield Hill Associates L.P. (P) 1% of 99%
05 MHICAL 95 COMPANY
06 MHICAL 95 L.P. (Delaware partnership) 99%LP
07 Abby Associates L.P. (Windmere) (P) 99% of 99%
07 Antelope Associates L.P. (P) 99% of 99%
07 Baker Park Associates L.P. (P) 99% of 99%
07 Bracher Associates L.P. (P) 99% of 99%
07 Colina Vista L.P. (P) 99% of 99%
07 ECH/HFC GP Partnership No. 2 (P) 43.3%
08 Edison Capital Housing Partners VIII L.P. (P) 18.54%
09 Catalonia Associates L.P. (P) 99%
09 Ohlone Housing Associates L.P. (P) 99%
07 Florin Woods Associates L.P. (P) 99% of 99%
07 Mercy Housing California VI L.P. (205 Jones) (P) 99% of 99%
07 Pinmore Associates L.P. (P) 99% of 99%
07 Sunset Creek Partners L.P. (P) 99% of 99%
05 MHICAL 95 L.P. (Delaware partnership) 1%GP
06 Abby Associates L.P. (Windmere) (P) 1% of 99%
06 Antelope Associates L.P. (P) 1% of 99%
06 Baker Park Associates L.P. (P) 1% of 99%
06 Bracher Associates L.P. (P) 1% of 99%
06 Colina Vista L.P. (P) 1% of 99%
10
<PAGE>
06 ECH/HFC GP Partnership No. 2 (P) 43.3%
07 Edison Capital Housing Partners VIII L.P. (P) 18.54%
08 Catalonia Associates L.P. (P) 99%
08 Ohlone Housing Associates L.P. (P) 99%
06 Florin Woods Associates L.P. (P) 1% of 99%
06 Mercy Housing California VI L.P. (205 Jones) (P) 1% of 99%
06 Pinmore Associates L.P. (P) 1% of 99%
06 Sunset Creek Partners L.P. (P) 1% of 99%
05 MHICAL 96 COMPANY
06 MHICAL 96 L.P. (Delaware partnership) 99%LP
07 2814 Fifth Street Associates L.P. (Land Park Woods) (P) 99%
07 ECH/HFC GP Partnership No. 1 (P) 50.4%
08 Edison Capital Housing Partners VII L.P. (P) 19.4%
09 C-Court L.P. (Cawelti Court) (P) 99%
09 Cottonwood Affordable Housing L.P. (P) 99%
09 Fifth & Wilshire (P) 99%
09 Flagstaff Affordable Housing II, L.P. (Forest View
Apts.) (P) 99%
09 Huff Avenue Associates L.P. (P) 99%
09 Mountain View Townhomes Associates L.P. (P) 99%
09 Oak Forest Associates L.P. (P) 99%
09 Paradise Road Partners L.P. (Gateway Village) (P) 99%
09 Woodland Arms Apartments, Ltd. (P) 99%
07 Greenway Village Associates L.P. (P) 99% of 99%
07 Kennedy Court Partners L.P. (P) 99% of 99%
07 Klamath Associates L.P. (P) 99% of 99%
07 Sky Parkway Housing Associates L.P. (P) 99% of 99%
07 Strobridge Housing Associates L.P. (P) 99% of 99%
07 Westgate Townhomes Associates L.P. (P) 99% of 99%
05 MHICAL 96 L.P. (Delaware partnership) 1%GP
06 2814 Fifth Street Associates L.P. (Land Park Woods) (P) 99%
06 ECH/HFC GP Partnership No. 1 (P) 50.4%
07 Edison Capital Housing Partners VII L.P. (P) 19.4%
08 C-Court L.P. (Cawelti Court) (P) 99%
08 Cottonwood Affordable Housing L.P. (P) 99%
08 Fifth & Wilshire (P) 99%
08 Flagstaff Affordable Housing II, L.P. (Forest View
Apts.) (P) 99%
08 Huff Avenue Associates L.P. (P) 99%
08 Mountain View Townhomes Associates L.P. (P) 99%
08 Oak Forest Associates L.P. (P) 99%
08 Paradise Road Partners L.P. (Gateway Village) (P) 99%
08 Woodland Arms Apartments, Ltd. (P) 99%
06 Greenway Village Associates L.P. (P) 1% of 99%
06 Kennedy Court Partners L.P. (P) 1% of 99%
06 Klamath Associates L.P. (P) 1% of 99%
06 Sky Parkway Housing Associates L.P. (P) 1% of 99%
06 Strobridge Housing Associates L.P. (P) 1% of 99%
06 Westgate Townhomes Associates L.P. (P) 1% of 99%
05 MHICAL 97 COMPANY
06 MHICAL 97 L.P. 99%LP
07 Alma Place Associates L.P. (P) 99% of 99%
07 ECH/HFC GP Partnership No. 1 (P) 14.7%
08 Edison Capital Housing Partners VII L.P. (P) 19.4%
09 C-Court L.P. (Cawelti Court) (P) 99%
09 Cottonwood Affordable Housing L.P. (P) 99%
09 Fifth & Wilshire (P) 99%
09 Flagstaff Affordable Housing II, L.P. (Forest View
Apts.) (P) 99%
09 Huff Avenue Associates L.P. (P) 99%
09 Mountain View Townhomes Associates L.P. (P) 99%
09 Oak Forest Associates L.P. (P) 99%
09 Paradise Road Partners L.P. (Gateway Village) (P) 99%
09 Woodland Arms Apartments, Ltd. (P) 99%
11
<PAGE>
07 Garnet Housing Associates (P) 99% of 99%
07 Monterra Village Associates L.P. (P) 99% of 99%
07 Walnut Avenue Partnership L.P. (P) 99% of 99%
05 MHICAL 97 L.P. 1%GP
06 Alma Place Associates L.P. (P) 1% of 99%
06 ECH/HFC GP Partnership No. 1 (P) 14.7%
07 Edison Capital Housing Partners VII L.P. (P) 19.4%
08 C-Court L.P. (Cawelti Court) (P) 99%
08 Cottonwood Affordable Housing L.P. (P) 99%
08 Fifth & Wilshire (P) 99%
08 Flagstaff Affordable Housing II, L.P. (Forest View
Apts.) (P) 99%
08 Huff Avenue Associates L.P. (P) 99%
08 Mountain View Townhomes Associates L.P. (P) 99%
08 Oak Forest Associates L.P. (P) 99%
08 Paradise Road Partners L.P. (Gateway Village) (P) 99%
08 Woodland Arms Apartments, Ltd. (P) 99%
06 Garnet Housing Associates (P) 1% of 99%
06 Monterra Village Associates L.P. (P) 1% of 99%
06 Walnut Avenue Partnership L.P. (P) 1% of 99%
05 MHIFED 94 COMPANY
05 MHIFED 94 L.P. (Delaware partnership) 1%GP; 99%LP to NYNEX
06 Berry Avenue Associates L.P. (P) 1% of 99%
06 Carlton Way Apartments L.P. (P) 1% of 99%
06 CDR Senior Housing Associates (Casa del Rio) (P) 1% of 99%
06 Corona Ely/Ranch Associates L.P. (P) 1% of 99%
06 Fairview Village Associates L.P. (P) 1% of 99%
06 Fell Street Housing Associates L.P. (P) 1% of 99%
06 Hope West Apartments L.P. (P) 1% of 99%
06 Morrone Gardens Associates L.P. (P) 1% of 99%
06 Pajaro Court Associates L.P. (P) 1% of 99%
06 Tierra Linda Associates L.P. (P) 1% of 99%
06 Tlaquepaque Housing Associates L.P. (P) 1% of 99%
05 MHIFED 95 COMPANY
05 MHIFED 95 L.P. (Delaware partnership) 1%GP; 99%LP to NYNEX
06 Avalon Courtyard L.P. (Carson Senior Housing) (P) 1% of 99%
06 Hollywood El Centro L.P. (P) 1% of 99%
06 La Brea/Franklin L.P. (P) 1% of 99%
06 Larkin Pine L.P. (P) 1% of 99%
06 Mercy Housing California III L.P. (3rd & Reed) (P) 1% of 99%
06 Pinole Grove Associates L.P. (P) 1% of 99%
06 Second Street Center L.P. (Santa Monica) (P) 1% of 99%
06 Solinas Village Partners L.P. (P) 1% of 99%
06 Three Oaks Housing L.P. (P) 1% of 99%
06 1101 Howard Street Associates L.P. (P) 1% of 99%
05 MHIFED 96 COMPANY
05 MHIFED 96 L.P. (Delaware partnership) 5%GP; 95%LP to Cargill
06 Lavell Village Associates L.P. (P) 5% of 99%
06 North Town Housing Partners L.P. (Villa del Norte Village)
(P) 5% of 99%
06 Poco Way Associates L.P. (P) 5% of 99%
06 Seasons Affordable Senior Housing L.P. (P) 5% of 99%
05 MHIFED 96A COMPANY
05 MHIFED 96A L.P. (Delaware partnership) 1%GP; 99%LP to NYNEX
06 Good Samaritan Associates L.P. (P) 1% of 99%
06 Metro Senior Associates L.P. (P) 1% of 99%
06 Oxnard Housing Associates L.P. (P) 1% of 99%
06 Reseda Village L.P. (P) 1% of 99%
06 Round Walk Village Apartments L.P. (P) 1% of 99%
06 Santa Alicia Family Housing Associates (P) 1% of 99%
06 Vine Street Court L.P. (P) 1% of 99%
06 Vine Street Court L.P. II (P) 1% of 99%
05 MHIFED 97 COMPANY
06 MHIFED 97 L.P. 1%GP
05 MHIFED 97 L.P. 99%LP
12
<PAGE>
05 Mid-Peninsula Century Village Associates L.P. (Century Village)
(P) 99%
05 Mid-Peninsula Sharmon Palms Associates L.P. (Sharmon Palms) (P)
99%
05 Mission Capp L.P. (P) 99%
05 MISSION HOUSING ALPHA
06 Lee Park Investors L.P. (Pennsylvania partnership) 99%
05 MISSION HOUSING BETA
06 Richmond City Center Associates L.P. (P) 99%
05 MISSION HOUSING DELTA
06 MH I L.P. (P) 99%
07 California Park Apartments L.P. (P) 99% of 99%
06 MH II L.P. (P) 99%
07 5363 Dent Avenue Associates L.P. (P) 99% of 99%
06 MH III L.P. (P) 99%
07 DeRose Housing Associates L.P. (P) 99% of 99%
06 MH IV L.P. (P) 99%
07 MPT Apartments L.P. (MacArthur Park) (P) 99% of 99%
06 MH V L.P. (P) 99%
07 Centennial Place L.P. (P) 99% of 99%
05 MISSION HOUSING DENVER
06 Mercantile Square L.P. (P) 99%
06 North Park Village LLC (P) 99%
05 MISSION HOUSING EPSILON
06 Knolls Community Associates L.P. (P) 99%
06 Riverside/Liebrandt Partners L.P. (La Playa) (P) 99%
05 MISSION HOUSING GAMMA
06 Del Carlo Court Associates L.P. (P) 99%
05 MISSION HOUSING HOLDINGS
06 Mission Housing Partnership 1996 L.P. 99%LP (Delaware
partnership)
07 La Terraza Associates L.P. (Carlsbad Villas at Camino
Real) (P) 99% of 99%
05 Mission Housing Partnership 1996 L.P. 1%GP (Delaware partnership)
06 La Terraza Associates L.P. (Carlsbad Villas at Camino Real)
(P) 1% of 99%
05 MISSION HOUSING THETA
06 MISSION FUNDING THETA
07 Brantwood II Associates L.P. (P) 0.01%
07 Brooks School Associates L.P. (P) 0.01%
07 Burlington Senior Housing LLC (P) 0.01%
07 Cedarshores Limited Dividend Housing Association L.P.
(P) 0.01%
07 Eastwood Homes L.P. (P) 0.01%
07 El Barrio Academy Urban Renewal Associates, L.P. (Academy
Street) (P) 0.01%
07 Lackawana Housing Associates LLC (Goodwill Neighborhood
Residences) (P) 0.01%
07 McFarland Press Associates (P) 0.01%
07 Oakdale Terrace Leased Housing Associates L.P. (P) 0.01%
07 Pellettieri Homes Urban Renewal Associates, L.P. (P) 0.01%
07 Persimmon Associates L.P. (P) 0.01%
07 Roebling Village Inn Urban Renewal L.P. (P) 0.01%
07 Sherman Glen, L.L.C. (P) 0.01%
07 Timber Sound, Ltd. (P) 0.01%
07 Timber Sound II, Ltd. (P) 0.01%
07 Villa Maria Housing L.P. (P) 0.01%
07 Westfield Condominium Investment L.P. (P) 0.01%
07 Woodleaf Village L.P. (P) 0.01%
06 Mission Housing Investors Partnership 5%GP; 95%LP to GECC
07 Forest Winds Associates L.P. (P) 5% of 99%
07 Glen Eden Associates L.P. (A Street) (P) 5% of 99%
07 Gray's Meadows Investors L.P. (P) 5% of 99%
07 Prince Bozzuto L.P. (Fairground Commons) (Maryland
partnership) 5% of 99%
07 Rancho Park Associates L.P. (P) 5% of 99%
07 Rustic Gardens Associates L.P. (P) 5% of 99%
13
<PAGE>
07 Sea Ranch Apartments L.P. (P) 5% of 99%
07 Springdale Kresson Associates L.P. (Jewish Federation)
(New Jersey partnership) 5% of 99%
07 1028 Howard Street Associates L.P. (P) 5% of 99%
05 MISSION HOUSING ZETA
06 Fremont Building L.P. (Crescent Arms) (P) 99%
05 MISSION SA COMPANY
05 Morgan Hill Ranch Housing L.P. (P) 99%
05 National Boston Lofts Associates LLLP (Boston Lofts) (P) 99%
05 Neary Lagoon Partners L.P. (P) 99%
05 New Harbor Vista Apartments (C) 99%
05 Oakdale Terrace Leased Housing Associates L.P. (P) 98.99%
05 Oceanside Gardens L.P. (P) 99%
05 Olive Court Apartments L.P. (P) 98.9%
05 Omaha Amber Ridge L.P. (Amber Ridge) (P) 99%
05 Ontario Senior Housing L.P. (Ontario Plaza) (P) 98.9%
05 Open Door Associates L.P. (West Valley) (P) 99%
05 Pacific Terrace Associates L.P. (C) 99%
05 Pacifica Community Associates L.P. (Villa Pacifica) (P) 99%
05 Palmer House L.P. (P) 99%
05 Pecan Court Associates L.P. (C) 99%
05 Persimmon Associates L.P. (P) 98.99%
05 Pilot Grove L.P. (Massachusetts partnership) 99%
05 Pinewood on Wisconsin Apartments (P) 99%
05 Post Office Plaza L.P. (Ohio partnership) 99%
05 President John Adams Manor Apartments L.P. (P) 99%
05 Providence-Brown Street Housing L.P. (Brown Street) (P) 99.9%
05 PVA L.P. (Park Victoria) (P) 99%
05 Red Lake Homes (P) 99%
05 Riverwalk Apartments, Ltd. (Colorado) (P) 99%
05 Roebling Village Inn Urban Renewal L.P. (P) 98.99%
05 Rosebloom Associates L.P. (Oakshade) (P) 99%
05 Rosecreek Senior Living L.P. (P) 99.9%
05 San Juan Commons 1996 L.P. (P) 99%
05 San Pablo Senior Housing Associates L.P. (P) 99%
05 San Pedro Gardens Associates L.P. (P) 99%
05 Santa Paulan Senior Apartments Associates L.P. (The Paulan)(P)99%
05 Schoolhouse Court Housing Associates L.P. (C) 99%
05 Sherman Glen, L.L.C. (P) 98.99%
05 South Beach Housing Associates L.P. (Steamboat) (P) 99%
05 South Winery Associates L.P. (The Winery Apartments) (P) 99%
05 Stoney Creek Associates L.P. (P) 99%
05 Stony Point Apartment Investors L.P. (Panas Place) (P) 99.9%
05 Studebaker Building L.P. (P) 99%
05 Sultana Acres Associates L.P. (P) 99%
05 Tabor Grand L.P. (Colorado partnership) 99%
05 Terra Cotta Housing Associates L.P. (C) 99%
05 The Josephinum Associates L.P. (Washington partnership) 99%
05 Thomson Rental Housing, L.P. (Washington Place) (P) 99%
05 Timber Sound, Ltd. (P) 98.99%
05 Timber Sound II, Ltd. (P) 98.99%
05 Trinity Park Apartments L.P. (P) 99%
05 Trolley Terrace Townhomes L.P. (P) 99%
05 Tuscany Associates L.P. (Tuscany Villa) (P) 99%
05 Twin Ponds Apartments L.P. (P) 99%
05 Venbury Trail L.P. (P) 99%
05 Wall Street Palmer House L.P. (P) 99%
05 WGA INVESTORS COMPANY [dead project]
05 Washington Creek Associates L.P. (P) 99%
05 West Valley Hart L.P. (Hart & Alabama) (P) 99.9%
05 Westfield Condominium Investment L.P. (P) 98.99%
05 Westport Village Homes Associates L.P. (P) 99%
05 Wheeler Manor Associates L.P. (P) 99%
05 White Mountain Apache L.P. (P) 99%
05 Woodleaf Village L.P. (P) 98.99%
14
<PAGE>
05 Women's Westlake L.P. (Dorothy Day) (P) 99%
05 Yale Street L.P. (P) 99.9%
05 YWCA Villa Nueva Partners L.P. (P) 99%
04 EDISON FUNDING OMICRON GP
05 Olive Court Housing Associates L.P. (P) 0.1%
05 Ontario Senior Housing L.P. (Ontario Plaza) (P) 0.1%
04 EDISON INTEGRATED ENERGY SERVICES
04 MISSION FIRST ASSET INVESTMENT
04 MISSION FUNDING BETA
04 MISSION FUNDING EPSILON
05 EDISON CAPITAL (BERMUDA) INVESTMENTS, LTD. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, Hamilton HM CX,
Bermuda
06 Edison Capital LAI (Bermuda) Ltd. (Bermuda corporation)
07 Trinidad and Tobago Methanol Company Limited 1.0%
06 Edison Capital Latin American Investments (Bermuda) Ltd.
(Bermuda corporation) 33.3%
07 AIG-GE Capital Latin American Infrastructure Fund LP 8%
07 AIG Asian Infrastructure Fund II LP 5.8%
05 EDISON CAPITAL INTERNATIONAL (BERMUDA) LTD.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
(Bermuda corporation) 33.3%
07 AIG-GE Capital Latin American Infrastructure Fund LP 8%
07 AIG Asian Infrastructure Fund II LP 5.8%
06 Electricidad de La Paz S.A. (Electropaz) 10%
06 Lyonnaise Latin America Water Corporation Ltd. 25.8%
06 Olmeca Cable Investments Ltd. (Mandeville Mexico, S.A.) 21.7%
05 Edison Capital Latin American Investments Holding Company
(Delaware corporation)
06 Edison Capital Latin American Investments (Bermuda) Ltd.
(Bermuda corporation) 33.3%
07 AIG-GE Capital Latin American Infrastructure Fund LP 8%
07 AIG Asian Infrastructure Fund II LP 5.8%
05 EDISON CAPITAL (NETHERLANDS) HOLDINGS B.V.
06 EDISON CAPITAL (NETHERLANDS) INVESTMENTS B.V.
07 Law Hospital 20%
05 GEM Energy Company (New York partnership) 50%
05 MISSION FUNDING ALPHA
06 MISSION FUNDING MU
07 EPZ Mission Funding Mu Trust (equity interest in foreign
utility company) [see 4.01]
05 MISSION FUNDING DELTA
06 MISSION FUNDING NU
07 EPZ Mission Funding Nu Trust (equity interest in foreign
utility company) [see 4.02]
05 MISSION INVESTMENTS, INC. (U.S. Virgin Islands corporation)
Address: ABN Trustcompany, Guardian Building, Havensight,
2nd Floor, St. Thomas, U.S. Virgin Islands
05 MISSION (BERMUDA) INVESTMENTS, LTD. (Bermuda corporation)
Address: Clarendon House, 2 Church Street,
Hamilton HM CX, Bermuda
04 MISSION FUNDING GAMMA
04 MISSION FUNDING KAPPA
05 ABB Funding Partners, L.P. (P) 14.27%
04 MISSION FUNDING ZETA
05 Huntington L.P. (New York partnership) 50%
05 Lakota Ridge LLC 75%
05 Shaokatan Hills LLC 75%
05 Woodstock Hills LLC 75%
03 EDISON MORTGAGE COMPANY
03 MISSION BARTLETT HILL COMPANY
04 Bartlett Hill Associates L.P. (P) 30% [29%LP, 1%GP]; 100% w/ ECHI
03 MISSION INTERNATIONAL CAPITAL, INC.
03 RENEWABLE ENERGY CAPITAL COMPANY
15
<PAGE>
02 MISSION LAND COMPANY is a California corporation having its principal
place of business at 18101 Von Karman Avenue, Suite 800, Irvine,
California 92612-1046. It is engaged, directly and through its
subsidiaries, in the business of owning, managing and selling
industrial parks and other real property investments. The
subsidiaries and partnerships of Mission Land Company are listed
below. Unless otherwise indicated, all entities are corporations,
are organized under the laws of the State of California, and have
the same principal place of business as Mission Land Company.
03 ASSOCIATED SOUTHERN INVESTMENT COMPANY
03 CALABASAS PALATINO, INC. (inactive)
03 Carol Stream Developers G.P. (Illinois partnership) 60%GP
03 Centrelake Partners, L.P. (limited partnership) 98%GP
03 IRWINDALE LAND COMPANY (inactive)
03 MISSION AIRPORT PARK DEVELOPMENT CO.
04 Carol Stream Developers G.P. (Illinois partnership) 40%GP
04 Centrelake Partners, L.P. (limited partnership) 2%LP
04 Mission Vacaville L.P. (limited partnership) 1%GP
03 MISSION INDUSTRIAL CONSTRUCTORS, INC. (inactive)
03 Mission-Oceangate (P) 75%GP
03 MISSION/ONTARIO, INC. (inactive)
03 MISSION SOUTH BAY COMPANY (inactive)
04 Mission-Oceangate (P) 25%GP
03 MISSION TEXAS PROPERTY HOLDINGS, INC. (inactive)
03 Mission Vacaville L.P. (limited partnership) 99%LP
02 MISSION POWER ENGINEERING COMPANY is a California corporation having
its principal place of business at 18101 Von Karman Avenue, Suite
1700, Irvine, California 92612-1046. It is currently an inactive
company. The subsidiaries of Mission Power Engineering Company are
listed below. Unless otherwise indicated, all entities are
corporations, are organized under the laws of the State of California,
and have the same principal place of business as Mission Power
Engineering Company.
03 ASSOCIATED SOUTHERN ENGINEERING COMPANY (inactive)
16
<PAGE>
02 EDISON MISSION ENERGY is a California corporation having its principal
place of business at 18101 Von Karman Avenue, Suite 1700, Irvine,
California 92612- 1046. Edison Mission Energy owns the stock of a
group of corporations which, primarily through partnerships with non-
affiliated entities, are engaged in the business of developing,
owning and/or operating cogeneration, geothermal and other energy
or energy-related projects pursuant to the Public Utility
Regulatory Policies Act of 1978. Edison Mission Energy, through
wholly owned subsidiaries, also has ownership interests in a
number of independent power projects in operation or under
development that either have been reviewed by the Commission's
staff for compliance with the Act or are or will be exempt
wholesale generators or foreign utility companies under the Energy
Policy Act of 1992. In addition, some Edison Mission Energy
subsidiaries have made fuel-related investments and a limited number
of non-energy related investments. The subsidiaries and partnerships
of Edison Mission Energy are listed below. Unless otherwise
indicated, all entities are corporations, are organized under the laws
of the State of California and have the same principal place of
business as Edison Mission Energy.
EDISON MISSION ENERGY DOMESTIC COMPANIES:
03 AGUILA ENERGY COMPANY (LP)
04 American Bituminous Power Partners, L.P. (Delaware limited
partnership) 49.5%; 50% with Pleasant Valley
05 American Kiln Partners, L.P. (Delaware limited partnership)
49.5% of 53%
03 ANACAPA ENERGY COMPANY (GP)
04 Salinas River Cogeneration Company (P) 50%
03 ARROWHEAD ENERGY COMPANY (inactive)
03 BALBOA ENERGY COMPANY (GP)
04 Smithtown Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Kingspark
03 BERGEN POINT ENERGY COMPANY (GP)
04 TEVCO/Mission Bayonne Partnership (Delaware G.P.) 50%
03 BLUE RIDGE ENERGY COMPANY (GP)
04 Bretton Woods Cogeneration, L.P. (Delaware limited partnership)
50%; 100% w/Bretton Woods
03 BRETTON WOODS ENERGY COMPANY (GP & LP)
04 Bretton Woods Cogeneration, L.P. (Delaware L.P.) 50%; 100%
w/Blue Ridge
03 CAMINO ENERGY COMPANY (GP)
04 Watson Cogeneration Company (general partnership) 49%
03 CAPISTRANO COGENERATION COMPANY (GP)
04 James River Cogeneration Company (North Carolina partnership) 50%
03 CENTERPORT ENERGY COMPANY (GP & LP)
04 Riverhead Cogeneration I, L.P. (Delaware partnership) 50%; 100%
w/Ridgecrest
03 CHESAPEAKE BAY ENERGY COMPANY (GP)
04 Delaware Clean Energy Project (Delaware general partnership) 50%
03 CHESTER ENERGY COMPANY (no partners; option Chesapeake,VA)
03 CLAYVILLE ENERGY COMPANY
04 Oconee Energy, L.P. (Delaware L.P.) 50%; 100% w/Coronado
03 COLONIAL ENERGY COMPANY (inactive)
03 CORONADO ENERGY COMPANY
04 Oconee Energy, L.P. (Delaware L.P.) 50%; 100% w/Clayville
03 DEL MAR ENERGY COMPANY (GP)
04 Mid-Set Cogeneration Company (P) 50%
03 DELAWARE ENERGY CONSERVERS, INC. (Delaware corporation) (inactive)
03 DESERT SUNRISE ENERGY COMPANY (Nevada corporation) (inactive)
03 DEVEREAUX ENERGY COMPANY (LP)
04 Auburndale Power Partners, L.P. (Delaware L.P.) 49%; 50% w/El
Dorado [see 4.03]
17
<PAGE>
03 EASTERN SIERRA ENERGY COMPANY (GP & LP)
04 Saguaro Power Company, L.P. (P) 50%
03 EAST MAINE ENERGY COMPANY (inactive) [dissolving]
03 EDISON ALABAMA GENERATING COMPANY
03 EDISON MISSION ENERGY FUEL
04 EDISON MISSION ENERGY OIL AND GAS
05 Four Star Oil & Gas Company (P) 50.1% (owns Lost Hills
Cogeneration Facility)
04 EDISON MISSION ENERGY PETROLEUM (Gas contracts w/ Tex. Gas Mktg)
04 POCONO FUELS COMPANY (inactive)
04 SOUTHERN SIERRA GAS COMPANY
05 TM Star Fuel Company (general partnership) 50%
03 EDISON MISSION ENERGY FUNDING CORP. (Delaware corporation) 1%
03 Edison Mission Energy Interface Ltd. (British Columbia company)
04 The Mission Interface Partnership (Province of Ontario G.P.) 50%
03 EDISON MISSION HOLDINGS CO.
04 CHESTNUT RIDGE ENERGY COMPANY
05 EME Homer City Generation L.P. (Pennsylvania) 99%
04 EDISON MISSION FINANCE CO. 100%
04 MISSION ENERGY WESTSIDE, INC.
05 EME Homer City Generation L.P. (Pennsylvania) 1%
03 EDISON MISSION MARKETING & TRADING, INC.
03 EDISON MISSION OPERATION & MAINTENANCE, INC. (no partnership)
04 Mission Operations de Mexico, S.A. de C.V. 95%
03 EL DORADO ENERGY COMPANY (GP)
04 Auburndale Power Partners, L.P. (Delaware L.P.) 1%; 50% w/
Devereaux [see 4.03]
03 EMP, INC. (Oregon corporation) (GP & LP) (inactive)
03 FOUR COUNTIES GAS COMPANY (inactive)
03 HANOVER ENERGY COMPANY
04 Chickahominy River Energy Corp. (Virginia corporation) (GP & LP)
05 Commonwealth Atlantic L.P.(Delaware partnership) [see 4.05] 50%
03 HOLTSVILLE ENERGY COMPANY (GP & LP)
04 Brookhaven Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Madera
03 INDIAN BAY ENERGY COMPANY (GP & LP)
04 Riverhead Cogeneration III, L.P. (Delaware partnership) 50%; 100%
w/Santa Ana
03 JEFFERSON ENERGY COMPANY (GP & LP) (inactive)
03 KINGS CANYON ENERGY COMPANY (inactive)
03 KINGSPARK ENERGY COMPANY (GP & LP)
04 Smithtown Cogeneration, L.P. (Delaware partnership) 50%; 100% w/Balboa
03 LAGUNA ENERGY COMPANY (inactive) (former interest in Ambit)
03 LA JOLLA ENERGY COMPANY (inactive) (used for Belridge)
03 LAKEVIEW ENERGY COMPANY
04 Georgia Peaker, L.P. (Delaware L.P.) 50%; 100% w/Silver Springs
03 LEHIGH RIVER ENERGY COMPANY (inactive)
03 LONGVIEW COGENERATION COMPANY (held for Weyerhauser)
03 MADERA ENERGY COMPANY (GP)
04 Brookhaven Cogeneration, L.P. (Delaware partnership) 50%; 100%
w/Holtsville
03 MADISON ENERGY COMPANY (LP)
04 Gordonsville Energy, L.P. (Delaware partnership) [see 4.06] 49%; 50%
w/Rapidan
03 Mission Capital, L.P. (Delaware L.P.) 3%; MIPS partnership
03 MISSION/EAGLE ENERGY COMPANY (inactive)
03 MISSION ENERGY CONSTRUCTION SERVICES, INC. (Provides construction
services for Paiton Project)
18
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03 MISSION ENERGY HOLDINGS, INC.
04 Mission Capital, L.P. (Delaware L.P.) 97%; MIPS partnership
03 MISSION ENERGY HOLDINGS INTERNATIONAL, INC. [holds all the issued and
outstanding stock of MEC International B.V.--see INTERNATIONAL section]
03 MISSION ENERGY INDONESIA (inactive) 03 MISSION ENERGY MEXICO
(inactive) formerly the branch office in Mexico (no partnership)
03 MISSION ENERGY NEW YORK, INC. (GP & LP)
04 Brooklyn Navy Yard Cogeneration Partners, L.P. (Delaware
partnership) 50% [see 4.04]
03 MISSION ENERGY WALES COMPANY
04 Mission Hydro Limited Partnership (UK limited partnership)
05 EME Generation Holdings Limited (UK limited partnership) 30%
[See International section for structure of EME Generation
Holdings Ltd.]
03 Mission Operations de Mexico, S.A. de C.V. 5%
03 MISSION TRIPLE CYCLE SYSTEMS COMPANY (GP)
04 Triple Cycle Partnership (Texas G.P.) 50%
03 NORTH JACKSON ENERGY COMPANY (inactive) [held for Akso Salt Proj]
03 NORTHERN SIERRA ENERGY COMPANY (GP)
04 Sobel Cogeneration Company (general partnership) 50%
03 ORTEGA ENERGY COMPANY (Mid-County Cogen gas contracts)
03 PANTHER TIMBER COMPANY (GP)
04 American Kiln Partners, L.P. (Delaware limited partnership) 2%
03 PARADISE ENERGY COMPANY (inactive)
03 PLEASANT VALLEY ENERGY COMPANY (GP)
04 American Bituminous Power Partners, L.P. (Delaware limited
partnership) 0.5%; 50% w/Aguila
05 American Kiln Partners, L.P. (Delaware Limited Partnership)
03 PRINCE GEORGE ENERGY COMPANY (LP)
04 Hopewell Cogeneration Limited Partnership (Delaware limited
partnership) 24.75%
04 Hopewell Cogeneration Inc. (Delaware corporation) 25%
05 Hopewell Cogeneration Limited Partnership (Delaware limited
partnership) 1%
03 QUARTZ PEAK ENERGY COMPANY (LP)
04 Nevada Sun-Peak L.P. (Nevada partnership) [see 4.07] 50%
03 RAPIDAN ENERGY COMPANY (GP)
04 Gordonsville Energy, L.P. (Delaware partnership) [see 4.06] 1%;
50% w/Madison
03 REEVES BAY ENERGY COMPANY (GP & LP)
04 North Shore Energy L.P. (Delaware partnership) 50%; 100% w/Santa
Clara
05 Northville Energy Corporation (New York corporation) 100%
03 RIDGECREST ENERGY COMPANY (GP)
04 Riverhead Cogeneration I, L.P. (Delaware partnership) 50%; 100%
w/Centerport
03 RIO ESCONDIDO ENERGY COMPANY
03 RIVERPORT ENERGY COMPANY (GP & LP)
04 Riverhead Cogeneration II, L.P. (Delaware partnership) 50%; 100% w/San
Pedro
03 SAN GABRIEL ENERGY COMPANY (inactive) (McKenzie gas contracts)
03 SAN JOAQUIN ENERGY COMPANY (GP)
04 Midway-Sunset Cogeneration Company, L.P. (P) 50%
03 SAN JUAN ENERGY COMPANY (GP)
04 March Point Cogeneration Company (P) 50%
03 SAN PEDRO ENERGY COMPANY (GP)
04 Riverhead Cogeneration II, L.P. (Delaware partnership) 50%; 100%
w/Riverport
03 SANTA ANA ENERGY COMPANY (GP)
04 Riverhead Cogeneration III, L.P. (Delaware partnership) 50%; 100%
w/Indian Bay
19
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03 SANTA CLARA ENERGY COMPANY (GP)
04 North Shore Energy, L.P. (Delaware partnership) 50%; 100%
w/Reeves Bay
05 Northville Energy Corporation (New York corporation) 100%
03 SILVERADO ENERGY COMPANY (GP)
04 Coalinga Cogeneration Company (P) 50%
03 SILVER SPRINGS ENERGY COMPANY
04 Georgia Peaker, L.P. (Delaware limited partnership) 50%; 100%
w/Lakeview
03 SONOMA GEOTHERMAL COMPANY (GP & LP)
04 Geothermal Energy Partners Ltd. (P) (Aidlin) 5%LP
03 SOUTH COAST ENERGY COMPANY (GP)
04 Harbor Cogeneration Company (P) 30%
03 SOUTHERN SIERRA ENERGY COMPANY (GP)
04 Kern River Cogeneration Company (general partnership) 50%
03 THOROFARE ENERGY COMPANY (inactive)
03 VIEJO ENERGY COMPANY (GP)
04 Sargent Canyon Cogeneration Company (P) 50%
03 VISTA ENERGY COMPANY (New Jersey corporation) (inactive)
03 WESTERN SIERRA ENERGY COMPANY (GP)
04 Sycamore Cogeneration Company (general partnership) 50%
EDISON MISSION ENERGY INTERNATIONAL COMPANIES:
04 MEC International B.V. (Netherlands corporation) (Holding Company
100% owned by MEC Holdings International, Inc. (California corp.))
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 Beheer-en Beleggingsmaatschappij Botara B.V. (BHP Project) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 Edison Mission Energy Asia Pte Ltd. (Singapore private company
limited by shares) 100% (EME's Regional Asia Pacific Headquarters)
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 Edison Mission Energy Asia Pacific Pte Ltd. (Singapore
corporation) 100%
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 Edison Mission Energy Fuel Company Pte Ltd. (Singapore
corporation) 100%
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 Edison Mission Operation & Maintenance Services Pte Ltd 100%
Address: 391-B Orchard Road, Ngee Ann City, Tower B,
14th Floor, #14-08/10, Singapore 238874
06 P.T. Edison Mission Operation and Maintenance Indonesia
(Indonesian company) 99%
Address: Jl. Gen. A Yani No. 54
Probolinggo, East Java, Indonesia
05 Edison Mission Energy International B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 Edison Mission Energy Services B.V. (Netherlands company) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 Edison Mission Operation & Maintenance Services B.V.
(Netherlands company) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 EME Tri Gen B.V. 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Tri Energy Company Limited (Tri Energy Project) (equity)
25% [see 4.17]
Address: 16th Floor, Grant Amarin Tower, New Petchburi Road,
Ratchathewi, Bangkok 10320 Thailand
05 EME Victoria B.V. 100% (inactive)
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 Global Generation B.V. 100%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
20
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05 Hydro Energy B.V. (Netherlands limited liability company) 10%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Iberica de Energias, S.A. (Spain corp) 96.65% [see 4.08]
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
07 Electrometalurgica del Ebro, S.A. ("EMESA") (Spain
corporation) [see 4.09] 91.32%
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
08 Monasterio de Rueda, S.L. (Spain) 100%
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
05 Iberian Hy-Power Amsterdam B.V. (Netherlands limited liability
company) 100%
Address: Strawinskylaan 1725, Amsterdam, NOORD-HOLL 1077 XX
06 Aprohiso S.A. (Spain corporation) (inactive) 100%
Address: Paseo de Gracia 18, Planta 4, 08007,
Barcelona, Spain
06 Hydro Energy B.V. (Netherlands company) 90%
07 Iberica de Energias, S.A. (Spain corporation) 96.65%
[see 4.08]
08 Electrometalurgica del Ebro, S.A. ("EMESA") (Spain
corporation) 91.32% [see 4.09]
09 Monasterio de Rueda, S.L. (Spain) 100%
06 Iberica de Energias, S.A. (Spain corporation) 3.35% [see 4.08]
07 Electrometalurgica del Ebro, S.A. ("EMESA") (Spain
corporation) 91.32% [see 4.09]
08 Monasterio de Rueda, S.L. (Spain) 100%
06 Saltos del Porma, S.A.
05 Latrobe Power Pty. Ltd. (Australian corporation) 99%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
06 Mission Victoria Partnership (Australian partnership) 52.31%
(100% w/ Traralgon PPL 46.69% and MEVALP 1%)
07 Latrobe Power Partnership (Australian partnership) 99%
08 Loy Yang B Joint Venture (Australian joint venture) [see
4.10] 51%; 49% to Gippsland
05 Loy Yang Holdings Pty Ltd (Australia corporation) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
06 Edison Mission Energy Holdings Pty Ltd (Australian corp.) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Edison Mission Energy Australia Ltd. (Australian public
company) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
08 Latrobe Power Partnership (Australian partnership) 1%
09 Loy Yang B Joint Venture(Australian J.V.)[see 4.10]51%
07 Edison Mission Energy Australia Pilbara Power Pty Ltd.
(Australia company) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Edison Mission Energy Taupo Ltd. (Australia company) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Edison Mission Operation & Maintenance Kwinana Pty Ltd
(Australia) 100% (Operator of Kwinana Project)
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Edison Mission Operation & Maintenance Loy Yang Pty Ltd
(Australian corporation) 100%
Address: P.O. Box 1792, Traralgon, Victoria 3844,Australia
07 Mission Energy Holdings Superannuation Fund Pty Ltd.
(retirement fund required by Australia law) 100%
21
<PAGE>
07 Mission Energy (Kwinana) Pty Ltd (Australia) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
08 Kwinana Power Partnership (Australian G.P.) 1%
Address: Level 23, St. Martins Tower
44 St George's Terrace, Perth WA 6000
06 Latrobe Power Pty. Ltd. (Australian corporation) 1%
07 Mission Victoria Partnership (Australian partnership) 52.31%
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture (Australian J.V.)
[see 4.10] 51%
06 Mission Energy Ventures Australia Pty. Ltd. (Australian
company) 100%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Mission Victoria Partnership (Australian partnership) 1%
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture (Australian J.V.)
[see 4.10] 51%
06 Traralgon Power Pty. Ltd. (Australian corporation) 1%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
07 Mission Victoria Partnership (Australian partnership)
46.69%
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture (Australian J.V.)
[see 4.10] 51%
05 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish
corporation) (Project company) 80%
Address: Merkez Man, Mahallesi Caddesi 11/8,
Esenyurt, Istanbul, Turkey
06 Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation)
(Heat company) 80%
Address: Merkez Man, Mahallesi Caddesi 11/8,
Esenyurt, Istanbul, Turkey
06 Doga Isletme ve Bakim Ticaret L.S. (Turkish corporation) (O&M
company) 80%
Address: Merkez Man, Mahallesi Caddesi 11/8,
Esenyurt, Istanbul, Turkey
05 MEC IES B.V. (Netherlands company) (ISAB Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 ISAB Energy Services s.r.l. 49% (services co ISAB
Project)
05 MEC India B.V. (Netherlands company) (Jojobera Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Edison Mission Energy Power (Mauritius corporation) (Branch
office in India)
Address: Louis Leconte Street, Curepipe, Mauritius
05 MEC Indo Coal B.V. (Netherlands company) (Adaro Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 P. T. Adaro Indonesia (equity) 10%
Address: Suite 704, World Trade Centre, Jl. Jend.
Sudirman Kav. 31, Jakarta 12920 Indonesia
05 MEC Indonesia B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 P. T. Paiton Energy Company (Indonesia company) (equity)
(Paiton Project) 40% [see 4.11]
Address: Menara Batavia, 8th Floor, Jl. K. H.
Mas Mansyur Kav. 126, Jakarta 10220 Indonesia
05 MEC International Holdings B.V. (Netherlands corp) 100%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Edison Mission Energy International B.V.(Netherlands company)1%
22
<PAGE>
06 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 1%
07 Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish
corporation) (Project company) 80%
07 Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish
corporation) (Heat company) 80%
07 Doga Isletme Bakim Ticaret L.S. (Turkish corporation)
(O&M company) 80%
06 MEC IES B.V. (Netherlands company) (ISAB Project) 1%
07 ISAB Energy Services s.r.l. 49%
06 MEC India B.V. (Netherlands company) 1%
07 Edison Mission Energy Power (Mauritius corporation)
06 MEC Indo Coal B.V. (Netherlands company) (Adaro Project) 1%
07 P. T. Adaro Indonesia (equity) 10%
06 MEC Indonesia B.V. (Netherlands company) 1%
07 P. T. Paiton Energy Company (Indonesia company) (equity)
(Paiton Project) 40% [see 4.11]
06 MEC Laguna Power B.V. (Netherlands company) (Thailand
Project) 1%
07 Gulf Power Generation Co. Ltd. (Bangkok corporation) 40%
06 MEC Perth B.V. (Netherlands company) (Kwinana Project) 1%
07 Kwinana Power Partnership (Australian G.P.) [see 4.16]
06 MEC Priolo B.V. (Netherlands company) (ISAB Project) 1%
07 ISAB Energy, s.r.l. (Italian J.V. company) (equity) [see
4.12] 1% of 49% (quota, not shares)
06 MEC San Pascual B.V. (Netherlands company) 1%
07 San Pascual Cogeneration Company International B.V. 50%
08 San Pascual Cogeneration Company (Philippines) Ltd.
(San Pascual Project) (equity) 1%
07 Morningstar Holdings B.V. (formerly Vestra B.V.) 50%
08 San Pascual Cogeneration Company (Philippines) Ltd.
(San Pascual Project) (equity) 49%
06 MEC Sidi Krir B.V. (Netherlands company) 1%
06 MEC Sumatra B.V. (Netherlands company) 1%
06 MEC Wales B.V. (Netherlands Company) 1%
07 Mission Hydro Limited Partnership (UK limited partnership)
08 EME Generation Holdings Limited (UK company) 100%
09 Loyvic Pty Ltd. (Australia company) 100%
10 Energy Capital Partnership (Australia
partnership) 1%
11 Enerloy Pty Ltd. (Australia company) 100%
09 EME Victoria Generation Limited (UK company) 100%
10 Energy Capital Partnership (Australia
partnership 98%
11 Enerloy Pty Ltd. (Australia company) 100%
10 Mission Energy Development Australia Pty Ltd
11 Gippsland Power Pty Ltd 100%
12 Loy Yang B Joint Venture 49%
09 Energy Capital Partnership (Australia partnership)
1%LP
10 Enerloy Pty Ltd. (Australia company) 100%
09 First Hydro Holdings Company (Australia
partnership) 99%
10 First Hydro Company [see 4.13] 99%
10 First Hydro Finance plc
11 First Hydro Company [see 4.13] 1%
06 Mission Energy Italia s.r.l. 10% (Office in Italy)
06 P.T. Edison Mission Operation and Maintenance Indonesia
(Indonesian company) 1%
05 MEC Laguna Power B.V. (Netherlands co) (Malaya Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Gulf Power Generation Co. Ltd. (Bangkok corporation) 40%
Address: 888/101 Mahatun Plaza Tower, 10th Floor, Ploenchit,
Lumphini, Patumwan, Bangkok 10330
23
<PAGE>
05 MEC Perth B.V. (Netherlands company) (Kwinana Project) 99%
06 Kwinana Power Partnership (Australian G.P.) 99% [See 4.16]
Address: Level 23, St. Martins Tower
44 St George's Terrace, Perth WA 6000
05 MEC Priolo B.V. (Netherlands company) (ISAB Project) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 ISAB Energy, s.r.l. (Italian J.V. company) (equity) [see
4.12] 99% of 49% (quota, not shares)
Address: Corso Gelone No. 103, Siracusa, Sicily, Italy
05 MEC San Pascual B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
06 San Pascual Cogeneration Company International B.V. 50%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
07 San Pascual Cogeneration Company (Philippines) Ltd (San
Pascual Project) (equity) 1%
Address: Unit 1610/1611, Tower One, Ayala Triangle, Ayala
Avenue, 1200 Makati City, Metro Manila, Republic of the
Philippines
06 Morningstar Holdings B.V. (formerly Vestra B.V.) 50%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
07 San Pascual Cogeneration Company (Philippines) Ltd (San
Pascual Project) (equity) 49%
Address: Unit 1610/1611, Tower One, Ayala Triangle, Ayala
Avenue, 1200 Makati City, Metro Manila, Republic of the
Philippines
05 MEC Sidi Krir B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 MEC Sumatra B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
05 MEC Wales B.V. (Netherlands company) 99%
Address: Croeselaan 18, 3500 GT Utrecht, The Netherlands
06 Mission Hydro Limited Partnership 69%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
07 EME Generation Holdings Limited (UK company) 100%
08 Loyvic Pty Ltd. (Australia company) 100%
09 Energy Capital Partnership (Australia partnership) 1%
10 Enerloy Pty Ltd. (Australia company) 100%
08 EME Victoria Generation Limited (UK company) 100%
09 Energy Capital Partnership (Australia partnership 98%
10 Enerloy Pty Ltd. (Australia company) 100%
09 Mission Energy Development Australia Pty Ltd
10 Gippsland Power Pty Ltd 100%
11 Loy Yang B Joint Venture 49%
08 Energy Capital Partnership (Australia partnership) 1%LP
09 Enerloy Pty Ltd. (Australia company) 100%
08 First Hydro Holdings Company (Australia partnership) 99%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
09 First Hydro Company [see 4.13] 99%
Address: Bala House, St. David's Park
Ewloe, Dlwyd, Wales CH5 3XJ
09 First Hydro Finance plc 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
10 First Hydro Company [see 4.13] 1%
Address: Bala House, St. David's Park
Ewloe, Dlwyd, Wales CH5 3XJ
05 Mission Energy Company (UK) Limited (United Kingdom private
limited company) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
24
<PAGE>
06 Derwent Cogeneration Limited (United Kingdom private limited
liability company) (equity) [see 4.14] 33%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Edison Mission Energy Limited (UK private limited company) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Edison Mission Operation & Maintenance Limited (a United
Kingdom corporation) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Edison Mission Services Limited(UK private limited company)100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Mission Hydro (UK) Limited 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
07 First Hydro Holdings Company 1%
08 First Hydro Company [see 4.13] 99%
08 First Hydro Finance plc 100%
09 First Hydro Company [see 4.13] 1%
07 Mission Hydro Limited Partnership 1%GP
08 EME Generation Holdings Limited (UK company) 100%
09 Loyvic Pty Ltd. (Australia company) 100%
10 Energy Capital Partnership (Australia
partnership) 1%
11 Enerloy Pty Ltd. (Australia company) 100%
09 EME Victoria Generation Limited (UK company) 100%
10 Energy Capital Partnership (Australia
partnership 98%
11 Enerloy Pty Ltd. (Australia company) 100%
10 Mission Energy Development Australia Pty Ltd
11 Gippsland Power Pty Ltd 100%
12 Loy Yang B Joint Venture 49%
09 Energy Capital Partnership (Australia
partnership) 1%LP
10 Enerloy Pty Ltd. (Australia company) 100%
09 First Hydro Holdings Company (Australia
partnership) 99%
10 First Hydro Company [see 4.13] 99%
10 First Hydro Finance plc 99%
11 First Hydro Company [see 4.13] 1%
06 Mission (No. 2) Limited (UK private limited company) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Pride Hold Limited (United Kingdom corporation) 99%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
07 Lakeland Power Ltd. (United Kingdom private limited
liability company) [see 4.15] 80%
Address: Roosecote Power Station, Barrow-In-Furness,
Cumbria, England LA13 OPX
07 Lakeland Power Development Company (UK corporation) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Rapid Energy Limited
05 Mission Energy Italia s.r.l. 90% Representative Office in Italy
Address: Villa Brasini, Via Flaminia 497, 00191 Rome Italy
05 Pride Hold Limited (United Kingdom corporation) 1%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
06 Lakeland Power Ltd. (United Kingdom private limited liability
company) [see 4.15] 80%
Address: Roosecote Power Station, Barrow-In-Furness,
Cumbria, England LA13 OPX
25
<PAGE>
06 Lakeland Power Development Company (UK corporation) 100%
Address: Lansdowne House, Berkeley Square,
London W1X5DH England
05 Rillington Holdings Limited (Gibraltar)
Address: 57/63 Line Wall Road, Gibraltar
06 EME del Caribe Holding GmbH (Austria)
Address: 4020 Linz, Landstrasse 12, Austria
07 EME del Caribe (Cayman Islands)
Address: First Floor, Caledonian House, Mary Street,
George Town, Grand Cayman, Cayman Islands
08 EcoElectrica Holdings, Ltd. (Cayman Islands) 50%
Address: 1350 GT, The Huntlaw Building, Fort Street,
Grand Cayman, Cayman Islands
09 EcoElectrica Ltd. (Cayman Islands) 100%
Address: 1350 GT, The Huntlaw Building, Fort Street,
Grand Cayman, Cayman Islands
10 EcoElectrica L.P.(Bermuda partnership) (equity) 1%
Address: Plaza Scotiabank, 273 Ponce de
Leon Avenue, Suite 902, Hato Rey,
Puerto Rico 00918
09 EcoElectrica L.P. (Bermuda partnership) (equity) 99%
Address: Plaza Scotiabank, 273 Ponce de Leon Avenue,
Suite 902, Hato Rey, Puerto Rico 00918
05 Southwestern Generation B.V. 100%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
05 Traralgon Power Pty. Ltd. (Australian corporation) 99%
Address: Southgate Complex, Level 20, Tower East,
40 City Road, South Melbourne, Victoria 3205
06 Mission Victoria Partnership (Australian partnership) 46.69%
(100% w/ Latrobe PPL 52.31% and MEVALP 1%)
07 Latrobe Power Partnership (Australian partnership)
08 Loy Yang B Joint Venture (Australian J.V.) [see 4.10]
51%; 49% to Gippsland
26
<PAGE>
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.
Claimant is not a "public utility company" as that term is defined in the
Public Utility Holding Company Act of 1935 (the "Act") and does not own any
properties used for the generation, transmission and distribution of electric
energy for sale, or for the production, transmission and distribution of natural
or manufactured gas. None of Claimant's subsidiaries, other than SCE, is a
public utility company. SCE is an "electric utility company" as defined in the
Act and owns properties used for the generation, transmission and distribution
of electric energy for sale, as described herein.
SCE owns and operates one diesel-fueled generating plant, 38 hydroelectric
plants and an undivided 75.05% interest in Units 2 and 3 of the San Onofre
Nuclear Generating Station. These plants are located in Central and Southern
California. SCE has sold all of its oil and gas fueled generating plants.
Pursuant to the sale agreements, SCE will continue to operate the plants for two
years after their sale. SCE has also been required to maintain the fuel pipeline
and storage system to support the divested gas plants in the event the plants
are required to burn oil in a system emergency. Of the above mentioned
hydroelectric plants, one of them, along with the diesel-fueled generating
plant, serve isolated load on Catalina Island. SCE also owns an undivided 15.8%
interest in Units 1, 2 and 3 of the Palo Verde Nuclear Generating Station,
located near Phoenix, Arizona, and an undivided 48% interest in Units 4 and 5 of
the Four Corners Project, a coal-fueled steam electric generating plant in New
Mexico, all of which are operated by other utilities. SCE operates and owns a
56% undivided interest in two coal-fueled steam electric generating units at the
Mohave Project in Clark County, Nevada. Schedule I attached hereto contains a
list of all of the SCE-owned generating plants with their locations, initial
dates of operation and generator nameplate ratings.
SCE's transmission facilities consist of approximately 7,226.4 circuit
miles of 33kV, 55kV, 66kV, 115kV and 161kV lines, 3,453.4 circuit miles of 220kV
lines, and 1235.9 circuit miles of 500kV lines consisting of 998.9 miles in
California, 125 miles in Nevada and 112 miles in Arizona. SCE's distribution
facilities consist of approximately 61,055 overhead circuit miles and 31,278
underground circuit miles, and 552 distribution substations, all of which are
located in California.
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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), AND
MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL.
Claimant: None.
SCE: (1) 76,257,869,000 kwh of electric energy sold at retail or
wholesale.
(2) $7,160,965,835 of total revenues from such sales.
(b) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED
GAS DISTRIBUTED AT RETAIL OUTSIDE THE STATE IN WHICH EACH COMPANY
IS ORGANIZED.
Claimant: None.
SCE: None.
(c) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED
GAS SOLD AT WHOLESALE OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY
IS ORGANIZED, OR AT THE STATE LINE.
Claimant: None.
SCE: (1) 105,276,000 kwh of electric energy sold at wholesale
outside of California or at the state line.
(2) $17,904,461 of total revenues from such sales.
(d) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED
GAS PURCHASED OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY
IS ORGANIZED OR AT THE STATE LINE.
Claimant: None.
SCE: (1) 4,827,388,633 kwh of electric energy purchased at
wholesale outside of California or at the state line.
(2) $207,565,658 of total expenses from such purchases.
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4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO
CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR
FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES
DOLLARS:
(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.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR
FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST HELD.
(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.
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
(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).
4.01 EPZ MISSION FUNDING MU TRUST [FUCO]
(a) EPZ Mission Funding MU Trust ("EPZMFMT") c/o Wilmington Trust
Company, Rodney Square North, 1100 North Market Square, Wilmington,
Delaware 19890-0004
EPZMFMT owns a 7.88% interest in the Amercentrale Power Station Unit
9, which is leased to N.V. Elektriciteits-Produktiemaatshappij
Zuid-Nederland ("EPZ"), a Netherlands Public Utility. The
Amercentrale Power Station Unit 9 is a 600 megawatt (net)
coal-fired cogeneration facility, with natural gas back-up
capability, located on 50 hectares (approximately 125 acres) at
the Brabandt site in Geertruidenberg, approximately 50 kilometers
southeast of Rotterdam, The Netherlands.
EPZMFMT has also acquired an undivided interest in or the right to use
certain transmission facilities leading from the Amercentrale
Power Station to the 150 kV grid owned by Provinciale
Noordbrabantse Energie-Maatschappij ("PNEM"), the distribution
company that receives the power from Unit 9. EPZMFMT also owns an
in terest in or rights to use transformers and associated
equipment of EPZ designed to step up the power from the 21 kV
level at the generator to the 150 kV level required to enter the
PNEM system. EPZMFMT has also acquired rights to use certain
other common facilities necessary to permit operation of Unit 9.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Capital, which owns 100% of Edison
Funding Company, which owns 100% of Mission Funding Epsilon,
which owns 100% of Mission Funding Alpha, which owns 100% of
Mission Funding Mu. EPZMFMT is a business trust created under the
laws of the State of Delaware. Mission Funding Mu is the 100%
beneficial owner of the beneficial interest in EPZMFMT.
Wilmington Trust Company is the trustee of the Trust.
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(c) Mission Funding Mu made a $13,000,000 equity investment in the
sale/leaseback, and funds were borrowed on a non-recourse basis
in the amount of $87,000,000, in order to acquire the interest in
the asset with a total cost of $100,000,000. Mission Funding Mu
also incurred out-of-pocket costs and fees of approximately
$1,750,000.
The Mission Funding Mu investment and the related obligations have
been guaranteed by its parent, Mission Funding Alpha.
(d) Capitalization or total equity = $13,000,000
Net income after taxes for 1998 = $1,095,860
(e) There are no contracts between EPZ and any system company.
4.02 EPZ MISSION FUNDING NU TRUST [FUCO]
(a) EPZ Mission Funding Nu Trust ("EPZMFNT")
c/o Wilmington Trust Company, Rodney Square North,
1100 North Market Square, Wilmington, Delaware 19890-0004
EPZMFNT owns a 17.72% interest in the Amercentrale Power Station
Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a
Netherlands Public Utility. The Amercentrale Power Station Unit 9
is a 600 megawatt (net) coal-fired cogeneration facility, with
natural gas back-up capability, located on 50 hectares
(approximately 125 acres) at the Brabandt site in Geertruidenberg,
approximately 50 kilometers southeast of Rotterdam, The
Netherlands.
EPZMFNT has also acquired an undivided interest in or the right to
use certain transmission facilities leading from the Amercentrale
Power Station to the 150 kV grid owned by Provinciale
Noordbrabantse Energie-Maatschappij ("PNEM"), the distribution
company that receives the power from Unit 9. EPZMFNT also owns an
interest in or rights to use transformers and associated equipment
of EPZ designed to step up the power from the 21 kV level at the
generator to the 150 kV level required to enter the PNEM system.
EPZMFNT has also acquired rights to use certain other common
facilities necessary to permit operation of Unit 9.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Capital, which owns 100% of Edison
Funding Company, which owns 100% of Mission Funding Epsilon,
which owns 100% of Mission Funding Delta, which owns 100% of
Mission Funding Nu. EPZMFNT is a business trust created under the
laws of the State of Delaware. Mission Funding Nu is the 100%
beneficial owner of the beneficial interest in EPZMFNT.
Wilmington Trust Company is the trustee of the Trust.
(c) Mission Funding Nu made a $29,250,000 equity investment in the
sale/leaseback, and funds were borrowed on a non-recourse basis in
the amount of $195,750,000, in order to acquire the interest in
the asset with a total cost of $225,000,000. Mission Funding Nu
also incurred out-of-pocket costs and fees of approximately
$3,937,500.
The Mission Funding Nu investment and the related obligations have
been guaranteed by an affiliate, Mission Housing Investments.
(d) Capitalization or total equity = $29,250,000
Net income after taxes for 1998 = $2,439,588
(e) There are no contracts between EPZ and any system company.
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4.03 AUBURNDALE POWER PARTNERS, L.P. [EWG]
(a) Auburndale Power Partners, L.P. ("APP") 1501 West Derby Avenue,
Auburndale, FL 33823
Auburndale's facilities consist of a 158.8MW (net) topping-cycle
cogeneration facility fueled by natural gas. Electricity produced
by the facility is sold to Florida Power Corporation and certain
other wholesale purchasers. The facility also produces thermal
energy, which is sold to Cutrale Citrus Juices, USA and Todhunter
International, Inc. The facility is located near Auburndale in
Polk County, Florida. APP went into operation on July 1, 1994.
(b) Edison International's wholly owned subsidiary The Mission Group owns
100% of Edison Mission Energy, which through its wholly owned
subsidiary Devereaux Energy Company owns 49% of Auburndale Power
Partners, L.P., and through its wholly owned subsidiary El Dorado
Energy Company owns 1% of Auburndale Power Partners, L.P.
(c) Capital contributions were made by Edison Mission Energy through
its subsidiaries Devereaux Energy Company in the amount of
$35,280,000 and El Dorado Energy Company in the amount of
$720,000, providing a total amount of $36,000,000.
(d) Capitalization or total equity = $36,000,000
Net loss after taxes for 1998 = ($1,616,195)
(e Edison Mission Operation & Maintenance, Inc. ("EMOM") operates
this facility. EMOM received $742,128 in compensation as
operator in 1998.
4.04 BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]
(a) Brooklyn Navy Yard Cogeneration Partners, L.P. ("BNY") 230 Park
Avenue, Suite 515, New York, NY 10169
BNY's facilities consist of a 286MW combined cycle cogeneration
facility located at Brooklyn Navy Yard Industrial Park in
Brooklyn, New York.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which through its wholly
owned subsidiary Mission Energy New York, Inc., owns 50% of
Brooklyn Navy Yard Cogeneration Partners, L.P.
(c) Capital contribution made by Edison Mission Energy through its
subsidiary Mission Energy New York, Inc., was in the amount of
$33,158,043. BNY completed a $407 million permanent non-recourse
financing for the project (the "Financing"). Edison Mission
Energy agreed to indemnify BNY and its partners from all claims
and costs arising from or in connection with certain construction
litigation between BNY (and its partners) and PMNC, as contractor
for BNY. Said indemnification has been assigned for the benefit
of the senior lenders of the Financing. Mission Energy New York,
Inc., entered into a Construction Loan Note (approximately $94
million) in favor of BNY to fund a portion of the project.
(d) Capitalization or total equity = $12,758,043
Net loss after taxes for 1998 = ($10,046,780)
(e) Other than with respect to the Edison Mission Energy indemnity and the
Construction Loan Note as listed in Item (c) above, there are no
contracts between BNY and any system company.
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4.05 COMMONWEALTH ATLANTIC L.P. [EWG]
(a) Commonwealth Atlantic Limited Partnership ("CALP") 2837 South
Military Highway, Chesapeake, VA 23323-0286
CALP is a 340 MW natural gas and distillate oil fired peaking power
generation facility (the "Facility") selling power to Virginia
Power. The Facility went into operation on June 4, 1992.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which through its subsidiary
Hanover Energy Company owns Chickahominy River Energy Corp. which
in turn owns a 1% general partner interest and a 49% limited
partner interest in CALP.
(c) Chickahominy River Energy Corp. made a capital contribution of
$14,020,000 to CALP. Edison Mission Energy owns a 50% interest
through its wholly owned subsidiary Hanover Energy Company, in
CALP, which is the owner of the Facility.
(d) Capitalization or total equity = $14,020,000
Net income after taxes for 1998 = $609,789
(e) There are no contracts between CALP and any system company.
4.06 GORDONSVILLE ENERGY, L.P. [EWG]
(a) Gordonsville Energy, L.P. ("GELP") 115 Red Hill Road,
Gordonsville, VA 22942
GELP is a gas fired cogeneration facility with the anticipated net
capacity during the winter months of 290 megawatts and 220
megawatts during the summer months. The electricity generated by
the facility will be sold to Virginia Electric & Power Company
under two executed 30-year Power Purchase Agreements. The steam
generated by the facility is sold to Rapidan Service Authority.
This facility is located one mile southwest of Gordonsville,
Virginia in Louisa County. GELP went into operation on June 1,
1994.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which through its
subsidiaries Madison Energy Company ("Madison") and Rapidan
Energy Company ("Rapidan") owns 49% (LP) and 1% (GP) respectively
in GELP.
(c) Madison made a capital contribution of $25,823,000 and Rapidan made
a capital contribution of $527,000, providing a total amount of
$26,350,000. As a condition to receiving the extension of credit
necessary to develop GELP, Madison, Rapidan and Jefferson Energy
Company ("Jefferson"), a wholly owned subsidiary of Edison
Mission Energy which sold its interest to Northern Hydro Limited,
entered into separate Equity Subscription Agreements with GELP
with the condition that Edison Mission Energy guaranty the
obligations under such agreements by entering into an Equity
Subscription Agreement Guaranty for each of Madison, Rapidan and
Jefferson in an amount not to exceed an aggregate of $55,250,000.
(d) Capitalization or total equity = $25,752,500
Net loss after taxes for 1998 = ($277,468)
(e) Edison Mission Operation & Maintenance, Inc. ("EMOM") operates this
facility. EMOM received $709,223 in compensation as operator in 1998.
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4.07 NEVADA SUN-PEAK LIMITED PARTNERSHIP [EWG]
(a) Nevada Sun-Peak Limited Partnership
200 South Virginia Street, Reno, Nevada 89501
Nevada Sun-Peak L.P. owns a three unit, natural gas and oil fired
combustion turbine generation facility designed to produce a net
output of approximately 210 MW. The combustion turbines (General
Electric PG 7111-EA-CTGs) are capable of operating on either
natural gas or No. 2 distillate fuel oil. The transmission
facilities associated with the plant are owned by Nevada Power
Company. The facility is located near Las Vegas, Nevada.
Commercial operation began on June 8, 1991.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which owns 100% of Quartz
Peak Energy Company, which in turn owns Nevada Sun-Peak Limited
Partnership, the exempt wholesale generator.
(c) The capital contribution of $8,125,500 was made by Quartz Peak
Energy Company.
(d) Capitalization or total equity = $8,125,500
Net income after taxes for 1998 = $540,565
(e) There are no contracts between Nevada Sun-Peak and any system
company.
4.08 IBERICA DE ENERGIAS, S.A. [FUCO]
(a) Iberica de Energias, S.A. ("Iberica")
Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
Iberica's facilities consist of the following fifteen
mini-hydroelectric facilities which are capable of producing a
total of 40.82 MW:
Quintana: 1.48MW facility in Herrera de Valdecana, Palencia
La Flecha: 2.66MW facility in Arroyo Encomienda, Valladolid
Toro: 4.50MW facility in Toro, Zamora
Tudela: 1.48MW facility in Tudela de Duero, Valladolid Sardon
Bajo: 1.60MW facility in Villabanez, Valladolid
Bocos: 1.60MW facility in Bocos de Duero, Valladolid
Monasterio: 1.60MW facility in Quintanilla de Arriba, Valladolid
Logrono: 3.68MW facility in Logrono, La Rioja
Mendavia: 5.60MW facility in Mendavia, Navarra
La Ribera: 4.40MW facility in Pradejon, La Rioja
Gelsa: 7.20MW facility in Gelsa, Zaragoza
Alos: 4.80MW facility in Alos de Balaguer, Lerida
Castellas: 2.25MW facility in Valls de Aguilar, Lerida
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which owns 100% of Mission
Energy Holdings International, Inc., which owns 100% of MEC
International B.V., which owns 100% of Iberian Hy-Power Amsterdam
B.V., which owns 90% of Hydro Energy B.V., which in turns owns
100% of Iberica. MECI also directly owns 10% of Hydro Energy B.V.
(c) The capital contribution made by MECI through Iberian Hy-Power
Amsterdam B.V. was $5,157,703. In August, 1993, MECI, through its
34% ownership interest and its direct ownership interest in Hydro
Energy B.V., acquired an aggregate 40.6% interest in Energias
Hidraulicas, S.A. ("EH") from Energies, S.A., the hydroelectric
development subsidiary of Compagne Generale des Eaux ("CGE").
Subsequently, EH sold Iberica and Mediterranea to Hydro Energy
B.V. CGE is a French water utility company. EH is a Spanish
holding company which will develop water right concessions, but
has no
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operating facilities. During 1996, the five facilities previously
owned by Compania Mediterranea de Energias, S.A., were merged into
Iberica. Also in 1996, Energias Hidraulicas' name was changed to
Edison Mission Energy Espana, S.A.
In connection with the acquisition of EH, CGE provided to Iberica
and Mediterranea a 10-year limited revenue guaranty, which
allowed Iberica and Mediterranea to secure non-recourse project
financing. Consideration to CGE for the acquisition of Iberica
and Mediterranea included the assumption by Hydro Energy B.V. of
n existing loan with deferred payments to CGE beginning in 1999
and ending in 2003. Edison Mission Energy has provided a guaranty
for any such deferred payments which are outstanding as of
September 30, 2003 (six months after the due date for all such
deferred payments). The guaranty by Edison Mission Energy
provides for no rights of acceleration by CGE under any
circumstances. At December 31, 1998, the present value of the
deferred payments will amount to $23.1 million ($39.8 million
face value discounted at 11.5%).
(d) Capitalization or total equity = $23,814,148
Net Income after taxes for 1998 = $5,396,220
(e) There are no contracts between Iberica and any system company.
4.09 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
(a) Electrometalurgica del Ebro, S.A. ("EMESA") Paseo de Gracia 18,
Planta 4, 08007, Barcelona, Spain
EMESA's facilities consist of three mini-hydroelectric facilities
(Sastago I, Sastago II and Menza) all located near the Ebro River
in Zaragoza. The three mini-facilities are masonry weir, concrete
intake structures capable of producing 3 MW, 17.3 MW and 13 MW,
respectively.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which owns 100% of Mission
Energy Holdings International, Inc., which owns 100% of MEC
International B.V., which owns 100% of Iberian Hy-Power Amsterdam
B.V., which through its 90% interest in Hydro Energy B.V. owns
96.65% of Iberica, which owns 91.32% of EMESA. MECI also directly
owns 10% of Hydro Energy B.V., which owns 96.65% of Iberica,
which owns 91.32% of EMESA. Iberian Hy-Power Amsterdam B.V. owns
directly 3.352% of Iberica.
(c) The capital contribution made by MECI through Iberian Hy-Power
Amsterdam B.V. was $3,140,000.
(d) Capitalization or total equity = $80,354
Net Income after taxes for 1998 = $1,733,296
(e) There are no contracts between EMESA and any system company.
4.10 LOY YANG B JOINT VENTURE [FUCO]
(a) Loy Yang B Joint Venture ("LYBJV")
Bartons Lane, Loy Yang, Victoria, Australia 3844
LYBJV owns two coal-fired generating units with generator name
plate ratings of 500,000 kW each, located in the Latrobe Valley in
the State of Victoria, Australia. Unit 1 began commercial
operation on September 30, 1993, and Unit 2 began commercial
operation on September 30, 1996.
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(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; indirect, wholly owned subsidiaries of
Edison Mission Energy collectively own 100% of the interests in
Loy Yang B Joint Venture, the foreign utility company, as
explained below.
The system-owned venturer is Latrobe Power Partnership ("LPP"),
which owns the 51% interest. LPP is 1% owned by Edison Mission Energy
Australia Ltd (the managing general partner) and 99% owned by
Mission Victoria Partnership (a general partner).
Edison Mission Energy Australia Ltd is wholly owned by Edison Mission
Energy Holdings Pty Ltd, which is wholly owned by Loy Yang
Holdings Pty Ltd, which is a wholly owned subsidiary of MEC
International B.V.
Mission Victoria Partnership is 52.31% owned by Latrobe Power Pty Ltd
(general partner), 46.69% owned by Traralgon Power Pty Ltd
(general partner), and 1% owned by Mission Energy Ventures
Australia Pty Ltd (managing general partner). Latrobe Power Pty
Ltd and Traralgon Power Pty Ltd are both owned 99% by MEC
International B.V. and 1% by Loy Yang Holdings Pty Ltd. Mission
Energy Ventures Australia Pty Ltd is wholly owned by Loy Yang
Holdings Pty Ltd, which is owned as described above. Gippsland
Power Pty Ltd. owns the remaining 49% in Loy Yang B Joint
Venture. Gippsland is 100% owned by Mission Energy Development
Australia Pty Ltd., which is 100% owned by EME Victoria
Generation Ltd. (a UK company), which is 100% owned by EME
Generation Holdings Ltd. (a UK company), which is 100% owned by
Mission Hydro Limited Partnership (a UK company) which is 69%
owned by MEC Wales BV (a Dutch company), 30% owned by Mission
Energy Wales Company and 1% owned by Mission Hydro (UK) Limited.
All three partners to Mission Hydro Limited Partnership are 100%
directly or indirectly owned by Edison Mission Energy.
(c) EME,through its indirect and direct subsidiaries, closed financing
of $964 million (the "Financing") for the purchase of the
remaining 49% of LYBJV. The Financing consists of (i) a 15 year
interest-only term facility, (ii) a 20 year amortizing term
facility with principal and interest payments scheduled quarterly
commencing September 30, 1998, and (iii) a working capital
facility with a term equal to that of the 20 year amortizing term
facility. The Financing was structured on a non-recourse basis.
Lenders look solely to the cash proceeds of LYBJV to repay the
debt and have taken a security interest in the LYBJV.
In the document between EME and the Bank Group entitled "MEC
Undertaking," EME is obligated (i) to support all performance
obligations of EME Management Australia Pty Ltd ("MEMA") (the
operator under the Operations & Maintenance "O&M" Agreement) and
(ii) to provide up to 5,000,000 Australian Dollars in any year to
MEMA in the event that MEMA incurs certain liabilities under the
O&M Agreement.
LPP's and Gippsland's capital contribution = US$363,356,338
(d) LPP's and Gippsland's Equity = US$363,356,333
LPP's and Gippsland's Net Income after taxes for 1998 = US$31,477,802
(e) An indirect, wholly owned subsidiary of MEC International B.V.,
Edison Mission Operation & Maintenance Loy Yang Pty Ltd. operates
the generating plant pursuant to an amended operating and
maintenance contract. The intermediate holding company of Edison
Mission Operation & Maintenance Loy Yang Pty Ltd. is Edison
Mission Energy Holdings Pty Ltd. As operator, Edison Mission
Operation &
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Maintenance Loy Yang Pty Ltd. performs the following services:
management and supervision of the construction commissioning,
testing, operation and maintenance of the Loy Yang B power
station on behalf of the joint venture participants.
4.11 P. T. PAITON ENERGY COMPANY [FUCO]
(a) P. T. Paiton Energy Company ("Paiton")
Mid Plaza 2, 15th Floor, Jl. Jend. Sudirman Kav. 10-11
Jakarta 10220 Indonesia
Paiton's facilities consist of two coal-fired electric generating
units (under development) in Paiton, Indonesia, on the northeast
Java coast. Each unit has a nominal net design capacity of 605MW
and will be comprised of a boiler and steam turbine generator
with ancillary facilities. The two units will share a control
room.
Paiton is in development stages; anticipated date of operation is
early 1999.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which owns 100% of Mission
Energy Holdings International, Inc., which owns 100% of MEC
International B.V., which directly owns 99% of MEC Indonesia B.V.
and through its wholly owned subsidiary MEC International
Holdings B.V. indirectly owns the remaining 1% of MEC Indonesia
B.V.; MEC Indonesia B.V. owns 40% of P. T. Paiton Energy Company.
(c) Capital contribution made by Edison Mission Energy through MEC
Indonesia B.V. to Paiton was in the amount of $125,694,200.
Edison International, Edison Mission Energy, MEC Indonesia B.V.,
MEC International B.V., and MEC International Holdings B.V. have
entered into an Equity Support Agreement wherein each jointly and
severally guarantees payment of 47.06% of Paiton's obligations to
contribute base equity, overrun equity, and contingent overrun
equity to the Project. The total EME commitment is $461,200,000.
(d) Capitalization or total equity = $313,000,000
Net income after taxes for 1998 = $0
(e)(1) Edison Mission Energy Asia Pte. Ltd., the wholly owned
Singapore corporation of MEC International B.V., has entered
intoan Operation and Maintenance Agreement with P. T. Paiton
EnergyCompany to provide operation and maintenance services.
The services under the Operation and Maintenance Agreement
have been assumed by P.T. Edison Mission Operation &
Maintenance Indonesia, another indirect subsidiary of Edison
Mission Energy. PTEMO&M has received $385,452 net income
after taxes in 1998.
(2) Mission Energy Construction Services, Inc. ("MECSI"), a wholly
owned subsidiary of Edison Mission Energy, entered into a
Secondment Agreement with Paiton on April 20, 1995("Agreement").
MECSI is to recruit and second appropriate personnel to Paiton
in connection with the construction of the Paiton facility.
MECSI will receive compensation in the amount of US$25,000
from Paiton for the provision of seconded personnel. MECSI
executed a letter of confirmation relating to the Agreement on
April 21, 1995, which states that in the event the salaries,
benefits, wages, taxes and expenses ("Costs") of the seconded
personnel equal anamount less than $6.975 million at the
beginning of the 59th month following the commencement of
construction under the construction contract, Paiton is to
immediately pay the difference to MECSI or its designee in US
dollars. In the event the Costs exceed $6.975 million, then
MECSI shall pay to Paiton the amount of such overage.
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<PAGE>
(3) MECSI and Paiton entered into an Owner Representative Agreement
on March 31, 1995, wherein MECSI is authorized to represent
Paiton with regard to overseas suppliers and procurement on
the construction of the facility and interface with the
contractor and Perussahan Umum Listrik Negara, the
Indonesian state-owned utility, on technical, budgeting, and
scheduling matters. Under this agreement, MECSI is to
receive compensation in the amount of US$8 million payable
in arrears in accordance with a schedule attached to the
Owner Representative Agreement.
4.12 ISAB ENERGY, s.r.l. [FUCO]
(a) ISAB Energy, s.r.l. ("ISAB") Corso Gelone No. 103, Siracusa,
Sicily, Italy
ISAB's facilities will consist of a 512MW integrated gasification and
combined cycle power plant, located in Priolo Gargallo, 8 km.
from Siracusa, Sicily, on approximately 100 hectares of land.
ISAB is scheduled to become operational by November 17, 1999.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which owns 100% of Mission
Energy Holdings International, Inc., which owns 100% of MEC
International B.V., which directly owns 99% of MEC Priolo B.V.
and through its wholly owned subsidiary MEC International
Holdings B.V. indirectly owns the remaining 1% of MEC Priolo
B.V., MEC Priolo B.V. owns 49% of ISAB Energy, s.r.l.
(c) Edison Mission Energy has guaranteed (for the benefit of the banks
financing the construction of the power plant) MEC Priolo B.V.'s
obligation to inject into ISAB equity and subordinated debt
totaling US$147,570,284. This amount must be injected on the
earlier of: (i) 56 months after signing the loan documents; (ii)
52 months after first drawdown of funds; (iii) conversion of the
debt into a term loan or (iv) upon acceleration of the debt. If
an event of default occurs under the financing documents, prior
to the occurrence of one of the four events described above,
EME's equity and subordinated debt is required to the extent
necessary to bring the equity amount to a pari passu basis with
the current level of loans outstanding from the banks. Also in
connection with the financing of ISAB, Edison Mission Operation &
Maintenance, Inc. ("EMO&M") pursuant to a guarantee (the "EMO&M
Guarantee") has guaranteed (for the benefit of ISAB and the banks
financing the construction of the ISAB power plant) ISAB Energy
Services, S.r.l.'s financial obligations (as the operator) to
ISAB under the Operation and Maintenance Agreement for the
operation and maintenance of the power plant. The maximum payable
by EMO&M under the EMO&M Guarantee is capped at the mobilization
fee or base fee paid in any given year (anywhere from $3-5
million per year). Deosphalter O&M (capped at base or
mobilization fee less than $1 million per year).
(d) Capitalization or total equity = $12,784,178
Net income after taxes for 1998 = $0
(e) ISAB and Edison Mission Energy Limited ("EMEL") entered into a
Secondment Agreement on January 1, 1997, wherein EMEL seconds
certain of its employees to ISAB to assist in areas related to
ISAB's business (i.e., project management). Under this
agreement, EMEL has received compensation in the amount of
US$179,044 for 1998. Mission Energy Italia SRL ("MEI") and ISAB
have entered into a Secondment Agreement effective January 1,
1997, wherein MEI seconds certain of its employees to ISAB to
assist in areas related to ISAB's business (i.e., project control
and general management). Under this Secondment Agreement, MEI has
received US$597,126 as of December 31, 1998. EMEL entered into a
Sponsor Support Agreement with ISAB effective January 1, 1997,
wherein EMEL provides activities to ISAB in the areas which
include the following:
37
<PAGE>
financial model administration; maintenance and development of
relationship with lenders to ISAB; advice on finance; maintenance
and development of relationship with insurance companies;
maintenance and development of relationship with international
law firms; supervision and preparation of legal contracts and
provide interpretation of existing contracts. During 1998, EMEL
has received US$172,962 under this Sponsor Support Agreement.
4.13 FIRST HYDRO COMPANY [FUCO]
(a) First Hydro Company ("First Hydro")
Bala House, St. David's Park, Ewloe, Clwyd, Wales CH5 3XJ
The principal assets of First Hydro are two pumped storage stations
located in North Wales at Dinorwig and Ffestiniog which have a
combined registered capacity of 2,088MW. These facilities were
built to provide additional generation for meeting peak demand
throughout the day and to provide rapid generation response to
sudden changes in electricity demands.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which through its
subsidiaries (i) wholly owned Mission Energy Wales Company, owns
30%LP of Mission Hydro Limited Partnership, which in turn owns
100% of EME Generation Holdings, Ltd., which in turn owns 99% of
First Hydro Holdings Company, which owns 100% of First Hydro
Finance plc, which owns 1% of First Hydro Company; (ii) wholly
owned Mission Energy Holdings International, Inc. owns 100% of
MEC International B.V., which owns 100% of Mission Energy Company
(UK) Limited, which owns 100% of Mission Hydro (UK) Limited,
which in turn directly owns 1% of First Hydro Holdings Company
and indirectly owns the remaining 99% of First Hydro Holdings
Company through its 1%GP interest in Mission Hydro Limited
Partnership, First Hydro Holdings Company owns 100% of First
Hydro Finance plc, which in turn owns 1% of First Hydro Company;
and (iii) the wholly owned subsidiary Mission Energy Holdings
International, Inc. owns 100% of MEC International B.V. which
directly owns 99% of MEC Wales B.V. and through its wholly owned
subsidiary MEC International Holdings B.V. indirectly owns the
remaining 1% of MEC Wales B.V., MEC Wales B.V. owns 69%LP of
Mission Hydro Limited Partnership, which in turn owns 100% of EME
Generation Holdings, Ltd., which owns 99% of First Hydro Holdings
Company, which owns 100% of First Hydro Finance plc, which owns
100% of First Hydro Company.
(c) First Hydro Finance plc ("First Hydro Finance"), indirect
subsidiary of Edison Mission Energy, purchased all of the
outstanding shares of First Hydro Company for $1.0 billion plus
$45.7 million as consideration for the working capital of First
Hydro at the date of acquisition. This acquisition was funded
through a combination of (i) a $621.4 million credit facility
with Barclays Bank Plc, (ii) a $350 million capital contribution
from Edison International, and (iii) the remaining $50.4 came
from Edison Mission Energy's working capital. First Hydro Finance
obtained the financing for First Hydro Holdings Company, a wholly
owned indirect subsidiary of Edison Mission Energy. To support
the financing for First Hydro Finance, Edison Mission Energy has
issued a letter of credit from its $400 million corporate
revolving credit.
Revenue Support Letter of Credit -- This 12 million sterling pound
Letter of Credit was issued in favor of First Hydro Finance and
assigned to Prudential Trustee Company Limited as security
trustee. The Revenue Support Letter of Credit must be provided
during the initial five years of financing and be issued from the
bank in short-term ratings of at least A-1/P-1. The Revenue
Support Letter of Credit may be used to make up any shortfalls in
interest payments owing and may also be used toward curing any
default arising from
38
<PAGE>
interest coverage ratios dropping below 1.05 to 1.0 for applicable
reference periods.
(d) Capital Contribution = $405,513,507
Net income after taxes for 1998 = $66,302,602
(e) There are no contracts between First Hydro and any system company.
4.14 DERWENT COGENERATION LIMITED [FUCO]
(a) Derwent Cogeneration Limited ("Derwent")
Lansdowne House, Berkeley Square, London W1X5DH England
The 214 MW plant at Spondon, Derbyshire, England, went into
operation in 1995.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; MEC International B.V. owns 100% of
Mission Energy Company (UK) Limited which owns 33% of Derwent
Cogeneration Limited.
(c) Total capital contribution = US$2,690,825
(d) Capitalization or total equity = US$2,625,690
Net Income after taxes for 1998 = US$10,711,136
(e) Mission Energy Services Limited ("MESL") provided construction
management services to Derwent Cogeneration Limited throughout
the construction phase of the project and is now the operator of
the facility. MESL is to receive a fee of US$686,189 per year for
operation and maintenance services as well as reimbursement from
Derwent for expenditures incurred for operation and maintenance
services.
4.15 LAKELAND POWER LTD. [FUCO]
(a) Lakeland Power Ltd.
Roosecote Power Station, Barrow-in-Furness
Cumbria, England LA13 OPX
Lakeland's facilities consist of a 220 MW gas fired combined cycle
electricity generation plant.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; MEC International B.V. ("MECI"), owns 2
shares (1%) of Pride Hold Limited and 100 shares (100%) of
Mission Energy Company (UK) Limited; Mission Energy Company (UK)
Limited owns 99% of Pride Hold Limited and MECI owns 1%. Pride
Hold Limited owns 80% of Lakeland Power Ltd. Pride Hold Limited
owns 100% of Lakeland Power Development Limited.
(c) The capital contribution made by MECI through Pride Hold Limited
was $2,617,149.
(d) Capitalization or total equity = $0.
Net income after taxes for 1998 = US$14,383,773.
(e) There are no contracts between Lakeland and any system company.
39
<PAGE>
4.16 KWINANA POWER PARTNERSHIP [FUCO]
(a) Kwinana Power Partnership ("KPP") c/o Edison Mission Energy
Holdings Pty. Ltd., Southgate Complex Level 20, HWT Tower, 40
City Road, South Melbourne, Australia
KPP's facilities used for the generation, transmission, or
distribution of electric energy for sale consist of a 116 MW
gas-fired combined cycle cogeneration plant at the oil refinery
owned and operated by British Petroleum Refinery Proprietary
Limited at Kwinana near Perth, Australia, and interconnection
equipment necessary to connect the plant with the refinery and
with KPP's wholesale purchaser, Western Power Corporation. KPP
commenced operation in December 1996.
(b) Edison International owns 100% of The Mission Group; The Mission
Group owns 100% of Edison Mission Energy, which owns 100% of
Mission Energy Holdings International, Inc., which owns 100% of
MEC International B.V.; indirect, wholly owned subsidiaries of
MEC International B.V. collectively own 100% of the interests of
KPP, the foreign utility company.
(c) The Shareholder and Equity Subscription Agreement provides for an
equity contribution from MEC Perth B.V. to be made upon conversion
from a construction loan to a term loan which is scheduled for
late 1996; Edison Mission Energy is obligated to contribute the
equity required to be paid by its subsidiary. The equity
contribution is $24,254,167. No capital contribution was made.
(d) Capitalization or total equity = $0
Net income after taxes for 1998 = $3,094,103
(e) An indirect, wholly owned subsidiary of MEC International B.V.,
Edison Mission Operation (Kwinana) Pty Ltd ("EMOK"), operates the
facility pursuant to an operation and maintenance agreement. EMOK
received $341,760 in compensation as operator in 1998.
4.17 TRI ENERGY COMPANY LIMITED [FUCO]
(a) Tri Energy Company Limited
16th Floor, Grand Amarin Tower
New Petchburi Road
Ratchathewi, Bangkok 10320 Thailand
Tri Energy's facilities consist of a 700MW gas turbine combined cycle
facility located in Ratchaburi Province, West of Bangkok,
Thailand, and interconnection equipment necessary to connect the
facility with the company's wholesale purchaser, the Electricity
Generating Authority of Thailand.
Tri Energy is scheduled to become operational by Third Quarter 2000.
(b) Edison International's wholly owned subsidiary The Mission Group
owns 100% of Edison Mission Energy, which owns 100% of Mission
Energy Holdings International, Inc., which owns 100% of MEC
International B.V., which owns 100% of EME Tri Gen B.V., which
owns 25% of Tri Energy Company Limited.
(c) Capital contributions were made by Edison Mission Energy through
its subsidiary EME Tri Gen B.V. in the amount of $1,500,875.
(d) Capitalization or total equity = $700,732
Net income after taxes for 1998 = $0
(e) EME Asia Pacific Pte. Ltd. ("EME Asia") and Tri Energy Company
Limited ("TECO") have entered an Onshore Service Agreement and an
Offshore Service Agreement. Under the Onshore Service agreement,
EME Asia is to provide managerial, professional and technical
services within Thailand to TECO for a fixed annual fee of
$12,000,000 Baht. Under the Offshore Service agreement, EME Asia
is to provide managerial, professional and technical services
outside of Thailand on an hourly fee basis. As of December 31,
1998, EME Asia has not received payment under either agreement.
40
<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 B
FINANCIAL DATA SCHEDULE.
EXHIBIT C
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR FOREIGN
UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING COMPANY SYSTEM.
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on this 26th day of February, 1999.
EDISON INTERNATIONAL
By: Kenneth S. Stewart
-------------------------
Kenneth S. Stewart
Assistant General Counsel
Corporate Seal
Attest:
Bonita J. Smith
- -------------------
Bonita J. Smith
Assistant Secretary
NAME, TITLE AND ADDRESS OF OFFICER TO WHOM NOTICES AND CORRESPONDENCE CONCERNING
THIS STATEMENT SHOULD BE ADDRESSED:
Kenneth S. Stewart Assistant General Counsel
- -----------------------------------------------------------------
(Name) (Title)
2244 Walnut Grove Avenue, Post Office Box 999, Rosemead, CA 91770
- -----------------------------------------------------------------
(Address)
41
<PAGE>
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
<TABLE>
<CAPTION>
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
- --------------------------------------------- --------------------- -------- ----------------- ----------------
<S> <C> <C> <C> <C>
MAIN SYSTEM - SCE OWNED
COAL:
Four Corners San Juan, NM 4 07/01/1969 818,100
Owned by Others - 52% (425,412)
----------------
Owned by SCE - 48% 392,688
5 07/01/1970 818,100
Owned by Others - 52% (425,412)
----------------
Owned by SCE - 48% 392,688
TOTAL SCE 785,376
================
Mohave Clark, NV 1 04/01/1971 818,100
Owned by Others - 44% (359,964)
----------------
Owned by SCE - 56% 458,136
2 10/01/1971 818,100
Owned by Others - 52% (359,964)
----------------
Owned by SCE - 48% 458,136
TOTAL SCE 916,272
================
TOTAL COAL 1,701,648
================
NUCLEAR:
San Onofre San Diego 1 01/01/1968 0
Owned by Others - 20% 0
----------------
Owned by SCE - 80% 0
2 08/08/1983 1,127,000
Owned by Others - 24.95% (281,185)
----------------
Owned by SCE - 75.05% 845,815
3 04/01/1984 1,127,000
Owned by Others - 24.95% (281,185)
----------------
Owned by SCE - 75.05% 845,815
TOTAL SCE 1,691,630
================
Palo Verde Maricopa, AZ 1 02/01/1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
2 09/19/1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
</TABLE>
42
<PAGE>
<TABLE>
<CAPTION>
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
- --------------------------------------------- --------------------- -------- ----------------- ----------------
<S> <C> <C> <C> <C>
3 01/20/1988 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
TOTAL SCE 665,070
================
TOTAL NUCLEAR: 2,356,700
================
HYDRO:
NORTHERN REGION HYDROELECTRIC PLANTS:
Big Creek #1 Fresno 1 11/08/1913 19,800
2 11/08/1913 15,750
3 07/12/1923 21,600
4 06/08/1925 28,000
----------------- ----------------
TOTAL PLANT 85,150
Big Creek #2 Fresno 3 12/18/1913 15,750
4 01/11/1914 15,750
5 02/01/1921 17,500
6 03/31/1925 17,500
----------------- ----------------
TOTAL PLANT 66,500
Big Creek #2A Fresno 1 08/06/1928 55,000
2 12/21/1928 55,000
----------------- ----------------
TOTAL PLANT 110,000
Big Creek #3 Fresno & Madera 1 10/03/1923 34,000
2 09/30/1923 34,000
3 10/05/1923 34,000
4 04/28/1948 36,000
5 02/24/1980 36,450
----------------- ----------------
TOTAL PLANT 174,450
Big Creek #4 Fresno & Madera 1 06/12/1951 50,000
2 07/02/1951 50,000
----------------- ----------------
TOTAL PLANT 100,000
Big Creek #8 Fresno 1 08/16/1921 30,000
2 06/08/1929 45,000
----------------- ----------------
TOTAL PLANT 75,000
Kaweah #1 Tulare 1 05/25/1929 2,250
Kaweah #2 Tulare 2 09/13/1929 1,800
Kaweah #3 Tulare 1 05/29/1913 2,400
2 05/29/1913 2,400
----------------- ----------------
TOTAL PLANT 4,800
</TABLE>
44
<PAGE>
<TABLE>
<CAPTION>
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
- --------------------------------------------- --------------------- -------- ----------------- ----------------
<S> <C> <C> <C> <C>
NORTHERN REGION HYDROELECTRIC PLANTS
(continued)
Mammoth Pool Madera 1 03/28/1960 95,000
2 03/28/1960 95,000
----------------- ----------------
TOTAL PLANT 190,000
Portal Fresno 1 12/22/1956 10,800
John S. Eastwood Fresno 1 12/01/1987 199,800
Tule River Tulare 1 09/14/1909 1,260
2 09/14/1909 1,260
----------------- ----------------
TOTAL PLANT 2,520
TOTAL NORTHERN REGION HYDRO
PLANTS 1,023,070
================
EASTERN REGION HYDROELECTRIC PLANTS:
Fontana San Bernardino 1 12/22/1917 1,475
2 12/22/1917 1,475
----------------- ----------------
TOTAL PLANT 2,950
Kern River #1 Kern 1 05/19/1907 6,570
2 06/07/1907 6,570
3 07/29/1907 6,200
4 06/27/1907 6,570
----------------- ----------------
TOTAL PLANT 25,910
Kern River #3 Kern 1 05/13/1921 20,500
2 03/22/1921 19,670
----------------- ----------------
TOTAL PLANT 40,170
Kern River Borel Kern 1 12/31/1904 3,000
2 12/31/1904 3,000
3 01/23/1932 6,000
----------------- ----------------
TOTAL PLANT 12,000
Lytle Creek San Bernardino 1 10/23/1904 250
2 09/15/1904 250
----------------- ----------------
TOTAL PLANT 500
Ontario #1 Los Angeles 1 12/00/1902 200
2 12/00/1902 200
3 12/00/1902 200
----------------- ----------------
TOTAL PLANT 600
Ontario #2 Los Angeles 1 06/13/1963 320
San Gorgonio #1 Riverside 1 12/05/1923 1,500
San Gorgonio #2 Riverside 1 12/17/1923 938
Santa Ana #1 San Bernardino 1 02/14/1899 800
2 02/10/1899 800
3 01/09/1899 800
</TABLE>
45
<PAGE>
<TABLE>
<CAPTION>
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
- --------------------------------------------- --------------------- -------- ----------------- ----------------
<S> <C> <C> <C> <C>
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
4 01/10/1899 800
----------------- ----------------
TOTAL PLANT 3,200
Santa Ana #2 San Bernardino 1 06/07/1905 400
2 05/20/1905 400
----------------- ----------------
TOTAL PLANT 800
Santa Ana #3 San Bernardino 1 04/01/1947 1,200
Sierra Los Angeles 1 01/12/1922 240
2 02/16/1922 240
----------------- ----------------
TOTAL PLANT 480
Mill Creek #1 San Bernardino 1 09/07/1893 800
Mill Creek #2 San Bernardino 1 08/03/1904 250
Mill Creek #3 San Bernardino 3 03/20/1903 1,000
4 01/23/1904 1,000
5 03/03/1904 1,000
----------------- ----------------
TOTAL PLANT 3,000
Bishop Creek #2 Inyo 1 11/00/1908 2,500
2 11/00/1908 2,500
3 06/00/1911 2,320
----------------- ----------------
TOTAL PLANT 7,320
Bishop Creek #3 Inyo 1 06/12/1913 2,750
2 06/12/1913 2,340
3 06/12/1913 2,500
----------------- ----------------
TOTAL PLANT 7,590
Bishop Creek #4 Inyo 1 09/20/1905 1,000
2 09/20/1905 1,000
3 00/00/1906 1,985
4 10/01/1907 1,985
5 00/00/1909 1,985
----------------- ----------------
TOTAL PLANT 7,955
Bishop Creek #5 Inyo 1 05/30/1943 2,000
2 06/01/1919 2,532
----------------- ----------------
TOTAL PLANT 4,532
Bishop Creek #6 Inyo 1 03/12/1913 1,600
Lundy Mono 1 12/09/1911 1,500
2 02/02/1912 1,500
----------------- ----------------
TOTAL PLANT 3,000
Poole Mono 1 00/00/1924 11,250
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
- --------------------------------------------- --------------------- -------- ----------------- ----------------
<S> <C> <C> <C> <C>
Rush Creek Mono 1 10/17/1916 4,400
2 12/11/1917 4,000
----------------- ----------------
TOTAL PLANT 8,400
TOTAL EASTERN REGION HYDRO
PLANTS 146,265
================
TOTAL HYDRO PLANTS 1,169,335
================
TOTAL SCE OWNED RESOURCES (MAIN SYSTEM)
5,227,683
================
ISOLATED SYSTEMS:
Pebbly Beach (Diesel) Los Angeles 7 07/03/1958 1,000
(Catalina) 8 06/26/1963 1,500
10 07/25/1966 1,125
12 06/18/1976 1,550
14 10/24/1986 1,400
15 12/31/1995 2,800
----------------- ----------------
TOTAL PLANT 9,375
Catalina Hydro Los Angeles 1 05/05/1983 30
2 07/24/1985 22
3 07/24/1985 57
----------------- ----------------
TOTAL PLANT 109
TOTAL SCE OWNED RESOURCES: 9,484
================
TOTAL ISOLATED SYSTEMS RESOURCES
9,484
================
</TABLE>
47
<PAGE>
Attached hereto as Exhibit A are the following financial statements dated
as of December 31, 1998, or for the year then ended:
PAGES
- -------------------------------Part 2------------------------------
Edison International and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 51-59
Southern California Edison Company and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 60-71
Southern California Edison Company and Subsidiaries
Equity Investments 72
Edison Ventures and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 73-78
The Mission Group and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 79-90
Edison Technology Solutions and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 91-96
Edison Technology Solutions and Subsidiaries
Equity Investments 97
Edison Enterprises and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 98-106
Edison Source and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 107-112
Edison Select and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 113-121
- -------------------------------Part 3------------------------------
Edison Capital and Subsidiaries
Consolidating Balance Sheet (ASSETS) 122-153
- -------------------------------Part 4------------------------------
Edison Capital and Subsidiaries
Consolidating Balance Sheet (LIABILITIES) 154-185
- -------------------------------Part 5------------------------------
Edison Capital and Subsidiaries
Consolidating Statements of Income and
Retained Earnings 186-217
- -------------------------------Part 6------------------------------
Edison Capital and Subsidiaries
Equity Investments in Real Estate
Limited Partnerships 218-335
- -------------------------------Part 7------------------------------
Mission Land Company and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 336-350
Mission Power Engineering Company and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 351-356
- -------------------------------Part 8------------------------------
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet 357-414
48
<PAGE>
PAGES
- -------------------------------Part 9------------------------------
Edison Mission Energy and Subsidiaries
Consolidating Statements of Income and
Retained Earnings 415-443
Edison Mission Energy and Subsidiaries
Equity Investments 444-456
Mission Energy Fuel Company and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 457-465
Edison Mission Holdings Co. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 466-474
Hanover Energy Company and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 475-480
- -------------------------------Part 10------------------------------
MEC International B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 481-516
MECI, Edison Mission Energy Asia Pte Ltd and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 517-525
MECI, Hydro Energy B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 526-531
MECI, Hydro, Iberica de Energias, S.A. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 532-537
MECI, Iberian Hy-Power Amsterdam B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 538-543
MECI, Iberian, Hydro Energy B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 544-549
MECI, Iberian, Hydro, Iberica de Energias, S.A. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 550-555
- -------------------------------Part 11------------------------------
MECI, Latrobe Power Pty Ltd and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 556-561
MECI, Loy Yang Holdings Pty Ltd and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 562-570
MECI, Loy Yang, Edison Mission Energy Holdings Pty Ltd
and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 571-579
MECI, Loy Yang, EME Holdings, Edison Mission Energy
Australia Ltd. and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 580-585
MECI, Loy Yang, Latrobe Power Pty Ltd and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 586-591
MECI, Loy Yang, Mission Energy Ventures Australia
Pty. Ltd. and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 592-597
49
<PAGE>
PAGES
MECI, Loy Yang, Traralgon Power Pty. Ltd. and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 598-603
MECI, MEC Esenyurt B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 604-609
- -------------------------------Part 12------------------------------
MECI, MEC International Holdings B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 610-627
MECI, MECI Holdings, MEC Esenyurt B.V. and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 628-633
MECI, MECI Holdings, MEC Wales B.V. and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 634-681
- -------------------------------Part 13------------------------------
MECI, MEC Wales B.V. and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 682-729
- -------------------------------Part 14------------------------------
MECI, Mission Energy Company (U.K.) Limited and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 730-741
MECI, MEC(UK), Mission Hydro (UK) Limited and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 742-747
MECI, MEC(UK), Mission Hydro, First Hydro Holdings Co.
and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 748-753
MECI, MEC(UK), Mission Hydro, Mission Hydro Limited
Partnership and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 754-795
MECI, MEC(UK), Pride Hold Ltd and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 796-801
MECI, Pride Hold Ltd and Subsidiaries
Consolidating Balance Sheet and Consolidating
Statements of Income and Retained Earnings 802-807
MECI, Rillington Holdings Limited and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 808-813
MECI, Traralgon Power Pty. Ltd. and Subsidiaries
Consolidating Balance Sheets and Consolidating
Statements of Income and Retained Earnings 814-819
MEC International B.V. and Subsidiaries
Equity Investments 820-822
50
Edison International and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Southern The Mission Group Edison Ventures
California Edison Consolidated Consolidated
Co. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation $11,771,678 - -
Accumulated provision for depreciation (6,062,562) - -
Construction work in progress 455,233 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
6,164,349 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation 1,689,469 - -
Accumulated provision for depreciation,
decommissioning and amortization (833,917) - -
Construction work in progress 61,431 - -
Nuclear fuel, at amortized cost 172,250 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,089,233 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 7,253,582 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation 56,681 $3,015,473 -
Nuclear decommissioning trusts 2,239,929 - -
Investments in partnerships
and unconsolidated subsidiaries - 1,980,129 -
Investments in leveraged leases - 1,621,133 -
Other investments 179,480 - $2,406
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,476,090 6,616,735 2,406
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 81,500 494,514 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 1,112,630 277,591 4
Fuel inventory 51,299 - -
Materials and supplies, at average cost 116,259 - -
Accumulated deferred income taxes - net 274,833 - -
Regulatory balancing accounts - net 648,781 - -
Prepayments and other current assets 91,992 45,195 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,377,294 817,300 4
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net 2,161,998 - -
Regulatory asset - income tax-related
deferred charges 1,463,256 - -
Unamortized debt issuance and
reacquisition expense 348,816 - -
Other deferred charges 865,892 512,409 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,839,962 512,409 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16,946,928 $7,946,444 $2,410
============================================================= ==================== ==================== ====================
</TABLE>
51
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Insurance Edison Drives Edison
Services, Inc. Electric International
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation,
decommissioning and amortization - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $200
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - 4,946,603
Investments in leveraged leases - - -
Other investments $25,947 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 25,947 - 4,946,803
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 441 - 7,101
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 205 $33 247,778
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - 18 -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 190 - 543
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 836 51 255,422
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net - - -
Regulatory asset - income tax-related
deferred charges - - -
Unamortized debt issuance and
reacquisition expense - - -
Other deferred charges - - 95
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 95
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $26,783 $51 $5,202,320
============================================================= ==================== ==================== ====================
</TABLE>
52
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison
Adjustments International
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - $11,771,678 -
Accumulated provision for depreciation - (6,062,562) -
Construction work in progress - 455,233 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 6,164,349 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - 1,689,469 -
Accumulated provision for depreciation,
decommissioning and amortization - (833,917) -
Construction work in progress - 61,431 -
Nuclear fuel, at amortized cost - 172,250 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 1,089,233 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - 7,253,582 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - 3,072,354 -
Nuclear decommissioning trusts - 2,239,929 -
Investments in partnerships
and unconsolidated subsidiaries ($4,946,603) 1,980,129 -
Investments in leveraged leases - 1,621,133 -
Other investments - 207,833 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (4,946,603) 9,121,378 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 583,556 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (322,411) 1,315,830 -
Fuel inventory - 51,299 -
Materials and supplies, at average cost - 116,259 -
Accumulated deferred income taxes - net - 274,851 -
Regulatory balancing accounts - net - 648,781 -
Prepayments and other current assets - 137,920 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (322,411) 3,128,496 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net - 2,161,998 -
Regulatory asset - income tax-related
deferred charges - 1,463,256 -
Unamortized debt issuance and
reacquisition expense - 348,816 -
Other deferred charges (158,043) 1,220,353 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (158,043) 5,194,423 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($5,427,057) $24,697,879 -
============================================================= ==================== ==================== ====================
</TABLE>
53
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Southern The Mission Group Edison Ventures
California Edison Consolidated Consolidated
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $2,168,054 $147,866 -
Additional Paid in Capital 334,031 1,097,648 $2,406
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 29,699 -
Unrealized gain in equity investments
- net 39,462 - -
Retained Earnings 793,625 400,944 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3,335,172 1,676,157 2,401
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption 128,755 - -
Subject to mandatory redemption 255,700 150,000 -
Long-term debt 5,446,638 2,714,516 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
5,831,093 2,864,516 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 9,166,265 4,540,673 2,401
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities 467,109 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 400,810 519,523 -
Short-term debt 469,565 - -
Accounts payable 447,484 209,204 9
Accrued taxes 678,955 17,817 -
Accrued interest 89,828 62,102 -
Dividends payable 91,742 - -
Deferred unbilled revenue and other
current liabilities 1,096,332 344,008 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,274,716 1,152,654 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,993,142 1,590,754 -
Accumulated deferred investment tax
credits 250,116 20,573 -
Customer advances and other deferred
credits 795,266 626,403 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 4,038,524 2,237,730 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 314 15,387 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $16,946,928 $7,946,444 $2,410
============================================================= ==================== ==================== ====================
</TABLE>
54
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Insurance Edison Drives Edison
Services, Inc. Electric International
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $1 - $2,109,279
Additional Paid in Capital 1,729 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 14,397 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 327 ($23) 2,906,432
- ------------------------------------------------------------- -------------------- -------------------- --------------------
16,454 (23) 5,015,711
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 16,454 (23) 5,015,711
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - 96,061
Accounts payable - 63 155,288
Accrued taxes - 11 (66,877)
Accrued interest - - -
Dividends payable - - -
Deferred unbilled revenue and other
current liabilities 509 - 1,300
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 509 74 185,772
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,820 - (2,480)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 3,317
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 9,820 - 837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $26,783 $51 $5,202,320
============================================================= ==================== ==================== ====================
</TABLE>
55
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison
Adjustments International
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($2,315,921) $2,109,279 -
Additional Paid in Capital (1,435,814) - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 29,699 -
Unrealized gain in equity investments
- net - 53,859 -
Retained Earnings (1,194,868) 2,906,432 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(4,946,603) 5,099,269 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - 128,755 -
Subject to mandatory redemption - 405,700 -
Long-term debt (153,000) 8,008,154 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(153,000) 8,542,609 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (5,099,603) 13,641,878 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - 467,109 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 920,333 -
Short-term debt - 565,626 -
Accounts payable (322,297) 489,751 -
Accrued taxes - 629,906 -
Accrued interest (5,157) 146,773 -
Dividends payable - 91,742 -
Deferred unbilled revenue and other
current liabilities - 1,442,149 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (327,454) 4,286,280 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 4,591,236 -
Accumulated deferred investment tax
credits - 270,689 -
Customer advances and other deferred
credits - 1,424,986 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 6,286,911 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 15,701 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($5,427,057) $24,697,879 -
============================================================= ==================== ==================== ====================
</TABLE>
56
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Southern The Mission Group Edison Ventures
California Edison Consolidated Consolidated
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers $7,104,800
Sales to power exchange 1,347,579
Other 394,719
Total electric utility revenue - - -
Diversified operations - $1,360,799 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8,847,098 1,360,799 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 323,716 176,954 -
Purchased power - contracts 2,625,900 - -
Purchased power - power exchange 1,983,922 - -
Provisions for regulatory adjustment
clauses - net (472,519) - -
Other operating expenses 1,480,644 616,505 $9
Maintenance 410,566 388 -
Depreciation, decommissioning and
amortization 1,545,735 116,541
Income taxes 445,642 18,780 (4)
Property and other taxes 128,402 4,361 -
Gain on sale of utility plant (542,608) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7,929,400 933,529 5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income 917,698 426,781 (5)
Other utility operating income 307 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income 918,005 426,781 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction 11,826 - -
Interest and dividend income 66,725 47,446 -
Minority interest (30) (2,749) -
Taxes on nonoperating income - - -
Other nonoperating income - net (4,662) (31,244) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 73,859 13,453 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 991,864 440,234 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 421,857 243,140 -
Other interest expense 64,225 9,358 -
Allowance for borrowed funds used during
construction (8,046) - -
Capitalized interest (1,294) (17,925) -
Dividends on subsidiary preferred
securities 24,632 13,149 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 501,374 247,722 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 490,490 192,512 (5)
Retained earnings - beginning of year 1,407,834 249,980 -
Dividends declared on common stock (1,104,699) (41,548) -
Dividends declared on preferred stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $793,625 $400,944 ($5)
============================================================= ==================== ==================== ====================
</TABLE>
57
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
ENvestSCE Catalina Edison Insurance Edison Drives
EPTC Taxes Services, Inc. Electric
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers
Sales to power exchange
Other $915
Total electric utility revenue - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 915 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - contracts - - -
Purchased power - power exchange - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 357 $41
Maintenance - - -
Depreciation, decommissioning and
amortization - - -
Income taxes - 245 (18)
Property and other taxes - - -
Gain on sale of utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 602 23
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income - 313 (23)
Other utility operating income ($307) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income (307) 313 (23)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (307) 313 (23)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 313 (23)
Retained earnings - beginning of year - 15 -
Dividends declared on common stock - - -
Dividends declared on preferred stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $327 ($23)
============================================================= ==================== ==================== ====================
</TABLE>
58
<PAGE>
Edison International and Subsidiaries [Tier 1]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Consolidating Edison
International Adjustments International
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers $7,104,800
Sales to power exchange 1,347,579
Other $46,193 ($47,117) 394,710
Total electric utility revenue - - -
Diversified operations - - 1,360,799
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 46,193 (47,117) 10,207,888
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 500,670
Purchased power - contracts - - 2,625,900
Purchased power - power exchange - - 1,983,922
Provisions for regulatory adjustment
clauses - net - - (472,519)
Other operating expenses 70,951 (46,627) 2,121,880
Maintenance - - 410,954
Depreciation, decommissioning and
amortization 43 - 1,662,319
Income taxes (9,368) - 455,277
Property and other taxes - - 132,763
Gain on sale of utility plant - - (542,608)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (61,626) (46,627) 8,878,558
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income (15,433) - 1,329,330
Other utility operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income (15,433) - 1,329,330
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - 11,826
Interest and dividend income 6,591 (12,631) 108,131
Minority interest - - (2,779)
Taxes on nonoperating income - - -
Other nonoperating income - net (2,623) 307 (38,222)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 3,968 (12,324)- 78,956
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (11,465) (12,324) 1,408,286
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (12,631) 652,366
Other interest expense 3,658 - 77,241
Allowance for borrowed funds used during
construction - - (8,046)
Capitalized interest - - (19,219)
Dividends on subsidiary preferred
securities - - 37,781
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 3,658 (12,631) 740,123
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (15,123) - 668,164
Retained earnings - beginning of year 3,175,883 (1,657,829) 3,175,883
Dividends declared on common stock - 208,633 (937,614)
Dividends declared on preferred stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2,906,432 ($1,194,868) $2,906,432
============================================================= ==================== ==================== ====================
</TABLE>
59
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
California Conservation Edison ESI
Electric Power Financing
Company Corporation
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation,
decommissioning and amortization - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $120
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 120
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 61
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 6,741
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - 1
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 4,340
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - 11,143
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net - - -
Regulatory asset - income tax-related
deferred charges - - -
Unamortized debt issuance and
reacquisition expense - - -
Other deferred charges - $151,000 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $151,000 $11,263
============================================================= ==================== ==================== ====================
</TABLE>
60
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mono Power Company SCE Capital Company SCE Funding LLC
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation,
decommissioning and amortization - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - $20,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 20,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $153 - 183
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - $2 2,324
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 153 2 2,507
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net - - -
Regulatory asset - income tax-related
deferred charges - - -
Unamortized debt issuance and
reacquisition expense - - (573)
Other deferred charges - - 2,218,983
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 2,218,410
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $153 $2 $2,241,754
============================================================= ==================== ==================== ====================
</TABLE>
61
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
SCE UK Services Southern States Southern
Limited Realty California Edison
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - $11,771,678
Accumulated provision for depreciation - - (6,062,562)
Construction work in progress - - 455,233
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - 6,164,349
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - 1,689,469
Accumulated provision for depreciation,
decommissioning and amortization - - (833,917)
Construction work in progress - - 61,431
Nuclear fuel, at amortized cost - - 172,250
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - 1,089,233
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - 7,253,582
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $69 56,492
Nuclear decommissioning trusts - - 2,239,929
Investments in partnerships
and unconsolidated subsidiaries - - 94,384
Investments in leveraged leases - - -
Other investments - - 158,643
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 69 2,549,448
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 16 81,087
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $9 15 1,299,682
Fuel inventory - - 51,299
Materials and supplies, at average cost - - 116,259
Accumulated deferred income taxes - net - - 274,832
Regulatory balancing accounts - net - - 648,781
Prepayments and other current assets - - 87,652
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9 31 2,559,592
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net - - 2,161,998
Regulatory asset - income tax-related
deferred charges - 400 1,462,856
Unamortized debt issuance and
reacquisition expense - - 349,389
Other deferred charges - - 714,892
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 400 4,689,135
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $9 $500 $17,051,757
============================================================= ==================== ==================== ====================
</TABLE>
62
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Southern
Adjustments California Edison
Co. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - $11,771,678 -
Accumulated provision for depreciation - (6,062,562) -
Construction work in progress - 455,233 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 6,164,349 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - 1,689,469 -
Accumulated provision for depreciation,
Decommissioning and amortization - (833,917) -
Construction work in progress - 61,431 -
Nuclear fuel, at amortized cost - 172,250 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 1,089,233 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - 7,253,582 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - 56,681 -
Nuclear decommissioning trusts - 2,239,929 -
Investments in partnerships
and unconsolidated subsidiaries ($94,384) - -
Investments in leveraged leases - - -
Other investments 179,480 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (94,384) 2,476,090 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 81,500 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (196,143) 1,112,630 -
Fuel inventory - 51,299 -
Materials and supplies, at average cost - 116,259 -
Accumulated deferred income taxes - net - 274,833 -
Regulatory balancing accounts - net - 648,781 -
Prepayments and other current assets - 91,992 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (196,143) 2,377,294 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Regulatory asset - unamortized nuclear
investment - net - 2,161,998 -
Regulatory asset - income tax-related
deferred charges - 1,463,256
Unamortized debt issuance and
reacquisition expense - 348,816
Other deferred charges (2,218,983) 865,892 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,839,962 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2,509,510) $16,946,928 -
============================================================= ==================== ==================== ====================
</TABLE>
63
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
California Conservation Edison ESI
Electric Power Financing
Company (Inactive) Corporation
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $20 -
Additional Paid in Capital - 62,983 $100
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 6,772 3,268
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 69,775 3,368
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 69,775 3,368
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - 4,443 5,892
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Deferred unbilled revenue and other
current liabilities - - (36)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 4,443 5,856
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (57,147) 1,574
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 133,615 465
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 76,468 2,039
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 314 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $151,000 $11,263
============================================================= ==================== ==================== ====================
</TABLE>
64
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mono Power Company SCE Capital Company SCE Funding LLC
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $20 -
Additional Paid in Capital $2,749 100 $28,005
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,694) (2,200) (4,837)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
55 (2,080) 23,168
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - 1,969,783
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 55 (2,080) 1,992,951
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 246,300
Short-term debt - - -
Accounts payable 98 2,082 565
Accrued taxes - - -
Accrued interest - - 1,938
Dividends payable - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 98 2,082 248,803
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $153 $2 $2,241,754
============================================================= ==================== ==================== ====================
</TABLE>
65
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
SCE UK Services Southern States Southern
Limited Realty California Edison
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $2,168,054
Additional Paid in Capital - - 334,031
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - 39,462
Retained Earnings $4 $94 793,625
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - 3,335,172
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - 128,755
Subject to mandatory redemption - - 255,700
Long-term debt - - 5,695,838
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 4 94 9,415,465
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - 467,109
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 154,510
Short-term debt - - 469,565
Accounts payable 3 6 630,538
Accrued taxes 1 - 678,954
Accrued interest 1 - 87,889
Dividends payable - - 91,742
Deferred unbilled revenue and other
current liabilities - - 1,096,368
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 6 3,209,566
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 400 3,048,315
Accumulated deferred investment tax
credits - - 250,116
Customer advances and other deferred
credits - - 661,186
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 400 3,959,617
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $9 $500 $17,051,757
============================================================= ==================== ==================== ====================
</TABLE>
66
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Southern
Adjustments California Edison
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($40) $2,168,054 -
Additional Paid in Capital (93,937) 334,031 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - 39,462 -
Retained Earnings (407) 793,625 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 3,335,172 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - 128,755 -
Subject to mandatory redemption - 255,700 -
Long-term debt (2,218,983) 5,446,638 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 5,831,093 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (2,313,367) 9,166,265 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - 467,109 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 400,810 -
Short-term debt - 469,565 -
Accounts payable (196,143) 447,484 -
Accrued taxes - 678,955 -
Accrued interest - 89,828 -
Dividends payable - 91,742 -
Deferred unbilled revenue and other
current liabilities - 1,096,332 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (196,143) 3,274,716 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 2,993,142 -
Accumulated deferred investment tax
credits - 250,116 -
Customer advances and other deferred
credits - 795,266 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 4,038,524 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 314 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $16,946,928 -
============================================================= ==================== ==================== ====================
</TABLE>
67
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
California Conservation Edison ESI
Electric Power Financing
Company (Inactive) Corporation
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers
Sales to power exchange
Other $29,336
Total electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 29,336
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - contracts - - -
Purchased power - power exchange - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $172 26,226
Maintenance - - -
Depreciation, decommissioning and
amortization - - 20
Income taxes - 2,789 1,552
Property and other taxes - - -
Gain on sale of utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 2,961 27,798
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income - (2,961) 1,538
Other utility operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 8,864 44
Minority interest - (30) -
Other nonoperating income - net - - (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 8,834 42
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 5,873 1,580
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 228
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 228
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 5,873 -
Retained earnings - beginning of year - - -
Dividends declared on preferred stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $5,873 $1,352
============================================================= ==================== ==================== ====================
</TABLE>
68
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mono Power Company SCE Capital Company SCE Funding LLC
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers
Sales to power exchange
Other
Total electric utility revenue - - $150,396
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 150,396
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - contracts - - -
Purchased power - power exchange - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $8 6,915
Maintenance - - -
Depreciation, decommissioning and
amortization - - -
Income taxes - (2)
Property and other taxes - - -
Gain on sale of utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 6 6,915
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income - (6) 143,481
Other utility operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 1,229 2,719
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 1,229 2,719
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 1,223 146,200
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 1,229 151,096
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 1,229 151,096
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (6) (4,896)
Retained earnings - beginning of year - - -
Dividends declared on preferred stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - ($6) ($4,896)
============================================================= ==================== ==================== ====================
</TABLE>
69
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
SCE UK Services Southern States Southern
Limited Realty California Edison
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers - - $7,104,800
Sales to power exchange - - 1,347,579
Other - $1,065 364,902
Total electric utility revenue $70 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 1,065 8,817,281
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 343,789
Purchased power - contracts - - 2,625,900
Purchased power - power exchange - - 1,983,922
Provisions for regulatory adjustment -
clauses - net - - (472,519)
Other operating expenses 66 1,051 1,426,788
Maintenance - - 410,567
Depreciation, decommissioning and
amortization - - 1,545,715
Income taxes 1 (2) 441,304
Property and other taxes - - 128,402
Gain on sale of utility plant - - (542,608)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 67 1,049 7,891,260
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income 3 16 926,021
Other utility operating income - - 307
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - -
Allowance for equity funds used during
construction - - 11,826
Interest and dividend income - - 55,326
Minority interest - - -
Other nonoperating income - net - - (4,823)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 62,329
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 3 16 988,657
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 420,995
Other interest expense - - 64,225
Allowance for borrowed funds used during
construction - - (8,046)
Capitalized interest - - (1,294)
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 475,880
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 3 16 512,777
Retained earnings - beginning of year - -
Dividends declared on preferred stock - - 24,632
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3 $16 $488,145
============================================================= ==================== ==================== ====================
</TABLE>
70
<PAGE>
Southern California Edison Company and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Southern
Adjustments California Edison
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Sales to ultimate consumers - $7,104,800 -
Sales to power exchange - 1,347,579 -
Other - 394,719 -
Total electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 8,847,098 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel ($20,073) 323,716 -
Purchased power - contracts - 2,625,900 -
Purchased power - power exchange - 1,983,922 -
Provisions for regulatory adjustment
clauses - net - (472,519) -
Other operating expenses 19,418 1,480,644 -
Maintenance - 410,566 -
Depreciation, decommissioning and
amortization - 1,545,735 -
Income taxes - 445,642 -
Property and other taxes - 128,402 -
Gain on sale of utility plant - (542,608) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (656) 7,929,400 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Electric operating income - 917,698 -
Other utility operating income - 307 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating income - 918,005 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - 11,826 -
Interest and dividend income - 66,725 -
Minority interest - (30) -
Other nonoperating income - net - (4,662) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 73,859 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (151,688) 991,864 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (151,691) 421,857 -
Other interest expense - 64,225 -
Allowance for borrowed funds used during
Construction - (8,046) -
Capitalized interest - (1,294) -
Dividends on subsidiary preferred
Securities - 24,632 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (151,691) 501,374 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 490,490 -
Retained earnings - beginning of year - 1,407,834 -
Dividends declared on preferred stock - (1,104,699) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $793,625 -
============================================================= ==================== ==================== ====================
</TABLE>
71
<PAGE>
Southern California Edison Company and Subsidiaries
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Bear Creek Uranium Company
(inactive)
Name of Entity:
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets -
Revenues -
Net Income (Loss) -
Nature/Purpose of Business: To develop and operate an
integrated uranium
mining complex in Wyoming.
Ownership Interest(s): 50% by Mono Power Company
</TABLE>
72
<PAGE>
Edison Ventures and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Ventures Edison TransEnergy Consolidating
Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments $2,406 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,406 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 4 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,410 - -
============================================================= ==================== ==================== ====================
</TABLE>
73
<PAGE>
Edison Ventures and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Ventures
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments $2,406 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,406 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 4 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,410 - -
============================================================= ==================== ==================== ====================
</TABLE>
74
<PAGE>
Edison Ventures and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Ventures Edison TransEnergy Consolidating
Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $2,406 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (5) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,401 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,401 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 9 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 9 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,410 - -
============================================================= ==================== ==================== ====================
</TABLE>
75
<PAGE>
Edison Ventures and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Ventures
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $2,406 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (5) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,401 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,401 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 9 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 9 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,410 - -
============================================================= ==================== ==================== ====================
</TABLE>
76
<PAGE>
Edison Ventures and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Ventures Edison TransEnergy Consolidating
Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $9 - -
Maintenance - - -
Depreciation and decommissioning (4) - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 5 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (5) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (5) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) - -
============================================================= ==================== ==================== ====================
</TABLE>
77
<PAGE>
Edison Ventures and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Ventures
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $9 - -
Maintenance - - -
Depreciation and decommissioning (4) - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 5 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (5) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (5) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) - -
============================================================= ==================== ==================== ====================
</TABLE>
78
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
The Mission Group Edison Technology
Solutions
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $260 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $10,000 - -
Investments in leveraged leases - - -
Other investments 1,426,166 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,436,166 260 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 66 4,011 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 13,586 4,927 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 1,047 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13,652 9,985 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 10,584 629 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 10,584 629 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,460,402 $10,874 -
============================================================= ==================== ==================== ====================
</TABLE>
79
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Enterprises Edison Mission
Environmental Consolidated Energy Consolidated
Services
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $24,480 $2,874,813
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 302,074 1,226,546
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 326,554 4,101,359
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 4,435 459,178
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts - 32,865 112,949
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 5,070 35,189
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 42,370 607,316
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 31,100 449,441
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 31,100 449,441
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $400,024 $5,158,116
============================================================= ==================== ==================== ====================
</TABLE>
80
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Mission Land Mission Power
Consolidated Company Engineering
Consolidated Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $32,806 $82,353 $761
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 443,328 - -
Investments in leveraged leases 1,621,133 - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,097,267 82,353 761
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 19,938 6,886 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 125,742 2,808 7
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 2,594 1,295 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 148,274 10,989 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 30,433 15,986 416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 30,433 15,986 416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,275,974 $109,328 $1,184
============================================================= ==================== ==================== ====================
</TABLE>
81
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating The Mission Group
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $3,015,473 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries ($1,819) 1,980,129 -
Investments in leveraged leases - 1,621,133 -
Other investments (1,426,166) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (1,427,985) 6,616,735 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 494,514 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (15,293) 277,591 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 45,195 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (15,293) 817,300 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (26,180) 512,409 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (26,180) 512,409 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,469,458) $7,946,444 -
============================================================= ==================== ==================== ====================
</TABLE>
82
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
The Mission Group Edison Technology
Solutions
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $147,866 - -
Additional Paid in Capital 1,097,648 $7,445 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 209,325 (2,546) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,454,839 4,899 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,454,839 4,899 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 398 3,182 -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 5,165 2,768 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5,563 5,950 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 25 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 25 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,460,402 $10,874 -
============================================================= ==================== ==================== ====================
</TABLE>
83
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Enterprises Edison Mission
Environmental Consolidated Energy Consolidated
Services
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $64,130
Additional Paid in Capital - $244,677 629,406
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - 29,679
Unrealized gain in equity investments
- net - - -
Retained Earnings - (60,650) 234,345
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 184,027 957,560
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries: 150,000
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - 2,366,430
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 184,027 3,473,990
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 224,516
Short-term debt - - -
Accounts payable - 177,261 35,484
Accrued taxes - 464 17,344
Accrued interest - - 56,708
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 36,316 167,225
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 214,041 501,277
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - 592,436
Accumulated deferred investment tax
credits - - 20,573
Customer advances and other deferred
credits - 1,956 554,282
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 1,956 1,167,291
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 15,558
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $400,024 $5,158,116
============================================================= ==================== ==================== ====================
</TABLE>
84
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Mission Land Mission Power
Consolidated Company Engineering
Consolidated Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $3,000
Additional Paid in Capital $80,597 $102,581 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 20 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 326,845 1,487 (12,608)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
407,462 104,068 (9,608)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 348,086 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 755,548 104,068 (9,608)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 295,007 - -
Short-term debt - - -
Accounts payable 4,373 169 150
Accrued taxes - 9 -
Accrued interest 5,244 - 150
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 131,475 1,059 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 436,099 1,237 300
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,013,191 1,710 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 71,307 2,313 10,492
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,084,498 4,023 10,492
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest (171) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,275,974 $109,328 $1,184
============================================================= ==================== ==================== ====================
</TABLE>
85
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating The Mission Group
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($67,130) $147,866 -
Additional Paid in Capital (1,064,706) 1,097,648 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 29,699 -
Unrealized gain in equity investments
- net - - -
Retained Earnings (295,254) 400,944 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,427,090) 1,676,157 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries: 150,000
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 2,714,516 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,427,090) 4,540,673 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 519,523 -
Short-term debt - - -
Accounts payable (11,813) 209,204 -
Accrued taxes - 17,817 -
Accrued interest - 62,102 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 344,008 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (11,813) 1,152,654 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (16,583) 1,590,754 -
Accumulated deferred investment tax
credits - 20,573 -
Customer advances and other deferred
credits (13,972) 626,403 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (30,555) 2,237,730 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 15,687 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($1,469,458) $7,946,444 -
============================================================= ==================== ==================== ====================
</TABLE>
86
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
The Mission Group Edison Technology
Solutions
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - -
Diversified operations - $8,103 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 8,103 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $276 12,015 -
Maintenance - - -
Depreciation and decommissioning - 50 -
Income taxes (107) (1,576) -
Property and other taxes -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 169 10,489 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (169) (2,386) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 17 134 -
Minority interest - - -
Taxes on nonoperating income (7) 88
Other nonoperating income - net (355) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 10 (133) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (159) (2,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (159) (2,519) -
Retained earnings - beginning of year 100,600 -
Dividends declared on common stock 108,884 (27) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $209,325 ($2,546) -
============================================================= ==================== ==================== ====================
</TABLE>
87
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Enterprises Edison Mission
Environmental Consolidated Energy Consolidated
Services
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $664,055
Diversified operations - $171,242 229,725
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 171,242 893,780
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 176,954
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 227,708 278,681
Maintenance - - -
Depreciation and decommissioning - 9,101 87,339
Income taxes - (26,406) 50,277
Property and other taxes - - 341
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 210,403 593,592
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (39,161) 300,188
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 42,413
Minority interest - - (2,769)
Taxes on nonoperating income (20,168)
Other nonoperating income - net - - 8,520
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 27,996
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - (39,161) 328,184
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 200,742
Other interest expense - 3,611 84
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - (17,925)
Dividends on subsidiary preferred
securities - - 13,149
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 3,611 196,050
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (42,772) 132,134
Retained earnings - beginning of year - (36,200) 102,620
Dividends declared on common stock - 18,322 (409)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - ($60,650) $234,345
============================================================= ==================== ==================== ====================
</TABLE>
88
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Mission Land Mission Power
Consolidated Company Engineering
Consolidated Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $235,101 $51,868 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 235,101 51,868 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 51,005 46,763 $57
Maintenance - 388 -
Depreciation and decommissioning 19,551 496 4
Income taxes (4,073) 557 20
Property and other taxes - 3,997 23
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 66,483 52,201 104
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 168,618 (333) (104)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 3,753 1,126 3
Minority interest 20 - -
Taxes on nonoperating income 10,638 (204) (67)
Other nonoperating income - net (29,859) 9 161
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (15,448) 931 97
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 153,170 598 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 42,248 - 150
Other interest expense 5,663 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 47,911 - 150
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 105,259 598 (157)
Retained earnings - beginning of year 221,780 888 (12,451)
Dividends declared on common stock (194) 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $326,845 $1,487 ($12,608)
============================================================= ==================== ==================== ====================
</TABLE>
89
<PAGE>
The Mission Group and Subsidiaries [Tier 2]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating The Mission Group
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $664,055 -
Diversified operations $216 696,255 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 216 1,360,310 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 176,954 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 616,505 -
Maintenance - 388 -
Depreciation and decommissioning - 116,541 -
Income taxes 88 18,780 -
Property and other taxes - 4,361 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 88 933,529 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 128 426,781 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 47,446 -
Minority interest - (2,749) -
Taxes on nonoperating income (9,720)
Other nonoperating income - net - (21,524) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13,453 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 128 440,234 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 243,140 -
Other interest expense - 9,358 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - (17,925) -
Dividends on subsidiary preferred
securities - 13,149 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 247,722 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 128 192,512 -
Retained earnings - beginning of year (127,257) 249,980 -
Dividends declared on common stock (168,125) (41,548) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($295,254) $400,944 -
============================================================= ==================== ==================== ====================
</TABLE>
90
<PAGE>
Edison Technology Solutions and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Technology Edison EV Consolidating
Solutions Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $186 $74 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 186 74 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 3,799 212 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 3,721 1,206 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 1,047 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7,520 2,465 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 219 410 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 219 410 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,925 $2,949 -
============================================================= ==================== ==================== ====================
</TABLE>
91
<PAGE>
Edison Technology Solutions and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Technology
Solutions
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $260 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 260 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 4,011 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 4,927 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 1,047 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9,985 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 629 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 629 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $10,874 - -
============================================================= ==================== ==================== ====================
</TABLE>
92
<PAGE>
Edison Technology Solutions and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Technology Edison EV Consolidating
Solutions Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $6,000 $1,445 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,169) (377) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3,831 1,068 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 3,831 1,068 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 2,434 748 -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 1,635 1,133 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,069 1,881 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 25 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $7,925 $2,949 -
============================================================= ==================== ==================== ====================
</TABLE>
93
<PAGE>
Edison Technology Solutions and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Technology
Solutions
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $7,445 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,546) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
4,899 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 4,899 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 3,182 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 2,768 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5,950 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 25 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $10,874 - -
============================================================= ==================== ==================== ====================
</TABLE>
94
<PAGE>
Edison Technology Solutions and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Technology Edison EV Consolidating
Solutions Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $7,066 $1,037 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 10,740 1,971 ($696)
Maintenance - - -
Depreciation and decommissioning 32 18 -
Income taxes (1,484) (367) 275
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9,288 1,622 (421)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2,222) (585) (421)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 134 - -
Minority interest - - -
Taxes on nonoperating income (54) 142 -
Other nonoperating income - net - (355) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 80 (213) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2,142) (798) (421)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2,142) (798) 421
Retained earnings - beginning of year - 421 ($421)
Dividends declared on common stock (27) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,169) ($377) -
============================================================= ==================== ==================== ====================
</TABLE>
95
<PAGE>
Edison Technology Solutions and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Technology
Solutions
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $8,103 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 12,015 - -
Maintenance - - -
Depreciation and decommissioning 50 - -
Income taxes (1,576) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10,489 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2,386) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 134 - -
Minority interest - - -
Taxes on nonoperating income 88 - -
Other nonoperating income - net (355) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (133) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2,519) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Net Income (2,519) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock (27) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,546) - -
============================================================= ==================== ==================== ====================
</TABLE>
96
<PAGE>
Edison Technology Solutions and Subsidiaries
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Facilichem, Inc.
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $23
Revenues -
Net Income (Loss) ($8)
Nature/Purpose of Business: Research, development and
commercialization of
liquid membrane
technologies
Ownership Interest(s): 10% by Edison Technology
Solutions with option to
increase interest to
16.66%
</TABLE>
97
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Enterprises Edison Source Edison Select
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $8,647 $11,909 $1,461
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (54,045) - 304,318
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (45,398) 11,909 305,779
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 3,426 1,009
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 23,391 78,065 12,634
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 775 4,062 233
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 24,166 85,553 13,876
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 239 22,195 5,498
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 239 22,195 5,498
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($20,993) $119,657 $325,153
============================================================= ==================== ==================== ====================
</TABLE>
98
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Utility Edison EV Consolidating
Services Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,959 - $504
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - 51,801
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,959 - 52,305
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 788 - (82,013)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 788 - (82,013)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 3,168
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 3,168
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,747 - ($26,540)
============================================================= ==================== ==================== ====================
</TABLE>
99
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Enterprises
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $24,480 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 302,074 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 326,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 4,435 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 32,865 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 5,070 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 42,370 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 31,100 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 31,100 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $400,024 - -
============================================================= ==================== ==================== ====================
</TABLE>
100
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Enterprises Edison Source Edison Select
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital ($13,323) $46 $260,244
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (60,650) (37,181) (15,225)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(73,973) (37,135) 245,019
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (73,973) (37,135) 245,019
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 54,228 124,498 76,302
Accrued taxes 28 400 36
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities (300) 34,445 1,558
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 53,956 159,343 77,896
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits (976) (2,551) 2,238
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (976) (2,551) 2,238
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($20,993) $119,657 $325,153
============================================================= ==================== ==================== ====================
</TABLE>
101
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Utility Edison EV Consolidating
Services Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - ($2,290)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($1,685) - 54,091
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,685) - 51,801
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,685) - 51,801
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 4,246 - (82,013)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 613 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,859 - (82,013)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits (427) - 3,672
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (427) - 3,672
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,747 - ($26,540)
============================================================= ==================== ==================== ====================
</TABLE>
102
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Enterprises
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $244,677 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (60,650) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
184,027 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 184,027 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 177,261 - -
Accrued taxes 464 - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 36,316 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 214,041 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits 1,956 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,956 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $400,024 - -
============================================================= ==================== ==================== ====================
</TABLE>
103
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Enterprises Edison Source Edison Select
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $133,417 $33,916
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 133,417 33,916
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $24,882 154,971 39,715
Maintenance - - -
Depreciation and decommissioning 1,295 2,586 4,982
Income taxes (9,906) (10,232) (4,416)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 16,271 147,325 40,281
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (16,271) (13,908) (6,365)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during - - -
construction
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 109 2,573 636
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 109 2,573 636
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (16,380) (16,481) (7,001)
Retained earnings - beginning of year (3,968) (20,324) (8,224)
Dividends declared on common stock (40,302) (376) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($60,650) ($37,181) ($15,225)
============================================================= ==================== ==================== ====================
</TABLE>
104
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Utility Edison EV Consolidating
Services Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $29 $3,880 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 29 3,880 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2,631 5,509 -
Maintenance - - -
Depreciation and decommissioning 112 126 -
Income taxes (1,035) (817) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,708 4,818 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1,679) (938) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 6 287 -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 6 287 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,685) (1,225) -
Retained earnings - beginning of year - (3,684) -
Dividends declared on common stock - 4,909 54,091
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,685) ($0) $54,091
============================================================= ==================== ==================== ====================
</TABLE>
105
<PAGE>
Edison Enterprises and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Enterprises
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $171,242 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 171,242 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 227,708 - -
Maintenance - - -
Depreciation and decommissioning 9,101 - -
Income taxes (26,406) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 210,403 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (39,161) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 3,611 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 3,611 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (42,772) - -
Retained earnings - beginning of year (36,200) - -
Dividends declared on common stock 18,322 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($60,650) - -
============================================================= ==================== ==================== ====================
</TABLE>
106
<PAGE>
Edison Source and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Source G.H.V. Refrigera- Consolidating
tion, Inc. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $10,850 $1,059 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 10,850 1,059 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 4,750 (1,324) -
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 68,179 9,886 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 1,108 2,954 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 74,037 11,516 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 23,005 (810) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 23,005 (810) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $107,892 $11,765 -
============================================================= ==================== ==================== ====================
</TABLE>
107
<PAGE>
Edison Source and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Source
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $11,909 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 11,909 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 3,426 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 78,065 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 4,062 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 85,553 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
0
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 22,195 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 22,195 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $119,657 - -
============================================================= ==================== ==================== ====================
</TABLE>
108
<PAGE>
Edison Source and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Source G.H.V. Refrigera- Consolidating
tion, Inc. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital ($14) $60 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (38,219) 1,038 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(38,233) 1,098 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (38,233) 1,098 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 128,256 (3,758) -
Accrued taxes 281 119 -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 20,351 14,094 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 148,888 10,455 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits (2,763) 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (2,763) 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $107,892 $11,765 -
============================================================= ==================== ==================== ====================
</TABLE>
109
<PAGE>
Edison Source and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Source
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $46 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (37,181) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(37,135) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (37,135) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 124,498 - -
Accrued taxes 400 - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 34,445 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 159,343 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits (2,551) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (2,551) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $119,657 - -
============================================================= ==================== ==================== ====================
</TABLE>
110
<PAGE>
Edison Source and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Source G.H.V. Refrigera- Consolidating
tion, Inc. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $97,082 $36,335 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 117,248 37,724 -
Maintenance - - -
Depreciation and decommissioning 2,482 104 -
Income taxes (10,234) 2 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 109,496 37,830 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (12,414) (1,495) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 2,580 (7) -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 2,580 (7) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (14,993) (1,488) -
Retained earnings - beginning of year (20,324) - -
Dividends declared on common stock (2,902) 2,526 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($38,219) $1,038 -
============================================================= ==================== ==================== ====================
</TABLE>
111
<PAGE>
Edison Source and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Source
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $133,417 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 154,972 - -
Maintenance - - -
Depreciation and decommissioning 2,586 - -
Income taxes (10,232) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 147,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (13,909) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 2,573 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 2,573 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (16,481) - -
Retained earnings - beginning of year (20,324) - -
Dividends declared on common stock (376) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($37,181) - -
============================================================= ==================== ==================== ====================
</TABLE>
112
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Select Edison Home Select Home
Protection Company Warranty Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $5 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 304,318 - -
Investments in leveraged leases - - -
Other investments 930 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 305,253 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - $1,009
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 9,260 - 3,372
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 115 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9,375 - 4,381
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 1,202 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $315,830 - $4,381
============================================================= ==================== ==================== ====================
</TABLE>
113
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Westec Residential Valley Burglar & Consolidating
Security, Inc. Fire Alarm Co., Adjustments
Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
And decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation $24,674 $1,346 ($24,564)
Nuclear decommissioning trusts - - -
Investments in partnerships (277,907)
and unconsolidated subsidiaries 271,770 6,137 -
Investments in leveraged leases - - -
Other investments 20,004 3,503 (24,437)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 316,448 10,986 (326,908)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 181 660 (841)
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 3,611 436 (4,045)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 3,449 9,103 (12,434)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7,241 10,199 (17,320)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 4,296
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 4,296
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $323,689 $21,185 ($339,932)
============================================================= ==================== ==================== ====================
</TABLE>
114
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Select
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,461 - -
Nuclear decommissioning trusts - - -
Investments in partnerships 304,318
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 305,779 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,009 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 12,634 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 233 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13,876 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,498 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,498 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $325,153
============================================================= ==================== ==================== ====================
</TABLE>
115
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Select Edison Home Select Home
Protection Company Warranty Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $258,000 - $2,244
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (8,254) - (1,624)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
249,746 - 620
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 249,746 - 620
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 73,522 - 3,253
Accrued taxes 5 - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities (8,208) - 198
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 65,319 - 3,451
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits 765 - 310
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 765 - 310
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $315,830 - $4,381
============================================================= ==================== ==================== ====================
</TABLE>
116
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Westec Residential Valley Burglar & Consolidating
Security, Inc. Fire Alarm Co., Adjustments
Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $262,698 $19,374 ($282,072)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (145) 421 (5,623)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
262,553 19,795 (287,695)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 850 - (850)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
850 - (850)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 263,403 19,795 (288,545)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 960 - (960)
Short-term debt - - -
Accounts payable 15,316 185 (15,974)
Accrued taxes 940 (4) (905)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 29,839 499 (20,770)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 47,055 680 (38,609)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits 13,231 710 (12,778)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 13,231 710 (12,778)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $323,689 $21,185 ($339,932)
============================================================= ==================== ==================== ====================
</TABLE>
117
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Select
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $260,244 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (15,225) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
245,019 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 245,019 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 76,302 - -
Accrued taxes 36 - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 1,558 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 77,896 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
Credits 2,238 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 2,238 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $325,153 - -
============================================================= ==================== ==================== ====================
</TABLE>
118
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Select Edison Home Select Home
Protection Company Warranty Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $3,873 - $826
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,873 - 826
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 5,971 - 1,204
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (785) - (279)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 5,186 - 925
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1,313) - (99)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,313) - (99)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - (19)
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - (19)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,313) - (80)
Retained earnings - beginning of year (6,941) - (1,544)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8,254) - ($1,624)
============================================================= ==================== ==================== ====================
</TABLE>
119
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Westec Residential Valley Burglar & Consolidating
Security, Inc. Fire Alarm Co., Adjustments
Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $26,445 $2,772 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 26,445 2,772 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - -
Other operating expenses 30,509 2,030 -
Maintenance - - -
Depreciation and decommissioning 4,774 208 -
Income taxes (3,553) 202 -
Property and other taxes -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31,730 2,440 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (5,285) 332 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income (5) 5 -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (5) 5 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (5,290) 337 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 655 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 655 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (5,945) 337 -
Retained earnings - beginning of year 5,800 84 ($5,623)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($145) $421 ($5,623)
============================================================= ==================== ==================== ====================
</TABLE>
120
<PAGE>
Edison Select and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Select
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $33,916 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 33,916 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 39,714 - -
Maintenance - - -
Depreciation and decommissioning 4,982 - -
Income taxes (4,415) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 40,281 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (6,365) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (6,365) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 636 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 636 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (7,001) - -
Retained earnings - beginning of year (8,224) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($15,225) - -
============================================================= ==================== ==================== ====================
</TABLE>
121
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Burlington Edison Capital Edison Capital
Apartments, Inc. Europe Limited Ventures
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $27,834 $132 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 27,834 132 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 833 264 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 676 14 $1
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 479 125 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,988 403 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 717 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 717 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $30,539 $535 $1
============================================================= ==================== ==================== ====================
</TABLE>
Page 122
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Funding Edison Mortgage Mission Bartlett
Company Company Hill Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $3,858 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 443,302 - -
Investments in leveraged leases 1,621,132 - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,068,292 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 18,821 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 179,754 $22 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 151 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 198,726 22 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 21,452 4,848 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 21,452 4,848 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,288,470 $4,870 -
============================================================= ==================== ==================== ====================
</TABLE>
Page 123
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Renewable Energy Edison Capital
International Capital Company
Capital, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $984
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 984
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 19
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $3 $13,481 25,010
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 1,839
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3 13,481 26,868
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 25 3,391
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 25 3,391
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3 $13,506 $31,243
============================================================= ==================== ==================== ====================
</TABLE>
Page 124
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Capital
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $32,806 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $25 443,328 -
Investments in leveraged leases - 1,621,133 -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 25 2,097,267 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 19,938 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (93,220) 125,742 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 2,594 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (93,220) 148,274 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 30,433 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 30,433 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($93,195) $2,275,974 -
============================================================= ==================== ==================== ====================
</TABLE>
Page 125
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Funding Edison Integrated
Housing Omicron GP Energy Services
Investments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,328 $2,530 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 387,747 (2) -
Investments in leveraged leases 319 - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 389,394 2,528 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,287 - $26
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 676,641 264 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 138 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 678,066 264 26
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 19,036 197 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 19,036 197 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,086,496 $2,989 $26
============================================================= ==================== ==================== ====================
</TABLE>
Page 126
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission First Mission Funding Mission Funding
Asset Investment Beta Epsilon
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $35,793
Investments in leveraged leases - $460,837 902,984
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 460,837 938,777
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 123
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $19,771 26,635 333,917
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,771 26,635 334,053
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 101
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 101
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $19,771 $487,472 $1,272,931
============================================================= ==================== ==================== ====================
</TABLE>
Page 127
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $20,010
Investments in leveraged leases $256,992 - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 256,992 - 20,010
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 11,181 $15 47,823
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,181 15 47,823
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $268,173 $15 $67,833
============================================================= ==================== ==================== ====================
</TABLE>
Page 128
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Funding Consolidating Edison Funding
Company Adjustments Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $3,858
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - ($246) 443,302
Investments in leveraged leases - - 1,621,132
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - (246) 2,068,292
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $17,411 - 18,821
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 2,037,060 (2,973,579) 179,754
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 151
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,054,471 (2,973,579) 198,726
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 2,118 - 21,452
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2,118 - 21,452
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,056,589 ($2,973,825) $2,288,470
============================================================= ==================== ==================== ====================
</TABLE>
Page 129
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
55 (Bermuda), Ltd. [6]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $6,083 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 6,083 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 4 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 1,045 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,049 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,132 - -
============================================================= ==================== ==================== ====================
</TABLE>
Page 130
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
105 Holding Company 76 B.V.
110
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $7,872 $21,838 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 7,872 21,838 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 141 (59) $16
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 221 7,417 21
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 362 7,358 37
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 98 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 98 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $8,234 $29,294 $37
============================================================= ==================== ==================== ====================
</TABLE>
Page 131
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6] 109
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - $586,342 $20,024
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 586,342 20,024
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $16 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 2 265,251 10,775
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 18 265,251 10,775
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18 $851,593 $30,799
============================================================= ==================== ==================== ====================
</TABLE>
Page 132
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - $47,727 -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 47,727 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - $5
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $25,035 21,729 1
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25,035 21,729 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $25,035 $69,456 $6
============================================================= ==================== ==================== ====================
</TABLE>
Page 133
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - $248,891 -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 248,891 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts $12 572,627 ($570,219)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 13 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 12 572,640 (570,219)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 3 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 3 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12 $821,534 ($570,219)
============================================================= ==================== ==================== ====================
</TABLE>
Page 134
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding
Epsilon
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $35,793 - -
Investments in leveraged leases 902,984 - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 938,777 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 123 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 333,917 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 13 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 334,053 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 101 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 101 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,272,931 - -
============================================================= ==================== ==================== ====================
</TABLE>
Page 135
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast ECHI Wyvernwood, Edison Capital
Capital, Inc. Inc. Affordable Housing
Consolidated 97 V
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $46 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 46 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 55 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 1,521 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 17 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,593 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,639 - -
============================================================= ==================== ==================== ====================
</TABLE>
Page 136
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 VI 97 VII 97 VIII
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
Page 137
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Delaware Housing Florida Housing Management
Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
To cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
And decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
And unconsolidated subsidiaries $66 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 66 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 2 $2 $1,197
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 2 1,197
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 2,222
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 2,222
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $68 $2 $3,419
============================================================= ==================== ==================== ====================
</TABLE>
Page 138
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
John Stewart Edison Capital Edison Capital
Company [6] Housing New Jersey Housing New York
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,282 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 173 $7,980 $4,570
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,455 7,980 4,570
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,227 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 622 2,266 3,502
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 121 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,970 2,266 3,502
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 245 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 245 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,670 $10,246 $8,072
============================================================= ==================== ==================== ====================
</TABLE>
Page 139
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Housing Edison Housing
Housing Georgia North Carolina
Pennsylvania
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $8,186 $949 $423
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 8,186 949 423
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 3,823 381 2,573
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,823 381 2,573
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,009 $1,330 $2,996
============================================================= ==================== ==================== ====================
</TABLE>
Page 140
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Housing Edison Housing EHI Development
Oregon, Inc. South Carolina Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $439 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $2 2,039 $1,214
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 2,039 1,214
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2 $2,478 $1,214
============================================================= ==================== ==================== ====================
</TABLE>
Page 141
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EHI Development MHIFED 94 Company MHIFED 95 Company
Fund
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $3,855 $26,636 $18,620
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,855 26,636 18,620
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,375 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,375 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $9,230 $26,636 $18,620
============================================================= ==================== ==================== ====================
</TABLE>
Page 142
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHIFED 96 Company MHIFED 96A Company MHIFED 97 Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $7,296 $15,162 $1
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7,296 15,162 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,296 $15,162 $1
============================================================= ==================== ==================== ====================
</TABLE>
Page 143
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHICAL 94 Company MHICAL 95 Company MHICAL 96 Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $15,430 $22,823 $20,160
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 15,430 22,823 20,160
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 29,769 37,039 30,050
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 29,769 37,039 30,050
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 484 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 484
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $45,683 $59,862 $50,210
============================================================= ==================== ==================== ====================
</TABLE>
Page 144
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHICAL 97 Company Mission Housing Mission Housing
Alpha Beta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
And decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $10,801 $1,668
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 10,801 - 1,668
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 6,107 $4,304 5,296
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6,107 4,304 5,296
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 67 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 67 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16,908 $4,371 $6,964
============================================================= ==================== ==================== ====================
</TABLE>
Page 145
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Housing Mission Housing Mission Housing
Delta Denver Epsilon
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $2,162 $5,772 $5,686
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,162 5,772 5,686
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 13,662 6,068 806
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13,662 6,068 806
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15,824 $11,840 $6,492
============================================================= ==================== ==================== ====================
</TABLE>
Page 146
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Housing Mission Housing Mission Housing
Gamma Holdings Theta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $1,343 $12,477 $583
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,343 12,477 583
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 3,934 10,494 1,521
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,934 10,494 1,521
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 54
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 54
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,277 $22,971 $2,158
============================================================= ==================== ==================== ====================
</TABLE>
Page 147
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Housing Mission SA Company
Theta [6] Zeta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $17 $11,136 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 17 11,136 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 10 6,585 $3
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10 6,585 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27 $17,721 $3
============================================================= ==================== ==================== ====================
</TABLE>
Page 148
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
WGA Investors Edison Capital Consolidating
Company Housing Investments Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $254,903 -
Investments in leveraged leases - 319 -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 255,222 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 5 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 744,408 ($314,129)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 744,413 (314,129)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 10,589 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 10,589 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $1,010,224 ($314,129)
============================================================= ==================== ==================== ====================
</TABLE>
Page 149
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing
Investments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,328 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 387,747 - -
Investments in leveraged leases 319 - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 389,394 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,287 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 676,641 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 138 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 678,066 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 19,036 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 19,036 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,086,496 - -
============================================================= ==================== ==================== ====================
</TABLE>
Page 150
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast EC Asset Services, EC Properties, Inc.
Capital, Inc. Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $46 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 46 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 5 $27 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 793 589 $312
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 17 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 815 616 312
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $861 $616 $312
============================================================= ==================== ==================== ====================
</TABLE>
Page 151
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EC Properties III, EC-SLP, Inc. Consolidating
Inc. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $21 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5 (7) ($171)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7 14 (171)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7 $14 ($171)
============================================================= ==================== ==================== ====================
</TABLE>
Page 152
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast
Capital, Inc.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $46 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 46 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 55 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 1,521 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 17 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,593 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,639 - -
============================================================= ==================== ==================== ====================
</TABLE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Burlington Edison Capital Edison Capital
Apartments, Inc. Europe Limited Ventures
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $1,682 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - $18 -
Unrealized gain in equity investments
- net - - -
Retained Earnings (3,003) 29 ($2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,321) 47 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 29,441 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 28,120 47 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 198 478 3
Accrued taxes - - -
Accrued interest 138 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 330 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 666 478 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,018 10 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 2,054 10 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest (301) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $30,539 $535 $1
============================================================= ==================== ==================== ====================
</TABLE>
Page 154
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Funding Edison Mortgage Mission Bartlett
Company Company Hill Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $127,166 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 2 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 347,312 $332 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
474,480 332 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 318,645 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 793,125 332 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 282,120 - -
Short-term debt - - -
Accounts payable 19,846 4,538 -
Accrued taxes - - -
Accrued interest 4,621 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 122,137 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 428,724 4,538 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,020,207 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 46,284 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,066,491 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 130 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,288,470 $4,870 -
============================================================= ==================== ==================== ====================
</TABLE>
page 155
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Renewable Energy Edison Capital
International Capital Company
Capital, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $3 $80,597
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($8) 130 (123,833)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(8) 133 (43,236)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (8) 133 (43,236)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 12,888 -
Short-term debt - - -
Accounts payable 11 - 49,529
Accrued taxes - - -
Accrued interest - 485 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 9,007
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 11 13,373 58,536
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - (9,042)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 24,985
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 15,943
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3 $13,506 $31,243
============================================================= ==================== ==================== ====================
</TABLE>
page 156
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Capital
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital ($128,851) $80,597 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 20 -
Unrealized gain in equity investments
- net - - -
Retained Earnings 105,888 326,845 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(22,963) 407,462 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 348,086 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (22,963) 755,548 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 295,007 -
Short-term debt - - -
Accounts payable (70,231) 4,373 -
Accrued taxes - - -
Accrued interest - 5,244 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 131,475 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (70,231) 436,099 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 1,013,191 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 71,307 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 1,084,498 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - (171) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($93,195) $2,275,974 -
============================================================= ==================== ==================== ====================
</TABLE>
page 157
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Funding Edison Integrated
Housing Omicron GP Energy Services
Investments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $633,307 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 224,548 ($3) ($9)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
857,855 (3) (9)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 1,015 2,676 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 858,870 2,673 (9)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 42,175 24 -
Short-term debt - - -
Accounts payable 1,694 (28) 35
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 121,994 76 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 165,863 72 35
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 32,821 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 28,810 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 61,631 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 132 244 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,086,496 $2,989 $26
============================================================= ==================== ==================== ====================
</TABLE>
page 158
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission First Mission Funding Mission Funding
Asset Investment Beta Epsilon
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $19,764 $340,755 $694,230
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - 2
Unrealized gain in equity investments
- net - - -
Retained Earnings 7 (81,768) (144,448)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
19,771 258,987 549,784
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 19,771 258,987 549,784
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - 749 126,298
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 67
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 749 126,365
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 227,272 596,782
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 464 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 227,736 596,782
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $19,771 $487,472 $1,272,931
============================================================= ==================== ==================== ====================
</TABLE>
page 159
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $173,286 $17 $26,452
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (46,034) (27) 10,118
- ------------------------------------------------------------- -------------------- -------------------- --------------------
127,252 (10) 36,570
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 127,252 (10) 36,570
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 1,264 25 1,081
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,264 25 1,081
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 139,657 - 30,182
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 139,657 - 30,182
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $268,173 $15 $67,833
============================================================= ==================== ==================== ====================
</TABLE>
page 160
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Funding Consolidating Edison Funding
Company Adjustments Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $127,166 ($1,887,811) $127,166
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - 2
Unrealized gain in equity investments
- net - - -
Retained Earnings 373,021 11,907 347,312
- ------------------------------------------------------------- -------------------- -------------------- --------------------
500,187 (1,875,904) 474,480
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 314,954 - 318,645
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 815,141 (1,875,904) 793,125
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 239,921 - 282,120
Short-term debt - - -
Accounts payable 986,403 (1,097,675) 19,846
Accrued taxes - - -
Accrued interest 4,621 - 4,621
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 122,137
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,230,945 (1,097,675) 428,724
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (6,507) - 1,020,207
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 17,010 - 46,284
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 10,503 - 1,066,491
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - (246) 130
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,056,589 ($2,973,825) $2,288,470
============================================================= ==================== ==================== ====================
</TABLE>
page 161
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $5,784 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 1,348 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
7,132 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 7,132 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $7,132 - -
============================================================= ==================== ==================== ====================
</TABLE>
page 162
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $7,135 $30,426 $20
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - 1
Unrealized gain in equity investments
- net - - -
Retained Earnings 336 (1,240) (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
7,471 29,186 17
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 7,471 29,186 17
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 763 108 20
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 763 108 20
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $8,234 $29,294 $37
============================================================= ==================== ==================== ====================
</TABLE>
page 163
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $20 $385,510 $14,750
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 1 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (3) (182,639) 6,386
- ------------------------------------------------------------- -------------------- -------------------- --------------------
18 202,871 21,136
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 18 202,871 21,136
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - 296,248 14
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 296,248 14
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 352,474 9,649
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 352,474 9,649
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $18 $851,593 $30,799
============================================================= ==================== ==================== ====================
</TABLE>
page 164
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $13,880 $33,188 ($18)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 5,987 11,642 15
- ------------------------------------------------------------- -------------------- -------------------- --------------------
19,867 44,830 (3)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 19,867 44,830 (3)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 5,172 14 9
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5,172 14 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4) 24,612 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (4) 24,612 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $25,035 $69,456 $6
============================================================= ==================== ==================== ====================
</TABLE>
page 165
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $12 $472,907 ($269,384)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 13,724 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
12 486,631 (269,384)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 12 486,631 (269,384)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - 124,785 (300,835)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 67 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 124,852 (300,835)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 210,051 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 210,051 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $12 $821,534 ($570,219)
============================================================= ==================== ==================== ====================
</TABLE>
page 166
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding
Epsilon
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $694,230 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 2 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (144,448) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
549,784 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 549,784 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 126,298 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 67 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 126,365 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 596,782 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 596,782 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,272,931 - -
============================================================= ==================== ==================== ====================
</TABLE>
page 167
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast ECHI Wyvernwood, Edison Capital
Capital, Inc. Inc. Affordable Housing
Consolidated 97 V
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $333 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 811 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,144 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,144 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 499 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities (4) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 495 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,639 - -
============================================================= ==================== ==================== ====================
</TABLE>
page 168
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 VI 97 VII 97 VIII
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
page 169
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Delaware Housing Florida Housing Management
Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $6 ($6) $3,772
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (3) - (260)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3 (6) 3,512
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 3 (6) 3,512
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 3 8 73
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 62 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 65 8 73
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - (166)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - (166)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $68 $2 $3,419
============================================================= ==================== ==================== ====================
</TABLE>
page 170
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
John Stewart Edison Capital Edison Capital
Company [6] Housing New Jersey Housing New York
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $1,201 $8,543 $5,000
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 527 1,455 (14)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,728 9,998 4,986
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 1,015 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,743 9,998 4,986
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 28 - -
Short-term debt - - -
Accounts payable 458 9 16
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 154 389 3,070
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 640 398 3,086
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 155 (150) -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 155 (150) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 132 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3,670 $10,246 $8,072
============================================================= ==================== ==================== ====================
</TABLE>
page 171
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Housing Edison Housing
Housing Georgia North Carolina
Pennsylvania
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $9,325 $654 $2,145
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 509 292 649
- ------------------------------------------------------------- -------------------- -------------------- --------------------
9,834 946 2,794
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 9,834 946 2,794
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 127 9 9
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 321 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 127 330 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,048 54 193
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 2,048 54 193
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $12,009 $1,330 $2,996
============================================================= ==================== ==================== ====================
</TABLE>
page 172
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Housing Edison Housing EHI Development
Oregon, Inc. South Carolina Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital ($6) $2,066 $1,002
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 217 78
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(6) 2,283 1,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (6) 2,283 1,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 8 8 134
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8 8 134
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 187 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 187 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2 $2,478 $1,214
============================================================= ==================== ==================== ====================
</TABLE>
page 173
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EHI Development MHIFED 94 Company MHIFED 95 Company
Fund
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $5,000 $20,040 $8,662
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 665 6,095 5,416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
5,665 26,135 14,078
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 5,665 26,135 14,078
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 3,565 9 2,051
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 43 94
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,565 52 2,145
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 309 2,151
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 140 246
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 449 2,397
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $9,230 $26,636 $18,620
============================================================= ==================== ==================== ====================
</TABLE>
page 174
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHIFED 96 Company MHIFED 96A Company MHIFED 97 Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $1,127 $13,656 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (46) 1,115 ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,081 14,771 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,081 14,771 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 6,126 5 6
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 56 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 6,126 61 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 89 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 330 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 89 330 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $7,296 $15,162 $1
============================================================= ==================== ==================== ====================
</TABLE>
page 175
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHICAL 94 Company MHICAL 95 Company MHICAL 96 Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $30,581 $44,132 $37,865
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 13,220 12,962 8,272
- ------------------------------------------------------------- -------------------- -------------------- --------------------
43,801 57,094 46,137
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 43,801 57,094 46,137
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 285 10 10
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - 758
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 285 10 768
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,597 2,641 2,998
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - 117 307
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,597 2,758 3,305
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $45,683 $59,862 $50,210
============================================================= ==================== ==================== ====================
</TABLE>
page 176
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHICAL 97 Company Mission Housing Mission Housing
Alpha Beta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $14,727 $3,264 $4,459
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 1,200 (108) 2,804
- ------------------------------------------------------------- -------------------- -------------------- --------------------
15,927 3,156 7,263
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 15,927 3,156 7,263
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 8 34 25
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 526 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 534 34 25
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 358 1,181 (324)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 89 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 447 1,181 (324)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $16,908 $4,371 $6,964
============================================================= ==================== ==================== ====================
</TABLE>
page 177
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Housing Mission Housing Mission Housing
Delta Denver Epsilon
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $10,110 $7,925 $1,694
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 5,709 3,065 77
- ------------------------------------------------------------- -------------------- -------------------- --------------------
15,819 10,990 1,771
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 15,819 10,990 1,771
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 25 11 25
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 4,747
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 25 11 4,772
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (20) 839 (51)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (20) 839 (51)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $15,824 $11,840 $6,492
============================================================= ==================== ==================== ====================
</TABLE>
page 178
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Housing Mission Housing Mission Housing
Gamma Holdings Theta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $3,340 $17,570 $1,199
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 2,153 5,661 769
- ------------------------------------------------------------- -------------------- -------------------- --------------------
5,493 23,231 1,968
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 5,493 23,231 1,968
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 25 12 45
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 365 133
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 25 377 178
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (241) (637) 12
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (241) (637) 12
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $5,277 $22,971 $2,158
============================================================= ==================== ==================== ====================
</TABLE>
page 179
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Housing Mission SA Company
Theta [6] Zeta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $18 $10,341 $54
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (17) 1,549 (102)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1 11,890 (48)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1 11,890 (48)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 25 26 11
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 1 5,730 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 26 5,756 11
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 75 40
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 75 40
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $27 $17,721 $3
============================================================= ==================== ==================== ====================
</TABLE>
page 180
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
WGA Investors Edison Capital Consolidating
Company Housing Investments Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $634,777 ($271,281)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 148,356 1,489
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 783,133 (269,792)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 783,133 (269,792)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 42,147 -
Short-term debt - - -
Accounts payable - 32,333 (44,339)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 105,549 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 180,029 (44,339)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 19,483 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 27,579 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 47,062 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $1,010,224 ($314,131)
============================================================= ==================== ==================== ====================
</TABLE>
page 181
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing
Investments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $633,307 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 224,548 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
857,855 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 1,015 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 858,870 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 42,175 - -
Short-term debt - - -
Accounts payable 1,694 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 121,994 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 165,863 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 32,821 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 28,810 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 61,631 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 132 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,086,496 - -
============================================================= ==================== ==================== ====================
</TABLE>
page 182
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast EC Asset Services, EC Properties, Inc.
Capital, Inc. Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $242 $58 $31
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 234 312 273
- ------------------------------------------------------------- -------------------- -------------------- --------------------
476 370 304
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 476 370 304
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 376 276 8
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 9 (30) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 385 246 8
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $861 $616 $312
============================================================= ==================== ==================== ====================
</TABLE>
page 183
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EC Properties III, EC-SLP, Inc. Consolidating
Inc. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $2 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 2 ($10) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
4 (10) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 4 (10) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 3 7 ($171)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 17 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3 24 (171)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $7 $14 ($171)
============================================================= ==================== ==================== ====================
</TABLE>
page 184
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast
Capital, Inc.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $333 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 811 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,144 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,144 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 499 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities (4) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 495 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,639 - -
============================================================= ==================== ==================== ====================
</TABLE>
page 185
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Burlington Edison Capital Edison Capital
Apartments, Inc. Europe Limited Ventures
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $4,770 $952 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,770 952 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2,581 883 $3
Maintenance - - -
Depreciation and decommissioning 907 49 -
Income taxes (24) 15 (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3,464 947 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,306 5 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 23 -
Minority interest 19 - -
Taxes on nonoperating income - (9) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 19 14 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 1,325 19 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 1,816 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 1,816 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (491) 19 (2)
Retained earnings - beginning of year (2,512) 10
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3,003) $29 ($2)
============================================================= ==================== ==================== ====================
</TABLE>
186
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Funding Edison Mortgage Mission Bartlett
Company Company Hill Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $229,379 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 229,379 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 12,761 $3 -
Maintenance - - -
Depreciation and decommissioning 17,512 - -
Income taxes 7,793 (1) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 38,066 2 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 191,313 (2) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 3,329 401 -
Minority interest 1 - -
Taxes on nonoperating income 10,836 (164) -
Other nonoperating income - net (29,859) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (15,693) 237 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 175,620 235 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 41,764 - -
Other interest expense 4,332 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 46,096 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 129,524 235 -
Retained earnings - beginning of year 217,788 97 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $347,312 $332 -
============================================================= ==================== ==================== ====================
</TABLE>
187
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Renewable Energy Edison Capital
International Capital Company
Capital, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 - $34,772
Maintenance - - -
Depreciation and decommissioning - $18 1,065
Income taxes (1) (563) (11,825)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 (545) 24,012
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) 545 (24,012)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - 1,368 -
Minority interest - - -
Taxes on nonoperating income - (557) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 811 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2) 1,356 (24,012)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 1,368 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 1,368 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2) (12) (24,012)
Retained earnings - beginning of year (6) 142 (99,627)
Dividends declared on common stock - - (194)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8) $130 ($123,833)
============================================================= ==================== ==================== ====================
</TABLE>
188
<PAGE>
Edison Capital and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Capital
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $235,101 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 235,101 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 51,005 -
Maintenance - - -
Depreciation and decommissioning - 19,551 -
Income taxes $534 (4,073) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 534 66,483 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (534) 168,618 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income (1,368) 3,753 -
Minority interest - 20 -
Taxes on nonoperating income 533 10,638 -
Other nonoperating income - net - (29,859) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (835) (15,448) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,369) 153,170 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (2,700) 42,248 -
Other interest expense 1,331 5,663 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (1,369) 47,911 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 105,259 -
Retained earnings - beginning of year 105,888 221,780 -
Dividends declared on common stock - (194) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $105,888 $326,845 -
============================================================= ==================== ==================== ====================
</TABLE>
189
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Funding Edison Integrated
Housing Omicron GP Energy Services
Investments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $11,948 $416 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 11,948 416 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 5,640 265 $3
Maintenance - - -
Depreciation and decommissioning 15,951 94 -
Income taxes (71,770) 3 (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (50,179) 362 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 62,127 54 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 829 - -
Minority interest - 70 -
Taxes on nonoperating income 11,854 1 -
Other nonoperating income - net (29,925) (3) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (17,242) 68 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 44,885 122 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 3,896 120 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 3,896 120 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 40,989 2 (2)
Retained earnings - beginning of year 183,559 (5) (7)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $224,548 ($3) ($9)
============================================================= ==================== ==================== ====================
</TABLE>
190
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission First Mission Funding Mission Funding
Asset Investment Beta Epsilon
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $74,341 $99,002
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 74,341 99,002
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 3 1,264
Maintenance - - -
Depreciation and decommissioning - - 36
Income taxes (1) 34,371 45,745
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 34,374 47,045
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) 39,967 51,957
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 340
Minority interest - - -
Taxes on nonoperating income - - (139)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 201
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2) 39,967 52,158
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2) 39,967 52,158
Retained earnings - beginning of year 9 (121,735) (196,606)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7 ($81,768) ($144,448)
============================================================= ==================== ==================== ====================
</TABLE>
191
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $40,537 - $2,857
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 40,537 - 2,857
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3 $2 2
Maintenance - - -
Depreciation and decommissioning - - 894
Income taxes 18,655 (1) 534
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 18,658 1 1,430
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 21,879 (1) 1,427
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 21,879 (1) 1,427
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 21,879 (1) 1,427
Retained earnings - beginning of year (67,913) (26) 8,691
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($46,034) ($27) $10,118
============================================================= ==================== ==================== ====================
</TABLE>
192
<PAGE>
Edison Capital and Subsidiaries [Tier 4]
Edison Funding Company Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Funding Consolidating Edison Funding
Company Adjustments Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $278 - $229,379
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 278 - 229,379
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 5,576 - 12,761
Maintenance - - -
Depreciation and decommissioning 537 - 17,512
Income taxes (19,743) - 7,793
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (13,630) - 38,066
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 13,908 - 191,313
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 2,160 - 3,329
Minority interest - ($69) 1
Taxes on nonoperating income (880) - 10,836
Other nonoperating income - net - 69 (29,859)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,280 - (15,693)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 15,188 - 175,620
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 37,748 - 41,764
Other interest expense 4,332 - 4,332
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 42,080 - 46,096
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (26,892) - 129,524
Retained earnings - beginning of year 399,914 11,907 217,788
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $373,022 $11,907 $347,312
============================================================= ==================== ==================== ====================
</TABLE>
193
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $41 - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (139) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (98) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 98 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 340 - -
Minority interest - - -
Taxes on nonoperating income (139) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 201 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 299 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 299 - -
Retained earnings - beginning of year 1,049 -
-
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,348 - -
============================================================= ==================== ==================== ====================
</TABLE>
194
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $528 $165 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 528 165 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 13 1,147 $5
Maintenance - - -
Depreciation and decommissioning - 36 -
Income taxes 179 191 (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 192 1,374 4
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 336 (1,209) (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 336 (1,209) (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 336 (1,209) (4)
Retained earnings - beginning of year - (31) -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $336 ($1,240) ($4)
============================================================= ==================== ==================== ====================
</TABLE>
195
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $75,236 $1,859
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 75,236 1,859
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $5 2 3
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (2) 36,885 737
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 36,887 740
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (3) 38,349 1,119
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (3) 38,349 1,119
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3) 38,349 1,119
Retained earnings - beginning of year - (220,988) 5,267
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($182,639) $6,386
============================================================= ==================== ==================== ====================
</TABLE>
196
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $4,138 $24
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 4,138 24
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 3 3
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (1) 1,630 6
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 1,633 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) 2,505 15
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2) 2,505 15
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2) 2,505 15
Retained earnings - beginning of year 5,989 9,137 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5,987 $11,642 $15
============================================================= ==================== ==================== ====================
</TABLE>
197
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $12 $17,040 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12 17,040 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 12 27 -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - 6,260 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses $12 6,287 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 10,753 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 10,753 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 10,753 -
Retained earnings - beginning of year - 2,971 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $13,724 -
============================================================= ==================== ==================== ====================
</TABLE>
198
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Mission Funding Epsilon Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding
Epsilon
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $99,002 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 99,002 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 1,264 - -
Maintenance - - -
Depreciation and decommissioning 36 - -
Income taxes 45,745 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 47,045 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 51,957 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 340 - -
Minority interest - - -
Taxes on nonoperating income (139) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 201 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 52,158 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 52,158 - -
Retained earnings - beginning of year (196,606) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($144,448) - -
============================================================= ==================== ==================== ====================
</TABLE>
199
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast ECHI Wyvernwood, Edison Capital
Capital, Inc. Inc. Affordable Housing
Consolidated 97 V
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $651 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 651 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 46 - -
Maintenance - - -
Depreciation and decommissioning 28 - -
Income taxes 173 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 247 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 404 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 2 - -
Minority interest - - -
Taxes on nonoperating income (1) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 405 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 405 - -
Retained earnings - beginning of year 406 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $811 - -
============================================================= ==================== ==================== ====================
</TABLE>
200
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Affordable Housing Affordable Housing Affordable Housing
97 VI 97 VII 97 VIII
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - - -
============================================================= ==================== ==================== ====================
</TABLE>
201
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital Edison Capital Edison Capital
Housing Delaware Housing Florida Housing Management
Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
Clauses - net - - -
Other operating expenses $3 $3 $2
Maintenance - - -
Depreciation and decommissioning - - 263
Income taxes (1) (1) (99)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 2 166
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) (2) (166)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income 1 - -
Other nonoperating income - net (2) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (3) (2) (166)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3) (2) (166)
Retained earnings - beginning of year - (4) (94)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($6) ($260)
============================================================= ==================== ==================== ====================
</TABLE>
202
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
John Stewart Edison Capital Edison Capital
Company [6] Housing New Jersey Housing New York
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $4,761 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4,761 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 4,419 $2 $3
Maintenance - - -
Depreciation and decommissioning 43 460 -
Income taxes 8 (2,214) 4
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4,470 (1,752) 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 291 1,752 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 55 - -
Minority interest - - -
Taxes on nonoperating income (23) 200 -
Other nonoperating income - net - (492) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 32 (292) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 323 1,460 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 5 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 5 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 318 1,460 (7)
Retained earnings - beginning of year 209 (5) (7)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $527 $1,455 ($14)
============================================================= ==================== ==================== ====================
</TABLE>
203
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Housing Edison Housing Edison Housing
Pennsylvania Georgia North Carolina
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - -
$23
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 23
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $2 $3 3
Maintenance - - -
Depreciation and decommissioning 399 2 13
Income taxes 336 (173) 344
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 737 (168) 360
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (737) 168 (337)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income 166 (25) 14
Other nonoperating income - net (408) 61 (35)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (242) 36 (21)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (979) 204 (358)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (979) 204 (358)
Retained earnings - beginning of year 1,488 88 1,007
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $509 $292 $649
============================================================= ==================== ==================== ====================
</TABLE>
204
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Housing Edison Housing EHI Development
Oregon, Inc. South Carolina Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $24 $13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 24 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 2 2
Maintenance - - -
Depreciation and decommissioning - 14 -
Income taxes (1) 20 (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 36 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) (12) 12
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - 15 -
Other nonoperating income - net - (37) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - (22) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2) (34) 12
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2) (34) 12
Retained earnings - beginning of year (4) 251 66
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6) $217 $78
============================================================= ==================== ==================== ====================
</TABLE>
205
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EHI Development MHIFED 94 Company MHIFED 95 Company
Fund
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $189 $144
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 189 144
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 105 108
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (1) 145 1,758
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 250 1,866
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) (61) (1,722)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 713 - -
Minority interest - - -
Taxes on nonoperating income (290) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 423 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 421 (61) (1,722)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 421 (61) (1,722)
Retained earnings - beginning of year 244 6,156 7,138
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $665 $6,095 $5,416
============================================================= ==================== ==================== ====================
</TABLE>
206
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHIFED 96 Company MHIFED 96A Company MHIFED 97 Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $448 $628 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 448 628 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - $3
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes 163 232 (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 163 232 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 285 396 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 285 396 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 285 396 (2)
Retained earnings - beginning of year (331) 719 (3)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($46) $1,115 ($5)
============================================================= ==================== ==================== ====================
</TABLE>
207
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHICAL 94 Company MHICAL 95 Company MHICAL 96 Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $352 $774
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 352 774
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 3 3
Maintenance - - -
Depreciation and decommissioning 1,004 1,957 1,656
Income taxes (3,880) (5,095) (5,491)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2,873) (3,135) (3,832)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2,873 3,487 4,606
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 32 - -
Minority interest - - -
Taxes on nonoperating income 573 890 557
Other nonoperating income - net (1,438) (2,185) (1,366)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (833) (1,295) (809)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2,040 2,192 3,797
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 2,040 2,192 3,797
Retained earnings - beginning of year 11,180 10,770 4,475
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $13,220 $12,962 $8,272
============================================================= ==================== ==================== ====================
</TABLE>
208
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MHICAL 97 Company Mission Housing Mission Housing
Alpha Beta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $225 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 225 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2 $3 $3
Maintenance - - -
Depreciation and decommissioning 412 23 160
Income taxes (1,358) 123 (846)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (944) 149 (683)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,169 (149) 683
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income 387 - 102
Other nonoperating income - net (951) - (251)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (564) - (149)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 605 (149) 534
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 605 (149) 534
Retained earnings - beginning of year 595 41 2,270
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,200 ($108) $2,804
============================================================= ==================== ==================== ====================
</TABLE>
209
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Housing Mission Housing Mission Housing
Delta Denver Epsilon
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $2 $2 $3
Maintenance - - -
Depreciation and decommissioning 240 198 11
Income taxes (1,959) (936) (116)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1,717) (736) (102)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,717 736 102
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income 555 314 53
Other nonoperating income - net (1,361) (772) (130)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (806) (458) (77)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 911 278 25
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 911 278 25
Retained earnings - beginning of year 4,798 2,787 52
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5,709 $3,065 $77
============================================================= ==================== ==================== ====================
</TABLE>
210
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Housing Mission Housing Mission Housing
Gamma Holdings Theta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 $3 $3
Maintenance - - -
Depreciation and decommissioning 113 805 64
Income taxes (604) (3,535) (212)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (488) (2,727) (145)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 488 2,727 145
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income 87 232 40
Other nonoperating income - net (213) (570) (98)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (126) (338) (58)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 362 2,389 87
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 362 2,389 87
Retained earnings - beginning of year 1,791 3,272 682
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2,153 $5,661 $769
============================================================= ==================== ==================== ====================
</TABLE>
211
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Funding Mission Housing Mission SA Company
Theta [6] Zeta
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 $2 $3
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (1) (1,980) 35
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 (1,978) 38
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) 1,978 (38)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - 336 -
Other nonoperating income - net (1) (826) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (1) (490) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (3) 1,488 (38)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3) 1,488 (38)
Retained earnings - beginning of year (14) 61 (64)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($17) $1,549 ($102)
============================================================= ==================== ==================== ====================
</TABLE>
212
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
WGA Investors Edison Capital Consolidating
Company Housing Investments Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $3,716 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 3,716 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 887 -
Maintenance - - -
Depreciation and decommissioning - 8,086 -
Income taxes - (46,606) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (37,633) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 41,349 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 27 -
Minority interest - - -
Taxes on nonoperating income - 7,671 -
Other nonoperating income - net - (18,850) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - (11,152) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 30,197 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 3,891 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 3,891 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 26,306 -
Retained earnings - beginning of year - 122,050 $1,489
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $148,356 $1,489
============================================================= ==================== ==================== ====================
</TABLE>
213
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
Edison Capital Housing Investments Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Capital
Housing
Investments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $11,948 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 11,948 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 5,640 - -
Maintenance - - -
Depreciation and decommissioning 15,951 - -
Income taxes (71,770) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (50,179) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 62,127 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 829 - -
Minority interest - - -
Taxes on nonoperating income 11,854 - -
Other nonoperating income - net (29,925) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (17,242) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 44,885 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 3,896 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 3,896 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 40,989 - -
Retained earnings - beginning of year 183,559 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $224,548 - -
============================================================= ==================== ==================== ====================
</TABLE>
214
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast EC Asset Services, EC Properties, Inc.
Capital, Inc. Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $261 $390 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 261 390 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 25 21 -
Maintenance - - -
Depreciation and decommissioning 28 184 -
Income taxes 159 - -
Property and other taxes - - ($177)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 212 205 (177)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 49 185 177
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 49 185 177
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 49 185 177
Retained earnings - beginning of year 185 127 96
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $234 $312 $273
============================================================= ==================== ==================== ====================
</TABLE>
215
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EC Properties III, EC-SLP, Inc. Consolidating
Inc. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($3) $10 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (3) 10 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 3 (10) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 2 -
Minority interest - - -
Taxes on nonoperating income - (1) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 3 (9) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 3 (9) -
Retained earnings - beginning of year (1) (1) -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2 ($10) -
============================================================= ==================== ==================== ====================
</TABLE>
216
<PAGE>
Edison Capital and Subsidiaries [Tier 5]
East Coast Capital Consolidated
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
East Coast
Capital, Inc.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $651 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 651 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 46 - -
Maintenance - - -
Depreciation and decommissioning 28 - -
Income taxes 173 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 247 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 404 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 2 - -
Minority interest - - -
Taxes on nonoperating income (1) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 405 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 405 - -
Retained earnings - beginning of year 406 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $811 - -
============================================================= ==================== ==================== ====================
</TABLE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: 1st Time Homebuyer 1010 SVN Assoc LP 1028 Howard St Assoc LP
Opportunities LP (Chester
County Homes)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,358 $7,641 $226
Revenues $153 $204 $11
Net Income (Loss) ($5) ($219) ($8)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 5.00% by Mission Housing
Housing Investments Housing Investments Investors Partnership
</TABLE>
218
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: 1101 Howard St Assoc LP 1475 167th Ave Assoc LP 16th & Church St Assoc LP
(Bermuda Gardens)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $57 - $2,329
Revenues $2 - $126
Net Income (Loss) ($2) - ($132)
Ownership Interest(s): 1.00% by MHIFED 95 LP 99.90% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments
</TABLE>
219
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: 1732 Champa LP (Buerger 18303 Kittridge Assoc-39 1856 Wells Court Partners
Brothers Lofts) LP (Kittridge) LP (Wells Court)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,664 $1,819 $2,995
Revenues $440 $222 $312
Net Income (Loss) $94 ($72) ($4)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
220
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: 210 Washington Ave Assoc 2400 Locust Assoc LP 2601 North Broad St Assoc
(Renaissance Plaza) (Locust on the Park) LP (Station House)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $7,106 $24,526 $60
Revenues $509 $563 $1
Net Income (Loss) ($498) $73 ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Investments Housing Investments for Affordable Housing LP
II
</TABLE>
221
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: 2814 Fifth St Assoc LP 381 Turk St LP 5363 Dent Ave Assoc LP
(Land Park Woods)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,341 $3 $1,171
Revenues $350 $2 $170
Net Income (Loss) ($341) - ($66)
Ownership Interest(s): 99.00% by MHICAL 96 LP 1.00% by John Stewart 99.00% by MH II LP
Company
0.50% by John Stewart
Company
</TABLE>
222
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Abajo Del Sol LP Abby Assoc LP (Windmere Admiralty Heights Assoc
II 1995 LP (Kent Manor)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $5,070 $692
Revenues - $310 $27
Net Income (Loss) - ($113) ($43)
Ownership Interest(s): 99.9% by Edison Capital 99.00% by MHICAL 95 LP 99.00% by Edison Capital
Housing Investments Housing Partners VI LP
</TABLE>
223
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: AE Assoc LP (Avenida Affordable/Citrus Glenn Agape Housing LP
Espana) Phase II, Ltd (Citrus
Glenn Apts Phase II)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $8,191 $5,220 $653
Revenues $506 $212 $9
Net Income (Loss) ($263) $18 ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Partners VI LP Housing Investments
</TABLE>
224
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Alhambra Apts LP Alma Place Assoc LP Altamont Hotel Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $8,443 $6,120
Revenues - $414 $503
Net Income (Loss) - ($351) ($356)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHICAL 97 LP 99.00% by Edison Capital
Housing Investments Housing Partners VI LP
</TABLE>
225
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: AMCAL Santa Barbara Fund Anglo Edison LLC No. 1 Anglo Edison Pinecrest LLC
XXXVI LP (Positano) (Las Brisas)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $8,905 $4,332 -
Revenues $11 $347 -
Net Income (Loss) ($80) ($127) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Investments Housing Investments
</TABLE>
226
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Anglo Edison Ravenwood LLC Antelope Assoc LP Apollo Development Assoc
LP (Apollo Hotel)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,665 $10,957 -
Revenues $425 $829 -
Net Income (Loss) $61 ($268) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 95 LP 99.00% by Edison Capital
Housing Investments Housing Investments
</TABLE>
227
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Arbor Lane Assoc Phase II Argyle Redevelop-ment Arroyo Vista Assoc LP
LP (Timberwood) Partnership LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $13 $5,981 $161
Revenues $1 $3,017 $14
Net Income (Loss) - ($330) ($6)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Corporations
for Affordable Housing LP Housing Investments for Affordable Housing LP
</TABLE>
228
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Artloft Assoc LP Auburn Manor Apts LP Avalon Courtyard LP
(Carson Senior Housing)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $50 - $252
Revenues $4 - $17
Net Income (Loss) ($2) - ($8)
Ownership Interest(s): 35.60% by Corporations 99.00% by Edison Capital 1.00% by MHIFED 95 LP
for Affordable Housing LP Housing Investments
53.43% by Corporations
for Affordable Housing LP
II
</TABLE>
229
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: B.A.I. Anglo Edison B.A.I. Edison Ravenwood Baker Park Assoc LP
Pinecrest, LLC (Ravenwood)
(Pinecrest)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - $14,611
Revenues - - $721
Net Income (Loss) - - ($307)
Ownership Interest(s): 99.00% by Edison Capital 90.00% by Edison Capital 99.00% by MHICAL 95 LP
Housing Investments Housing Denver, Inc.
</TABLE>
230
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Barnsdall Court LP Bartlett Hill Assoc Beacon Manor Assoc
(Villa Mariposa) LP LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $5,724 $4,613
Revenues - $454 $216
Net Income (Loss) - ($453) ($340)
Ownership Interest(s): 99.00% by Edison Capital 70.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
30.00% by Mission
Bartlett Hill Company
</TABLE>
231
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Berry Ave Assoc LP Bodega Hills Borregas Court LP
Investors LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $82 $3,475 -
Revenues $4 $145 -
Net Income (Loss) ($3) ($216) -
Ownership Interest(s): 1.00% by MHIFED 94 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Investments
</TABLE>
232
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Boulder Creek Bouquet Canyon Bracher Assoc LP
Apartments LP Seniors LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - $7,066
Revenues - - $432
Net Income (Loss) - - ($203)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by MHICAL 95 LP
Housing Investments Housing Investments
</TABLE>
233
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Bradley Manor Brantwood II Assoc Brookline Housing
Senior Apts LP LP Assoc LLC
(Bridgewater)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,694 $3,616 $106
Revenues $100 $68 $4
Net Income (Loss) ($96) $(5) ($7)
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 99.00% by Corporations
Housing Partners VI LP Housing Investments for Affordable Housing LP
II
0.01% by Mission Funding
Theta
</TABLE>
234
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Brooks School Assoc Bryn Mawr - Belle Burlington
LP Shore LP (The) Arboretum LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $4,319 $21,424 $1,290
Revenues $23 $176 $224
Net Income (Loss) ($33) ($493) ($31)
Ownership Interest(s): 98.99% by Edison Capital 99.00% by Edison Capital 94.66% by Edison Capital
Housing Investments Housing Investments Housing Investments
0.01% by Mission Funding 1.00% by Burlington Apts,
Theta Inc.
</TABLE>
235
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Burlington Senior Bush Hotel LP Caleb Affordable
Housing LLC Housing Assoc LP
(Ledges/Pinebrook)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,304 $14,750 $85
Revenues $13 $376 $12
Net Income (Loss) ($100) ($142) ($3)
Ownership Interest(s): 98.9% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Investments Housing Investments for Affordable Housing LP
0.01% by Mission Funding
Theta
</TABLE>
236
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: California Park Carlin LP (The) Carlton Way Apts LP
Apts LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,227 $154 $40
Revenues $385 $6 $2
Net Income (Loss) ($142) ($15) ($1)
Ownership Interest(s): 99.00% by MH I LP 99.00% by Corporations 1.00% by MHIFED 94 LP
for Affordable Housing LP
</TABLE>
237
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Carson Housing LP C-Court LP (Cawelti CCS/Bellingham LP
(Carson Street) Court) (Washington Grocery
Building)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $2,636 $4,579
Revenues - $98 $19
Net Income (Loss) - ($50) ($92)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Partners VII LP Housing Investments
</TABLE>
238
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: CCS/Mount Vernon CCS/Renton Housing CDR Senior Housing
Housing LP (La LP (Renton) Assoc LP (Casa del
Venture) Rio)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $2,223 $67
Revenues - $66 $4
Net Income (Loss) - ($103) ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 1.00% by MHIFED 94 LP
Housing Investments Housing Investments
</TABLE>
239
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Catalonia Assoc LP Cedarshores Limited Centennial Place LP
Dividend Housing
Association LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $10,525 $9,959 $9,355
Revenues $227 $539 $536
Net Income (Loss) ($302) ($164) ($475)
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 99.00% by MH V LP
Housing Partners VIII LP Housing Investments
0.01% by Mission Funding
Theta
</TABLE>
240
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Centertown Assoc LP Centro Partners LP Cincinnati
(El Centro) Ravenwood Apts LP
(Ravenwood)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $7,201 $5,057 $5,623
Revenues $390 $262 $517
Net Income (Loss) ($195) ($249) ($10)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
0.95% by B.A.I. Edison
Ravenwood LP (Ravenwood)
</TABLE>
241
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Cochrane Village Colina Vista LP Community Invest-
Apts LP ment LP (Oak
Village Apts)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,189 $5,845 $5
Revenues $58 $232 $6
Net Income (Loss) ($39) ($202) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 95 LP 1.00% by John Stewart
Housing Investments Company
</TABLE>
242
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Conejo Valley Coolidge Station Corporations for
Community Housing Apts LC Affordable Housing
Assoc (Community LP
House Apts)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,708 $1,861 $397
Revenues $38 $113 $5
Net Income (Loss) ($82) ($54) ($47)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 1.00% by EC Properties,
Housing Investments Housing Investments Inc.
</TABLE>
243
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Corporations for Corporations for Corona Ely/Ranch
Affordable Housing Affordable Housing Assoc LP
LP II LP III
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $322 $129 $92
Revenues $10 $2 $4
Net Income (Loss) ($41) ($5) ($3)
Ownership Interest(s): 1.00% by EC Properties, 1.00% by EC Properties 1.00% by MHIFED 94 LP
Inc. III, Inc.
</TABLE>
244
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Cottonwood Coyote Springs Apts Crescent Manor
Affordable Housing Assoc LP Assoc LP
LP (Verde Vista)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,136 $11,336 $25
Revenues $59 $636 $22
Net Income (Loss) ($21) ($377) 1
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 2.85% by John Stewart
Housing Partners VII LP Housing Investments Company
</TABLE>
245
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Cypress Cove Assoc Davis MHA Twin Del Carlo Court
Pines Community Assoc LP
Assoc LP (Northstar
Apts)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,805 $5,328 $5,056
Revenues $194 $204 $185
Net Income (Loss) ($89) ($204) ($212)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Mission Housing
Housing Investments Housing Investments Gamma
</TABLE>
246
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Del Norte Place LP Delta Plaza Apts LP DeRose Housing
Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,463 $2,050 $4,730
Revenues $314 $76 $466
Net Income (Loss) ($50) ($100) ($399)
Ownership Interest(s): 18.00% by The IBEX Group 99.00% by Edison Capital 99.00% by MH III LP
Housing Investments
</TABLE>
247
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Diamond Phase III Double X Assoc 1995 EAH Larkspur
Venture LP LP (Terrace Manor) Creekside Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $20 $448 $2,621
Revenues - $39 $234
Net Income (Loss) ($1) ($51) ($105)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners VI LP Housing Investments
</TABLE>
248
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: East Cotati Ave Eastwood Homes LP ECH/HFC GP
Partners LP Partnership No. 1
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $5,450 $11,723 $15,326
Revenues $270 $85 $1
Net Income (Loss) ($275) ($211) ($30)
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 34.90% by Edison Capital
Housing Investments Housing Investments Housing Investments
0.01% by Mission Funding 50.40% by MHICAL 96 LP
Theta
14.70% by MHICAL 97 LP
</TABLE>
249
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: ECH/HFC GP ECH Investor ECH Investor
Partnership No. 2 Partners VI-A LP Partners VI-B LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,086 $147 $88
Revenues - - -
Net Income (Loss) ($2) ($2) ($1)
Ownership Interest(s): 56.70% by Edison Capital 15.39% by Edison Capital 15.39% by Edison Capital
Housing Investments Contributions VI Partners Contributions VI Partners
43.30% by MHICAL 95 LP
</TABLE>
250
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: EDA LP (Eagle's Edison Capital Edison Capital
Nest) Affordable Housing Affordable Housing
Partners V LP Partners VI LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $95 $2,841 $188
Revenues $19 - -
Net Income (Loss) ($4) - ($2)
Ownership Interest(s): 99.00% by Corporations 16.38% by Edison Capital 61.82% by ECH Investor
for Affordable Housing LP Housing Investments Partners VI-A LP
II
37.18% by ECH Investor
Partners VI-B LP
</TABLE>
251
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Edison Capital Edison Capital Edison Capital
Housing Affordable Housing Contributions VI
Partners VII LP Partners VIII LP Partners
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,959 $2,340 $8,173
Revenues $1 - $2
Net Income (Loss) ($35) ($4) ($35)
Ownership Interest(s): 19.40% by ECH/HFC GP 18.54% by ECH/HFC GP 91.77% by Edison Capital
Partnership No. 1 Partnership No. 2 Housing Investments
4.03% by Edison Housing
North Carolina
4.20% by Edison Housing
South Carolina
</TABLE>
252
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Edgewood Manor Edmundson Assoc LP El Barrio Academy
Assoc II LP (Willows) Urban Renewal Assoc
LP (Academy St.)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $56 $3,318 $5,428
Revenues $4 $163 $143
Net Income (Loss) ($1) ($144) ($106)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 98.99% by Edison Capital
for Affordable Housing LP Housing Investments Housing New Jersey
II
0.01% by Mission Funding
Theta
</TABLE>
253
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Electra Arms Senior Elizabeth West & Fairmount Hotel
Assoc LP East LP Urban Renewal Assoc
LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $1,884 $67
Revenues - $102 $2
Net Income (Loss) - ($215) ($4)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Investments Housing Investments for Affordable Housing LP
</TABLE>
254
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Fairview Village Farm (The) Assoc LP Fell St Housing
Assoc LP Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $7 $5,877 $140
Revenues - $273 $6
Net Income (Loss) - $201 ($3)
Ownership Interest(s): 1.00% by MHIFED 94 LP 99.00% by Edison Capital 1.00% by MHIFED 94 LP
Housing Investments
</TABLE>
255
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Fifth & Wilshire Flagstaff Afford- Florence Apts LLC
able Housing II LP
(Forest View Apts)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,295 $1,315 $4,041
Revenues $14 $56 $20
Net Income (Loss) ($49) ($36) ($275)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners VII LP Housing Investments
</TABLE>
256
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Florin Woods Assoc Forest Winds Assoc Fremont Building LP
LP LP (Crescent Arms)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $7,423 $283 $20,302
Revenues $404 $14 $600
Net Income (Loss) ($220) ($10) $167
Ownership Interest(s): 99.00% by MHICAL 95 LP 5.00% by Mission Housing 99.00% by Mission Housing
Investors Partnership Zeta
</TABLE>
257
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Garnet Housing Gateway Housing LP Gilroy Redwood
Assoc (Gateway Townhomes) Assoc LP (Redwoods)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,331 $89 $3,100
Revenues $94 $13 $190
Net Income (Loss) ($109) ($4) ($108)
Ownership Interest(s): 99.00% by MHICAL 97 LP 99.00% by Corporations 99.00% by Edison Capital
for Affordable Housing LP Housing Investments
II
</TABLE>
258
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Ginzton Assoc LP Glen Eden Assoc LP Good Samaritan
(A Street) Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $9,237 $323 $57
Revenues $696 $13 $1
Net Income (Loss) ($242) ($13) ($2)
Ownership Interest(s): 99.00% by Edison Capital 5.00% by Mission Housing 1.00% by MHIFED 96A LP
Housing Investments Investors Partnership
</TABLE>
259
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Grace Housing LP Grandy Lake 1996 LP Gray's Meadows
(Grandy Lake Investors LP
Residences)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - $269
Revenues - - $15
Net Income (Loss) - - ($10)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 5.00% by Mission Housing
Housing Investments Housing Investments Investors Partnership
</TABLE>
260
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Greenway Village Grossman Apts Hamilton Place Apts
Assoc LP Investors LP LP (Larkin Place)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,757 $1,153 $1,740
Revenues $212 $101 $132
Net Income (Loss) ($209) ($34) ($41)
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Partners VI LP
</TABLE>
261
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Hamilton Place Harry Clark Jr. Hearthstone Group 3
Senior Living LP Residential Center LP (Evergreen
LLC Court)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,392 $1,775 $487
Revenues $63 $46 $23
Net Income (Loss) ($51) ($47) ($37)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VI LP Housing Investments Housing Partners VI LP
</TABLE>
262
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Heartland-Wisconsin Heather Glen Assoc Heritage Partners
Rapids Timber LP LP
Trails LLC (Timber
Trails)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,637 $5,153 -
Revenues $430 $354 -
Net Income (Loss) ($113) ($246) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
263
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: HMB-Atlanta I LP Hollywood El Centro Holy Family Assoc
(Spring Branch) LP LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $5,545 $115 $10,056
Revenues $550 $6 $585
Net Income (Loss) ($53) ($4) ($301)
Ownership Interest(s): 99.00% by Edison Housing 1.00% by MHIFED 95 LP 99.00% by Edison Capital
Georgia Housing Investments
</TABLE>
264
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Homestead Village Hope West Apts LP Hotel Elkhart LLC
Assoc LP (The Cornerstone)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $59 $28 $3,944
Revenues $5 $1 $576
Net Income (Loss) ($2) ($1) $183
Ownership Interest(s): 99.00% by Corporations 1.00% by MHIFED 94 LP 99.00% by Edison Capital
for Affordable Housing LP Housing Investments
II
</TABLE>
265
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Huff Ave Assoc LP Jackie Robinson
Apts LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $9,102 - $32
Revenues $618 - -
Net Income (Loss) ($71) - $3
Ownership Interest(s): 99.00% by Edison Capital - 1.67% by John Stewart
Housing Partners VII LP Company
</TABLE>
266
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Josephinum Assoc LP Junction City Apts KDF Malabar LP
(The) LP (Green Park) (Malabar Apts)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $9,080 $50 $1,571
Revenues $1,104 $7 $122
Net Income (Loss) ($743) ($4) ($14)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Investments for Affordable Housing LP Housing Partners VI LP
II
</TABLE>
267
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: KDF Park Glenn LP KDF Santa Paula LP Kennedy Court
(Park Glenn) (Santa Paula) Partners LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $8,565 $3,512
Revenues - $840 $198
Net Income (Loss) - ($167) ($171)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by MHICAL 96 LP
Housing Investments Housing Investments
</TABLE>
268
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Kennedy Lofts Assoc Klamath Assoc Knolls Community
LP LP Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $2,901 -
Revenues - $155 -
Net Income (Loss) - ($150) -
Ownership Interest(s): 97.00% by Edison Capital 99.00% by MHICAL 96 LP 99.00% by Mission Housing
Housing Investments Epsilon
</TABLE>
269
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: La Brea/Franklin LP Lackawana Housing Assoc Lark Ellen LP
(Goodwill Neighborhood
Residences)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $60 $4,941 $14,329
Revenues $3 $2 $376
Net Income (Loss) ($3) ($8) ($267)
Ownership Interest(s): 1.00% by MHIFED 95 LP 98.99% by Edison Capital 99.00% by Edison Capital
Housing Pennsylvania Housing Investments
0.01% by Mission Funding
Theta
</TABLE>
270
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Larkin Pine LP Larkspur Isle LP Las Casitas LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $81 $2 $3
Revenues $3 $1 $2
Net Income (Loss) ($3) - -
Ownership Interest(s): 1.00% by MHIFED 95 LP 0.50% by John Stewart 0.50% by John Stewart
Company Company
</TABLE>
271
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: La Terraza Assoc LP Lavell Village Lee Park Investors
(Carlsbad Villas at Assoc LP LP
Camino Real)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $28,418 $283 $29,071
Revenues $1,985 $15 $6,063
Net Income (Loss) ($641) ($7) $149
Ownership Interest(s): 99.00% by Mission Housing 5.00% by MHIFED 96 LP 99.00% by Mission Housing
Partnership 1996 LP Alpha
</TABLE>
272
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Liberty House Assoc LP LINC-Bristol Assoc I, Mackenzie Park Assoc LP
LP (City Gardens) Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $45 $2,323 $17
Revenues $3 $261 $1
Net Income (Loss) ($2) ($73) -
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Corporations
for Affordable Housing LP Housing Partners VI LP for Affordable Housing LP
II
</TABLE>
273
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Madison/Mollison LP Maple Ridge Maplewood School
(Park Mollison) Development Assoc LP Apts LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $7,438 $24 $5,575
Revenues $576 $2 $1
Net Income (Loss) ($118) ($1) ($67)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Investments for Affordable Housing LP Housing Investments
II
</TABLE>
274
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Mar Assoc LP (Frank Mar) Marlton Residences Assoc MAS-WT LP (Washington
LP Terrace)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $10,884 - $11,906
Revenues $706 - $414
Net Income (Loss) ($498) - ($575)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Partners VI LP
</TABLE>
275
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Mason St Mayacamas Village McFarland Press
Enterprises LP Assoc LP Assoc
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $14 $6,413 $6,675
Revenues $2 $307 $12
Net Income (Loss) - ($182) ($2)
Ownership Interest(s): 1.00% by John Stewart 99.00% by MHICAL 94 LP 98.99% by Edison Capital
Company Housing Pennsylvania
0.01% by Mission Funding
Theta
</TABLE>
276
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Mercantile Square Mercy Housing Mercy Housing
California III LP California IV LP
(3rd & Reed) (Vista Grande)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $20,042 $71 $4,608
Revenues $1,695 $4 $214
Net Income (Loss) ($614) ($2) ($116)
Ownership Interest(s): 99.00% by Mission Housing 1.00% by MHIFED 95 LP 99.00% by Edison Capital
Denver Housing Partners V LP
</TABLE>
277
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Mercy Housing Mercy Housing Merrill Road Assoc
California VI LP California IX LP LP
(205 Jones) (Sycamore)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,960 $10,573 $3,812
Revenues $251 $422 $84
Net Income (Loss) ($180) ($400) ($171)
Ownership Interest(s): 99.00% by MHICAL 95 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments
</TABLE>
278
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Metro Senior Assoc LP MH I LP MH II LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $78 $1,051 $206
Revenues $3 $8 -
Net Income (Loss) ($4) ($128) ($66)
Ownership Interest(s): 5.00% by MHIFED 96A LP 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments
99.00% by Mission Housing 99.00% by Mission Housing
Delta Delta
</TABLE>
279
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: MH III LP MH IV LP MH V LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $682 $560 $1,546
Revenues $14 $17 $7
Net Income (Loss) ($422) ($386) ($371)
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Mission Housing 99.00% by Mission Housing 99.00% by Mission Housing
Delta Delta Delta
</TABLE>
280
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: MHIFED 94 LP MHICAL 94 LP MHIFED 95 LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $465 $23,468 $531
Revenues $1 $140 $1
Net Income (Loss) ($30) ($1,485) ($37)
Ownership Interest(s): 1.00% by Edison Capital 99.00% by MHICAL 94 1.00% by Edison Capital
Housing Investments Company Housing Investments
1.00% by Edison Capital
Housing Investments
</TABLE>
281
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: MHICAL 95 LP MHIFED 96 LP MHIFED 96A LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $31,422 $1,374 $419
Revenues $70 $2 -
Net Income (Loss) ($2,160) ($100) ($24)
Ownership Interest(s): 99.00% by MHICAL 95 5.00% by Edison Capital 1.00% by Edison Capital
Company Housing Investments Housing Investments
1.00% by Edison Capital
Housing Investments
</TABLE>
282
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: MHICAL 96 LP MHIFED 97 LP MHICAL 97 LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $9,456 - $8,415
Revenues $28 - $19
Net Income (Loss) ($1,729) - ($456)
Ownership Interest(s): 99.00% by MHICAL 96 99.00% by Edison Capital 99.00% by MHICAL 97
Company Housing Investments Company
1.00% by Edison Capital 1.00% by MHIFED 97
Housing Investments Company
</TABLE>
283
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Mid-Peninsula Century Mid-Peninsula Sharmon Mission Capp LP
Village Assoc LP (Century Palms Assoc LP (Sharmon
Village) Palms)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $7,224 $2,884 $5,137
Revenues $805 $197 $393
Net Income (Loss) ($119) ($109) ($229)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
284
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Mission Housing Investors Mission Housing Monterra Village Assoc LP
Partnership Partnership 1996 LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,446 $15,278 $5,330
Revenues $2 $34 $67
Net Income (Loss) ($107) ($924) ($198)
Ownership Interest(s): 5.00% by Mission Housing 99.00% by Mission Housing 99.00% by MHICAL 97 LP
Theta Holdings
1.00% by Edison Capital
Housing Investments
</TABLE>
285
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Morgan Hill Ranch Housing Morrone Gardens Assoc
LP LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $12,033 $77 -
Revenues $616 $6 -
Net Income (Loss) ($278) ($2) -
Ownership Interest(s): 99.00% by Edison Capital 1.00% by MHIFED 94 LP -
Housing Investments
</TABLE>
286
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: MPT Apts LP (MacArthur National Boston Lofts
Park) Assoc LLLP (Boston Lofts)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $6,704 $21,941
Revenues - $958 $1,108
Net Income (Loss) - ($339) ($392)
Ownership Interest(s): - 99.00% by MH IV LP 99.00% by Edison Capital
Housing Investments
</TABLE>
287
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Neary Lagoon Partners LP New Harbor Vista Apts North Park Village LLC
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $9,368 - $2,332
Revenues $465 - $137
Net Income (Loss) ($417) - $71
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Mission Housing
Housing Investments Housing Investments Denver
</TABLE>
288
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: North Town Housing Northwood Manor Assoc LP Oak Forest Assoc LP
Partners LP (Villa del
Norte Village)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $692 $873 $569
Revenues $24 $42 $12
Net Income (Loss) ($24) ($56) ($22)
Ownership Interest(s): 5.00% by MHIFED 96 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VI LP Housing Partners VII LP
</TABLE>
289
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Oakdale Terrace Leased Oceanside Gardens LP Ohlone Housing Assoc LP
Housing Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,885 $1,818 $13,604
Revenues $143 $87 $393
Net Income (Loss) ($58) ($54) ($658)
Ownership Interest(s): 98.99% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Partners VIII LP
0.01% by Mission Funding
Theta
</TABLE>
290
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Olive Court Apts LP Omaha Amber Ridge LP Ontario Senior Housing LP
(Amber Ridge) (Ontario Plaza)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,566 $6,107 $6,979
Revenues $335 $756 $399
Net Income (Loss) ($185) $599 ($313)
Ownership Interest(s): 98.9% by Edison Capital 99.00% by Edison Capital 98.90% by Edison Capital
Housing Investments Housing Investments Housing Investments
0.1% by Mission Funding 0.1% by Mission Funding
Omicron Omicron
</TABLE>
291
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Open Door Assoc LP (West Oxnard Housing Assoc LP Pacific Terrace Assoc LP
Valley)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $8,106 $40 $5,037
Revenues $433 $1 $16
Net Income (Loss) ($214) ($1) ($26)
Ownership Interest(s): 99.00% by Edison Capital 1.00% by MHIFED 96A LP 99.00% by Edison Capital
Housing Investments Housing Investments
</TABLE>
292
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Pacifica Community Assoc Pajaro Court Assoc LP Palmer House LP
LP (Villa Pacifica)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $14,045 $17 $1,743
Revenues $602 $1 $197
Net Income (Loss) ($527) ($1) ($58)
Ownership Interest(s): 99.00% by Edison Capital 1.00% by MHIFED 94 LP 99.00% by Edison Capital
Housing Investments Housing Investments
</TABLE>
293
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Paradise Road Partners LP Park Place Terrace LP Parkside Assoc LP
(Gateway Village) (Parkside Garden)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $4,103 $9,487 $65
Revenues $112 $289 $3
Net Income (Loss) ($75) ($285) ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners VII LP Housing Partners V LP for Affordable Housing LP
</TABLE>
294
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: PVA LP (Park Victoria) Parsonage Cottage Senior Pecan Court Assoc LP
Residence LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,321 $48 -
Revenues $319 $7 -
Net Income (Loss) ($31) ($4) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Investments for Affordable Housing LP Housing Investments
II
</TABLE>
295
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Pellettieri Homes Urban Persimmon Assoc LP Piedmont Housing Assoc
Renewal Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $8,008 $5,254 $146
Revenues $23 $61 $10
Net Income (Loss) ($57) ($6) ($7)
Ownership Interest(s): 98.99% by Edison Capital 98.99% by Edison Capital 99.00% by Corporations
Housing New Jersey Housing Investments for Affordable Housing LP
III
0.01% by Mission Funding 0.01% by Mission Funding
Theta Theta
</TABLE>
296
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Pilot Grove LP Pinewood on Wisconsin Apts Pines Housing LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,623 - $36
Revenues $594 - $3
Net Income (Loss) ($676) - ($1)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Investments Housing Investments for Affordable Housing LP
</TABLE>
297
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Pines Housing II LP Pines Housing III LP Pinmore Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $23 $27 $6,771
Revenues $2 $2 $379
Net Income (Loss) ($1) - ($215)
Ownership Interest(s): 99.00% by Corporations 99.00% by Corporations 99.00% by MHICAL 95 LP
for Affordable Housing LP for Affordable Housing LP
III
</TABLE>
298
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Pinole Grove Assoc LP Piper Court LP Poco Way Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $57 $849 $951
Revenues $4 $287 $45
Net Income (Loss) ($2) $249 ($18)
Ownership Interest(s): 1.00% by MHIFED 95 LP 99.9% by John Stewart 5.00% by MHIFED 96 LP
Company
</TABLE>
299
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Post Office Plaza LP President John Adams Prince Bozzuto LP
Manor Apts LP (Fairground Commons)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $39,304 - $486
Revenues $8,614 - $64
Net Income (Loss) ($285) - ($22)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 5.00% by Mission Housing
Housing Investments Housing Investments Investors Partnership
</TABLE>
300
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Providence-Brown St Rancho Park Assoc LP Red Lake Homes
Housing LP (Brown St)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,327 $363 $2,628
Revenues $58 $16 $10
Net Income (Loss) ($137) ($12) ($31)
Ownership Interest(s): 99.90% by Edison Capital 5.00% by Mission Housing 99.00% by Edison Capital
Housing Investments Investors Partnership Housing Investments
</TABLE>
301
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Reseda Village LP Richmond City Center Rincon De Los Esteros
Assoc LP Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $41 $6,880 $31,435
Revenues $2 $384 $2,203
Net Income (Loss) ($2) ($254) ($473)
Ownership Interest(s): 1.00% by MHIFED 96A LP 99.00% by Mission Housing 99.00% by MHICAL 94 LP
Beta
</TABLE>
302
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Rittenhouse School LP Riverside/ Liebrandt River Walk Apts Homes LP
Partners LP (La Playa
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $47 $2,469 $3,314
Revenues $2 $73 $112
Net Income (Loss) ($2) ($123) ($74)
Ownership Interest(s): 99.00% by Corporations 99.00% by Mission Housing 99.00% by Edison Capital
for Affordable Housing LP Epsilon Housing Partners V LP
II
</TABLE>
303
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Riverwalk Apts, Ltd Roebling Village Inn Rosebloom Assoc LP
(Colorado) Urban Renewal LP (Oakshade)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $2,425 $2,980
Revenues - $1 $173
Net Income (Loss) - ($59) ($139)
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
0.01% by Mission Funding
Theta
</TABLE>
304
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Rosecreek Senior Living LP Round Walk Village Apts LP Rustic Gardens Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $144 $140
Revenues - $9 $6
Net Income (Loss) - ($2) ($5)
Ownership Interest(s): 99.90% by Edison Capital 1.00% by MHIFED 96A LP 5.00% by Mission Housing
Housing Investments Investors Partnership
</TABLE>
305
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Salem Lafayette Urban San Diego Golden Villa San Juan Commons 1996 LP
Renewal Assoc LP Partners LP (Golden Villa)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $58 $4,110 $4,178
Revenues $4 - $120
Net Income (Loss) $2 ($13) ($56)
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners V LP Housing Investments
III
</TABLE>
306
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: San Pablo Senior Housing San Pedro Gardens Santa Alicia Family
Assoc LP Assoc LP Housing Assoc
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $3,939 $2,800 $83
Revenues $308 $115 $5
Net Income (Loss) ($161) ($163) ($5)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 1.00% by MHIFED 96A LP
Housing Investments Housing Investments
</TABLE>
307
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Santa Alicia Gardens Santa Paulan Senior Apts Schoolhouse Court Housing
Townhomes LP (The Gardens) Assoc LP (The Paulan) Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,543 $8,565 -
Revenues $142 $840 -
Net Income (Loss) ($79) ($167) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Investments Housing Investments
</TABLE>
308
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Sea Ranch Apts LP Seasons Affordable Senior Second St Center LP
Housing LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $127 $300 $51
Revenues $9 $21 $3
Net Income (Loss) ($5) ($13) ($2)
Ownership Interest(s): 5.00% by Mission Housing 5.00% by MHIFED 96 LP 1.00% by MHIFED 95 LP
Investors Partnership
</TABLE>
309
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Sherman Glen, LLC Shiloh Arms LP Silver City Housing LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,185 $80 $67
Revenues $47 $76 $13
Net Income (Loss) ($127) ($2) ($4)
Ownership Interest(s): 98.99% by Edison Capital 10.80% by John Stewart 99.00% by Corporations
Housing Investments Company for Affordable Housing LP
II
0.01% by Mission Funding
Theta
</TABLE>
310
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Silver Lake Properties Sky Parkway Smyrna Gardens
LP Housing Assoc LP Assoc LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $448 $7,813 $25
Revenues $37 $388 $3
Net Income (Loss) ($6) ($245) ($2)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 96 LP 99.00% by Corporations
Housing Partners VI LP for Affordable Housing LP
</TABLE>
311
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Solinas Village Partners South 55th St LP South Beach Housing Assoc
LP LP (Steamboat)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $43 $29 $13,091
Revenues $2 $1 $694
Net Income (Loss) ($2) - ($384)
Ownership Interest(s): 1.00% by MHIFED 95 LP 99.00% by Corporations 99.00% by Edison Capital
for Affordable Housing LP Housing Investments
II
</TABLE>
312
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: South Winery Assoc LP Springdale Kresson Assoc Spring Valley Commons
(The Winery Apts) LP (Jewish Federation)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,144 $390 $61
Revenues $696 $24 -
Net Income (Loss) ($88) ($18) -
Ownership Interest(s): 99.00% by Edison Capital 5.00% by Mission Housing 99.00% by Corporations
Housing Investments Investors Partnership for Affordable Housing LP
III
</TABLE>
313
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Stevenson Housing Assoc St. Hedwigs Gardens St. John's LP
(Park Vista)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $48 $3,869 $275
Revenues - $161 $287
Net Income (Loss) - ($158) $13
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 20.60% by John Stewart
for Affordable Housing LP Housing Partners V LP Company
III
</TABLE>
314
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Stoney Creek Assoc LP Stony Point Apt Investors Strobridge Housing Assoc
LP (Panas Place) LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $9,241 - $19,716
Revenues $410 - -
Net Income (Loss) ($397) - ($225)
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by MHICAL 96 LP
Housing Investments Housing Investments
</TABLE>
315
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Studebaker Building LP Sultana Acres Assoc LP Sunset Creek Partners LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $2,953 $2,511 $8,517
Revenues $236 $138 $500
Net Income (Loss) ($109) ($90) ($218)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by MHICAL 95 LP
Housing Investments Housing Investments
</TABLE>
316
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Sunshine Terrace LP Tabor Grand LP Terra Cotta Housing Assoc
LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $8,528 $3,305 -
Revenues $190 $214 -
Net Income (Loss) ($241) ($111) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Investments Housing Investments
</TABLE>
317
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: The IBEX Group GP Thomson Rental Housing LP Three Oaks Housing LP
(Washington Place)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $224 $2,175 $45
Revenues $7 $151 $3
Net Income (Loss) ($19) ($112) ($1)
Ownership Interest(s): 10.00% by John Stewart 99.00% by Edison Capital 1.00% by MHIFED 95 LP
Company Housing Investments
</TABLE>
318
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Tierra Linda Assoc LP Timber Sound, Ltd Timber Sound II, Ltd
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $30 $5,407 $10,891
Revenues $1 $330 $80
Net Income (Loss) ($1) ($113) ($79)
Ownership Interest(s): 1.00% by MHIFED 94 LP 98.99% by Edison Capital 98.99% by Edison Capital
Housing Investments Housing Investments
0.01% by Mission Funding 0.01% by Mission Funding
Theta Theta
</TABLE>
319
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Tioga Gardens LP Tlaquepaque Housing Assoc Trinity Park Apts LP
LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $44 $62 $2,941
Revenues $2 $3 $40
Net Income (Loss) ($1) ($2) ($123)
Ownership Interest(s): 99.00% by Corporations 1.00% by MHIFED 94 LP 99.00% by Edison Capital
for Affordable Housing LP Housing Investments
</TABLE>
320
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Trolley Terrace Townhomes Tuscany Assoc LP (Tuscany Twin Ponds Apts LP
LP Villa)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $3,896 -
Revenues - $221 -
Net Income (Loss) - ($192) -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
321
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Union Meadows Apts University Park Upland Senior Housing LP
Properties LP (Coy D. Estes)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $5,535 $635 $6,303
Revenues $127 $1 $256
Net Income (Loss) ($364) ($3) ($235)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners V LP Housing Partners VI LP Housing Partners VI LP
</TABLE>
322
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Venbury Trail LP Villa Maria Housing Village East Apts LP
Partnership
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $5,798 $4,578 $20
Revenues $286 $16 $23
Net Income (Loss) ($214) $16 -
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 2.48% by John Stewart
Housing Investments Housing Pennsylvania Company
0.01% by Mission Funding
Theta
</TABLE>
323
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Vine St Court LP Vine St Court LP II Vista Properties LLC
(Vista View)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $33 $9 $4,004
Revenues - - $23
Net Income (Loss) - - ($110)
Ownership Interest(s): 1.00% by MHIFED 96A LP 1.00% by MHIFED 96A LP 99.00% by Edison Capital
Housing Partners VI LP
</TABLE>
324
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Vista Verde Townhomes II W.M. Housing Assoc LP Walden Pond Ltd LP
LLC (Williamsport Manor) (Hamlet)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $572 $62 $220
Revenues $16 $9 $20
Net Income (Loss) ($5) ($4) ($10)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Corporations 99.00% by Corporations
Housing Partners VI LP for Affordable Housing LP for Affordable Housing LP
II
</TABLE>
325
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Wall Street Palmer House Walnut Ave Partnership LP Washington Creek Assoc LP
LP (Palmer Hotel)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $4,255 $5,025 $3,616
Revenues $33 $97 $191
Net Income (Loss) ($48) ($46) ($159)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by MHICAL 97 LP 99.00% by Edison Capital
Housing Investments Housing Investments
</TABLE>
326
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: West Capital Courtyard Westfield Condominium Westgate Townhomes Assoc
LP Investment LP LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,238 $1,491 $4,606
Revenues $292 $183 $207
Net Income (Loss) ($228) $79 ($168)
Ownership Interest(s): 99.00% by MHICAL 94 LP 98.99% by Edison Capital 99.00% by MHICAL 96 LP
Housing Investments
0.01% by Mission Funding
Theta
</TABLE>
327
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Westport Village Homes Wheeler Manor Assoc LP White Mountain Apache
Assoc LP Housing
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,192 $11,338 $1,889
Revenues $125 $630 $52
Net Income (Loss) ($28) ($372) ($56)
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
328
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Winfield Hill Assoc LP Winnsboro Apts LP (Deer Woodhaven Senior
Wood) Residences LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $19,420 - $21
Revenues $1,079 - $4
Net Income (Loss) ($418) - ($1)
Ownership Interest(s): 99.00% by MHICAL 94 LP 99.00% by Corporations 1.00% by The IBEX Group
for Affordable Housing LP
II
</TABLE>
329
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Woodland Arms Apts, Ltd Woodleaf Village LP WPA/Edison LLC (Pier A)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,711 $5,807 -
Revenues - $157 -
Net Income (Loss) ($7) ($293) -
Ownership Interest(s): 99.00% by Edison Capital 98.99% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Investments Housing New York
0.01% by Mission Funding
Theta
</TABLE>
330
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Yale Street LP YWCA Villa Nueva Partners West Valley Hart LP (Hart
& Alabama)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $6,906 $8,372 -
Revenues $27 $327 -
Net Income (Loss) ($110) ($176) -
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Capital 99.9% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
331
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Women's Westlake LP LL Housing LP (Laurel LL Housing LLC (Laurel
(Dorothy Day Lake) Lake)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - -
Revenues - - -
Net Income (Loss) - - -
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
</TABLE>
332
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: ABB Funding Partners LP AIG Asian Infrastructure AIG-GE Capital Latin
Fund II LP American Infrastructure
Fund LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $74 - $8,727
Revenues $2 - $53
Net Income (Loss) - - ($89)
Ownership Interest(s): 14.27% by Mission Funding 5.80% by Edison Capital 8.00% by Edison Capital
Kappa Latin American Latin American
Investments (Bermuda) Ltd. Investments (Bermuda) Ltd.
</TABLE>
333
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Electricidad de La Paz, GEM Energy Company Huntington LP
S.A. (Electropaz)
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $1,351 $106,381
Revenues - $338 $5,216
Net Income (Loss) - $171 $4,396
Ownership Interest(s): 10% by Edison Capital 50.00% by Mission Funding 50.00% by Mission Funding
International (Bermuda) Epsilon Zeta
Ltd.
</TABLE>
334
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Lakota Ridge LLC Law Hospital Lyonnaise Latin America
Water Corporation Ltd.
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - -
Revenues - - -
Net Income (Loss) - - -
Ownership Interest(s): 50.00% by Mission Funding 20% by Edison Capital 25.8% by Edison Capital
Zeta (Netherlands) Investments International (Bermuda)
B.V. Ltd
</TABLE>
335
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Shaokatan Hills LLC Trinidad and Tobago Woodstock Hills LLC
Methanol Co Ltd
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $2,400 -
Revenues - $423 -
Net Income (Loss) - $423 -
Ownership Interest(s): 50.00% by Mission Funding 1.0% by Edison Capital 50.00% by Mission Funding
Zeta Latin American Zeta
Investments (Bermuda) Ltd.
</TABLE>
335a
<PAGE>
Edison Capital
Equity Investments in Real Estate Limited Partnerships
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Olmeca Cable Investments
Ltd.
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - -
Revenues - - -
Net Income (Loss) - - -
Ownership Interest(s): 21.7% by Edison Capital
International (Bermuda)
Ltd.
335b
</TABLE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation $4 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (871) ($1,786) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (867) (1,786) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 46 - $5
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 5,801 (705) 1,850
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5,847 (705) 1,855
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,980 ($2,491) $1,855
============================================================= ==================== ==================== ====================
</TABLE>
336
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Centrelake Irwindale Land Mission Airport
Partners LP Company (Inactive) Park Development
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $20,481 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - ($50)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 20,481 - (50)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 16 - 27
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts 7 ($2,380) 53,966
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 23 (2,380) 53,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $20,504 ($2,380) $53,943
============================================================= ==================== ==================== ====================
</TABLE>
337
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Industrial Mission-Oceangate Mission/ Ontario,
Constructors, Inc. Inc. (Inactive)
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation - $52,060 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 52,060 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 94 $25
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 1,312 (947)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 1,406 (913)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 568 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 568 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $54,034 ($913)
============================================================= ==================== ==================== ====================
</TABLE>
338
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission South Bay Mission Texas Mission Vacaville
Company (Inactive) Property Holdings, LP
Inc. (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $45,709
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 45,709
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 535
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $167 $89 372
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 1,284
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 167 89 2,191
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 461
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 461
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $167 $89 $48,361
============================================================= ==================== ==================== ====================
</TABLE>
339
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation ($33,830) ($2,071) $82,353
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 118,602 (115,895) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 84,772 (117,966) 82,353
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 6,138 - 6,886
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 88,195 (144,919) 2,808
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 2 1,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 94,333 (144,917) 10,989
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (4) 14,961 15,986
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (4) 14,961 15,986
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $179,101 ($247,922) $109,328
============================================================= ==================== ==================== ====================
</TABLE>
340
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $1,240 - $4,027
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 1,262 ($3,823) 1,713
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,502 (3,823) 5,740
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,502 (3,823) 5,740
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt 1,729 425 -
Accounts payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,729 425 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 795 (50) -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits (46) 957 (3,885)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 749 907 (3,885)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $4,980 ($2,491) $1,855
============================================================= ==================== ==================== ====================
</TABLE>
341
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Centrelake Irwindale Land Mission Airport
Partners LP Company (Inactive) Park Development
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $45,032
Additional Paid in Capital $16,874 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (1,823) $3,739 780
- ------------------------------------------------------------- -------------------- -------------------- --------------------
15,051 3,739 45,812
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 15,051 3,739 45,812
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - -
Short-term debt 694 (9,181) 7,580
Accounts payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 694 (9,181) 7,585
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 18 1,473
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 4,759 3,044 (927)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 4,759 3,062 546
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $20,504 ($2,380) $53,943
============================================================= ==================== ==================== ====================
</TABLE>
342
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Industrial Mission-Oceangate Mission/ Ontario,
Constructors, Inc. Inc. (Inactive)
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $17,903 ($21,161)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($1) 2,800 1,121
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1) 20,703 (20,040)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - (20,040)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1) 20,703 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 5,591 -
Short-term debt 1 - 19,796
Accounts payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 49 10
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $1 5,640 19,806
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - (687)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 27,691 8
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 27,691 (679)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $54,034 ($913)
============================================================= ==================== ==================== ====================
</TABLE>
343
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission South Bay Mission Texas Mission Vacaville
Company (Inactive) Property Holdings, LP
Inc. (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $32 $47,403
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($248) (931) (14,403)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(248) (899) 33,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (248) (898) 33,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - 729 2,315
Accounts payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 24
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 729 2,339
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 415 187 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 72 13,022
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 415 259 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $167 $89 $48,361
============================================================= ==================== ==================== ====================
</TABLE>
344
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $66,569 ($75,338) $102,581
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 54,511 (43,210) 1,487
- ------------------------------------------------------------- -------------------- -------------------- --------------------
121,080 (118,548) 104,068
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 121,080 (118,548) 104,068
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt 56,973 (86,483) 169
Accounts payable 9 - 9
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 993 (22) 1,059
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 57,975 (86,505) 1,237
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (10,359) 9,918 1,710
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 9,651 (52,033) 2,313
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (708) (42,115) 4,023
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 754 (754) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $179,101 ($247,922) $109,328
============================================================= ==================== ==================== ====================
</TABLE>
345
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $705 - $15
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 705 - 15
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3 - 9
Maintenance - - -
Depreciation and decommissioning - $2 -
Income taxes 234 1,669 -
Property and other taxes - - (16)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 237 1,671 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 468 (1,671) 22
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 468 (1,671) 22
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 468 (1,671) 22
Retained earnings - beginning of year 793 (2,152) 1,691
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,261 ($3,823) $1,713
============================================================= ==================== ==================== ====================
</TABLE>
346
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Centrelake Irwindale Land Mission Airport
Partners LP Company (Inactive) Park Development
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $72 $345 $2,255
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 72 345 2,255
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 88 238 4,877
Maintenance 7 2 3
Depreciation and decommissioning - 13 -
Income taxes - (39) (706)
Property and other taxes 194 (40) (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 289 174 4,173
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (217) 171 (1,918)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 65
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 65
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (217) 171 (1,853)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (217) 171 (1,853)
Retained earnings - beginning of year (1,606) 3,568 2,633
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,823) $3,739 $780
============================================================= ==================== ==================== ====================
</TABLE>
347
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Industrial Mission-Oceangate Mission/ Ontario,
Constructors, Inc. Inc. (Inactive)
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $3,680 $27,483
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 3,680 27,483
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 518 23,150
Maintenance - 217 6
Depreciation and decommissioning - 239 3
Income taxes ($1) - 2,128
Property and other taxes - 936 435
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1) 1,910 25,722
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1 1,770 1,761
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 67
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 67
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 1 1,770 1,828
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 1,770 -
Retained earnings - beginning of year 1 1,030 1,828
Dividends declared on common stock (2) - (707)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) $2,800 $1,121
============================================================= ==================== ==================== ====================
</TABLE>
348
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission South Bay Mission Texas Mission Vacaville
Company (Inactive) Property Holdings, LP
Inc. (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $1,079
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 1,079
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - 1,082
Maintenance - - 107
Depreciation and decommissioning - - 215
Income taxes $90 -
Property and other taxes - - 2,364
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 90 - 3768
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (90) - (2689)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 479
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 479
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (90) - (2,210)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (90) - (2,210)
Retained earnings - beginning of year (158) ($931) (12,193)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($248) ($931) ($14,403)
============================================================= ==================== ==================== ====================
</TABLE>
349
<PAGE>
Mission Land Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $16,234 - $51,868
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 16,234 - 51,868
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 16,797 $1 46,763
Maintenance 46 - 388
Depreciation and decommissioning 24 - 496
Income taxes (2,613) (205) 557
Property and other taxes 139 (14) 3,997
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14,393 (218) 52,201
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,841 218 (333)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 514 1 1,126
Minority interest - (204) (204)
Other nonoperating income - net 2 7 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 516 (196) 931
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2,357 22 598
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 2,357 22 598
Retained earnings - beginning of year 52,154 (43,232) 888
Dividends declared on common stock - 1 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $54,511 ($43,209) $1,487
============================================================= ==================== ==================== ====================
</TABLE>
350
<PAGE>
Mission Power Engineering Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Associated Mission Power Consolidating
Southern Engineering Company Adjustments
Engineering Company
inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $761 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 761 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 7 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 7 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 416 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 416 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $1,184 -
============================================================= ==================== ==================== ====================
</TABLE>
351
<PAGE>
Mission Power Engineering Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Power
Engineering
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $761 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 761 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 7 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 416 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 416 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,184 - -
============================================================= ==================== ==================== ====================
</TABLE>
352
<PAGE>
Mission Power Engineering Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Associated Mission Power Consolidating
Southern Engineering Company Adjustments
Engineering Company
(inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $3,000 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($3) (12,608) $3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(3) (9,608) 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (3) (9,608) 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 3 150 (3)
Accrued taxes - - -
Accrued interest - 150 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $3 300 ($3)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 10,492 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 10,492 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $1,184 -
============================================================= ==================== ==================== ====================
</TABLE>
353
<PAGE>
Mission Power Engineering Company and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Power
Engineering
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $3,000 - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (12,608) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(9,608) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (9,608) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 150 - -
Accrued taxes - - -
Accrued interest 150 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 300 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 10,492 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 10,492 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,184 - -
============================================================= ==================== ==================== ====================
</TABLE>
354
<PAGE>
Mission Power Engineering Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Associated Mission Power Consolidating
Southern Engineering Company Adjustments
Engineering Company
(inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $57 -
Maintenance - - -
Depreciation and decommissioning - 4 -
Income taxes - 20 -
Property and other taxes - 23 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 104 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (104) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 3 -
Minority interest - (67) -
Other nonoperating income - net - 161 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 97 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - (7) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 150 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 150 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (157)
Retained earnings - beginning of year ($3) (12,451) $3
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($12,608) $3
============================================================= ==================== ==================== ====================
</TABLE>
355
<PAGE>
Mission Power Engineering Company and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Power
Engineering
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $57 - -
Maintenance - - -
Depreciation and decommissioning 4 - -
Income taxes 20 - -
Property and other taxes 23 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 104 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (104) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 3 - -
Minority interest (67) - -
Other nonoperating income - net 161 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 97 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (7) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 150 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 150 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (157) - -
Retained earnings - beginning of year (12,451) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($12,608) - -
============================================================= ==================== ==================== ====================
</TABLE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $11,900 $8,627 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 11,900 8,627 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 5 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 10 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5 10
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,905 $8,637 -
============================================================= ==================== ==================== ====================
</TABLE>
357
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Balboa Energy Bergen Point Blue Ridge Energy
Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $1,014 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 1,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $1,014 -
============================================================= ==================== ==================== ====================
</TABLE>
358
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Bretton Woods Camino Energy Capistrano
Energy Company Company Cogeneration
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $115,009 $9,837
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 115,009 9,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 3 2,919
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 329 12
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 43 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 375 2,931
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 19,643 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 19,643 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $135,027 $12,768
============================================================= ==================== ==================== ====================
</TABLE>
359
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Centerport Energy Chesapeake Bay Chester Energy
Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
360
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Clayville Energy Colonial Energy Coronado Energy
Company Company (Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
361
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Del Mar Energy Delaware Energy Desert Sunrise
Company Conservers, Inc. Energy Company
(Inactive) (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $6,981 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 6,981 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 1 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 8 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6,989 - -
============================================================= ==================== ==================== ====================
</TABLE>
362
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Devereaux Energy Eastern Sierra East Maine Energy
Company Energy Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $10,777 $12,689 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 10,777 12,689 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 27 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 476 27 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 476 55 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,253 $12,744 -
============================================================= ==================== ==================== ====================
</TABLE>
363
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Alabama Edison Mission Edison Mission
Generating Company Energy Fuel Energy Funding
Consolidated Corp.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $62,949 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 62,949 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 43 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - $39,115
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 43 39,115
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 356,683
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 356,683
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $62,992 $395,798
============================================================= ==================== ==================== ====================
</TABLE>
364
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Interface Holdings Co. Marketing &
Ltd Consolidated Trading, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $321 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 321 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $321 - -
============================================================= ==================== ==================== ====================
</TABLE>
365
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission El Dorado Energy EMP Inc. (Inactive)
Operation & Company
Maintenance, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $48 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - ($85) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 48 (85) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 6,135 67 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 4,683 34 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 615 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11,433 101 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 25 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 25 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $11,506 $16 -
============================================================= ==================== ==================== ====================
</TABLE>
366
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Four Counties Gas Hanover Energy Holtsville Energy
Company (Inactive) Company Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $10,524 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 10,524 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 67 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 14 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 81 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $10,605 -
============================================================= ==================== ==================== ====================
</TABLE>
367
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Indian Bay Energy Jefferson Energy Kings Canyon
Company Company (Inactive) Energy Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
368
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Kingspark Energy Laguna Energy La Jolla Energy
Company Company (Inactive) Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
369
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeview Energy Lehigh River Longview
Company Energy Company Cogeneration
(Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
370
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Madera Energy Madison Energy Mission Capital LP
Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $28,162 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 28,162 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 971 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 971 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $29,133 -
============================================================= ==================== ==================== ====================
</TABLE>
371
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission/Eagle Mission Energy Mission Energy
Energy Company Construction Holdings, Inc.
(Inactive) Services, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $4,461 ($1)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 4,461 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 5,696
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 5,696
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $4,461 $5,695
============================================================= ==================== ==================== ====================
</TABLE>
372
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (Inactive)
International Inc. (Inactive)
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $2,864,069 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 482,749 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 3,346,818 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 295,240 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 74,333 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 23,261 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 392,834 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 382,430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 382,430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,122,082 - -
============================================================= ==================== ==================== ====================
</TABLE>
373
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy New Mission Energy Mission Operations
York, Inc. Wales Company de Mexico, S.A. de
Consolidated C.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $102,558 $176,622 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 102,558 176,622 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 41 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $102,599 $176,622 -
============================================================= ==================== ==================== ====================
</TABLE>
374
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Triple North Jackson Northern Sierra
Cycle Systems Energy Company Energy Company
Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
375
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Ortega Energy Panther Timber Paradise Energy
Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
376
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pleasant Valley Prince George Quartz Peak Energy
Energy Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $2,797 $18,220 $12,809
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,797 18,220 12,809
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 4 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 5
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 49
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4 - 54
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,801 $18,220 $12,863
============================================================= ==================== ==================== ====================
</TABLE>
377
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $604 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 604 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 40 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 40 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $644 - -
============================================================= ==================== ==================== ====================
</TABLE>
378
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts $21,724 - $70
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21,724 - 70
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $21,724 - $70
============================================================= ==================== ==================== ====================
</TABLE>
379
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $49,240 $15,171 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 49,240 15,171 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 21 2 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 9 5 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 26 31 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 56 38 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 8,016 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8,016 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $57,312 $15,209 -
============================================================= ==================== ==================== ====================
</TABLE>
380
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Santa Ana Energy Santa Clara Energy Silverado Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $7,186
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 7,186
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 2
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 1
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - $7,195
============================================================= ==================== ==================== ====================
</TABLE>
381
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $4,824 $12,855
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 4,824 12,855
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 527 5,030
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 7 110
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 534 5,140
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $5,358 $17,995
============================================================= ==================== ==================== ====================
</TABLE>
382
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $48,242 - $9,581
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 48,242 - 9,581
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 12 - 2
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 13 - 1
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 41 - 8
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 66 - 11
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 15,994 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 15,994 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $64,302 - $9,592
============================================================= ==================== ==================== ====================
</TABLE>
383
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Vista Energy Western Sierra Edison Mission
Company (Inactive) Energy Company Energy
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $10,696
Nuclear decommissioning trusts -
Investments in partnerships
and unconsolidated subsidiaries - $70,691 1,535,762
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 70,691 1,546,458
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $70 12 148,941
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 2,054 8 18,770
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 44 305
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,124 64 168,016
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 1,299 19,933 5,645
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,299 19,933 5,645
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,423 $90,688 $1,720,119
============================================================= ==================== ==================== ====================
</TABLE>
384
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Mission
Adjustments Energy Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $2,874,813
Nuclear decommissioning trusts - -
Investments in partnerships
and unconsolidated subsidiaries ($1,606,530) 1,226,546
Investments in leveraged leases - -
Other investments - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (1,606,530) 4,101,359
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 7 459,178
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (49,863) 112,949
Fuel inventory - -
Materials and supplies, at average cost - -
Accumulated deferred income taxes - net - -
Regulatory balancing accounts - net - -
Prepayments and other current assets 10,743 35,189
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (39,113) 607,316
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - -
Rate phase-in plan - -
Income tax-related deferred charges - -
Other deferred charges (365,923) 449,441
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (365,923) 449,441
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,011,566 $5,158,116
============================================================= ==================== ==================== ====================
</TABLE>
385
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $17,301 $3,295 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (7,718) (1,032) $13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
9,583 2,263 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 9,583 2,263 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (22,984) 4,831 40
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 9 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (22,984) 4,840 40
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 25,306 1,534 (53)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25,306 1,534 ($53)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $11,905 $8,637 -
============================================================= ==================== ==================== ====================
</TABLE>
386
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Balboa Energy Bergen Point Blue Ridge Energy
Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $968 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($9) (3,623) ($8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(9) (2,655) (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(9) (2,655) (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 13 3,485 13
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13 3,485 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4) 184 (5)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits ($4) 184 ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $1,014 -
============================================================= ==================== ==================== ====================
</TABLE>
387
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Bretton Woods Camino Energy Capistrano Energy
Energy Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $314 $8,371 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 65 8,502 $4,482
- ------------------------------------------------------------- -------------------- -------------------- --------------------
379 16,873 4,482
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 356,683 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
379 373,556 4,482
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 30,997 -
Short-term debt - - -
Accounts payable (431) (311,204) (8,681)
Accrued taxes - - -
Accrued interest - 8,082 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 50 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (431) (272,075) (8,681)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 52 26,010 14,960
Accumulated deferred investment tax
credits - 7,536 2,007
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits $52 33,546 16,967
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $135,027 $12,768
============================================================= ==================== ==================== ====================
</TABLE>
388
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Centerport Energy Chesapeake Bay Chester Energy
Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $241 $2,484 $114
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 47 (1,518) (141)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
288 966 (27)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 288 966 (27)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (332) (967) 27
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (332) (967) $27
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 44 1 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits $44 $1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
389
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Clayville Energy Colonial Energy Coronado Energy
Company Company (Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($5) ($4) ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(5) (4) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (5) (4) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 5 4 5
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $5 $4 $5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
390
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Del Mar Energy Delaware Energy Desert Sunrise
Company Conservers, Inc. Energy Company
(Inactive) (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $1
Additional Paid in Capital $2,240 - 12
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 73 ($2) (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,313 (2) 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,313 (2) 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 2,172 2 (10)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 6 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,178 $2 (10)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,498 - 1
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 2,498 - $1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $6,989 - -
============================================================= ==================== ==================== ====================
</TABLE>
391
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Devereaux Energy Eastern Sierra East Maine Energy
Company Energy Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $29,988 $9,153 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (8,269) 3,143 ($7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
21,719 12,296 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 21,719 12,296 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (14,285) (850) 7
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 46 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (14,285) (804) $7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3,819 1,252 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 3,819 1,252 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $11,253 $12,744 -
============================================================= ==================== ==================== ====================
</TABLE>
392
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Alabama Edison Mission Edison Mission
Generating Company Energy Fuel Energy Funding
Consolidated Corp.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $696 $63,590 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (509) 5,107 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
187 68,697 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - $356,683
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 187 68,697 356,683
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 30,997
Short-term debt - - -
Accounts payable (187) (6,452) -
Accrued taxes - - -
Accrued interest - - 8,082
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 826 36
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities ($187) (5,626) 39,115
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (79) -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - (79) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $62,992 $395,798
============================================================= ==================== ==================== ====================
</TABLE>
393
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Interface Holdings Co. Marketing &
Ltd Consolidated Trading, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $315 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (62) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 41 ($3) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
294 (3) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 294 (3) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 44 3 -
Accrued taxes (15) - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities (2) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 27 $3 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $321 - -
============================================================= ==================== ==================== ====================
</TABLE>
394
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission El Dorado Energy EMP, Inc.
Operation & Company (Inactive)
Maintenance, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $8,800
Additional Paid in Capital $10,302 $11,952 480
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 3,695 (8,038) (3,765)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
13,997 3,914 5,515
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 13,997 3,914 5,515
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (6,345) (2,236) (5,006)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 5,573 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (772) (2,236) (5,006)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,719) (1,662) (509)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1,719) (1,662) ($509)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $11,506 $16 -
============================================================= ==================== ==================== ====================
</TABLE>
395
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Four Counties Gas Hanover Energy Holtsville Energy
Company (Inactive) Company Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $5,241 $1,273
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($5) 256 (896)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(5) 5,497 377
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (5) 5,497 377
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 5 (217) (546)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $5 (217) (546)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 5,325 169
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 5,325 $169
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $10,605 -
============================================================= ==================== ==================== ====================
</TABLE>
396
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Indian Bay Energy Jefferson Energy Kings Canyon
Company Company (Inactive) Energy Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $207 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 39 $188 ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
246 188 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 246 188 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (284) (212) 5
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (284) (212) $5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 38 24 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits $38 $24 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
397
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Kingspark Energy Laguna Energy La Jolla Energy
Company Company (Inactive) Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $3,094 $11,535 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 243 (1,686) ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3,337 9,849 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 1,373 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 3,337 11,222 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (4,596) (11,776) 5
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4,596) (11,776) $5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,259 554 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits $1,259 $554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
398
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeview Energy Lehigh River Longview
Company Energy Company Cogeneration
(Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $8,092 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($5) (8,558) ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(5) (466) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (5) (466) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 5 2,134 5
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $5 2,134 $5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (1,675) -
Accumulated deferred investment tax
Credits - 7 -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - ($1,668) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
399
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Madera Energy Madison Energy Mission Capital LP
Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - ($1)
Additional Paid in Capital - $23,534 4,639
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($8) 136
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(8) 23,670 4,638
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - 150,000
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (8) 23,670 154,638
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 13 188 (154,637)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13 188 ($154,638)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (5) 5,275 -
Accumulated deferred investment tax
credits - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits ($5) 5,275 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $29,133 -
============================================================= ==================== ==================== ====================
</TABLE>
400
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission/Eagle Mission Energy Mission Energy
Energy Company Construction Holdings, Inc.
(Inactive) Services, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($2) ($13) ($854)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(2) (13) (854)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (2) (13) (854)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 1 4,046 6,267
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 4,046 6,267
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1 428 282
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits $1 428 282
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $4,461 $5,695
============================================================= ==================== ==================== ====================
</TABLE>
401
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (Inactive)
International Inc. (Inactive)
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $133,131 - -
Additional Paid in Capital 645,265 $200
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 22,525 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 290,488 ($5) (1,142)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,091,409 (5) (942)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 1,811,118 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,902,527 (5) (942)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 92,839 - -
Short-term debt - - -
Accounts payable 33,549 5 937
Accrued taxes (701) - -
Accrued interest 47,939 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 173,626 $5 937
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 379,537 - 5
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 546,108 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 925,645 - $5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 120,284 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $4,122,082 - -
============================================================= ==================== ==================== ====================
</TABLE>
402
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy New Mission Energy Mission Operations
York, Inc. Wales Company de Mexico, S.A. de
Consolidated C.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $142,139 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (1) -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($51,616) 28,448 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(51,616) 170,586 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 19,591 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (32,025) 170,586 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 121,238 (112,342) -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 121,238 (112,342) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 13,386 118,378 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 13,386 118,378 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $102,599 $176,622 -
============================================================= ==================== ==================== ====================
</TABLE>
403
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Triple North Jackson Northern Sierra
Cycle Systems Energy Company Energy Company
Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $335 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 153 ($2) $133
- ------------------------------------------------------------- -------------------- -------------------- --------------------
488 (2) 133
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 488 (2) 133
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (312) 2 (133)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (312) $2 ($133)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (176) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits ($176) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
404
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Ortega Energy Panther Timber Paradise Energy
Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $966 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($7) 254 ($58)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(7) 1,220 (58)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (7) 1,220 (58)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 7 (756) (3,924)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $7 (756) (3,924)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (464) 3,982
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - ($464) $3,982
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
405
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pleasant Valley Prince George Quartz Peak Energy
Energy Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $119 $11,508 $9,062
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (1,195) 1,686 86
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,076) 13,194 9,148
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,076) 13,194 9,148
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 2,874 1,574 432
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,874 1,574 432
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,003 3,452 3,283
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,003 3,452 3,283
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,801 $18,220 $12,863
============================================================= ==================== ==================== ====================
</TABLE>
406
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $1,976 $788 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (1,963) (671) ($8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
13 117 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 13 117 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 1,794 (117) 13
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,794 ($117) 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1,163) - (5)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1,163) - ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $644 - -
============================================================= ==================== ==================== ====================
</TABLE>
407
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $19,783 $333 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,210) 74 ($1,680)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
17,573 407 (1,680)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 17,573 407 (1,680)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable (301) (459) 1,740
Accrued taxes 3,365 - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,065 (459) 1,740
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,086 52 10
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,086 $52 10
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $21,724 - $70
============================================================= ==================== ==================== ====================
</TABLE>
408
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $3,000 $4,942 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,981 7,488 ($8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
7,981 12,430 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 356,683 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 364,664 12,430 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 30,997 - -
Short-term debt - - -
Accounts payable (361,727) (509) 13
Accrued taxes - - -
Accrued interest 8,082 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 31 30 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (322,617) (479) 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 12,539 3,258 (5)
Accumulated deferred investment tax
credits 2,726 - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 15,265 3,258 ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $57,312 $15,209 -
============================================================= ==================== ==================== ====================
</TABLE>
409
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Santa Ana Energy Santa Clara Energy Silverado Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - $2,910
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($8) ($6) 1,517
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(8) (6) 4,427
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (8) (6) 4,427
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 13 6 1,583
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13 $6 1,590
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (5) - 1,178
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits ($5) - 1,178
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - $7,195
============================================================= ==================== ==================== ====================
</TABLE>
410
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $5,511 $2,070
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings ($5) (1,886) 7,958
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(5) 3,625 10,028
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (5) 3,625 10,028
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 5 2,698 4,164
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - 50
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities $5 2,698 4,214
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (987) 3,099
Accumulated deferred investment tax
credits - 22 654
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - (965) 3,753
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $5,358 $17,995
============================================================= ==================== ==================== ====================
</TABLE>
411
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $5,456 - $3,255
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 6,628 ($2) (411)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
12,084 (2) 2,844
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 356,683 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 368,767 (2) 2,844
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 30,997 - -
Short-term debt - - -
Accounts payable (356,437) (24) 5,253
Accrued taxes - - -
Accrued interest 8,082 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 50 - 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (317,308) (24) 5,262
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,141 26 1,486
Accumulated deferred investment tax
credits 3,702 - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 12,843 $26 1,486
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $64,302 - $9,592
============================================================= ==================== ==================== ====================
</TABLE>
412
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Vista Energy Western Sierra Edison Mission
Company (Inactive) Energy Company Energy
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $64,131
Additional Paid in Capital $13,380 $6,207 636,908
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - 7,250
Unrealized gain in equity investments
- net - - -
Retained Earnings (1,198) 9,255 226,840
- ------------------------------------------------------------- -------------------- -------------------- --------------------
12,182 15,462 935,129
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 295 356,683 177,369
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 12,477 372,145 1,112,498
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 680 30,997 100,000
Short-term debt - - -
Accounts payable (12,292) (339,506) 401,068
Accrued taxes - - (1,005)
Accrued interest - 8,082 687
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 666 57 145,382
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (10,946) (300,370) 646,132
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,892 15,010 (46,704)
Accumulated deferred investment tax
credits - 3,903 19
Customer advances and other deferred
credits - - 8,174
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1,892 18,913 (38,511)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3,423 $90,688 $1,720,119
============================================================= ==================== ==================== ====================
</TABLE>
413
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Mission
Adjustments Energy Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($141,932) $64,130
Additional Paid in Capital (1,106,141) 629,406
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (33) 29,679
Unrealized gain in equity investments
- net - -
Retained Earnings (266,891) 234,345
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,514,997) 957,560
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - -
Subject to mandatory redemption - 150,000
Long-term debt (1,426,731) 2,366,430
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (2,941,728) 3,473,990
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (123,988) 224,516
Short-term debt - -
Accounts payable 1,174,271 35,484
Accrued taxes 15,700 17,344
Accrued interest (32,328) 56,708
Dividends payable - -
Accumulated deferred income taxes - net - -
Regulatory balancing accounts - net - -
Deferred unbilled revenue and other
current liabilities 14,399 167,225
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,048,054 501,277
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (13,163) 592,436
Accumulated deferred investment tax
credits (3) 20,573
Customer advances and other deferred
credits - 554,282
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (13,166) 1,167,291
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest (104,726) 15,558
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($2,011,566) $5,158,116
============================================================= ==================== ==================== ====================
</TABLE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations ($922) $36 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (922) 36 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 460 930 -
Maintenance - - -
Depreciation and decommissioning - 68 -
Income taxes (438) (359) $1
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22 639 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (944) (603) (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (944) (603) (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (944) (603) (1)
Retained earnings - beginning of year (6,774) (429) 14
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7,718) ($1,032) $13
============================================================= ==================== ==================== ====================
</TABLE>
415
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Balboa Energy Bergen Point Blue Ridge Energy
Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $196 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 196 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 920 -
Maintenance - - -
Depreciation and decommissioning - 14 -
Income taxes $1 (278) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 656 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) (460) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) (460) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) (460) -
Retained earnings - beginning of year (8) (3,163) ($8)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($9) ($3,623) ($8)
============================================================= ==================== ==================== ====================
</TABLE>
416
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Bretton Woods Camino Energy Capistrano
Energy Company Company Cogeneration
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $38,217 $7,435
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 38,217 7,435
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 979 920
Maintenance - - -
Depreciation and decommissioning - 622 8
Income taxes $1 2,724 2,525
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 4,325 3,453
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 33,892 3,982
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 22,659 1,151
Minority interest - - -
Taxes on nonoperating income - (8,958) (456)
Other nonoperating income - net - (37) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 13,664 695
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) 47,556 4,677
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 29,230 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 29,230 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) 18,326 4,677
Retained earnings - beginning of year 66 (824) 2,175
Dividends declared on common stock - (9,000) (2,370)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $65 $8,502 $4,482
============================================================= ==================== ==================== ====================
</TABLE>
417
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Centerport Energy Chesapeake Bay Chester Energy
Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $1 ($1) -
Property and other taxes -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) 1 -
Retained earnings - beginning of year 48 (1,519) ($141)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $47 ($1,518) ($141)
============================================================= ==================== ==================== ====================
</TABLE>
418
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Clayville Energy Colonial Energy Coronado Energy
Company Company (Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - $1 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (1) -
Retained earnings - beginning of year ($5) (3) ($5)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) ($4) ($5)
============================================================= ==================== ==================== ====================
</TABLE>
419
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Del Mar Energy Delaware Energy Desert Sunrise
Company Conservers, Inc. Energy Company
(Inactive) (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $838 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 838 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 928 - -
Maintenance - - -
Depreciation and decommissioning 14 - -
Income taxes (17) $1 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 925 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (87) (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (87) (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (87) (1) -
Retained earnings - beginning of year 160 (1) ($4)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $73 ($2) ($4)
============================================================= ==================== ==================== ====================
</TABLE>
420
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Devereaux Energy Eastern Sierra East Maine Energy
Company Energy Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations ($2,108) $3,953 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (2,108) 3,953 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 460 923 -
Maintenance - - -
Depreciation and decommissioning - 204 -
Income taxes (832) 1,149 $1
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (372) 2,276 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1,736) 1,677 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 25 68 -
Minority interest - - -
Taxes on nonoperating income (9)
Other nonoperating income - net 450 (46) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 475 13 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,261) 1,690 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,261) 1,690 (1)
Retained earnings - beginning of year (7,008) 1,700 (6)
Dividends declared on common stock - (247) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8,269) $3,143 ($7)
============================================================= ==================== ==================== ====================
</TABLE>
421
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Alabama Edison Mission Edison Mission
Generating Company Energy Fuel Energy Funding
Consolidated Corp.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $17,613 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 17,613 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 1,840 -
Maintenance - - -
Depreciation and decommissioning - 6,061 -
Income taxes $1 1,828 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 9,729 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 7,884 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 67 $29,224
Minority interest - - -
Taxes on nonoperating income - (27) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40 29,224
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) 7,924 29,224
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 29,224
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - $29,224
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) 7,924 -
Retained earnings - beginning of year - (139) -
Dividends declared on common stock (508) (2,678) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($509) $5,107 -
============================================================= ==================== ==================== ====================
</TABLE>
422
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Interface Holdings Co. Marketing &
Ltd Consolidated Trading, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $6 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 6 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 1 - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - $1 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 5 (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 5 (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 5 (1) -
Retained earnings - beginning of year 36 - -
Dividends declared on common stock - (2) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $41 ($3) -
============================================================= ==================== ==================== ====================
</TABLE>
423
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission El Dorado Energy EMP, Inc.
Operation & Company (Inactive)
Maintenace, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $29,460 $184 $7,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 29,460 184 7,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 25,416 739 200
Maintenance - - -
Depreciation and decommissioning 53 212 -
Income taxes 1,596 (321) (2,975)
Property and other taxes 3 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 27,068 630 (2,775)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2,392 (446) 10,768
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 305 2 45
Minority interest - - -
Taxes on nonoperating income (120) (59) (17)
Other nonoperating income - net (1) 147 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 184 90 26
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2,576 (356) 10,794
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 2,576 (356) 10,794
Retained earnings - beginning of year 1,119 (7,682) (14,559)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,695 ($8,038) ($3,765)
============================================================= ==================== ==================== ====================
</TABLE>
424
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Four Counties Gas Hanover Energy Holtsville Energy
Company (Inactive) Company Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $2,096 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 2,096 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 920 -
Maintenance - - -
Depreciation and decommissioning - 126 -
Income taxes - 446 $1
Property and other taxes -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 1,492 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 604 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - 4 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 4 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 608 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 608 (1)
Retained earnings - beginning of year ($5) (354) (895)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) $256 ($896)
============================================================= ==================== ==================== ====================
</TABLE>
425
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Indian Bay Energy Jefferson Energy Kings Canyon
Company Company (Inactive) Energy Company
(Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning -
Income taxes $1 $1 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) (1) -
Retained earnings - beginning of year 40 189 ($5)
Dividends declared on common stock
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $39 $188 ($5)
============================================================= ==================== ==================== ====================
</TABLE>
426
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Kingspark Energy Laguna Energy La Jolla Energy
Company Company (Inactive) Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - ($28) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (28) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 28 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 28 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 81 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 81 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (53) -
Retained earnings - beginning of year $243 (1,633) ($5)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $243 ($1,686) ($5)
============================================================= ==================== ==================== ====================
</TABLE>
427
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeview Energy Lehigh River Longview
Company Energy Company Cogeneration
Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - ($19) $1
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (19) 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 19 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - (1) -
Other nonoperating income - net - 2 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 20 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 20 (1)
Retained earnings - beginning of year ($5) (8,578) (4)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) ($8,558) ($5)
============================================================= ==================== ==================== ====================
</TABLE>
428
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Madera Energy Madison Energy Mission Capital LP
Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $115 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 115 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 460 -
Maintenance - - -
Depreciation and decommissioning - 132 -
Income taxes - 306 ($5,525)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 898 (5,525)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (783) 5,525
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 13,953
Minority interest - - -
Taxes on nonoperating income - - (5,525)
Other nonoperating income - net - 964 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 964 8,428
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 181 13,953
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - 13,953
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - $13,953
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 181 -
Retained earnings - beginning of year ($8) 5 -
Dividends declared on common stock - (50) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8) $136 -
============================================================= ==================== ==================== ====================
</TABLE>
429
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission/Eagle Mission Energy Mission Energy
Energy Company Construction Holdings, Inc.
(Inactive) Services, Inc.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $1 $12 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 12 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) (12) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) (12) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - $217
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 217
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) (12) (217)
Retained earnings - beginning of year (1) (1) (637)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) ($13) ($854)
============================================================= ==================== ==================== ====================
</TABLE>
430
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (Inactive)
International Inc. (Inactive)
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $664,055 - -
Diversified operations 42,224 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 706,279 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 176,954 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 145,766 - -
Maintenance - - -
Depreciation and decommissioning 73,806 - -
Income taxes 35,584 - -
Property and other taxes 19,515 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 451,625 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 254,654 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 29,648 - -
Minority interest (22,460) - -
Other nonoperating income - net (9,757) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (2,569) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 252,085 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 148,197 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 148,292 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 103,793 - -
Retained earnings - beginning of year 186,695 ($5) ($1,142)
Dividends declared on common stock - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $290,488 ($5) ($1,142)
============================================================= ==================== ==================== ====================
</TABLE>
431
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy New Mission Energy Mission Operations
York, Inc. Wales Company de Mexico, S.A. de
Consolidated C.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $3,450 $19,692 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,450 19,692 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 1,441 - -
Maintenance - - -
Depreciation and decommissioning 1,263 - -
Income taxes (5,874) 12,251 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (3,170) 12,251 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 6,620 7,441 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 24 1,983 -
Minority interest - - -
Taxes on nonoperating income 245 (797) -
Other nonoperating income - net (642) 31 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (373) 1,217 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 6,247 8,658 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 16,294 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 16,294 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (10,047) 8,658 -
Retained earnings - beginning of year (41,569) 19,810 -
Dividends declared on common stock - (20) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($51,616) $28,448 -
============================================================= ==================== ==================== ====================
</TABLE>
432
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Triple North Jackson Northern Sierra
Cycle Systems Energy Company Energy Company
Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $1 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) - -
Retained earnings - beginning of year 154 ($2) $133
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $153 ($2) $133
============================================================= ==================== ==================== ====================
</TABLE>
433
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Ortega Energy Panther Timber Paradise Energy
Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $1 - $1
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 - 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) - (1)
Retained earnings - beginning of year (6) $254 (57)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7) $254 ($58)
============================================================= ==================== ==================== ====================
</TABLE>
434
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pleasant Valley Prince George Quartz Peak Energy
Energy Company Energy Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations ($10) $4,362 $1,863
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (10) 4,362 1,863
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 643 920 989
Maintenance - - -
Depreciation and decommissioning - 614 61
Income taxes (252) 1,073 338
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 391 2,607 1,388
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (401) 1,755 475
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 109
Minority interest - - -
Taxes on nonoperating income (2) - (43)
Other nonoperating income - net 6 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 4 - 66
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (397) 1,755 541
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (397) 1,755 541
Retained earnings - beginning of year (798) (69) (671)
Dividends declared on common stock - - 216
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,195) $1,686 $86
============================================================= ==================== ==================== ====================
</TABLE>
435
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 818 - -
Maintenance - - -
Depreciation and decommissioning 4 - -
Income taxes (315) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 507 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (505) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 58 - -
Minority interest - - -
Taxes on nonoperating income (30) - -
Other nonoperating income - net 18 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 46 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (459) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (459) - -
Retained earnings - beginning of year (1,504) ($671) ($8)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,963) ($671) ($8)
============================================================= ==================== ==================== ====================
</TABLE>
436
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company Company (Inactive)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - ($372)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - (372)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $160 $1 (147)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 160 1 (147)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (160) (1) (225)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income 1,698 - -
Minority interest - - -
Taxes on nonoperating income (663) - -
Other nonoperating income - net (24) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,011 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 851 (1) (225)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 851 (1) (225)
Retained earnings - beginning of year (3,061) 75 (1,455)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,210) $74 ($1,680)
============================================================= ==================== ==================== ====================
</TABLE>
437
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $13,187 $12,453 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 13,187 12,453 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 963 959 -
Maintenance - - -
Depreciation and decommissioning 30 90 -
Income taxes (6,736) 4,554 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (5,743) 5,603 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 18,930 6,850 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 27,534 - -
Minority interest - - -
Taxes on nonoperating income (10,921) - -
Other nonoperating income - net 47 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 16,660 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 35,590 6,850 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 29,034 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 29,034 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 6,556 6,850 -
Retained earnings - beginning of year 2,779 3,664 ($8)
Dividends declared on common stock (4,354) (3,026) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,981 $7,488 ($8)
============================================================= ==================== ==================== ====================
</TABLE>
438
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Santa Ana Energy Santa Clara Energy Silverado Energy
Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - $1,218
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 1,218
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - 929
Maintenance - - -
Depreciation and decommissioning - - 50
Income taxes - - 120
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - - 1,099
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - 119
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - 119
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - 119
Retained earnings - beginning of year ($8) ($6) 1,398
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8) ($6) $1,517
============================================================= ==================== ==================== ====================
</TABLE>
439
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $600 $6,754
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 600 6,754
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 920 922
Maintenance - - -
Depreciation and decommissioning - - 4
Income taxes - (144) 2,307
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 776 3,233
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (176) 3,521
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 14 113
Minority interest - - -
Taxes on nonoperating income - (6) 175
Other nonoperating income - net - - (556)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 8 (268)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - (168) 3,253
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (168) 3,253
Retained earnings - beginning of year ($5) (1,718) 4,705
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) ($1,886) $7,958
============================================================= ==================== ==================== ====================
</TABLE>
440
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (Inactive) Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $24,691 - $682
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24,691 - 682
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 983 - 931
Maintenance - - -
Depreciation and decommissioning 58 - 65
Income taxes (2,317) - (106)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1,276) - 890
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 25,967 - (208)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 26,380 - -
Minority interest - - -
Taxes on nonoperating income (10,433) - -
Other nonoperating income - net (31) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 15,916 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 41,883 - (208)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 29,100 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 29,100 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 12,783 - (208)
Retained earnings - beginning of year 4,145 ($2) (203)
Dividends declared on common stock (10,300) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $6,628 ($2) ($411)
============================================================= ==================== ==================== ====================
</TABLE>
441
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Vista Energy Western Sierra Edison Mission
Company (Inactive) Energy Company Energy
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $29,969 $25,582
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 29,969 25,582
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 1,000 65,141
Maintenance - - -
Depreciation and decommissioning - 37 3,744
Income taxes ($82) (117) (28,583)
Property and other taxes - - 81
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (82) 920 40,383
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 82 29,049 (14,801)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 252 25,991 23,399
Minority interest - - -
Taxes on nonoperating income (100) (10,285) (989)
Other nonoperating income - net - (18) (20,901)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 152 15,688 1,509
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 234 44,737 (13,292)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 29,150 51,540
Other interest expense 84 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - (17,925)
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 84 29,150 33,615
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 150 15,587 (46,907)
Retained earnings - beginning of year (1,348) 1,668 95,115
Dividends declared on common stock - (8,000) 178,632
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,198) $9,255 $226,840
============================================================= ==================== ==================== ====================
</TABLE>
442
<PAGE>
Edison Mission Energy and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Mission
Adjustments Energy Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $664,055 -
Diversified operations ($61,734) 229,725 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (61,734) 893,780 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 176,954 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 19,260 278,681 -
Maintenance - - -
Depreciation and decommissioning (1) 87,339 -
Income taxes 38,751 50,277 -
Property and other taxes (19,258) 341 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 38,752 593,592 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (100,486) 300,188 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (162,289) 42,413 -
Minority interest 19,691 (2,769) -
Taxes on nonoperating income 39,230 (20,168)
Other nonoperating income - net 28,487 8,520 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (74,881) 27,996 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (175,367) 328,184 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (161,108) 200,742 -
Other interest expense (95) 84 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - (17,925) -
Dividends on subsidiary preferred
securities (1,021) 13,149 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (162,224) 196,050 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (13,143) 132,134 -
Retained earnings - beginning of year (115,043) 102,620 -
Dividends declared on common stock (138,704) (409) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($266,890) $234,345 -
============================================================= ==================== ==================== ====================
</TABLE>
443
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: American Bituminous Power Salinas River Smithtown Cogeneration, LP
Partners, LP Cogeneration Company
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $78,147 $19,523 $4,976
Revenues $13,694 $7,329 -
Net Income (Loss) ($1,000) $122 -
Nature/Purpose of Business: To own an 80MW To own and operate a 38MW To own and operate power
cogeneration facility in cogeneration facility in production facilities.
Grant Town, WV. Monterey Co., CA.
Ownership Interest(s): 49.5% by Aguila Energy 50% by Anacapa Energy 50% by Balboa Energy
Company Company Company
0.5% by Pleasant Valley 50% by Kingspark Energy
Energy Co. Company
</TABLE>
444
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: TEVCO/Mission Bayonne Bretton Woods Watson Cogeneration
Partnershp Cogeneration, LP Company
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $829 $717 $117,301
Revenues $164 - $102,561
Net Income (Loss) $164 - $34,824
Nature/Purpose of Business: To own a limited To own and operate power To own and operate a
partnership interest in production facilities. 385MW cogeneration
the Cogen Technologies NJ facility at ARCO's LA
Venture. Refinery in Carson, CA
Ownership Interest(s): 50% by Bergen Point 50% by Blue Ridge Energy 49% by Camino Energy
Energy Company Company Company
50% by Bretton Woods
Energy Company
</TABLE>
445
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: James River Cogeneration Riverhead Cogeneration I, Delaware Clean Energy
Company LP Project
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $34,538 $488 -
Revenues $22,380 - -
Net Income (Loss) $7,599 - -
Nature/Purpose of Business: To own and operate the To own and operate power To own and operate power
110MW cogeneration production facilities. production facilities.
facility in Hopewell,
Chester County, VA.
Ownership Interest(s): 50% by Capistrano 50% by Centerport Energy 50% by Chesapeake Bay
Cogeneration Company Company Energy Company
50% by Ridgecrest Energy
Company
</TABLE>
446
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Commonwealth Atlantic LP Oconee Energy, LP Mid-Set Cogenera-tion
Company
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $58,597 - $11,026
Revenues $13,101 - $8,142
Net Income (Loss) $1,853 - $898
Nature/Purpose of Business: To own a 340MW power To own and operate power To own and operate a 38MW
production facility in production facilities. cogeneration facility in
Chesapeake, VA. Kern Co., CA
Ownership Interest(s): 50% by Chickahominy 50% by Clayville Energy 50% by Del Mar Energy
River Energy Corp. Company Company
50% by Coronado Energy
Company
</TABLE>
447
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Auburndale Power Saguaro Power Company, LP Mission Interface
Partners, LP Partnership
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $75,034 $50,727 $321
Revenues $24,800 $23,979 -
Net Income (Loss) ($2,095) $3,910 $11
Nature/Purpose of To own and operate a To own and operate a To own and operate
Business: 150MW power production 90MW cogeneration facility power product facilities
facility in Florida. in Henderson, NV.
Ownership Interest(s): 49% by Devereaux Energy 50% by Eastern Sierra 50% by Edison Mission
Company Energy Co. Energy Interface, Ltd
1% by El Dorado Energy
Company
</TABLE>
448
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Four Star Oil & Gas Brookhaven Cogeneration LP Riverhead Cogeneration
Company III, LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $2,588 $432
Revenues - - -
Net Income (Loss) - - -
Nature/Purpose of Business: To own an interest in To own and operate power To own and operate power
common stock of domestic production facilities. production facilities.
oil & gas exploration and
production co.
Ownership Interest(s): 50.09% by Edison Mission 50% by Holtsville Energy 50% by Indian Bay Energy
Energy Oil & Gas Company Company
50% by Madera Energy 50% by Santa Ana Energy
Company Company
</TABLE>
449
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Georgia Peaker, LP Gordonsville Energy, LP Brooklyn Navy Yard
Cogeneration Partners, LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $98,434 $251,221
Revenues - $18,694 $64,695
Net Income (Loss) - $3,379 ($8,353)
Nature/Purpose of Business: To own and operate power To own and operate a To own and operate a
production facilities. 240MW cogeneration 286MW power production
facility in Gordonsville, facility near the
VA. Brooklyn Bridge, NY.
Ownership Interest(s): 50% by Lakeview Energy 49% by Madison Energy 50% by Mission Energy New
Company Company York, Inc.
50% by Silver Springs 1% by Rapidan Energy
Energy Company Company
</TABLE>
450
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Triple Cycle Partnership Sobel Cogeneration Company American Kiln Partners, LP
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - - -
Revenues - - -
Net Income (Loss) - - -
Nature/Purpose of Business: To own 25% interest in Currently is inactive. Currently is inactive.
partnership that has
rights to a proprietary
technology.
Ownership Interest(s): 50% by Mission Triple 50% by Northern Sierra 2% by Panther Timber
Cycle Systems Company Energy Company Company
49.5% of 53% by Aguila
Energy Company
0.5% of 53% by Pleasant
Valley Energy Company
</TABLE>
451
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Hopewell Cogeneration, LP Hopewell Cogeneration, Nevada Sun-Peak LP
Inc.
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $43,593 $423 $29,372
Revenues $14,682 $143 $6,187
Net Income (Loss) $4,529 $44 $1,805
Nature/Purpose of Business: To own and operate a To own and operate a To own 50% of the 210MW
356MW cogeneration 356MW cogeneration independent power
facility in Chester Co., facility in Chester Co., production plant near Las
VA. VA. Vegas, NV.
Ownership Interest(s): 24.75% by Prince George 25% by Prince George 50% by Quartz Peak Energy
Energy Co. Energy Co. Company
1% by Hopewell
Cogeneration, Inc.
</TABLE>
452
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: North Shore Energy, LP Riverhead Cogeneration Midway-Sunset
II, LP Cogeneration Company
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $1,729 $633 $61,103
Revenues - - $40,711
Net Income (Loss) - - $13,415
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate a
production facilities. production facilities. 225MW cogeneration
facility near Taft in
Kern County, CA.
Ownership Interest(s): 50% by Reeves Bay Energy 50% by Riverport Energy 50% by San Joaquin Energy
Company Company Company
50% by Santa Clara Energy 50% by San Pedro Energy
Company Company
</TABLE>
453
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: March Point Cogeneration Coalinga Cogeneration Geothermal Energy
Company Company Partners, Ltd
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $63,638 $17,010 $2,945
Revenues $39,737 $8,836 $1,221
Net Income (Loss) $12,397 $975 $607
Nature/Purpose of Business: To own and operate a To own and operate a 38MW To own and operate a 20MW
140MW cogeneration cogeneration facility in geothermal facility in
facility in Anacortes, WA. Fresno County, CA. Cloverdale, CA.
Ownership Interest(s): 50% by San Juan Energy 50% by Silverado Energy 5% by Sonoma Geothermal
Company Company Company
</TABLE>
454
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Harbor Cogeneration Kern River Cogeneration TM Star Fuel Company
Company Company
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $13,541 $63,366 $946
Revenues $15,333 $77,373 $9,819
Net Income (Loss) $5,670 $24,361 $1,220
Nature/Purpose of Business: To own and operate a 80MW To own and operate a To own a 50% interest in
cogeneration facility at 300MW Kern River (Omar a domestic oil and gas
Wilmington Oil Field in Hill) cogeneration exploration and
LA, CA. facility at Texaco's Kern production company.
River Oil Field near
Bakersfield, CA.
Ownership Interest(s): 30% by South Coast Energy 50% by Southern Sierra 50% by Southern Sierra
Company Energy Company Gas Company
</TABLE>
455
<PAGE>
Edison Mission Energy [Tier 4]
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Sargent Canyon Sycamore Cogeneration
Cogeneration Company Company
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $20,397 $84,081 -
Revenues $7,775 $85,350 -
Net Income (Loss) $550 $30,901 -
Nature/Purpose of Business: To own and operate a 38MW To own and operate a -
cogeneration facility in 300MW cogeneration
Monterey Co, CA facility at Texaco's Kern
River Oil Field near
Bakersfield, CA.
Ownership Interest(s): 50% by Viejo Energy 50% by Western Sierra -
Company Energy Co.
</TABLE>
456
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil & Gas Energy Petroleum
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $68,697 $62,809
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 68,697 62,809
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 43 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 43 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $68,697 $62,852
============================================================= ==================== ==================== ====================
</TABLE>
457
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pocono Fuels Southern Sierra Consolidating
Company (Inactive) Gas Company Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $140 ($68,697)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 140 (68,697)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $140 ($68,697)
============================================================= ==================== ==================== ====================
</TABLE>
458
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Energy Fuel
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $62,949 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 62,949 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 43 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 43 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $62,992 - -
============================================================= ==================== ==================== ====================
</TABLE>
459
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil & Gas Energy Petroleum
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $33,235 $61,953 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 36,910 3,920 ($5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
70,145 65,873 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 70,145 65,873 (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (3,739) (3,213) -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - 826 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3,739) (2,387) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,291 (634) 5
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 2,291 (634) $5
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $68,697 $62,852 -
============================================================= ==================== ==================== ====================
</TABLE>
460
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pocono Fuels Southern Sierra Consolidating
Company (Inactive) Gas Company Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $1,637 - ($33,235)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 541 $651 (36,910)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,178 651 (70,145)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,178 651 (70,145)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (2,741) (498) 3,739
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,741) (498) 3,739
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 563 (13) (2,291)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits $563 (13) (2,291)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $140 ($68,697)
============================================================= ==================== ==================== ====================
</TABLE>
461
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Energy Fuel
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $63,590 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 5,107 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
68,697 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 68,697 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (6,452) - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities 826 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (5,626) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (79) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (79) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $62,992 - -
============================================================= ==================== ==================== ====================
</TABLE>
462
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil & Gas Energy Petroleum
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $16,380 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 16,380 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 920 -
Maintenance - - -
Depreciation and decommissioning - 6,061 -
Income taxes $1 1,688 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 8,669 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 7,711 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 67 -
Taxes on nonoperating income - (27) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) 7,751 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) 7,751 -
Retained earnings - beginning of year 31,664 (1,153) ($5)
Dividends declared on common stock 5,247 (2,678) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $36,910 $3,920 ($5)
============================================================= ==================== ==================== ====================
</TABLE>
463
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pocono Fuels Southern Sierra Consolidating
Company (Inactive) Gas Company Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $1,233 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 1,233 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 920 -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $1 139 ($1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 1,059 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 174 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) 174 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) 174 1
Retained earnings - beginning of year 542 477 (31,664)
Dividends declared on common stock - - (5,247)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $541 $651 ($36,910)
============================================================= ==================== ==================== ====================
</TABLE>
464
<PAGE>
Edison Mission Energy Fuel and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Energy Fuel
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $17,613 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue $17,613 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 1,840 - -
Maintenance - - -
Depreciation and decommissioning 6,061 - -
Income taxes 1,828 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9,729 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 7,884 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 67 - -
Taxes on nonoperating income (27) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 40 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 7,924 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 7,924 - -
Retained earnings - beginning of year (139) - -
Dividends declared on common stock (2,678) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5,107 - -
============================================================= ==================== ==================== ====================
</TABLE>
465
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Chestnut Ridge Mission Energy EME Homer City
Energy Company Westside, Inc. Generation LP [5]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
466
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Consolidating
Finance Co. Holdings Co. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
467
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Holdings Co.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - - -
============================================================= ==================== ==================== ====================
</TABLE>
468
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Chestnut Ridge Mission Energy EME Homer City
Energy Company Westside, Inc. Generation LP [5]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $3 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - (3) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
469
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Consolidating
Finance Co. Holdings Co. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
470
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Holdings Co.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $3 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (3) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - - -
============================================================= ==================== ==================== ====================
</TABLE>
471
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Chestnut Ridge Mission Energy EME Homer City
Energy Company Westside, Inc. Generation LP [5]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - $1 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (1) -
Retained earnings - beginning of year - (2) -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - ($3) -
============================================================= ==================== ==================== ====================
</TABLE>
472
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Consolidating
Finance Co. Holdings Co. Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - - -
============================================================= ==================== ==================== ====================
</TABLE>
473
<PAGE>
Edison Mission Holdings Co. and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Holdings Co.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $1 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1) - -
Retained earnings - beginning of year (2) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) - -
============================================================= ==================== ==================== ====================
</TABLE>
474
<PAGE>
Hanover Energy Company and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Chickahominy River Hanover Energy Consolidating
Energy Corp. Company Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $10,524 $5,497 ($5,497)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 10,524 5,497 (5,497)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 67 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 14 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 81 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $10,605 $5,497 ($5,497)
============================================================= ==================== ==================== ====================
</TABLE>
475
<PAGE>
Hanover Energy Company and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hanover Energy
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $10,524 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 10,524 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 67 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 14 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 81 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $10,605 - -
============================================================= ==================== ==================== ====================
</TABLE>
476
<PAGE>
Hanover Energy Company and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Chickahominy River Hanover Energy Consolidating
Energy Corp. Company Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $5,241 $4,914 ($4,914)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 256 581 (581)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
5,497 5,495 (5,495)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 5,497 5,495 (5,495)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (217) 2 (2)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (217) 2 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,325 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 5,325 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $10,605 $5,497 ($5,497)
============================================================= ==================== ==================== ====================
</TABLE>
477
<PAGE>
Hanover Energy Company and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hanover Energy
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $5,241 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 256 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
5,497 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 5,497 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (217) - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (217) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,325 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 5,325 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $10,605 - -
============================================================= ==================== ==================== ====================
</TABLE>
478
<PAGE>
Hanover Energy Company and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Chickahominy River Hanover Energy Consolidating
Energy Corp. Company Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $2,096 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2,096 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 920 - -
Maintenance - - -
Depreciation and decommissioning 126 - -
Income taxes 446 $1 ($1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,492 1 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 604 (1) 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net 4 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 4 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 608 (1) 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 608 (1) 1
Retained earnings - beginning of year (354) (28) 28
Dividends declared on common stock - 610 (610)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $256 $581 ($581)
============================================================= ==================== ==================== ====================
</TABLE>
479
<PAGE>
Hanover Energy Company and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hanover Energy
Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $2,096 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2,096 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 920 - -
Maintenance - - -
Depreciation and decommissioning 126 - -
Income taxes 446 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,492 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 604 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net 4 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 4 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 608 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 608 - -
Retained earnings - beginning of year (354) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $256 - -
============================================================= ==================== ==================== ====================
</TABLE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Beheer-en Edison Mission Edison Mission
Beleggingsmaat Energy Asia Pte Energy International
chappij Botara B.V. Ltd. Consolidated B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $1,211 $140
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 151,859 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 153,070 140
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21 2,132 108
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts - 596 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 909 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21 3,637 108
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 887 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 887 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $21 $157,594 $248
============================================================= ==================== ==================== ====================
</TABLE>
481
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Edison Mission EME Tri Gen B.V.
Mission Operations &
Energy Maintenance
Services B.V. Services B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $1,501
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 1,501
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $17 $227 16
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 17 227 16
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $17 $227 $1,517
============================================================= ==================== ==================== ====================
</TABLE>
482
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Victoria B.V. Global Generation Hydro Energy B.V.
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $117,422
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 117,422
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3 $21 12,950
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 5,979
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 860
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3 21 19,789
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 5,663
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 5,663
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3 $21 $142,874
============================================================= ==================== ==================== ====================
</TABLE>
483
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberian Latrobe Power Pty. Loy Yang Holdings
Hy-Power Amsterdam Ltd. Consolidated Pty Ltd.
B.V. Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $137,067 $1,228,469 $578
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - (81,781) 2,631
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 137,067 1,146,688 3,209
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 13,259 23,811 1,802
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 6,090 11,499 27
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 860 9,446 72
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 20,209 44,756 1,901
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 8,693 15,921 7,033
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8,693 15,921 7,033
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $165,969 $1,207,365 $12,143
============================================================= ==================== ==================== ====================
</TABLE>
484
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. MEC IES B.V. MEC India B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
To cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
And decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation $160,556 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $6 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 160,556 6 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 280 9 $21
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 317 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 137 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 734 9 21
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 532 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 532 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $161,822 $15 $21
============================================================= ==================== ==================== ====================
</TABLE>
485
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Indo Coal B.V. MEC Indonesia B.V. MEC International
Holdings B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $22,553 $125,694 $5,295
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 22,553 125,694 5,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,360 23 34
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,360 23 34
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 61 1,006 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61 1,006 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $23,974 $126,723 $5,329
============================================================= ==================== ==================== ====================
</TABLE>
486
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Laguna Power MEC Perth B.V. MEC Priolo B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $73,626 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $3,340 - $16,517
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 3,340 73,626 16,517
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 6,337 1,487
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 2,333 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 2,832 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 11,502 1,487
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 30 2,703 111
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 30 2,703 111
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,370 $87,831 $18,115
============================================================= ==================== ==================== ====================
</TABLE>
487
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $2,276 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,276 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - $20 $18
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 20 18
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 16 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 16 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,292 $20 $18
============================================================= ==================== ==================== ====================
</TABLE>
488
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 $170,098 $119
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (25,049) 17,432 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,058,656 187,530 119
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 48,574 85,343 25
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 13,780 211
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 2,741 221
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 94,044 101,864 457
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 339,917 5,084 22
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 339,917 5,084 22
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,492,617 $294,478 $598
============================================================= ==================== ==================== ====================
</TABLE>
489
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pride Hold Limited Rillington Southwestern
Consolidated Holdings Limited Generation B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $149,390 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $218,976 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 149,390 218,976 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 58,045 6,279 $21
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 12,474 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 543 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 71,062 6,279 21
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 4,596 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,596 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $225,048 $225,255 $21
============================================================= ==================== ==================== ====================
</TABLE>
490
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation - $2,382 ($260,694)
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $79,150 1,251,723 (1,309,376)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 79,150 1,254,105 (1,570,070)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 104,008 (71,011)
Receivables, including unbilled revenue,
net of allowance for uncollectible
Accounts - 29 (18,454)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 2 (1,380)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 104,039 (90,845)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 413 (10,258)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 413 (10,258)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $79,150 $1,358,557 ($1,671,173)
============================================================= ==================== ==================== ====================
</TABLE>
491
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC International
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $2,864,069 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 482,749 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 3,346,818 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 295,240 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 74,333 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 23,261 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 392,834 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 382,430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 382,430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,122,082 - -
============================================================= ==================== ==================== ====================
</TABLE>
492
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Beheer-en Edison Mission Edison Mission
Beleggingsmaa Energy Asia Pte Energy
tschappi Botara B.V. Ltd Consolidated International B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $21 $149,372 $56
Additional Paid in Capital - 1,485 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (42) -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 6,664 (421)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
21 157,479 (365)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 21 157,479 (365)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - 17 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable - (1,686) 826
Accrued taxes - 1,348 (213)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - (338) 613
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 421 -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 421 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 15 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $21 $157,594 $248
============================================================= ==================== ==================== ====================
</TABLE>
493
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission EME Tri Gen B.V.
Energy Services Operation &
B.V. Maintenance
Services B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $19 $19 $17
Additional Paid in Capital - 206 1,503
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (4) (1) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
15 224 1,515
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 15 224 1,515
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 4 4 5
Accrued taxes (2) (1) (3)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2 3 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $17 $227 $1,517
============================================================= ==================== ==================== ====================
</TABLE>
494
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Victoria B.V. Global Generation Hydro Energy B.V.
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $21 $21 $25
Additional Paid in Capital - - 8,746
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - (32,418)
Unrealized gain in equity investments
- net - - -
Retained Earnings (19) - (2,990)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2 21 (26,637)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - 132,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2 21 106,200
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 12,308
Short-term debt - - -
Accounts payable 11 - 473
Accrued taxes (10) - 1,069
Accrued interest - - 1,129
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 - 14,979
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - 9,801
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - 11,464
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 21,265
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 430
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3 $21 $142,874
============================================================= ==================== ==================== ====================
</TABLE>
495
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberian Latrobe Power Pty. Loy Yang Holdings
Hy-Power Amsterdam Ltd. Consolidated Pty Ltd.
B.V. Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($500) - -
Additional Paid in Capital 9,711 $78,354 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (3,403) (57,376) ($2,483)
Unrealized gain in equity investments
- net - - -
Retained Earnings (1,442) 87,219 10,014
- ------------------------------------------------------------- -------------------- -------------------- --------------------
4,366 108,197 7,531
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 122,904 901,410 3,093
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 127,270 1,009,607 10,624
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 12,308 14,503 71
Short-term debt - - -
Accounts payable 3,066 (318,511) (12,778)
Accrued taxes 499 (63) -
Accrued interest 1,129 15,528 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 17,002 (288,543) (12,707)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 (46) 13,995
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 11,464 486,633 231
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 21,265 486,587 14,226
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 432 (286) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $165,969 $1,207,365 $12,143
============================================================= ==================== ==================== ====================
</TABLE>
496
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. MEC IES B.V. MEC India B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $31 $25 $23
Additional Paid in Capital 29,802 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (244) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 58 (135) (20)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
29,647 (110) 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 102,931 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 132,578 (110) 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 8,243 - -
Short-term debt - - -
Accounts payable 8,629 197 27
Accrued taxes (24) (72) (9)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 16,848 125 18
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 4,993 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 4,993 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 7,403 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $161,822 $15 $21
============================================================= ==================== ==================== ====================
</TABLE>
497
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Indo Coal B.V. MEC Indonesia B.V. MEC International
Holdings B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $22 $21 $21
Additional Paid in Capital 17,426 126,849 4,781
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,044 (113) 514
- ------------------------------------------------------------- -------------------- -------------------- --------------------
21,492 126,757 5,316
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 21,492 126,757 5,316
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 5 11 27
Accrued taxes 143 (45) (14)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 148 (34) 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,334 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 2,334 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $23,974 $126,723 $5,329
============================================================= ==================== ==================== ====================
</TABLE>
498
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Laguna Power MEC Perth B.V. MEC Priolo B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23 $23 $21
Additional Paid in Capital 3,324 - 17,928
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (5,640) 187
Unrealized gain in equity investments
- net - - -
Retained Earnings (17) 6,544 (484)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3,330 927 17,652
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 82,172 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 3,330 83,099 17,652
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 2,403 -
Short-term debt - - -
Accounts payable 49 (17,841) 280
Accrued taxes (9) - 183
Accrued interest - 2,949 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 40 (12,489) 463
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 10,313 -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - 6,622 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 16,935 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 286 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3,370 $87,831 $18,115
============================================================= ==================== ==================== ====================
</TABLE>
499
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23 $26 $26
Additional Paid in Capital 2,276 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (19) (18) (20)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,280 8 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,280 8 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Accounts payable 21 19 19
Accrued taxes (9) (7) (7)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 12 12 12
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,292 $20 $18
============================================================= ==================== ==================== ====================
</TABLE>
500
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 $22,751 $13
Additional Paid in Capital - 11,620 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,278 6,046 20
Unrealized gain in equity investments
- net - - -
Retained Earnings 143,538 37,855 192
- ------------------------------------------------------------- -------------------- -------------------- --------------------
453,514 78,272 225
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 148,566 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,118,634 226,838 225
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 22,676 -
Short-term debt - - -
Accounts payable (132,866) 6,817 167
Accrued taxes 53,008 321 206
Accrued interest 24,983 3,351 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (24,945) 33,165 373
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 25,649 -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 25,649 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 8,826 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,492,617 $294,478 $598
============================================================= ==================== ==================== ====================
</TABLE>
501
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pride Hold Limited Rillington Southwestern
Consolidated Holdings Limited Generation B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $21
Additional Paid in Capital $153 $224,308 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (1,439) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 38,652 162 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
37,366 224,470 21
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 117,715 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 155,081 224,470 21
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 22,676 - -
Short-term debt - - -
Account payable 10,235 700 -
Accrued taxes (426) 85 -
Accrued interest 3,351 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 35,836 785 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 25,649 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25,649 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 8,482 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $225,048 $225,255 $21
============================================================= ==================== ==================== ====================
</TABLE>
502
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power MEC International Consolidating
Pty. Ltd B.V. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $133,131 ($448,839)
Additional Paid in Capital - 645,265 (538,472)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($25,828) 81,878 29,989
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,387) (4,582) (32,293)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(28,215) 855,692 (989,615)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 133,068 - (598,698)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 104,853 855,692 (1,588,313)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - (17)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 2,705 (34,984)
Short-term debt - - -
Account payable (9,585) 505,959 (10,735)
Accrued taxes - (5,531) (51,118)
Accrued interest - - (4,481)
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,585) 503,133 (101,318)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (16,118) (268) 16,563
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - (11,566)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (16,118) (268) 4,997
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 13,478
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $79,150 $1,358,557 ($1,671,173)
============================================================= ==================== ==================== ====================
</TABLE>
503
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC International
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $133,131 - -
Additional Paid in Capital 645,265 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 22,525 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 290,488 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
1,091,409 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 1,811,118 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,902,527 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 92,839 - -
Short-term debt - - -
Account payable 33,549 - -
Accrued taxes (701) - -
Accrued interest 47,939 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 173,626 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 379,537 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 546,108 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 925,645 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 120,284 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $4,122,082 - -
============================================================= ==================== ==================== ====================
</TABLE>
504
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Beheer-en Edison Mission Edison Mission
Beleggingsmaa Energy Asia Pte Energy
tchappij Botara B.V. Ltd. Consolidated International B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $20,814 $322
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 20,814 322
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 17,557 940
Maintenance - - -
Depreciation and decommissioning - 413 12
Income taxes - (43) (220)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 17,927 732
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 2,887 (410)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 1,987 2
Minority interest - - -
Taxes on nonoperating income - (537) (1)
Other nonoperating income - net - (134) (3)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 1,316 (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 4,203 (412)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (88) -
Other interest expense - 71
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (17)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 4,220 (412)
Retained earnings - beginning of year - 2,444 (9)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $6,664 ($421)
============================================================= ==================== ==================== ====================
</TABLE>
505
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission EME Tri Gen B.V.
Energy Services Operation &
B.V. Maintenance
Services B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $7 $4 $10
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (3) (1) (3)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4 3 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (4) (3) (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net 2 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 2 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (4) (1) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (4) (1) (5)
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4) ($1) ($5)
============================================================= ==================== ==================== ====================
</TABLE>
506
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Victoria B.V. Global Generation Hydro Energy B.V.
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $24,069
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 24,069
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $17 - 3,782
Maintenance - - -
Depreciation and decommissioning - - 3,878
Income taxes (6) - 5,026
Property and other taxes - - 109
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 11 - 12,795
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (11) - 11,274
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 472
Minority interest - - (167)
Taxes on nonoperating income - - (165)
Other nonoperating income - net (5) - 809
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (5) - 949
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (16) - 12,223
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 5,772
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 5,772
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (16) - 6,451
Retained earnings - beginning of year (3) - 2
Dividends declared on common stock - - (9,443)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($19) - ($2,990)
============================================================= ==================== ==================== ====================
</TABLE>
507
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberian Latrobe Power Pty. Loy Yang Holdings
Hy-Power Amsterdam Ltd. Consolidated Pty. Ltd.
B.V. Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $24,068 $161,213 -
Diversified operations - - $12,093
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24,068 161,213 12,093
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 21,522 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3,803 20,893 14,094
Maintenance - - -
Depreciation and decommissioning 3,935 27,617 410
Income taxes 4,836 6,344 (770)
Property and other taxes 109 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12,683 76,376 13,734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 11,385 84,837 (1,641)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 700 19,469 316
Minority interest (167) - -
Taxes on nonoperating income (245) (7,009) (110)
Other nonoperating income - net (64) - (22)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 224 12,460 184
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 11,609 97,297 (1,457)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 6,213 64,052 -
Other interest expense - - 6
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 6,213 64,052 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 5,396 33,245 (1,463)
Retained earnings - beginning of year 2,605 53,974 11,477
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,442) $87,219 $10,014
============================================================= ==================== ==================== ====================
</TABLE>
508
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. MEC IES B.V MEC India B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 $114 $1
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (1) (40) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 74 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) (74) (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1 - 1
Minority interest - - -
Other nonoperating income - net (26) (14) (6)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (25) (14) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (27) (88) (6)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (27) (88) (6)
Retained earnings - beginning of year 85 (47) (14)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $58 ($135) ($20)
============================================================= ==================== ==================== ====================
</TABLE>
509
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Indo Coal B.V. MEC Indonesia B.V. MEC International
Holdings B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $1,335 - $7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,335 - 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 1 $1 2
Maintenance - - -
Depreciation and decommissioning 625 - -
Income taxes 253 - (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 879 1 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 456 (1) 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income 76 - -
Minority interest - - -
Taxes on nonoperating income (27) - -
Other nonoperating income - net 190 (8) (10)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 239 (8) (10)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 695 (9) (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 695 (9) (4)
Retained earnings - beginning of year 3,349 (104) 518
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,044 ($113) $514
============================================================= ==================== ==================== ====================
</TABLE>
510
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Laguna Power MEC Perth B.V. MEC Priolo B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $38,094 -
Diversified operations - 42 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 38,136 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 20,128 -
Purchased power - - -
Provisions for regulatory adjustment
Clauses - net - - -
Other operating expenses $1 3,377 $7
Maintenance - - -
Depreciation and decommissioning - 3,412 -
Income taxes - 1,643 39
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 28,560 46
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 9,576 (46)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - -
Interest and dividend income - 752 61
Minority interest - (50) -
Taxes on nonoperating income - (271) (21)
Other nonoperating income - net (6) - (63)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (6) 431 (23)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (7) 10,007 (69)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 6,913 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 6,913 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (7) 3,094 (69)
Retained earnings - beginning of year (10) 3,450 (415)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($17) $6,544 ($484)
============================================================= ==================== ==================== ====================
</TABLE>
511
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1 $1 $1
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 1 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) (1) (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net (6) (5) (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (6) (5) (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (7) (6) (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (7) (6) (8)
Retained earnings - beginning of year (12) (12) (12)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($19) ($18) ($20)
============================================================= ==================== ==================== ====================
</TABLE>
512
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 $97,254 -
Diversified operations - 22,264 $3,034
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 119,518 3,034
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 43,276 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 29,114 2,709
Maintenance - - -
Depreciation and decommissioning 25,575 10,595 37
Income taxes 16,089 5,716 190
Property and other taxes 17,063 2,342 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,052 91,043 2,936
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,374 28,475 98
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 10,814 4,558 2
Minority interest (19,692) (2,706) -
Taxes on nonoperating income (3,598) (1,413) (1)
Other nonoperating income - net 452 78
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (12,024) 517 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 111,350 28,992 99
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 13,933 -
Other interest expense 95 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 13,933 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 51,024 15,059 99
Retained earnings - beginning of year 95,792 19,518 93
Dividends declared on common stock (3,278) 3,278 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $143,538 $37,855 $192
============================================================= ==================== ==================== ====================
</TABLE>
513
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Pride Hold Limited Rillington Southwestern
Consolidated Holdings Limited Generation B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $97,254 - -
Diversified operations 1,306 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 98,560 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 43,276 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 13,922 - -
Maintenance - - -
Depreciation and decommissioning 8,584 - -
Income taxes 5,814 ($2) -
Property and other taxes 2,073 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 73,669 (2) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 24,891 2 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income 1,623 246 -
Minority interest (2,602) - -
Taxes on nonoperating income (503) (86) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (1,482) 160 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 23,409 162 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 11,906 - -
Other interest expense 3 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 11,909 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 11,500 162 -
Retained earnings - beginning of year 27,152 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $38,652 $162 -
============================================================= ==================== ==================== ====================
</TABLE>
514
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - ($121,323)
Diversified operations - $2,178 (21,171)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 2,178 (142,494)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - (43,258)
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 1,450 (35,361)
Maintenance - - -
Depreciation and decommissioning - 1,179 (12,466)
Income taxes $2,350 (10,534) (1,092)
Property and other taxes - - (2,181)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,350 (7,905) (94,358)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2,350) 10,083 (48,136)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,347 18,049 (30,828)
Minority interest - 104 2,820
Taxes on nonoperating income (485) (6,317) 10,412
Other nonoperating income - net - 270 (804)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 862 12,106 (18,400)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,488) 22,189 (66,536)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 25,591 (46,326)
Other interest expense - - (80)
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 25,591 (46,406)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,488) (3,402) (20,130)
Retained earnings - beginning of year (899) (1,180) (31,047)
Dividends declared on common stock - - 18,886
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,387) ($4,582) ($32,291)
============================================================= ==================== ==================== ====================
</TABLE>
515
<PAGE>
MEC International B.V. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC International
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $664,055 - -
Diversified operations 42,224 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 706,279 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 176,954 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 145,766 - -
Maintenance - - -
Depreciation and decommissioning 73,806 - -
Income taxes 35,584 - -
Property and other taxes 19,515 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 451,625 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 254,654 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 29,648 - -
Minority interest (22,460) - -
Taxes on nonoperating income (10,377) - -
Other nonoperating income - net 620 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (2,569) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 252,085 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 148,197 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 148,292 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 103,793 - -
Retained earnings - beginning of year 186,695 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $290,488 - -
============================================================= ==================== ==================== ====================
</TABLE>
516
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation &
Pacific Pte Ltd. Company Pte Ltd. Maintenance
Services Pte Ltd.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $5 - $3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5 - 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5 - $3
============================================================= ==================== ==================== ====================
</TABLE>
517
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte Adjustments
& Maintenance Ltd.
Indonesia
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation $9 $1,202 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 152,595 ($736)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 9 153,797 (736)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 586 1,546 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 987 (391) -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 549 360 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2,122 1,515 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 879 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 879 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,131 $156,191 ($736)
============================================================= ==================== ==================== ====================
</TABLE>
518
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Energy Asia Pte
Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,211 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 151,859 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 153,070 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 2,132 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 596 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 909 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,637 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 887 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 887 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $157,594 - -
============================================================= ==================== ==================== ====================
</TABLE>
519
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation &
Pacific Pte Ltd. Company Pte Ltd. Maintenance
Services Pte Ltd.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - - ($4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable $5 - 5
Accrued taxes - - 2
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 - 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $5 - $3
============================================================= ==================== ==================== ====================
</TABLE>
520
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte Adjustments
& Maintenance Ltd.
Indonesia
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $149,372 -
Additional Paid in Capital $1,500 1,485 ($1,500)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (42) -
Unrealized gain in equity investments
- net - - -
Retained Earnings 601 5,318 749
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,101 156,133 (751)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,101 156,133 (751)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - 17 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (855) (841) -
Accrued taxes 885 461 -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 (380) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 421 -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 421 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 15
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,131 $156,191 ($736)
============================================================= ==================== ==================== ====================
</TABLE>
521
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Energy Asia Pte
Ltd. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $149,372 - -
Additional Paid in Capital 1,485 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (42) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 6,664 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
157,479 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 157,479 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities 17 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (1,686) - -
Accrued taxes 1,348 - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (338) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 421 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 421 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 15 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $157,594 - -
============================================================= ==================== ==================== ====================
</TABLE>
522
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operations &
Pacific Pte Ltd Company Pte Ltd. Maintenance
Services Pte Ltd.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - $1,436
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 1,436
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
Clauses - net - - -
Other operating expenses - - 1,439
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - 1
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - - 1,440
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - (4)
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - - ($4)
============================================================= ==================== ==================== ====================
</TABLE>
523
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte Adjustments
& Maintenance Ltd.
Indonesia
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $5,794 $15,020 ($1,436)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 5,794 15,020 (1,436)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 4,847 12,707 (1,436)
Maintenance - - -
Depreciation and decommissioning - 413 -
Income taxes 527 (571) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 5,374 12,549 (1,436)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 420 2,471 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 13 1,974 -
Minority interest - - -
Taxes on nonoperating income (4) (533) -
Other nonoperating income - net (132) (2) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (123) 1,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 297 3,910 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (88) - -
Other interest expense - 71 -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (88) 71 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 385 3,839 -
Retained earnings - beginning of year 965 1,479 -
Dividends declared on common stock (749) - 749
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $601 $5,318 $749
============================================================= ==================== ==================== ====================
</TABLE>
524
<PAGE>
MEC International B.V.
Edison Mission Energy Asia Pte Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission
Energy Asia Pte
Ltd. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $20,814 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 20,814 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 17,557 - -
Maintenance - - -
Depreciation and decommissioning 413 - -
Income taxes (43) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 17,927 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2,887 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,987 - -
Minority interest - - -
Taxes on nonoperating income (537) - -
Other nonoperating income - net (134) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,316 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 4,203 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (88) - -
Other interest expense 71 - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (17) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 4,220 - -
Retained earnings - beginning of year 2,444 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $6,664 - -
============================================================= ==================== ==================== ====================
</TABLE>
525
<PAGE>
MEC International B.V.
Hydro Energy B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V. Iberica de Consolidating
Energias S.A. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $117,422 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $24,871 - ($24,871)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 24,871 117,422 (24,871)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 12,949 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,979 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 860 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 19,788 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 5,663 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 5,663 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $24,872 $142,873 ($24,871)
============================================================= ==================== ==================== ====================
</TABLE>
526
<PAGE>
MEC International B.V.
Hydro Energy B.V.and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $117,422 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 117,422 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 12,950 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,979 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 860 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,789 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $142,874 - -
============================================================= ==================== ==================== ====================
</TABLE>
527
<PAGE>
MEC International B.V.
Hydro Energy B.V.and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V. Iberica de Consolidating
Energias S.A. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $25 $23,387 ($23,387)
Additional Paid in Capital - 8,746 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 318 (3,721) (29,015)
Unrealized gain in equity investments
- net - - -
Retained Earnings (9,824) (2,609) 9,443
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(9,481) 25,803 (42,959)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 33,693 81,056 18,088
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 24,212 106,859 (24,871)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 662 11,646 -
Short-term debt - - -
Account payable 28 445 -
Accrued taxes (30) 1,099 -
Accrued interest - 1,129 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 660 14,319 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 9,801 -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - 11,464 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 21,265 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 430 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $24,872 $142,873 ($24,871)
============================================================= ==================== ==================== ====================
</TABLE>
528
<PAGE>
MEC International B.V.
Hydro Energy B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $25 - -
Additional Paid in Capital 8,746 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (32,418) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,990) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(26,637) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 132,837 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 106,200 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 12,308 - -
Short-term debt - - -
Account payable 473 - -
Accrued taxes 1,069 - -
Accrued interest 1,129 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 14,979 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 11,464 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 21,265 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $142,874 - -
============================================================= ==================== ==================== ====================
</TABLE>
529
<PAGE>
MEC International B.V.
Hydro Energy B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V. Iberica de Consolidating
Energias S.A. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $24,069 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 24,069 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1 3,781 -
Maintenance - - -
Depreciation and decommissioning - 3,878 -
Income taxes (28) 5,054 -
Property and other taxes - 109 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (27) 12,822 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 11,247 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 472 -
Minority interest - (167) -
Taxes on nonoperating income - (165) -
Other nonoperating income - net (3) 812 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (3) 952 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 24 12,199 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 80 5,692 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 80 5,692 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (56) 6,507 -
Retained earnings - beginning of year (325) 327 -
Dividends declared on common stock (9,443) (9,443) $9,443
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($9,824) ($2,609) $9,443
============================================================= ==================== ==================== ====================
</TABLE>
530
<PAGE>
MEC International B.V.
Hydro Energy B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $24,069 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24,069 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3,782 - -
Maintenance - - -
Depreciation and decommissioning 3,878 - -
Income taxes 5,026 - -
Property and other taxes 109 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12,795 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 11,274 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 472 - -
Minority interest (167) - -
Taxes on nonoperating income (165) - -
Other nonoperating income - net 809 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 949 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 12,223 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 5,772 - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 5,772 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 6,451 - -
Retained earnings - beginning of year 2 - -
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,990) - -
============================================================= ==================== ==================== ====================
</TABLE>
531
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Iberica de Energias, S.A. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de Electro Consolidating
Energias S.A. Metalurgica del Adjustments
Ebro, S.A.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation $58,577 $7,393 $51,452
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 4,667 - (4,667)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 63,244 7,393 46,785
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 9,677 3,272 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 4,218 1,737 24
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 643 217 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 14,538 5,226 24
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 6,356 54,481 (55,174)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,356 54,481 (55,174)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $84,138 $67,100 ($8,365)
============================================================= ==================== ==================== ====================
</TABLE>
532
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Iberica de Energias, S.A. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de
Energias S.A.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $117,422 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 117,422 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 12,949 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,979 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 860 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,788 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $142,873 - -
============================================================= ==================== ==================== ====================
</TABLE>
533
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Iberica de Energias, S.A. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de Electro Consolidating
Energias S.A. Metalurgica del Adjustments
Ebro, S.A.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $19,674 $83 $3,630
Additional Paid in Capital 8,746 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (546) 1,738 (4,913)
Unrealized gain in equity investments
- net - - -
Retained Earnings (5,286) 2,677 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
22,588 4,498 (1,283)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 44,358 49,530 (12,832)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
44,358 49,530 (12,832)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 66,946 54,028 (14,115)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 2,667 8,979 -
Short-term debt - - -
Account payable 814 392 (761)
Accrued taxes 838 143 118
Accrued interest 653 476 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,972 9,990 (643)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 2,419 2,651 6,394
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 12,220 2,651 6,394
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 431 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $84,138 $67,100 ($8,365)
============================================================= ==================== ==================== ====================
</TABLE>
534
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Iberica de Energias, S.A. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de
Energias S.A.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23,387 - -
Additional Paid in Capital 8,746 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (3,721) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,609) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
25,803 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 81,056 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
81,056 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 106,859 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 11,646 - -
Short-term debt - - -
Account payable 445 - -
Accrued taxes 1,099 - -
Accrued interest 1,129 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 14,319 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 11,464 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 21,265 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $142,873 - -
============================================================= ==================== ==================== ====================
</TABLE>
535
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Iberica de Energias, S.A.and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de Electro Consolidating
Energias S.A. Metalurgica del Adjustments
Ebro, S.A.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $13,626 $10,443 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 13,626 10,443 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2,907 874 -
Maintenance - - -
Depreciation and decommissioning 1,004 2,874 -
Income taxes 5,119 (65) -
Property and other taxes 56 53 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9,086 3,736 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 4,540 6,707 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income 363 109 -
Minority interest (167) - -
Taxes on nonoperating income (127) (38) -
Other nonoperating income - net 762 50 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 831 121 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 5,371 6,828 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 1,237 4,455 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 1,237 4,455 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 4,134 2,373 -
Retained earnings - beginning of year 23 304 -
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5,286) $2,677 -
============================================================= ==================== ==================== ====================
</TABLE>
536
<PAGE>
MEC International B.V.
Hydro Energy B.V.
Iberica de Energias, S.A. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Eberica de
Energias S.A.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $24,069 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24,069 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3,781 - -
Maintenance - - -
Depreciation and decommissioning 3,878 - -
Income taxes 5,504 - -
Property and other taxes 109 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12,822 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 11,247 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 472 - -
Minority interest (167) - -
Taxes on nonoperating income (165) - -
Other nonoperating income - net 812 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 952 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 12,199 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 5,692 - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 5,692 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 6,507 - -
Retained earnings - beginning of year 327 - -
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,609) - -
============================================================= ==================== ==================== ====================
</TABLE>
537
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberian Aprohiso S.A. Hydro Energy B.V.
Hy-Power Amsterdam (Inactive) Consolidated
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,704 - $117,422
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 1,052 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,756 - 117,422
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 308 - 12,950
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 5,979
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 860
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 308 - 19,789
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 5,663
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 5,663
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,064 - $142,874
============================================================= ==================== ==================== ====================
</TABLE>
538
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Saltos del Porma, Consolidating Iberian
S.A. Adjustments Hy-Power Amsterdam
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
Provision for depreciation - $17,941 $137,067
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - (1,052) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 16,889 137,067
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1 - 13,259
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 111 - 6,090
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 860
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 112 - 20,209
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 3,030 - 8,693
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,030 - 8,693
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,142 $16,889 $165,969
============================================================= ==================== ==================== ====================
</TABLE>
539
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberian Aprohiso S.A. Hydro Energy B.V.
Hy-Power Amsterdam (Inactive) Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $1,186 - $25
Additional Paid in Capital 965 - 8,746
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - (32,418)
Unrealized gain in equity investments
- net - - -
Retained Earnings (6,950) - (2,990)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(4,799) - (26,637)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 8,155 - 132,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
8,155 - 132,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - 106,200
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities 3,356 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 12,308
Short-term debt - - -
Account payable 277 - 473
Accrued taxes (569) - 1,069
Accrued interest - - 1,129
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (292) - 14,979
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - 9,801
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - 11,464
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 21,265
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 430
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3,064 - $142,873
============================================================= ==================== ==================== ====================
</TABLE>
540
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Saltos del Porma, Consolidating Iberian
S.A. Adjustments Hy-Power Amsterdam
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $825 ($2,536) ($500)
Additional Paid in Capital - - 9,711
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 29,015 (3,403)
Unrealized gain in equity investments
- net - - -
Retained Earnings - 8,498 (1,442)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
825 34,977 4,366
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - (18,088) 122,904
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- (18,088) 122,904
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 825 16,889 127,270
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 12,308
Short-term debt - - -
Account payable 2,317 (1) 3,066
Accrued taxes - (1) 499
Accrued interest - - 1,129
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,317 (2) 17,002
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - 9,801
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - - 11,464
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 21,265
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 2 432
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3,142 $16,889 $165,969
============================================================= ==================== ==================== ====================
</TABLE>
541
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberian Hy-Power Aprohiso S.A. Hydro Energy B.V.
Amsterdam B.V. (Inactive) Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $24,069
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 24,069
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $21 - 3,782
Maintenance - - -
Depreciation and decommissioning 58 - 3,878
Income taxes (189) - 5,026
Property and other taxes - - 109
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (110) - 12,795
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 110 - 11,274
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income 228 - 472
Minority interest - - (167)
Taxes on nonoperating income (80) - (165)
Other nonoperating income - net (872) - 809
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (724) - 949
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (614) - 12,223
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 441 - 5,772
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 441 - 5,772
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,055) - 6,451
Retained earnings - beginning of year 2,603 - 2
Dividends declared on common stock (8,498) - (9,443)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6,950) - ($2,990)
============================================================= ==================== ==================== ====================
</TABLE>
542
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Saltos del Porma, Consolidating Iberian
S.A. Adjustments Hy-Power Amsterdam
B.V. Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($1) $24,068
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - (1) 24,068
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - 3,803
Maintenance - - -
Depreciation and decommissioning - (1) 3,935
Income taxes - (1) 4,836
Property and other taxes - - 109
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (2) 12,683
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 1 11,385
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 700
Minority interest - - (167)
Taxes on nonoperating income - - (245)
Other nonoperating income - net - (1) (64)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - (1) 224
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - 11,609
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 6,213
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 6,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - 5,396
Retained earnings - beginning of year - - 2,605
Dividends declared on common stock - 8,498 (9,443)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $8,498 ($1,442)
============================================================= ==================== ==================== ====================
</TABLE>
543
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V. Iberica de Consolidating
Energias S.A. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $117,422 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $24,871 - ($24,871)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 24,871 117,422 (24,871)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 12,949 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,979 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 860 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 19,788 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 5,663 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 5,663 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $24,872 $142,873 ($24,871)
============================================================= ==================== ==================== ====================
</TABLE>
544
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $117,422 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 117,422 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 12,950 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,979 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 860 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,789 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $142,874 - -
============================================================= ==================== ==================== ====================
</TABLE>
545
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de
Hydro Energy B.V. Energias S.A. Consolidating
Consolidated Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $25 $23,387 ($23,387)
Additional Paid in Capital - 8,746 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 318 (3,721) (29,015)
Unrealized gain in equity investments
- net - - -
Retained Earnings (9,824) (2,609) 9,443
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(9,481) 25,803 (42,959)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 33,693 81,056 18,088
- ------------------------------------------------------------- -------------------- -------------------- --------------------
33,693 81,056 18,088
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 24,212 106,859 (24,871)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 662 11,646 -
Short-term debt - - -
Account payable 28 445 -
Accrued taxes (30) 1,099 -
Accrued interest - 1,129 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 660 14,319 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 9,801 -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits - 11,464 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 21,265 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 430 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $24,872 $142,873 ($24,871)
============================================================= ==================== ==================== ====================
</TABLE>
546
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $25 - -
Additional Paid in Capital 8,746 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (32,418) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,990) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(26,637) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 132,837 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
132,837 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 106,200 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 12,308 - -
Short-term debt - - -
Account payable 473 - -
Accrued taxes 1,069 - -
Accrued interest 1,129 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 14,979 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 11,464 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 21,265 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $142,874 - -
============================================================= ==================== ==================== ====================
</TABLE>
547
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V. Iberica de Consolidating
Energias S.A. Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $24,069 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 24,069 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1 3,781 -
Maintenance - - -
Depreciation and decommissioning - 3,878 -
Income taxes (28) 5,054 -
Property and other taxes - 109 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (27) 12,822 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 27 11,247 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income - 472 -
Minority interest - (167) -
Taxes on nonoperating income - (165) -
Other nonoperating income - net (3) 812 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (3) 952 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 24 12,199 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 80 5,692 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 80 5,692 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (56) 6,507 -
Retained earnings - beginning of year (325) 327 -
Dividends declared on common stock (9,443) (9,443) $9,443
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($9,824) ($2,609) $9,443
============================================================= ==================== ==================== ====================
</TABLE>
548
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Hydro Energy B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $24,069 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24,069 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3,782 - -
Maintenance - - -
Depreciation and decommissioning 3,878 - -
Income taxes 5,026 - -
Property and other taxes 109 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12,795 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 11,274 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 472 - -
Minority interest (167) - -
Taxes on nonoperating income (165) - -
Other nonoperating income - net 809 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 949 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 12,223 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 5,772 - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 5,772 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 6,451 - -
Retained earnings - beginning of year 2 - -
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,990) - -
============================================================= ==================== ==================== ====================
</TABLE>
549
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S. A. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de Electro Consolidating
Energias, S.A. Metalurgica del Adjustments
Ebro,S.A.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
Subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $58,577 $7,393 $51,452
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 4,667 - (4,667)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 63,244 7,393 46,785
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 9,677 3,272 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 4,218 1,737 24
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 643 217 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 14,538 5,226 24
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 6,356 54,481 (55,174)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6,356 54,481 (55,174)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $84,138 $67,100 ($8,365)
============================================================= ==================== ==================== ====================
</TABLE>
550
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S. A. and Subsidiaries [Tier 68
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de
Energias, S.A.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $117,422 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 117,422 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 12,949 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,979 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 860 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 19,788 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
Reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,663 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $142,873 - -
============================================================= ==================== ==================== ====================
</TABLE>
551
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S. A. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de Electro Consolidating
Energias, S.A. Metalurgica del Adjustments
Ebro,S.A.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $19,674 $83 $3,630
Additional Paid in Capital 8,746 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (546) 1,738 (4,913)
Unrealized gain in equity investments
- net - - -
Retained Earnings (5,286) 2,677 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
22,588 4,498 (1,283)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 44,358 49,530 (12,832)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
44,358 49,530 (12,832)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 66,946 54,028 (14,115)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 2,667 8,979 -
Short-term debt - - -
Account payable 814 392 (761)
Accrued taxes 838 143 118
Accrued interest 653 476 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 4,972 9,990 (643)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 2,419 2,651 6,394
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 12,220 2,651 6,394
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 431 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $84,138 $67,100 ($8,365)
============================================================= ==================== ==================== ====================
</TABLE>
552
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S. A. and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de
Energias, S.A.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23,387 - -
Additional Paid in Capital 8,746 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (3,721) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,609) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
25,803 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 81,056 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
81,056 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 106,859 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 11,646 - -
Short-term debt - - -
Account payable 445 - -
Accrued taxes 1,099 - -
Accrued interest 1,129 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
Current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 14,319 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 9,801 - -
Accumulated deferred investment tax
Credits - - -
Customer advances and other deferred
Credits 11,464 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 21,265 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 430 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $142,873 - -
============================================================= ==================== ==================== ====================
</TABLE>
553
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S. A. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de Electro Consolidating
Energias, S.A. Metalurgica del Adjustments
Ebro,S.A.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $13,626 $10,443 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 13,626 10,443 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2,907 874 -
Maintenance - - -
Depreciation and decommissioning 1,004 2,874 -
Income taxes 5,119 (65) -
Property and other taxes 56 53 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9,086 3,736 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 4,540 6,707 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
Construction - - -
Interest and dividend income 363 109 -
Minority interest (167) - -
Taxes on nonoperating income (127) (38) -
Other nonoperating income - net 762 50 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 831 121 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 5,371 6,828 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 1,237 4,455 -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 1,237 4,455 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 4,134 2,373 -
Retained earnings - beginning of year 23 304 -
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5,286) $2,677 -
============================================================= ==================== ==================== ====================
</TABLE>
554
<PAGE>
MEC International B.V.
Iberian Hy-Power Amsterdam B.V.
Hydro Energy B.V.
Iberica de Energias, S. A. and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Iberica de
Energias, S.A.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $24,069 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24,069 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 3,781 - -
Maintenance - - -
Depreciation and decommissioning 3,878 - -
Income taxes 5,054 - -
Property and other taxes 109 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 12,822 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 11,247 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 472 - -
Minority interest (167) - -
Taxes on nonoperating income (165) - -
Other nonoperating income - net 812 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 952 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 12,199 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 5,692 - -
Other interest expense - - -
Allowance for borrowed funds used during
Construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 5,692 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 6,507 - -
Retained earnings - beginning of year 327 - -
Dividends declared on common stock (9,443) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,609) - -
============================================================= ==================== ==================== ====================
</TABLE>
555
MEC International B.V.
Latrobe Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $703,028 $1,268,171
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $171,714 - 766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 171,714 703,028 2,034,725
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 51 12,789 23,761
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,962 11,498
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 4,817 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51 23,568 44,705
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
556
<PAGE>
MEC International B.V.
Latrobe Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - ($742,730) $1,228,469
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $105,481 (1,125,530) (81,781)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 105,481 (1,868,260) 1,146,688
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - (12,790) 23,811
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - (5,961) 11,499
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - (4,817) 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - (23,568) 44,756
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - (4,706) 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - (4,706) 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $105,481 ($1,896,534) $1,207,365
============================================================= ==================== ==================== ====================
</TABLE>
557
<PAGE>
MEC International B.V.
Latrobe Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $806,256
Additional Paid in Capital $169,523 $174,082 174,082
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (447) (6,263) (10,578)
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,886 51,683 87,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
173,962 219,502 1,057,608
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 405,600 752,325
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 173,962 625,102 1,809,933
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (2,189) (236,986) (234,534)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,189) (236,986) (220,031)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8) - 18,038
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 343,186 487,411
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (8) 343,186 505,449
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
558
<PAGE>
MEC International B.V.
Latrobe Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - ($806,256) -
Additional Paid in Capital - (439,334) $78,353
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $6,703 (46,791) (57,376)
Unrealized gain in equity investments
- net - - -
Retained Earnings 1,790 (58,987) 87,220
- ------------------------------------------------------------- -------------------- -------------------- --------------------
8,493 (1,351,368) 108,197
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 127,769 (384,284) 901,410
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 136,262 (1,735,652) 1,009,607
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (35,922) 191,120 (318,511)
Accrued taxes 26,222 (26,285) (63)
Accrued interest - 15,528 15,528
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,700) 180,363 (288,543)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (21,081) 3,005 (46)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - (343,964) 486,633
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (21,081) (340,959) 486,587
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - (286) (286)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $105,481 ($1,896,534) $1,207,365
============================================================= ==================== ==================== ====================
</TABLE>
559
<PAGE>
MEC International B.V.
Latrobe Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $72,487 $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 72,487 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 10,999 21,522
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 10,540 20,786
Maintenance - - -
Depreciation and decommissioning - 15,381 27,617
Income taxes $30 (5,255) 3,809
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 30 31,665 73,734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (30) 40,822 87,479
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84) 14,597 17,741
Minority interest - (36,696) -
Taxes on nonoperating income (69) 9,206 (6,387)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (153) (12,893) 11,354
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (183) 27,929 98,833
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 33,449 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 33,449 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (183) (5,520) 34,781
Retained earnings - beginning of year 4,970 34,968 53,067
Dividends declared on common stock 99 22,235 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,886 $51,683 $87,848
============================================================= ==================== ==================== ====================
</TABLE>
560
<PAGE>
MEC International B.V.
Latrobe Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($72,487) $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - (72,487) 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (11,000) 21,521
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - (10,433) 20,893
Maintenance - - -
Depreciation and decommissioning - (15,381) 27,617
Income taxes $100 7,660 6,344
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 100 (29,154) 76,375
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (100) (43,333) 84,838
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 2,953 (15,738) 19,469
Minority interest - 36,696 -
Taxes on nonoperting income (1,063) (8,696) (7,009)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,890 12,262 12,460
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 1,790 (31,071) 97,298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (33,449) 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (33,449) 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 1,790 2,378 33,246
Retained earnings - beginning of year - (39,031) 53,974
Dividends declared on common stock - (22,334) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,790 ($58,987) $87,220
============================================================= ==================== ==================== ====================
</TABLE>
561
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Latrobe Power Pty Mission Energy
Energy Holdings Ltd Consolidated Ventures Australia
Pty Ltd Pty Ltd
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $578 $1,228,469 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 453 (81,781) $2,178
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,031 1,146,688 2,178
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,802 23,811 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 27 11,499 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 72 9,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,901 44,756 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 7,033 15,921 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7,033 15,921 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $9,965 $1,207,365 $2,178
============================================================= ==================== ==================== ====================
</TABLE>
562
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Loy Yang Holdings Consolidating
Pty Ltd Pty Ltd Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - ($1,228,469)
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $79,150 - 2,631
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 79,150 - (1,225,838)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - (23,811)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - (11,499)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - (9,446)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - (44,756)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - (15,921)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - (15,921)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $79,150 - ($1,286,515)
============================================================= ==================== ==================== ====================
</TABLE>
563
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loy Yang Holdings
Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $578 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 2,631 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 3,209 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,802 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 27 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 72 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,901 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 7,033 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 7,033 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,143 - -
============================================================= ==================== ==================== ====================
</TABLE>
564
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Latrobe Power Pty Mission Energy
Energy Holdings Ltd Consolidated Ventures Australia
Pty Ltd Pty Ltd
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - $78,353 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($2,008) (57,376) ($474)
Unrealized gain in equity investments
- net - - -
Retained Earnings 9,663 87,220 351
- ------------------------------------------------------------- -------------------- -------------------- --------------------
7,655 108,197 (123)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 242 901,410 2,850
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 7,897 1,009,607 2,727
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 71 14,503 -
Short-term debt - - -
Account payable (12,646) (318,511) (132)
Accrued taxes - (63) -
Accrued interest - 15,528 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (12,575) (288,542) (132)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 14,412 (46) (417)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 231 486,633 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 14,643 486,587 (417)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - (286) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $9,965 $1,207,365 $2,178
============================================================= ==================== ==================== ====================
</TABLE>
565
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Loy Yang Holdings Consolidating
Pty Ltd Pty Ltd Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - $78,353
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($25,828) - 83,203
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,387) - (84,833)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(28,215) - (79,983)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 133,068 - (1,034,477)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 104,853 - (1,114,460)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - (14,503)
Short-term debt - - -
Account payable (9,585) - 328,096
Accrued taxes - - 63
Accrued interest - - (15,528)
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,585) - 298,128
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (16,118) - 16,164
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - (486,633)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (16,118) - (470,469)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 286
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $79,150 - ($1,286,515)
============================================================= ==================== ==================== ====================
</TABLE>
566
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loy Yang Holdings
Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($2,483) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 10,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
7,531 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 3,093 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 10,624 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 71 - -
Short-term debt - - -
Account payable (12,778) - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (12,707) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 13,995 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 231 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 14,226 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $12,143 - -
============================================================= ==================== ==================== ====================
</TABLE>
567
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Latrobe Power Pty Mission Energy
Energy Holdings Ltd Consolidated Ventures Australia
Pty Ltd Pty Ltd
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $161,213 -
Diversified operations $12,093 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12,093 161,213 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 21,521 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 14,094 20,893 -
Maintenance - - -
Depreciation and decommissioning 410 27,617 -
Income taxes (820) 6,344 $50
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 13,684 76,375 50
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1,591) 84,838 (50)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 289 19,469 27
Minority interest - - -
Taxes on nonoperating income (101) (7,009) (9)
Other nonoperating income - net (22) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 166 12,460 18
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,425) 97,298 (32)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 62,052 -
Other interest expense 6 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 6 62,052 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,431) 33,246 (32)
Retained earnings - beginning of year 11,094 53,974 383
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9,663 $87,220 $351
============================================================= ==================== ==================== ====================
</TABLE>
568
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Loy Yang Holdings Consolidating
Pty Ltd Pty Ltd Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - ($161,213)
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - (161,213)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - (21,521)
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - (20,893)
Maintenance - - -
Depreciation and decommissioning - - (27,617)
Income taxes $2,350 - (8,694)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,350 - (78,725)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2,350) - (82,488)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,347 - (20,816)
Minority interest - - -
Taxes on nonoperating income (485) 7,494
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 862 - (13,322)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,488) - (95,810)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - (64,052)
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - (64,052)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,488) - (31,758)
Retained earnings - beginning of year (899) - (53,075)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,387) - ($84,833)
============================================================= ==================== ==================== ====================
</TABLE>
569
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loy Yang Holdings
Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $12,093 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12,093 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 14,094 - -
Maintenance - - -
Depreciation and decommissioning 410 - -
Income taxes (770) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 13,734 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1,641) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 316 - -
Minority interest - - -
Taxes on nonoperating income (110)
Other nonoperating income - net (22) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 184 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,457) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense 6 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 6 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,463) - -
Retained earnings - beginning of year 11,477 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $10,014 - -
============================================================= ==================== ==================== ====================
</TABLE>
570
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Australia Operation & Operation &
Ltd Consolidated Maintenance Maintenance Loy
Kwinana Pty Ltd Yang Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $166 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 166 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,461 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,461 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,627 - -
============================================================= ==================== ==================== ====================
</TABLE>
571
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty Ltd Partnership [8]
Superannu- ation
Fund Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $73,626
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $286 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 286 73,626
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 6,315
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 2,333
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 2,832
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - 11,480
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 2,699
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 2,699
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $286 $87,805
============================================================= ==================== ==================== ====================
</TABLE>
572
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Consolidating Edison Mission
Energy Holdings Adjustments Energy Holdings
Pty Ltd Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $578 ($73,626) $578
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 1 453
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 578 (73,625) 1,031
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 341 (6,315) 1,802
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 27 (2,333) 27
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 72 (2,832) 72
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 440 (11,480) 1,901
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 76 4,258 7,033
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 76 4,258 7,033
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,094 ($80,847) $9,965
============================================================= ==================== ==================== ====================
</TABLE>
573
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Australia Operation & Operation &
Ltd Consolidated Maintenance Maintenance Loy
Kwinana Pty Ltd Yang Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $56 ($75) ($922)
Unrealized gain in equity investments
- net - - -
Retained Earnings 505 677 4,637
- ------------------------------------------------------------- -------------------- -------------------- --------------------
561 602 3,715
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 561 602 3,715
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable (11,548) (602) (3,715)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (11,548) ($602) ($3,715)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 12,614 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 12,614 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,627 - -
============================================================= ==================== ==================== ====================
</TABLE>
574
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty Ltd Partnership [8]
Superannuation
Fund Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - $19,421
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - ($6) (220)
Unrealized gain in equity investments
- net - - -
Retained Earnings - 17 9,436
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 11 28,637
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 242 58,160
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 253 86,797
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 2,403
Short-term debt - - -
Account payable - (70) (10,966)
Accrued taxes - - -
Accrued interest - - 2,949
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - (70) (5,614)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 103 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 6,622
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 103 6,622
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $286 $87,805
============================================================= ==================== ==================== ====================
</TABLE>
575
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Consolidating Edison Mission
Energy Holdings Adjustments Energy Holdings
Pty Ltd Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - ($19,421) -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($935) 94 ($2,008)
Unrealized gain in equity investments
- net - - -
Retained Earnings (667) (4,942) 9,663
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,602) (24,269) 7,655
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - (58,160) 242
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,602) (82,429) 7,897
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 71 (2,403) 71
Short-term debt - - -
Account payable 3,289 10,966 (12,646)
Accrued taxes - - -
Accrued interest - (2,949) -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,360 5,614 (12,575)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (895) 2,590 14,412
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 231 (6,622) 231
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (664) (4,032) 14,643
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,094 ($80,847) $9,965
============================================================= ==================== ==================== ====================
</TABLE>
576
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Australia Operation & Operation &
Ltd Consolidated Maintenance Maintenance Loy
Kwinana Pty Ltd Yang Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $3 $1,611 $7,884
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3 1,611 7,884
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2 1,270 7,892
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes 51 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 53 1,270 7,892
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (50) 341 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 60 - -
Minority interest - - -
Taxes on nonoperating income (21)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 39 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (11) 341 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (11) 341 (8)
Retained earnings - beginning of year 516 336 4,645
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $505 $677 $4,637
============================================================= ==================== ==================== ====================
</TABLE>
577
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty Ltd Partnership [8]
Superannuation
Fund Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $38,094
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 38,094
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 20,128
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - 3,377
Maintenance - - -
Depreciation and decommissioning - - 3,410
Income taxes - $18 (271)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 18 26,644
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (18) 11,450
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 753
Minority interest - - -
Taxes on nonoperating income (271)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 482
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - (18) 11,932
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 6,913
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 6,913
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (18) 5,019
Retained earnings - beginning of year - 35 4,417
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $17 $9,436
============================================================= ==================== ==================== ====================
</TABLE>
578
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Consolidating Edison Mission
Energy Holdings Adjustments Energy Holdings
Pty Ltd Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($38,094) -
Diversified operations $2,595 - $12,093
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2,595 (38,094) 12,093
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (20,128) -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 12,092 (10,539) 14,094
Maintenance - - -
Depreciation and decommissioning 410 (3,410) 410
Income taxes (3,557) 2,939 (820)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 8,945 (31,138) 13,684
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (6,350) (6,956) (1,591)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 229 (753) 289
Minority interest - - -
Taxes on nonoperating income (80) 271 (101)
Other nonoperating income - net (22) - (22)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 127 (482) 166
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (6,223) (7,438) (1,425)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (6,913) -
Other interest expense 6 - 6
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 6 (6,913) 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (6,229) (525) (1,431)
Retained earnings - beginning of year 5,562 (4,417) 11,094
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($667) ($4,942) $9,663
============================================================= ==================== ==================== ====================
</TABLE>
579
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Loy Yang B Joint Edison Mission
Partnership Venture Energy Australia
Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $703,028 $1,268,171
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 766,554 $166
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 703,028 2,034,725 166
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 12,789 23,761 1,461
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,962 11,498 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 4,817 9,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 23,568 44,705 1,461
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 4,706 15,921 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,706 15,921 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $731,302 $2,095,351 $1,627
============================================================= ==================== ==================== ====================
</TABLE>
580
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Mission
Adjustments Energy Australia
Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation ($1,971,199) - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (766,554) $166 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (2,737,753) 166 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents (36,550) 1,461 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (17,460) - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (14,263) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (68,273) 1,461 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (20,627) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (20,627) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2,826,653) $1,627 -
============================================================= ==================== ==================== ====================
</TABLE>
581
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Loy Yang B Joint Edison Mission
Partnership Venture Energy Australia
Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $806,256 -
Additional Paid in Capital $174,082 174,082 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (6,263) (10,578) $56
Unrealized gain in equity investments
- net - - -
Retained Earnings 51,683 87,848 505
- ------------------------------------------------------------- -------------------- -------------------- --------------------
219,502 1,057,608 561
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 405,600 752,325 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 625,102 1,809,933 561
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (236,986) (234,534) (11,548)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (236,986) (220,031) (11,548)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 18,038 12,614
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 343,186 487,411 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 343,186 505,449 12,614
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $731,302 $2,095,351 $1,627
============================================================= ==================== ==================== ====================
</TABLE>
582
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Mission
Adjustments Energy Australia
Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($806,256) - -
Additional Paid in Capital (348,164) - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 16,841 $56 -
Unrealized gain in equity investments
- net - - -
Retained Earnings (139,531) 505 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,277,110) 561 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (1,157,925) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (2,435,035) 561 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (14,503) - -
Short-term debt - - -
Account payable 471,520 (11,548) -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 457,017 (11,548) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (18,038) 12,614 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits (830,597) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (848,635) 12,614 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($2,826,653) $1,627 -
============================================================= ==================== ==================== ====================
</TABLE>
583
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Loy Yang B Joint Edison Mission
Partnership Venture Energy Australia
Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $72,487 $161,213 -
Diversified operations - - $3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 72,487 161,213 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 10,999 21,522 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 10,540 20,786 2
Maintenance - - -
Depreciation and decommissioning 15,381 27,617 -
Income taxes (5,255) 3,809 51
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31,665 73,734 53
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 40,822 87,479 (50)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 14,597 17,741 60
Minority interest - - -
Taxes on nonoperating income (5,255) (6,387) (21)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 9,342 11,354 39
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 50,164 98,833 (11)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 33,449 64,052 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 33,449 64,052 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 16,715 34,781 (11)
Retained earnings - beginning of year 34,968 53,067 516
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $51,683 $87,848 $505
============================================================= ==================== ==================== ====================
</TABLE>
584
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Edison Mission Energy Holdings Pty Ltd
Edison Mission Energy Australia Ltd and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Edison Mission
Adjustments Energy Australia
Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue ($233,700) - -
Diversified operations - $3 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (233,700) 3 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (32,521) - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses (31,326) 2 -
Maintenance - - -
Depreciation and decommissioning (42,998) - -
Income taxes 1,446 51 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (105,399) 53 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (128,301) (50) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (32,338) 60 -
Minority interest - - -
Taxes on nonoperating income 11,642 (21)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (20,696) 39 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (148,997) (11) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (97,501) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (97,501) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (51,496) (11) -
Retained earnings - beginning of year (88,035) 516 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($139,531) $505 -
============================================================= ==================== ==================== ====================
</TABLE>
585
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Latrobe Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $703,028 $1,268,171
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $171,714 - 766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 171,714 703,028 2,034,725
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 51 12,789 23,761
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,962 11,498
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 4,817 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51 23,568 44,705
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
586
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Latrobe Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - ($742,730) $1,228,469
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $105,481 (1,125,530) (81,781)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 105,481 (1,868,260) 1,146,688
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - (12,790) 23,811
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - (5,961) 11,499
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - (4,817) 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - (23,568) 44,756
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - (4,706) 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - (4,706) 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $105,481 ($1,896,534) $1,207,365
============================================================= ==================== ==================== ====================
</TABLE>
587
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Latrobe Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $806,256
Additional Paid in Capital $169,523 $174,082 174,082
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (447) (6,263) (10,578)
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,886 51,683 87,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
173,962 219,502 1,057,608
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 405,600 752,325
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 173,962 625,102 1,809,933
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (2,189) (236,986) (234,534)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,189) (236,986) (220,031)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8) - 18,038
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 343,186 487,411
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (8) 343,186 505,449
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
588
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Latrobe Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - ($806,256) -
Additional Paid in Capital - (439,333) $78,354
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $6,703 (46,791) (57,376)
Unrealized gain in equity investments
- net - - -
Retained Earnings 1,790 (58,988) 87,219
- ------------------------------------------------------------- -------------------- -------------------- --------------------
8,493 (1,351,368) 108,197
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 127,769 (384,284) 901,410
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 136,262 (1,735,652) 1,009,607
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (35,922) 191,120 (318,511)
Accrued taxes 26,222 (26,285) (63)
Accrued interest - 15,528 15,528
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,700) 180,363 (288,543)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (21,081) 3,005 (46)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - (343,964) 486,633
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (21,081) (340,959) 486,587
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - (286) (286)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $105,481 ($1,896,534) $1,207,365
============================================================= ==================== ==================== ====================
</TABLE>
589
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Latrobe Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $72,487 $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 72,487 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 10,999 21,522
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 10,540 20,786
Maintenance - - -
Depreciation and decommissioning - 15,381 27,617
Income taxes $30 (5,255) 3,809
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 30 31,665 73,734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (30) 40,822 87,479
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84) 14,597 17,741
Minority interest - (36,696) -
Taxes on nonoperating income (69) 9,206 (6,387)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (153) (12,893) 11,354
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (183) 27,929 98,833
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 33,449 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 33,449 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (183) (5,520) 34,781
Retained earnings - beginning of year 4,970 34,968 53,067
Dividends declared on common stock 99 22,235 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,886 $51,683 $87,848
============================================================= ==================== ==================== ====================
</TABLE>
590
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Latrobe Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Latrobe Power Pty Consolidating Latrobe Power Pty
Ltd Adjustments Ltd Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($72,487) $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - (72,487) 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (10,999) 21,522
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - (10,433) 20,893
Maintenance - - -
Depreciation and decommissioning - (15,381) 27,617
Income taxes $100 7,660 6,344
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 100 (29,153) 76,376
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (100) (43,334) 84,837
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 2,953 (15,738) 19,469
Minority interest - 36,696 -
Taxes on nonoperating income (1,063) (8,696) (7,009)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,890 12,262 12,460
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 1,790 (31,072) 97,297
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (33,449) 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (33,449) 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 1,790 2,377 33,245
Retained earnings - beginning of year - (39,031) 53,974
Dividends declared on common stock - (22,334) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,790 ($58,988) $87,219
============================================================= ==================== ==================== ====================
</TABLE>
591
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Mission Energy Ventures Australia Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $703,028 $1,268,171
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $171,714 - 766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 171,714 703,028 2,034,725
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 51 12,789 23,761
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,962 11,498
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 4,817 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51 23,568 44,705
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
592
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Mission Energy Ventures Australia Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty Ltd Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - ($1,971,199) -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $2,178 (938,268) $2,178
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,178 (2,909,467) 2,178
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - (36,601) -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - (17,460) -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - (14,263) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - (68,324) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - (20,627) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - (20,627) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,178 ($2,998,418) $2,178
============================================================= ==================== ==================== ====================
</TABLE>
593
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Mission Energy Ventures Australia Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $806,256
Additional Paid in Capital $169,523 $174,082 174,082
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (447) (6,263) (10,578)
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,886 51,683 87,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
173,962 219,502 1,057,608
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 405,600 752,325
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 173,962 625,102 1,809,933
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (2,189) (236,986) (234,534)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,189) (236,986) (220,031)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8) - 18,038
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 343,186 487,411
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (8) 343,186 505,449
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
594
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Mission Energy Ventures Australia Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty Ltd Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - ($806,256) -
Additional Paid in Capital - (517,687) -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($474) 17,288 ($474)
Unrealized gain in equity investments
- net - - -
Retained Earnings 351 (144,417) 351
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(123) (1,451,072) (123)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 2,850 (1,157,925) 2,850
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,727 (2,608,997) 2,727
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - (14,503) -
Short-term debt - - -
Account payable (132) 473,709 (132)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (132) 459,206 (132)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (417) (18,030) (417)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - (830,597) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (417) (848,627) (417)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,178 ($2,998,418) $2,178
============================================================= ==================== ==================== ====================
</TABLE>
595
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Mission Energy Ventures Australia Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $72,487 $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 72,487 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 10,999 21,522
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 10,540 20,786
Maintenance - - -
Depreciation and decommissioning - 15,381 27,617
Income taxes $30 (5,255) 3,809
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 30 31,665 73,734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (30) 40,822 87,479
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84) 14,597 17,741
Minority interest - - -
Taxes on nonoperating income 30 (5,255) (6,387)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (54) 9,342 11,354
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (84) 50,164 98,833
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 33,449 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 33,449 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (84) 16,715 34,781
Retained earnings - beginning of year 4,970 34,968 53,067
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,886 $51,683 $87,848
============================================================= ==================== ==================== ====================
</TABLE>
596
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Mission Energy Ventures Australia Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty Ltd Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($233,700) -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - (233,700) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (32,521) -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - (31,326) -
Maintenance - - -
Depreciation and decommissioning - (42,998) -
Income taxes $50 1,416 $50
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 50 (105,429) 50
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (50) (128,271) (50)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 27 (32,254) 27
Minority interest - - -
Taxes on nonoperating income (9) 11,612 (9)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 18 (20,642) 18
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (32) (148,913) (32)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (97,501) -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (97,501) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (32) (51,412) (32)
Retained earnings - beginning of year 383 (93,005) 383
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $351 ($144,417) $351
============================================================= ==================== ==================== ====================
</TABLE>
597
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Traralgon Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $703,028 $1,268,171
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $171,714 - 766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 171,714 703,028 2,034,725
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 51 12,789 23,761
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,962 11,498
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 4,817 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51 23,568 44,705
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $717,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
598
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Traralgon Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - ($1,971,199) -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $79,150 (938,268) $79,150
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 79,150 (2,909,467) 79,150
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - (36,601) -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - (17,460) -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - (14,263) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - (68,324) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - (20,627) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - (20,627) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $79,150 ($2,998,418) $79,150
============================================================= ==================== ==================== ====================
</TABLE>
599
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Traralgon Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $806,256
Additional Paid in Capital $169,523 $174,082 174,082
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (447) (6,263) (10,578)
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,886 51,683 87,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
173,962 216,502 1,057,608
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 405,600 752,325
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 173,962 625,102 1,809,933
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (2,189) (236,986) (234,534)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,189) (236,986) (220,031)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8) - 18,038
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 343,186 487,411
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (8) 343,186 505,449
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
600
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Traralgon Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - ($806,256) -
Additional Paid in Capital - (517,687) -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($25,828) 17,288 ($25,828)
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,387) (144,417) (2,387)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(28,215) (1,451,072) (28,215)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 133,068 (1,157,925) 133,068
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 104,853 (2,608,997) 104,853
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - (14,503) -
Short-term debt - - -
Account payable (9,585) 473,709 (9,585)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,585) 459,206 (9,585)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (16,118) (18,030) (16,118)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - (830,598) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (16,118) (848,628) (16,118)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $79,150 ($2,998,418) $79,150
============================================================= ==================== ==================== ====================
</TABLE>
601
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Traralgon Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership Venture
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $72,487 $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 72,487 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 10,999 21,522
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 10,540 20,786
Maintenance - - -
Depreciation and decommissioning - 15,381 27,617
Income taxes $30 (5,255) 3,809
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 30 31,665 73,734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (30) 40,822 87,479
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84) 14,597 17,741
Minority interest - - -
Taxes on nonoperating income 30 (5,255) (6,387)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (54) 9,342 11,354
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (84) 50,164 98,833
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 33,449 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 33,449 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (84) 16,715 34,781
Retained earnings - beginning of year 4,970 34,968 53,067
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,886 $51,683 $87,848
============================================================= ==================== ==================== ====================
</TABLE>
602
<PAGE>
MEC International B.V.
Loy Yang Holdings Pty Ltd
Traralgon Power Pty Ltd and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($233,700) -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - (233,700) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (32,521) -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - (31,326) -
Maintenance - - -
Depreciation and decommissioning - (42,998) -
Income taxes $2,350 1,416 $2,350
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,350 (105,429) 2,350
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2,350) (128,271) (2,350)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,347 (32,254) 1,347
Minority interest - - -
Taxes on nonoperating income (485) 11,612 (485)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 862 (20,642) 862
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,488) (148,913) (1,488)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (97,501) -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (97,501) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,488) (51,412) (1,488)
Retained earnings - beginning of year (899) (93,005) (899)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,387) ($144,417) ($2,387)
============================================================= ==================== ==================== ====================
</TABLE>
603
<PAGE>
MEC International B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $152,235 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 152,235 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 131 $63 $63
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 317 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 137 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 585 63 63
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 210 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 210 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $153,030 $63 $63
============================================================= ==================== ==================== ====================
</TABLE>
604
<PAGE>
MEC International B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $8,321 - $160,556
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 29,829 ($29,829) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 38,150 (29,829) 160,556
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 23 - 280
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 317
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 137
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 23 - 734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 322 - 532
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 322 - 532
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $38,495 ($29,829) $161,822
============================================================= ==================== ==================== ====================
</TABLE>
605
<PAGE>
MEC International B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $99 $63 $63
Additional Paid in Capital 37,068 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (305) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
36,863 63 63
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 102,931 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 139,794 63 63
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 8,243 - -
Short-term debt - - -
Account payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8,243 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 4,993 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 4,993 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $153,030 $63 $63
============================================================= ==================== ==================== ====================
</TABLE>
606
<PAGE>
MEC International B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $30 ($224) $31
Additional Paid in Capital 29,802 (37,068) 29,802
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 61 (244)
Unrealized gain in equity investments
- net - - -
Retained Earnings 58 (1) 58
- ------------------------------------------------------------- -------------------- -------------------- --------------------
29,890 (37,232) 29,647
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - 102,931
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 29,890 (37,232) 132,578
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 8,243
Short-term debt - - -
Account payable 8,629 - 8,629
Accrued taxes (24) - (24)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8,605 - 16,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 4,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 4,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 7,403 7,403
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $38,495 ($29,829) $161,822
============================================================= ==================== ==================== ====================
</TABLE>
607
<PAGE>
MEC International B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - -
Retained earnings - beginning of year $1 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 - -
============================================================= ==================== ==================== ====================
</TABLE>
608
<PAGE>
MEC International B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 - $3
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (1) - (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 - 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) - (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1 - 1
Minority interest - - -
Other nonoperating income - net (26) - (26)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (25) - (25)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (27) - (27)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (27) - (27)
Retained earnings - beginning of year 85 ($1) 85
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $58 ($1) $58
============================================================= ==================== ==================== ====================
</TABLE>
609
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission MEC Esenyurt B.V. MEC IES B.V.
Energy Consolidated
International B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $140 $160,556 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $6
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 140 160,556 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 108 280 9
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 317 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 137 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 108 734 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 532 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 532 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $248 $161,822 $15
============================================================= ==================== ==================== ====================
</TABLE>
610
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC India B.V. MEC Indo Coal B.V. MEC Indonesia B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $22,553 $125,694
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 22,553 125,694
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $21 1,360 23
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21 1,360 23
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 60 1,007
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 60 1,007
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $21 $23,973 $126,724
============================================================= ==================== ==================== ====================
</TABLE>
611
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Laguna Power MEC Perth B.V. MEC Priolo B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $73,626 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $3,340 - $16,517
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 3,340 73,626 16,517
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 6,337 1,487
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 2,333 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 2,832 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 11,502 1,487
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 30 2,703 111
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 30 2,703 111
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,370 $87,831 $18,115
============================================================= ==================== ==================== ====================
</TABLE>
612
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $2,276 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 2,276 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - $20 $18
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 20 18
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 16 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 16 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,292 $20 $18
============================================================= ==================== ==================== ====================
</TABLE>
613
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V. Mission Energy P.T. Edison
Consolidated Italia s.r.l. Mission Operation
and Maintenance
Indonesia
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 $119 $9
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (25,049) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,058,656 119 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 48,574 25 586
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 211 987
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 221 549
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 94,044 457 2,122
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 339,917 22 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 339,917 22 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,492,617 $598 $2,131
============================================================= ==================== ==================== ====================
</TABLE>
614
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - ($1,318,155) -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $5,295 (145,337) $5,295
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 5,295 (1,463,492) 5,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 34 (58,848) 34
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - (43,300) -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - (9,757) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 34 (111,905) 34
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - (344,398) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - (344,398) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5,329 ($1,919,795) $5,329
============================================================= ==================== ==================== ====================
</TABLE>
615
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission MEC Esenyurt B.V. MEC IES B.V.
Energy Consolidated
International B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $56 $31 $25
Additional Paid in Capital - 29,802 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (244) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (421) 58 (135)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(365) 29,647 (110)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 102,931 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (365) 132,578 (110)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 8,243 -
Short-term debt - - -
Account payable 826 8,629 197
Accrued taxes (213) (24) (72)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 613 16,848 125
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 4,993 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 4,993 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 7,403 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $248 $161,822 $15
============================================================= ==================== ==================== ====================
</TABLE>
616
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC India B.V. MEC Indo Coal B.V. MEC Indonesia B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23 $22 $21
Additional Paid in Capital - 17,426 126,849
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (20) 4,043 (112)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3 21,491 126,759
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 3 21,491 126,759
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable 27 5 11
Accrued taxes (9) 143 (45)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 18 148 (34)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 2,334 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 2,334 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $21 $23,973 $126,724
============================================================= ==================== ==================== ====================
</TABLE>
617
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Laguna Power MEC Perth B.V. MEC Priolo B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23 $23 $21
Additional Paid in Capital 3,324 - 17,928
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (5,640) 187
Unrealized gain in equity investments
- net - - -
Retained Earnings (17) 6,544 (485)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3,330 927 17,651
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 82,172 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
3,330 83,099 17,651
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 2,403 -
Short-term debt - - -
Account payable 49 (17,841) 280
Accrued taxes (9) - 184
Accrued interest - 2,949 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 40 (12,489) 464
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 10,313 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 6,622 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 16,935 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 286 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $3,370 $87,831 $18,115
============================================================= ==================== ==================== ====================
</TABLE>
618
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $23 $26 $26
Additional Paid in Capital 2,276 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (19) (18) (20)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,280 8 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,280 8 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable 21 19 19
Accrued taxes (9) (7) (7)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 12 12 12
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $2,292 $20 $18
============================================================= ==================== ==================== ====================
</TABLE>
619
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V. Mission Energy P.T. Edison
Consolidated Italia s.r.l. Mission Operation
and Maintenance
Indonesia
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 $13 -
Additional Paid in Capital - - $1,500
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,278 20 -
Unrealized gain in equity investments
- net - - -
Retained Earnings 143,538 193 601
- ------------------------------------------------------------- -------------------- -------------------- --------------------
453,514 226 2,101
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,118,634 226 2,101
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable (132,866) 166 (855)
Accrued taxes 53,008 206 885
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (24,945) 372 30
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,492,617 $598 $2,131
============================================================= ==================== ==================== ====================
</TABLE>
620
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $21 ($277,031) $21
Additional Paid in Capital 4,781 (199,105) 4,781
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (27,601) -
Unrealized gain in equity investments
- net - - -
Retained Earnings 514 (153,731) 514
- ------------------------------------------------------------- -------------------- -------------------- --------------------
5,316 (657,468) 5,316
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - (850,223) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 5,316 (1,507,691) 5,316
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - (40,576) -
Short-term debt - - -
Account payable 27 141,313 27
Accrued taxes (14) (54,031) (14)
Accrued interest - (27,932) -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13 18,774 13
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (294,090) -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - (47,882) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - (341,972) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - (88,907) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $5,329 ($1,919,795) $5,329
============================================================= ==================== ==================== ====================
</TABLE>
621
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission MEC Esenyurt B.V. MEC IES B.V.
Energy Consolidated
International B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $322 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 322 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 940 $3 $114
Maintenance - - -
Depreciation and decommissioning 12 - -
Income taxes (220) (1) (40)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 732 2 74
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (410) (2) (74)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 2 1 -
Minority interest - - -
Taxes on nonoperating income (1) - -
Other nonoperating income - net (3) (26) (14)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (2) (25) (14)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (412) (27) (88)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (412) (27) (88)
Retained earnings - beginning of year (9) 85 (47)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($421) $58 ($135)
============================================================= ==================== ==================== ====================
</TABLE>
622
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC India B.V. MEC Indo Coal B.V. MEC Indonesia B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - $1,335 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 1,335 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1 1 $1
Maintenance - - -
Depreciation and decommissioning - 625 -
Income taxes - 253 -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 879 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 456 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1 76 -
Minority interest - - -
Taxes on nonoperating income - (27) -
Other nonoperating income - net (5) 189 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (4) 238 (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (5) 694 (8)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (5) 694 (8)
Retained earnings - beginning of year (14) 3,349 (104)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($20) $4,043 ($112)
============================================================= ==================== ==================== ====================
</TABLE>
623
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Laguna Power MEC Perth B.V. MEC Priolo B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $38,904 -
Diversified operations - 42 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 38,136 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 20,128 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1 3,377 $7
Maintenance - - -
Depreciation and decommissioning - 3,412 -
Income taxes - 1,643 39
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 28,560 46
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) 9,576 (46)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 753 61
Minority interest - (50) -
Taxes on nonoperating income - (271) (21)
Other nonoperating income - net (6) - (64)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (6) 432 (24)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (7) 10,008 (70)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 6,913 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 6,913 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (7) 3,095 (70)
Retained earnings - beginning of year (10) 3,449 (415)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($17) $6,544 ($485)
============================================================= ==================== ==================== ====================
</TABLE>
624
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1 $1 $1
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 1 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1) (1) (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net (6) (5) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (6) (5) (5)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (7) (6) (6)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (7) (6) (6)
Retained earnings - beginning of year (12) (12) (14)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($19) ($18) ($20)
============================================================= ==================== ==================== ====================
</TABLE>
625
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V. Mission Energy P.T. Edison
Consolidated Italia s.r.l. Mission Operation
and Maintenance
Indonesia
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - $3,034 $5,794
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 3,034 5,794
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 2,709 4,847
Maintenance - - -
Depreciation and decommissioning 25,575 37 -
Income taxes 16,089 190 527
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,052 2,936 5,374
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,374 98 420
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 10,814 2 13
Minority interest (19,692) - -
Taxes on nonoperating income (3,598) (1) (4)
Other nonoperating income - net 452 1 (132)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (12,024) 2 (123)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 111,350 100 297
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - (88)
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - (88)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 51,024 100 385
Retained earnings - beginning of year 95,792 93 965
Dividends declared on common stock (3,278) - (749)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $143,538 $193 $601
============================================================= ==================== ==================== ====================
</TABLE>
626
<PAGE>
MEC International B.V.
MEC International Holdings B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($381,520) -
Diversified operations $7 (10,527) $7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7 (392,047) 7
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (112,138) -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 2 (81,319) 2
Maintenance - - -
Depreciation and decommissioning - (29,661) -
Income taxes (1) (18,480) (1)
Property and other taxes - (17,063) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 (258,661) 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 6 (133,386) 6
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - (11,723) -
Minority interest - 19,742 -
Taxes on nonoperating income - 3,923 -
Other nonoperating income - net (10) (369) (10)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (10) 11,573 (10)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (4) (121,813) (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (67,056) -
Other interest expense - (95) -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (67,151) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (4) (54,662) (4)
Retained earnings - beginning of year 518 (103,096) 518
Dividends declared on common stock - 4,027 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $514 ($153,731) $514
============================================================= ==================== ==================== ====================
</TABLE>
627
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $152,235 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 152,235 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 131 $63 $63
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 317 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 137 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 585 63 63
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 210 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 210 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $153,030 $63 $63
============================================================= ==================== ==================== ====================
</TABLE>
628
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $8,321 - $160,556
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 29,829 ($29,829) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 38,150 (29,829) 160,556
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 23 - 280
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 317
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 137
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 23 - 734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 322 - 532
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 322 - 532
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $38,495 ($29,829) $161,822
============================================================= ==================== ==================== ====================
</TABLE>
629
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $99 $63 $63
Additional Paid in Capital 37,068 - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (305) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
36,863 63 63
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 102,931 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 139,794 63 63
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 8,243 - -
Short-term debt - - -
Account payable - - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8,243 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 4,993 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 4,993 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $153,030 $63 $63
============================================================= ==================== ==================== ====================
</TABLE>
630
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $30 ($224) $31
Additional Paid in Capital 29,802 (37,068) 29,802
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - 61 (244)
Unrealized gain in equity investments
- net - - -
Retained Earnings 58 (1) 58
- ------------------------------------------------------------- -------------------- -------------------- --------------------
29,890 (37,232) 29,647
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - 102,931
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 29,890 (37,232) 132,578
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 8,243
Short-term debt - - -
Account payable 8,629 - 8,629
Accrued taxes (24) - (24)
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8,605 - 16,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 4,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 4,993
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 7,403 7,403
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $38,495 ($29,829) $161,822
============================================================= ==================== ==================== ====================
</TABLE>
631
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - -
Retained earnings - beginning of year $1 - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 - -
============================================================= ==================== ==================== ====================
</TABLE>
632
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Esenyurt B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 - $3
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (1) - (1)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 - 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2) - (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1 - 1
Minority interest - - -
Other nonoperating income - net (26) - (26)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (25) - (25)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (27) - (27)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (27) - (27)
Retained earnings - beginning of year 85 ($1) 85
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $58 ($1) $58
============================================================= ==================== ==================== ====================
</TABLE>
633
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (79,085) $218,368 ($164,332)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,004,620 218,368 (164,332)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 105,164 51 (56,641)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 150,634 51 (56,641)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 1,903 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 1,903 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,493,268 $220,322 ($220,973)
============================================================= ==================== ==================== ====================
</TABLE>
634
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (25,049) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,058,656 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 48,574 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 94,044 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 339,917 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 339,917 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,492,617 - -
============================================================= ==================== ==================== ====================
</TABLE>
635
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 $26 ($26)
Additional Paid in Capital - 276,698 (276,698)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,153 35,353 (35,228)
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,994) 55,553 90,979
- ------------------------------------------------------------- -------------------- -------------------- --------------------
306,857 367,630 (220,973)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 971,977 367,630 (220,973)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable 16,445 (149,311) -
Accrued taxes 51,005 2,003 -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 122,363 (147,308) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,493,268 $220,322 ($220,973)
============================================================= ==================== ==================== ====================
</TABLE>
636
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V. and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,278 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 143,538 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
453,514 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,118,634 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable (132,866) - -
Accrued taxes 53,008 - -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (24,945) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,492,617 - -
============================================================= ==================== ==================== ====================
</TABLE>
637
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,314 $1 -
Maintenance - - -
Depreciation and decommissioning 25,524 51 -
Income taxes 16,107 (18) -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,018 34 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,408 (34) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,667 6,147 -
Minority interest (19,692) - -
Taxes on nonoperating income (1,447) (2,151) -
Other nonoperating income - net - 452 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (16,472) 4,448 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 106,936 4,414 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 46,610 4,414 -
Retained earnings - beginning of year 95,711 51,139 ($51,058)
Dividends declared on common stock (145,315) - 142,037
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,994) $55,553 $90,979
============================================================= ==================== ==================== ====================
</TABLE>
638
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V. and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 - -
Maintenance - - -
Depreciation and decommissioning 25,575 - -
Income taxes 16,089 - -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,052 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,374 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 10,814 - -
Minority interest (19,692) - -
Taxes on nonoperating income (3,598) - -
Other nonoperating income - net 452 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (12,024) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 111,350 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - -
Capitalized interest - - -
Dividends on subsidiary preferred -
securities - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 51,024 - -
Retained earnings - beginning of year 95,792 - -
Dividends declared on common stock (3,278) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $143,538 - -
============================================================= ==================== ==================== ====================
</TABLE>
639
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - (79,085) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 1,004,620 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 105,164 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 150,634 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $61,080 338,014 ($61,080)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61,080 338,014 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,080 $1,493,268 ($61,080)
============================================================= ==================== ==================== ====================
</TABLE>
640
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (79,085) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,004,620 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 105,164 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 150,634 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,493,268 - -
============================================================= ==================== ==================== ====================
</TABLE>
641
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $276,698 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($19) 33,153 $19
Unrealized gain in equity investments
- net - - -
Retained Earnings (52) (2,994) 52
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(71) 306,857 71
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 61,080 665,120 (61,080)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 61,009 971,977 (61,009)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable 30 16,445 (30)
Accrued taxes - 51,005 -
Accrued interest - 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 122,363 (30)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 281,443 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 41 36,267 (41)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 41 317,710 (41)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 81,218 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $61,080 $1,493,268 ($61,080)
============================================================= ==================== ==================== ====================
</TABLE>
642
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,153 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,994) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
306,857 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 971,977 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable 16,445 - -
Accrued taxes 51,005 - -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 122,363 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,493,268 - -
============================================================= ==================== ==================== ====================
</TABLE>
643
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,426 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,426 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $73 69,314 ($73)
Maintenance - - -
Depreciation and decommissioning - 25,524 -
Income taxes (8) 16,107 8
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 65 220,018 (65)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (65) 123,408 65
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 21 4,667 (21)
Minority interest - (19,692) -
Taxes on nonoperating income (8) (1,447) 8
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13 (16,472) (13)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (52) 106,936 52
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (52) 46,610 52
Retained earnings - beginning of year - 95,711 -
Dividends declared on common stock - (145,315) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) ($2,994) $52
============================================================= ==================== ==================== ====================
</TABLE>
644
<PAGE>
MEC International B.V.
MEC International Holdings B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,314 - -
Maintenance - -
Depreciation and decommissioning 25,524 - -
Income taxes 16,107 - -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,408 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,667 - -
Minority interest (19,692) - -
Taxes on nonoperating income (1,447) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (16,472) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 106,936 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 46,610 - -
Retained earnings - beginning of year 95,711 - -
Dividends declared on common stock (145,315) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,994) - -
============================================================= ==================== ==================== ====================
</TABLE>
645
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 766,554
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - $61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $61,080 $766,554
============================================================= ==================== ==================== ====================
</TABLE>
646
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - ($1,083,705)
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (169,327) - (597,227)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 914,378 - (1,680,932)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 47,376 - (47,376)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - (39,452)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - (6,018)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 92,846 - (92,846)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 $61,080 (399,094)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 61,080 (399,094)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,345,238 $61,080 ($2,172,872)
============================================================= ==================== ==================== ====================
</TABLE>
647
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,080 - -
============================================================= ==================== ==================== ====================
</TABLE>
648
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - ($2) $10,390
Unrealized gain in equity investments
- net - - -
Retained Earnings - 298 (115,359)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 296 (104,969)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 61,080 746,217
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 61,376 641,248
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable - 9 95,276
Accrued taxes - - -
Accrued interest - - 15,528
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 9 123,307
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - (1)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 305 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 305 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $61,080 $766,554
============================================================= ==================== ==================== ====================
</TABLE>
649
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 - ($181,987)
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (144,392) ($19) 134,004
Unrealized gain in equity investments
- net - - -
Retained Earnings 202,446 (52) (87,385)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
240,041 (71) (135,368)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 61,080 (1,472,417)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 905,161 61,009 (1,607,785)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - (44,433)
Short-term debt - - -
Account payable 16,447 30 (111,732)
Accrued taxes 51,005 - (51,005)
Accrued interest 24,983 - (40,511)
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 123,365 30 (247,681)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,445 - (281,444)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 41 (35,962)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,712 41 (317,406)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,345,238 $61,080 ($2,172,872)
============================================================= ==================== ==================== ====================
</TABLE>
650
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($19) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (52) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(71) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 61,009 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable 30 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $61,080 - -
============================================================= ==================== ==================== ====================
</TABLE>
651
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the YearEnded December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $33 -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - (119) ($2)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (86) (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 86 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 331 -
Minority interest - - -
Taxes on nonoperating income - (119) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 298 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 63,000
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 63,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 298 (62,998)
Retained earnings - beginning of year - - (52,361)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $298 ($115,359)
============================================================= ==================== ==================== ====================
</TABLE>
652
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,425 - ($343,425)
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,425 - (343,425)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - (92,010)
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 $73 (69,348)
Maintenance - - -
Depreciation and decommissioning 25,524 - (25,524)
Income taxes 16,107 (8) (15,986)
Property and other taxes 17,063 - (17,063)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,019 65 (219,931)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,406 (65) (123,494)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,666 21 (4,997)
Minority interest - - -
Taxes on nonoperating income (1,447) (8) 1,566
Other nonoperating income - net 1 - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 3,220 13 (3,432)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 126,626 (52) (126,926)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - (123,231)
Other interest expense 95 - (95)
Allowance for borrowed funds used during
construction
Capitalized interest - - -
Dividends on subsidiary preferred - - -
securities
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
Total interest and other expenses - net 60,326 - (123,326)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 66,300 (52) (3,600)
Retained earnings - beginning of year 136,146 - (83,785)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202,446 ($52) ($87,385)
============================================================= ==================== ==================== ====================
</TABLE>
653
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $73 - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (8) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 65 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (65) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 21 - -
Minority interest - - -
Taxes on nonoperating income (8) - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (52) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - -
Other interest expense - - -
Allowance for borrowed funds used during -
construction - -
Capitalized interest - - -
Dividends on subsidiary preferred -
securities - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Total interest and other expenses - net - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Net Income (52) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) - -
============================================================= ==================== ==================== ====================
</TABLE>
654
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [11]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
655
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries ($766,554) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (766,554) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($766,554) - -
============================================================= ==================== ==================== ====================
</TABLE>
656
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [11]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $766,554 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 (10,582) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) 115,547 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 (871,519) -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 ($871,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
657
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($766,554) - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 192 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (188) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(766,550) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (746,217) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,512,767) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (14,053) - -
Short-term debt - - -
Account payable 776,243 - -
Accrued taxes - - -
Accrued interest (15,528) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 746,212 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($766,554) - -
============================================================= ==================== ==================== ====================
</TABLE>
658
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [11]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) ($22,747) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) (22,747) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 22,747 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 63,186 -
Minority interest - - -
Taxes on nonoperating income - (22,747) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 63,186 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) 63,186 -
Retained earnings - beginning of year (52,361) 52,361 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) $115,547 -
============================================================= ==================== ==================== ====================
</TABLE>
659
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $22,749 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,749 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,749) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (63,186) - -
Minority interest - - -
Taxes on nonoperating income 22,747 - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (40,439) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Income before interest and other expenses (63,188) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (63,000) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (63,000) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (188) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($188) - -
============================================================= ==================== ==================== ====================
</TABLE>
660
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd. Mission Energy
Partnership [11] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 -
Investments in leveraged leases - -
Other investments - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
661
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $565,143 $1,268,171 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 766,554 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 565,143 2,034,725 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 10,971 23,761 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,537 11,498 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 4,629 9,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21,137 44,705 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 11,214 15,921 $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11,214 15,921 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $597,494 $2,095,351 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
662
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation ($1,833,314) - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (1,533,108) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (3,366,422) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents (34,732) - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (17,035) - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (14,075) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (65,842) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (88,215) $61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (88,215) 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($3,520,479) $61,080 -
============================================================= ==================== ==================== ====================
</TABLE>
663
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $766,554 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 (10,582) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) 115,547 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 871,519 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 (871,159) -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 ($871,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - $61,080
============================================================= ==================== ==================== ====================
</TABLE>
664
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $39,702 $806,256 -
Additional Paid in Capital - 174,082 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (3,354) (10,578) ($2)
Unrealized gain in equity investments
- net - - -
Retained Earnings 35,206 87,848 298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
71,554 1,057,608 296
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 422,309 752,325 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 493,863 1,809,933 61,376
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (57,856) (234,534) 9
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (57,856) (220,031) 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18,040 18,038 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 143,447 487,441 (305)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 161,487 505,449 (305)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $597,494 $2,095,351 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
665
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($1,612,512) - -
Additional Paid in Capital (174,082) - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 14,124 ($2) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (123,242) 298 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,895,712) 296 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (1,981,931) 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (3,877,643) 61,376 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (29,006) - -
Short-term debt - - -
Account payable 1,068,633 9 -
Accrued taxes - - -
Accrued interest (15,528) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,024,099 9 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (36,077) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits (630,858) (305) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (666,935) (305) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($3,520,479) $61,080 -
============================================================= ==================== ==================== ====================
</TABLE>
666
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) ($22,747) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) (22,747) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 22,747 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 63,186 -
Minority interest - - -
Taxes on nonoperating income - (22,747) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 63,186 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) 63,186 -
Retained earnings - beginning of year (52,361) 52,361 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) $115,547 -
============================================================= ==================== ==================== ====================
</TABLE>
667
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $88,726 $161,213 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88,726 161,213 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 10,567 21,522 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 10,153 20,786 $33
Maintenance - - -
Depreciation and decommissioning 13,079 27,617 -
Income taxes 9,066 3,809 (119)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 42,865 73,734 (86)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 45,861 87,479 86
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 3,145 17,741 331
Minority interest - - -
Taxes on nonoperating income (1,132) (6,387) (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 2,013 11,354 212
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 47,874 98,833 298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 29,804 64,052 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 29,804 64,052 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 18,070 34,781 298
Retained earnings - beginning of year 17,136 53,067 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $35,206 $87,848 $298
============================================================= ==================== ==================== ====================
</TABLE>
668
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue ($249,939) - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (249,939) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (32,089) - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses (30,939) $33 -
Maintenance - - -
Depreciation and decommissioning (40,696) (119) -
Income taxes 9,874 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (93,850) (86) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (156,089) 86 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84,072) 331 -
Minority interest - - -
Taxes on nonoperating income 30,266 (119) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (53,806) 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (209,895) 298 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (156,856) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (156,856) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (53,039) 298 -
Retained earnings - beginning of year (70,203) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($123,242) $298 -
============================================================= ==================== ==================== ====================
</TABLE>
669
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $766,554 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 766,554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $766,554 -
============================================================= ==================== ==================== ====================
</TABLE>
670
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
671
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $766,554 - ($766,554)
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (10,582) $10,390 10,582
Unrealized gain in equity investments
- net - - -
Retained Earnings 115,547 (115,359) (115,547)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
871,519 (104,969) (871,519)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 746,217 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 871,519 641,248 (871,519)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (871,519) 95,276 871,519
Accrued taxes - - -
Accrued interest - 15,528 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities ($871,519) 125,307 $871,519
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (1) -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $766,554 -
============================================================= ==================== ==================== ====================
</TABLE>
672
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 - -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
673
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($22,747) ($2) $22,747
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (22,747) (2) 22,747
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 22,747 2 (22,747)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 63,186 - (63,186)
Minority interest - - -
Taxes on nonoperating income (22,747) - 22,747
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 40,439 - (40,439)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 63,186 2 (63,186)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 63,000 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
Securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 63,000 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 63,186 (62,998) (63,186)
Retained earnings - beginning of year 52,361 (52,361) (52,361)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $115,547 ($115,359) ($115,547)
============================================================= ==================== ==================== ====================
</TABLE>
674
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - -
Retained earnings - beginning of year (62,998) - -
Dividends declared on common stock (52,361) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) - -
============================================================= ==================== ==================== ====================
</TABLE>
675
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $10,919 $175 $793,135
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 585,401 7,098 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 596,320 7,273 793,135
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 30,096 625 16,654
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,493 25,033 33,487
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 6,018
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,589 25,658 56,159
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
676
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $279,476 $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (761,826) (169,327) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (482,350) 914,378 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 47,376 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (24,561) 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (24,560) 92,846 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
677
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 $19 $605,585
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (267,003) (3,184) 50,911
Unrealized gain in equity investments
- net - - -
Retained Earnings 24,261 3,574 125,920
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(60,755) 409 782,416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 657,088 8,032 (36,121)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 596,333 8,441 746,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable 37,035 (488) 16,021
Accrued taxes - - 51,005
Accrued interest 24,888 24,980 3
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 61,923 54,422 67,029
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,703 (2) (264)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 36,267
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 281,703 (2) 36,003
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
678
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($605,604) $181,987 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 74,884 (144,392) -
Unrealized gain in equity investments
- net - - -
Retained Earnings 48,691 202,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(482,029) 240,041 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 36,121 665,120 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (445,908) 905,161 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable (36,121) 16,447 -
Accrued taxes - 51,005 -
Accrued interest (24,888) 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (61,009) 122,365 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8 281,445 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 36,267 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 8 317,712 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
679
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $343,425
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 343,425
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 92,010
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1,249 ($194) 68,257
Maintenance - - -
Depreciation and decommissioning 8,356 - 13,582
Income taxes (35,141) (18,270) 50,820
Property and other taxes - - 17,063
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (25,536) (18,464) 241,732
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 25,536 18,464 101,693
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 139 59,615 65
Minority interest - - -
Taxes on nonoperating income (43) (18,307) (20)
Other nonoperating income - net - - 3,067
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 96 41,308 3,112
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 25,632 59,772 104,805
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,232 59,720 -
Other interest expense - 92 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,232 59,812 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (34,600) (40) 104,802
Retained earnings - beginning of year 58,861 3,614 186,081
Dividends declared on common stock - - (164,963)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $24,261 $3,574 $125,920
============================================================= ==================== ==================== ====================
</TABLE>
680
<PAGE>
MEC International B.V., MEC International Holdings B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,425 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,425 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 69,315 -
Maintenance - - -
Depreciation and decommissioning 3,586 25,524 -
Income taxes 18,698 16,107 -
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,287 220,019 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,287) 123,406 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (55,153) 4,666 -
Minority interest - - -
Taxes on nonoperating income 16,923 (1,447) -
Other nonoperating income - net (3,066) 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (41,296) 3,220 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (63,583) 126,626 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (59,721) 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (59,721) 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3,862) 66,300 -
Retained earnings - beginning of year (112,410) 136,146 -
Dividends declared on common stock 164,963 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $48,691 $202,446 -
============================================================= ==================== ==================== ====================
</TABLE>
681
MEC International B.V.
MEC Wales B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (79,085) $218,368 ($164,332)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,004,620 218,368 (164,332)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 105,164 51 (56,641)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 150,634 51 (56,641)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 1,903 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 1,903 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,493,268 $220,322 ($220,973)
============================================================= ==================== ==================== ====================
</TABLE>
682
<PAGE>
MEC International B.V.
MEC Wales B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (25,049) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,058,656 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 48,574 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 94,044 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 339,917 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 339,917 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,492,617 - -
============================================================= ==================== ==================== ====================
</TABLE>
683
<PAGE>
MEC International B.V.
MEC Wales B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 $26 ($26)
Additional Paid in Capital - 276,698 (276,698)
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,153 35,353 (35,228)
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,994) 55,553 90,979
- ------------------------------------------------------------- -------------------- -------------------- --------------------
306,857 367,630 (220,973)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 971,977 367,630 (220,973)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable 16,445 (149,311) -
Accrued taxes 51,005 2,003 -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 122,363 (147,308) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,493,268 $220,322 ($220,973)
============================================================= ==================== ==================== ====================
</TABLE>
684
<PAGE>
MEC International B.V.
MEC Wales B.V. and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,278 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings 143,538 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
453,514 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 1,118,634 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable (132,866) - -
Accrued taxes 53,008 - -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (24,945) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,492,617 - -
============================================================= ==================== ==================== ====================
</TABLE>
685
<PAGE>
MEC International B.V.
MEC Wales B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,314 $1 -
Maintenance - - -
Depreciation and decommissioning 25,524 51 -
Income taxes 16,107 (18) -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,018 34 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,408 (34) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,667 6,147 -
Minority interest (19,692) - -
Taxes on nonoperating income (1,447) (2,151)
Other nonoperating income - net - 452 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (16,472) 4,448 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 106,936 4,414 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 46,610 4,414 -
Retained earnings - beginning of year 95,711 51,139 ($51,058)
Dividends declared on common stock (145,315) - 142,037
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,994) $55,553 $90,979
============================================================= ==================== ==================== ====================
</TABLE>
686
<PAGE>
MEC International B.V.
MEC Wales B.V. and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
MEC Wales B.V.
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 - -
Maintenance - - -
Depreciation and decommissioning 25,575 - -
Income taxes 16,089 - -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,052 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,374 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 10,814 - -
Minority interest (19,692) - -
Taxes on nonoperating income (3,598)
Other nonoperating income - net 452 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (12,024) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 111,350 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 51,024 - -
Retained earnings - beginning of year 95,792 - -
Dividends declared on common stock (3,278) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $143,538 - -
============================================================= ==================== ==================== ====================
</TABLE>
687
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - (79,085) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 1,004,620 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 105,164 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 150,634 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $61,080 338,014 ($61,080)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61,080 338,014 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,080 $1,493,268 ($61,080)
============================================================= ==================== ==================== ====================
</TABLE>
688
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (79,085) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,004,620 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 105,164 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 150,634 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,493,268 - -
============================================================= ==================== ==================== ====================
</TABLE>
689
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $276,698 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($19) 33,153 $19
Unrealized gain in equity investments
- net - - -
Retained Earnings (52) (2,994) 52
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(71) 306,857 71
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 61,080 665,120 (61,080)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 61,009 971,977 (61,009)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Accounts payable 30 16,445 (30)
Accrued taxes - 51,005 -
Accrued interest - 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 122,363 (30)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 281,443 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 41 36,267 (41)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 41 317,710 (41)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 81,218 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $61,080 $1,493,268 ($61,080)
============================================================= ==================== ==================== ====================
</TABLE>
690
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,153 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,994) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
306,857 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 971,977 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable 16,445 - -
Accrued taxes 51,005 - -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 122,363 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,493,268 - -
============================================================= ==================== ==================== ====================
</TABLE>
691
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,426 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,426 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $73 69,314 ($73)
Maintenance - - -
Depreciation and decommissioning - 25,524 -
Income taxes (8) 16,107 8
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 65 220,018 (65)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (65) 123,408 65
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 21 4,667 (21)
Minority interest - (19,692) -
Taxes on nonoperating income (8) (1,447) 8
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13 - (13)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (52) - 52
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (52) 46,610 52
Retained earnings - beginning of year - 95,711 -
Dividends declared on common stock - (143,315) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) ($2,994) $52
============================================================= ==================== ==================== ====================
</TABLE>
692
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,314 - -
Maintenance - -
Depreciation and decommissioning 25,524 - -
Income taxes 16,107 - -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,408 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,667 - -
Minority interest (19,692) - -
Taxes on nonoperating income (1,447)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (16,472) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 106,936 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 46,610 - -
Retained earnings - beginning of year 95,711 - -
Dividends declared on common stock (145,315) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,994) - -
============================================================= ==================== ==================== ====================
</TABLE>
693
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 766,554
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - $61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $61,080 $766,554
============================================================= ==================== ==================== ====================
</TABLE>
694
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - ($1,083,705)
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (169,327) - (597,227)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 914,378 - (1,680,933)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 47,376 - (47,376)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - (39,452)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - (6,018)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 92,846 - (92,846)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 $61,080 (399,094)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 61,080 (399,094)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,345,238 $61,080 ($2,172,872)
============================================================= ==================== ==================== ====================
</TABLE>
695
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,080 - -
============================================================= ==================== ==================== ====================
</TABLE>
696
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - ($2) $10,390
Unrealized gain in equity investments
- net - - -
Retained Earnings - 298 (115,359)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 296 (104,969)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 61,080 746,217
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 61,376 641,248
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable - 9 95,276
Accrued taxes - - -
Accrued interest - - 15,528
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 9 123,307
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - (1)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 305 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 305 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $61,080 $766,554
============================================================= ==================== ==================== ====================
</TABLE>
697
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 - ($181,987)
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (144,392) ($19) 134,004
Unrealized gain in equity investments
- net - - -
Retained Earnings 202,446 (52) (87,385)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
240,041 (71) (135,368)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 61,080 (1,472,417)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 905,161 61,009 (1,607,784)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - (44,433)
Short-term debt - - -
Account payable 16,447 30 (111,732)
Accrued taxes 51,005 - (51,005)
Accrued interest 24,983 - (40,511)
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 123,365 30 (247,681)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,445 - (281,444)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 41 (35,962)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,712 41 (317,406)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,345,238 $61,080 ($2,172,872)
============================================================= ==================== ==================== ====================
</TABLE>
698
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($19) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (52) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(71) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 61,009 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable 30 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $61,080 - -
============================================================= ==================== ==================== ====================
</TABLE>
699
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $33 -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - (119) ($2)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (86) (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 86 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 331 -
Minority interest - - -
Taxes on nonoperating income (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 298 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 63,000
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 63,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 298 (62,998)
Retained earnings - beginning of year - - (52,361)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $298 ($115,359)
============================================================= ==================== ==================== ====================
</TABLE>
700
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,425 - ($343,425)
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,425 - (343,425)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - (92,010)
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 $73 (69,348)
Maintenance - - -
Depreciation and decommissioning 25,524 - (25,524)
Income taxes 16,107 (8) (15,986)
Property and other taxes 17,063 - (17,063)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,019 65 (219,931)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,406 (65) (123,494)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,666 21 (4,997)
Minority interest - - -
Taxes on nonopearating income (1,447) (8) 1,566
Other nonoperating income - net 1 - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 3,220 13 (3,432)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 126,626 (52) (126,926)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - (123,231)
Other interest expense 95 - (95)
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - (123,326)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 66,300 (52) (3,600)
Retained earnings - beginning of year 136,146 - (83,785)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202,446 ($52) ($87,385)
============================================================= ==================== ==================== ====================
</TABLE>
701
<PAGE>
MEC International B.V.
MEC Wales B.V.
Mission Hydro Limited Partnership
EME Generation Holdings Limited and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $73 - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (8) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 65 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (65) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 21 - -
Minority interest - - -
Taxes on nonopearating income (8)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (52) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (52) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) - -
============================================================= ==================== ==================== ====================
</TABLE>
702
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [10]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
703
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries ($766,554) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (766,554) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($766,554) - -
============================================================= ==================== ==================== ====================
</TABLE>
704
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [10]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $766,554 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 (10,582) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) 115,547 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 (871,519) -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 ($871,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
705
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($766,554) - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 192 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (188) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(766,550) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (746,217) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,512,767) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (14,053) - -
Short-term debt - - -
Account payable 776,243 - -
Accrued taxes - - -
Accrued interest (15,528) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 746,212 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($766,554) - -
============================================================= ==================== ==================== ====================
</TABLE>
706
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission
Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [10]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) ($22,747) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) (22,747) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 22,747 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 63,186 -
Minority interest - - -
Taxes on nonoperating income (22,747)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 63,186 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) 63,186 -
Retained earnings - beginning of year (52,361) 52,361 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) $115,547 -
============================================================= ==================== ==================== ====================
</TABLE>
707
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $22,749 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,749 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,749) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (63,186) - -
Minority interest - - -
Taxes on nonoperating income 22,747
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (40,439) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (63,188) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (63,000) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (63,000) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (188) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($188) - -
============================================================= ==================== ==================== ====================
</TABLE>
708
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd. Mission Energy
Partnership [10] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 -
Investments in leveraged leases - -
Other investments - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
709
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [10] Venture [11] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $565,143 $1,268,171 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 766,554 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 565,143 2,034,725 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 10,971 23,761 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,537 11,498 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 4,629 9,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21,137 44,705 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 11,214 15,921 $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11,214 15,921 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $597,494 $2,095,351 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
710
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation ($1,833,314) - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (1,533,108) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (3,366,422) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents (34,732) - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (17,035) - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (14,075) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (65,842) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (88,215) $61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (88,215) 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($3,520,479) $61,080 -
============================================================= ==================== ==================== ====================
</TABLE>
711
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [10] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $766,554 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 (10,582) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) 115,547 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 871,519 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 (871,159) -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 ($871,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - $61,080
============================================================= ==================== ==================== ====================
</TABLE>
712
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [10] Venture [11] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $39,702 $806,256 -
Additional Paid in Capital - 174,082 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (3,354) (10,578) ($2)
Unrealized gain in equity investments
- net - - -
Retained Earnings 35,206 87,848 298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
71,554 1,057,608 296
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 422,309 752,325 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 493,863 1,809,933 61,376
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (57,856) (234,534) 9
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (57,856) (220,031) 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18,040 18,038 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 143,447 487,441 (305)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 161,487 505,449 (305)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $597,494 $2,095,351 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
713
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($1,612,512) - -
Additional Paid in Capital (174,082) - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 14,124 ($2) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (123,242) 298 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,895,712) 296 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (1,981,931) 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (3,877,643) 61,376 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (29,006) - -
Short-term debt - - -
Account payable 1,068,633 9 -
Accrued taxes - - -
Accrued interest (15,528) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,024,099 9 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (36,077) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits (630,858) (305) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (666,935) (305) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($3,520,479) $61,080 -
============================================================= ==================== ==================== ====================
</TABLE>
714
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [10] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) ($22,747) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) (22,747) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 22,747 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 63,186 -
Minority interest - - -
Taxes on nonoperating income (22,747)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 63,186 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) 63,186 -
Retained earnings - beginning of year (52,361) 52,361 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) $115,547 -
============================================================= ==================== ==================== ====================
</TABLE>
715
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [10] Venture [11] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $88,726 $161,213 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88,726 161,213 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 10,567 21,522 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 10,153 20,786 $33
Maintenance - - -
Depreciation and decommissioning 13,079 27,617 -
Income taxes 9,066 3,089 (119)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 42,865 73,734 (86)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 45,861 87,479 86
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 3,145 17,741 331
Minority interest - - -
Taxes on nonoperating income (1,132) (6,387) (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 2,013 11,354 212
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 47,874 98,833 298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 29,804 64,052 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 29,804 64,052 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 18,070 34,781 298
Retained earnings - beginning of year 17,136 53,067 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $35,206 $87,848 $298
============================================================= ==================== ==================== ====================
</TABLE>
716
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue ($249,939) - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (249,939) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (32,089) - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses (30,939) $33 -
Maintenance - - -
Depreciation and decommissioning (40,696) (119) -
Income taxes 9,874 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (93,850) (86) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (156,089) 86 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84,072) 331 -
Minority interest - - -
Taxes on nonoperating income 30,266 (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (53,806) 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (209,895) 298 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (156,856) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (156,856) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (53,039) 298 -
Retained earnings - beginning of year (70,203) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($123,242) $298 -
============================================================= ==================== ==================== ====================
</TABLE>
717
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $766,554 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 766,554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $766,554 -
============================================================= ==================== ==================== ====================
</TABLE>
718
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
719
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $766,554 - ($766,554)
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (10,582) $10,390 10,582
Unrealized gain in equity investments
- net - - -
Retained Earnings 115,547 (115,359) (115,547)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
871,519 (104,969) (871,519)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 746,217 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 871,519 641,248 (871,519)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (871,519) 95,276 871,519
Accrued taxes - - -
Accrued interest - 15,528 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities ($871,519) 125,307 $871,519
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (1) -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $766,554 -
============================================================= ==================== ==================== ====================
</TABLE>
720
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 - -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
721
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($22,747) ($2) $22,747
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (22,747) (2) 22,747
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 22,747 2 (22,747)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 63,186 - (63,186)
Minority interest - - -
Taxes on nonoperating income (22,747) 22,747
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 40,439 - (40,439)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 63,186 2 (63,186)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 63,000 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 63,000 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 63,186 (62,998) (63,186)
Retained earnings - beginning of year 52,361 (52,361) (52,361)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $115,547 ($115,359) ($115,547)
============================================================= ==================== ==================== ====================
</TABLE>
722
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) - -
Retained earnings - beginning of year (52,361) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) - -
============================================================= ==================== ==================== ====================
</TABLE>
723
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $10,919 $175 $793,135
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 585,401 7,098 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 596,320 7,273 793,135
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 30,096 625 16,654
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,493 25,033 33,487
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 6,018
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,589 25,658 56,159
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
724
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $279,476 $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (761,826) (169,327) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (482,350) 914,378 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 47,376 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (24,561) 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (24,560) 92,846 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
725
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 $19 $605,585
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (267,003) (3,184) 50,911
Unrealized gain in equity investments
- net - - -
Retained Earnings 24,261 3,574 125,920
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(60,755) 409 782,416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 657,088 8,032 (36,121)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 596,333 8,441 746,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable 37,035 (488) 16,021
Accrued taxes - - 51,005
Accrued interest 24,888 24,980 3
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 61,923 54,422 67,029
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,703 (2) (264)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 36,267
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 281,703 (2) 36,003
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
726
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($605,604) $181,987 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 74,884 (144,392) -
Unrealized gain in equity investments
- net - - -
Retained Earnings 48,691 202,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(482,029) 240,041 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 36,121 665,120 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (445,908) 905,161 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable (36,121) 16,447 -
Accrued taxes - 51,005 -
Accrued interest (24,888) 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (61,009) 122,365 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8 281,445 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 36,267 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 8 317,712 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
727
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $343,425
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 343,425
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 92,010
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1,249 ($194) 68,257
Maintenance - - -
Depreciation and decommissioning 8,356 - 13,582
Income taxes (35,141) (18,270) 50,820
Property and other taxes - - 17,063
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (25,536) (18,464) 241,732
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 25,536 18,464 101,693
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 139 59,615 65
Minority interest - - -
Taxes on operating income (43) (18,307) (20)
Other nonoperating income - net - - 3,067
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 96 41,308 3,112
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 25,632 59,772 104,805
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,232 59,720 -
Other interest expense - 92 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,232 59,812 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (34,600) (40) 104,802
Retained earnings - beginning of year 58,861 3,614 186,081
Dividends declared on common stock - - (164,963)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $24,261 $3,574 $125,920
============================================================= ==================== ==================== ====================
</TABLE>
728
<PAGE>
MEC International B.V.,
MEC Wales B.V., Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,425 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,425 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 69,315 -
Maintenance - - -
Depreciation and decommissioning 3,586 25,524 -
Income taxes 18,698 16,107 -
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,287 220,019 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,287) 123,406 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (55,153) 4,666 -
Minority interest - - -
Taxes on nonoperating income 16,923 (1,447)
Other nonoperating income - net (3,066) 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (41,296) 3,220 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (63,583) 126,626 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (59,721) 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (59,721) 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3,862) 66,300 -
Retained earnings - beginning of year (112,410) 136,146 -
Dividends declared on common stock 164,963 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $48,691 $202,446 -
============================================================= ==================== ==================== ====================
</TABLE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Limited Operation & Services Limited
Maintenance Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $905 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - -
Investments in leveraged leases - -
Other investments - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 905 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1,388 $676 $904
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 366 878
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 2,158 30
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3,912 676 1,812
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 116 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 116 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4,933 $676 $1,812
============================================================= ==================== ==================== ====================
</TABLE>
730
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro (UK) Mission (No. 2) Pride Hold Limited
Limited Limited Consolidated
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - $149,390
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $8,646 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 8,646 - 149,390
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 4,246 - 58,045
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 12,474
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 9 - 543
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4,255 - 71,062
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - 4,596
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - 4,596
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,901 - $225,048
============================================================= ==================== ==================== ====================
</TABLE>
731
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rapid Energy Mission Energy Consolidating
Limited Company (UK) Adjustments
Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $24,387 ($4,584)
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 15,027 (6,241)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 39,414 (10,825)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 50,680 (30,596)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - 62
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 1
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 50,680 (30,533)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 373 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 373 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $90,467 ($41,359)
============================================================= ==================== ==================== ====================
</TABLE>
732
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy
Company (UK)
Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $170,098 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 17,432 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 187,530 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 85,343 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 13,780 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 2,741 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 101,864 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 5,084 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5,084 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $294,478 - -
============================================================= ==================== ==================== ====================
</TABLE>
733
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Limited Operation & Services Limited
Maintenance Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($1,200) $20 ($244)
Unrealized gain in equity investments
- net - - -
Retained Earnings 3,712 614 1,664
- ------------------------------------------------------------- -------------------- -------------------- --------------------
2,512 634 1,420
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 2,512 634 1,420
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable 1,912 23 273
Accrued taxes 509 19 119
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2,421 42 392
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $4,933 $676 $1,812
============================================================= ==================== ==================== ====================
</TABLE>
734
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro (UK) Mission (No. 2) Pride Hold Limited
Limited Limited Consolidated
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital $8,889 - $153
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (501) - (1,439)
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,383 - 38,652
- ------------------------------------------------------------- -------------------- -------------------- --------------------
12,771 - 37,366
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - 117,715
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 12,771 - 155,081
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 22,676
Short-term debt - - -
Account payable 130 - 10,235
Accrued taxes - - (426)
Accrued interest - - 3,351
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 130 - 35,836
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - 25,649
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - 25,649
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - 8,482
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $12,901 - $225,048
============================================================= ==================== ==================== ====================
</TABLE>
735
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rapid Energy Mission Energy Consolidating
Limited Company (UK) Adjustments
Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $22,751 -
Additional Paid in Capital - 11,620 ($9,042)
Accumulated other comprehensive income: -
Cumulative translation adjustments -
- net - 8,465 945
Unrealized gain in equity investments
- net - -
Retained Earnings (8,008) (3,162)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 34,828 (11,259)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries: -
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 30,851 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Total capitalization 65,679 (11,259)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Current portion of long-term debt - -
Short-term debt - - -
Account payable - 24,739 (30,495)
Accrued taxes - 49 51
Accrued interest - - -
Dividends payable - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 24,788 (30,444)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax -
credits - - -
Customer advances and other deferred -
credits - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Minority interest - - 344
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
Total capitalization and liabilities - $90,467 ($41,359)
============================================================= ==================== ==================== ====================
-
</TABLE>
736
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy
Company (UK)
Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $22,751
Additional Paid in Capital 11,620 - -
Accumulated other comprehensive income: - -
Cumulative translation adjustments - -
- net 6,046 - -
Unrealized gain in equity investments
- net -
Retained Earnings 37,855
- ------------------------------------------------------------- -------------------- -------------------- --------------------
78,272 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries: - -
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 148,566 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
-
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Total capitalization 226,838
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Current portion of long-term debt 22,676
Short-term debt - - -
Account payable 6,817 - -
Accrued taxes 321 - -
Accrued interest 3,351 - -
Dividends payable -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 33,165 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Accumulated deferred income taxes - net 25,649 - -
Accumulated deferred investment tax - -
credits - - -
Customer advances and other deferred - -
credits -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25,649
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Minority interest 8,826 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Total capitalization and liabilities $294,478 - -
============================================================= ==================== ==================== ====================
</TABLE>
737
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Edison Mission Edison Mission Edison Mission
Energy Limited Operation & Services Limited
Maintenance Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations $15,671 $527 $3,391
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 15,671 527 3,391
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 13,643 488 2,776
Maintenance - - -
Depreciation and decommissioning 640 - 1
Income taxes (662) (26) (140)
Property and other taxes 270 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 13,891 462 2,637
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,780 65 754
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 88 22 49
Minority interest - - -
Taxes on nonoperating income (27) (7) (15)
Other nonoperating income - net 85 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 146 15 34
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 1,926 80 788
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 1,926 80 788
Retained earnings - beginning of year 1,786 534 876
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3,712 $614 $1,664
============================================================= ==================== ==================== ====================
</TABLE>
738
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro (UK) Mission (No. 2) Pride Hold Limited
Limited Limited Consolidated
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $97,254
Diversified operations - - 1,306
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 98,560
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 43,276
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $16 - 13,922
Maintenance - - -
Depreciation and decommissioning - - 8,584
Income taxes (105) - 5,814
Property and other taxes - - 2,073
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (89) - 73,669
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 89 - 24,891
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 178 - 1,623
Minority interest - - (2,602)
Taxes on nonoperating income (55) (503)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 123 - (1,482)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 212 - 23,409
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 11,906
Other interest expense - - 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 11,909
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 212 - 11,500
Retained earnings - beginning of year 892 - 27,152
Dividends declared on common stock 3,279 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,383 - $38,652
============================================================= ==================== ==================== ====================
</TABLE>
739
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rapid Energy Mission Energy Consolidating
Limited Company (UK) Adjustments
Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - $1,369
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 1,369
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $414 (2,145)
Maintenance - - -
Depreciation and decommissioning - 1,371 (1)
Income taxes - (914) 1,749
Property and other taxes - - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 871 (398)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - (871) 1,766
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 2,950 (352)
Minority interest - - (104)
Taxes on nonoperating income (914) 108
Other nonoperating income - net - - (7)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 2,036 (355)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 1,165 1,411
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 2,376 (349)
Other interest expense - - (3)
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 2,376 (352)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - (1,211) 1,763
Retained earnings - beginning of year - (6,797) (4,925)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - ($8,008) ($3,162)
============================================================= ==================== ==================== ====================
</TABLE>
740
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Energy
Company (UK)
Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $97,254 - -
Diversified operations 22,264 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 119,518 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 43,276 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 29,114 - -
Maintenance - - -
Depreciation and decommissioning 10,595 - -
Income taxes 5,716 - -
Property and other taxes 2,342 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 91,043 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 28,474 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,558 - -
Minority interest (2,706) - -
Taxes on nonoperating income (1,413)
Other nonoperating income - net 78 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 517 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 28,991 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 13,933 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 13,933 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 15,058 - -
Retained earnings - beginning of year 19,518 - -
Dividends declared on common stock 3,279 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $37,855 - -
============================================================= ==================== ==================== ====================
</TABLE>
741
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro Mission Hydro Mission Hydro (UK)
Holdings Company Limited Limited
Consolidated Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (169,327) (79,085) $8,646
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 914,378 1,004,620 8,646
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 47,376 105,164 4,246
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 6,018 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 92,846 150,634 4,255
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,345,238 $1,493,268 $12,901
============================================================= ==================== ==================== ====================
</TABLE>
742
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation ($2,167,410) - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 248,412 $8,646 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (1,918,998) 8,646 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents (152,540) 4,246 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (78,904) - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (12,036) 9 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (243,480) 4,255 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (676,028) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (676,028) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2,838,506) $12,901 -
============================================================= ==================== ==================== ====================
</TABLE>
743
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro Mission Hydro Mission Hydro (UK)
Holdings Company Limited Limited
Consolidated Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 $276,698 -
Additional Paid in Capital - - $8,889
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (144,392) 33,153 (501)
Unrealized gain in equity investments
- net - - -
Retained Earnings 202,446 (2,994) 4,383
- ------------------------------------------------------------- -------------------- -------------------- --------------------
240,041 306,857 12,771
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 665,120 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 905,161 971,977 12,771
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 29,930 -
Short-term debt - - -
Account payable 16,447 16,445 130
Accrued taxes 51,005 51,005 -
Accrued interest 24,983 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 122,365 122,363 130
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,445 281,443 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 36,267 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,712 317,710 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 81,218 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,345,238 $1,493,268 $12,901
============================================================= ==================== ==================== ====================
</TABLE>
744
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($485,685) - -
Additional Paid in Capital - $8,889 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 111,239 (501) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (199,452) 4,383 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(546,898) 12,771 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (1,330,240) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,877,138) 12,771 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (59,860) - -
Short-term debt - - -
Account payable (32,892) 130 -
Accrued taxes (102,010) - -
Accrued interest (49,966) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (244,728) 130 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (562,888) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits (72,534) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (635,422) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest (81,218) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($2,838,506) $12,901 -
============================================================= ==================== ==================== ====================
</TABLE>
745
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro Mission Hydro Mission Hydro (UK)
Holdings Company Limited Limited
Consolidated Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,425 $343,426 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,425 343,426 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 69,314 $16
Maintenance - - -
Depreciation and decommissioning 25,524 25,524 -
Income taxes 16,107 16,107 (105)
Property and other taxes 17,063 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,019 220,018 (89)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,406 123,408 89
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,666 4,667 178
Minority interest - (19,692) -
Taxes on nonoperating income (1,447) (1,447) (55)
Other nonoperating income - net 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 3,220 (16,472) 123
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 126,626 106,936 212
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 60,231 -
Other interest expense 95 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 66,300 46,610 212
Retained earnings - beginning of year 136,146 95,711 892
Dividends declared on common stock - (145,315) 3,279
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202,446 ($2,994) $4,383
============================================================= ==================== ==================== ====================
</TABLE>
746
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue ($686,851) - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (686,851) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (184,020) - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses (138,629) $16 -
Maintenance - - -
Depreciation and decommissioning (51,048) - -
Income taxes (32,214) (105) -
Property and other taxes (34,126) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (440,037) (89) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (249,814) 89 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (9,333) 178 -
Minority interest 19,692 - -
Taxes on nonopearating income 2,894 (55)
Other nonoperating income - net (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13,252 123 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (233,562) 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (120,462) - -
Other interest expense (190) - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (120,652) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (112,910) 212 -
Retained earnings - beginning of year (231,857) 892 -
Dividends declared on common stock 145,315 3,279 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($199,452) $4,383 -
============================================================= ==================== ==================== ====================
</TABLE>
747
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
First Hydro Holdings Company and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $10,919 $175 $793,135
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 585,401 7,098 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 596,320 7,273 793,135
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 30,096 625 16,654
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,493 25,033 33,487
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 6,018
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,589 25,658 56,159
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
748
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
First Hydro Holdings Company and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $279,476 $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (761,826) (169,327) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (482,350) 914,378 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 47,376 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (24,561) 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (24,560) 92,846 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
749
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
First Hydro Holdings Company and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 $19 $605,585
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (267,003) (3,184) 50,911
Unrealized gain in equity investments
- net - - -
Retained Earnings 24,261 3,574 125,920
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(60,755) 409 782,416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 657,088 8,032 (36,121)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 596,333 8,441 746,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable 37,035 (488) 16,021
Accrued taxes - - 51,005
Accrued interest 24,888 24,980 3
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 61,923 54,422 67,029
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,703 (2) (264)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 36,267
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 281,703 (2) 36,003
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
750
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
First Hydro Holdings Company and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($605,604) $181,987 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 74,884 (144,392) -
Unrealized gain in equity investments
- net - - -
Retained Earnings 48,691 202,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(482,029) 240,041 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 36,121 665,120 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (445,908) 905,161 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable (36,121) 16,447 -
Accrued taxes - 51,005 -
Accrued interest (24,888) 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (61,009) 122,365 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8 281,445 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 36,267 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 8 317,712 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
751
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
First Hydro Holdings Company and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $343,425
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 343,425
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 92,010
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1,249 ($194) 68,257
Maintenance - - -
Depreciation and decommissioning 8,356 - 13,582
Income taxes (35,141) (18,270) 50,820
Property and other taxes - - 17,063
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (25,536) (18,464) 241,732
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 25,536 18,464 101,693
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 139 59,615 65
Minority interest - - -
Taxes on nonoperating income (43) (18,307) (20)
Other nonoperating income - net - - 3,067
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 96 41,308 3,112
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 25,632 59,772 104,805
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,232 59,720 -
Other interest expense - 92 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,232 59,812 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (34,600) (40) 104,802
Retained earnings - beginning of year 58,861 3,614 186,081
Dividends declared on common stock - - (164,963)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $24,261 $3,574 $125,920
============================================================= ==================== ==================== ====================
</TABLE>
752
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
First Hydro Holdings Company and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,425 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,425 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 69,315 -
Maintenance - - -
Depreciation and decommissioning 3,586 25,524 -
Income taxes 18,698 16,107 -
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,287 220,019 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,287) 123,406 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (55,153) 4,666 -
Minority interest - - -
Taxes on nonoperating income 16,923 (1,447)
Other nonoperating income - net (3,066) 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (41,296) 3,220 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (63,583) 126,626 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (59,721) 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (59,721) 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3,862) 66,300 -
Retained earnings - beginning of year (112,410) 136,146 -
Dividends declared on common stock 164,963 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $48,691 $202,446 -
============================================================= ==================== ==================== ====================
</TABLE>
753
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - (79,085) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 1,004,620 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 105,164 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 150,634 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $61,080 338,014 ($61,080)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61,080 338,014 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,080 $1,493,268 ($61,080)
============================================================= ==================== ==================== ====================
</TABLE>
754
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (79,085) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 1,004,620 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 105,164 - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 150,634 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,493,268 - -
============================================================= ==================== ==================== ====================
</TABLE>
755
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $276,698 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($19) 33,153 $19
Unrealized gain in equity investments
- net - - -
Retained Earnings (52) (2,994) 52
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(71) 306,857 71
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 61,080 665,120 (61,080)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 61,009 971,977 (61,009)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable 30 16,445 (30)
Accrued taxes - 51,005 -
Accrued interest - 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 122,363 (30)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 281,443 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 41 36,267 (41)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 41 317,710 (41)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - 81,218 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $61,080 $1,493,268 ($61,080)
============================================================= ==================== ==================== ====================
</TABLE>
756
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $276,698 - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 33,153 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,994) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
306,857 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 971,977 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - -
Short-term debt - - -
Account payable 16,445 - -
Accrued taxes 51,005 - -
Accrued interest 24,983 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 122,363 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,443 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,710 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 81,218 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,493,268 - -
============================================================= ==================== ==================== ====================
</TABLE>
757
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,426 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,426 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $73 69,314 ($73)
Maintenance - - -
Depreciation and decommissioning - 25,524 -
Income taxes (8) 16,107 8
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 65 220,018 (65)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (65) 123,408 65
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 21 4,667 (21)
Minority interest - (19,692) -
Taxes on nonoperating income (8) (1,447) 8
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13 (16,472) (13)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (52) 106,936 52
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (52) 46,610 52
Retained earnings - beginning of year - 95,711 -
Dividends declared on common stock - (143,315) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) ($2,994) $52
============================================================= ==================== ==================== ====================
</TABLE>
758
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Mission Hydro (UK) Limited
Mission Hydro Limited Partnership and Subsidiaries [Tier 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Hydro
Limited
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,426 - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,426 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,314 - -
Maintenance - -
Depreciation and decommissioning 25,524 - -
Income taxes 16,107 - -
Property and other taxes 17,063 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,018 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,408 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,667 - -
Minority interest (19,692) - -
Taxes on nonoperating income (1,447)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (16,472) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 106,936 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - -
Other interest expense 95 - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 46,610 - -
Retained earnings - beginning of year 95,711 - -
Dividends declared on common stock (145,315) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,994) - -
============================================================= ==================== ==================== ====================
</TABLE>
759
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - $766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - 766,554
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - $61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $61,080 $766,554
============================================================= ==================== ==================== ====================
</TABLE>
760
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $1,083,705 - ($1,083,705)
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (169,327) - (597,227)
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 914,378 - (1,680,932)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 47,376 - (47,376)
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 39,452 - (39,452)
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 6,018 - (6,018)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 92,846 - (92,846)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 338,014 $61,080 (399,094)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 338,014 61,080 (399,094)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,345,238 $61,080 ($2,172,872)
============================================================= ==================== ==================== ====================
</TABLE>
761
<PAGE>
MEC International B.V.,
Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited,
Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges $61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61,080 - -
============================================================= ==================== ==================== ====================
</TABLE>
762
<PAGE>
MEC International B.V.,
Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited,
Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - ($2) $10,390
Unrealized gain in equity investments
- net - - -
Retained Earnings - 298 (115,359)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- 296 (104,969)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 61,080 746,217
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - 61,376 641,248
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable - 9 95,276
Accrued taxes - - -
Accrued interest - - 15,528
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 9 123,307
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - (1)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 305 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 305 (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $61,080 $766,554
============================================================= ==================== ==================== ====================
</TABLE>
763
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 - ($181,987)
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (144,392) ($19) 134,004
Unrealized gain in equity investments
- net - - -
Retained Earnings 202,446 (52) (87,385)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
240,041 (71) (135,368)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 665,120 61,080 (1,472,417)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 905,161 61,009 (1,607,785)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 29,930 - (44,433)
Short-term debt - - -
Account payable 16,447 30 (111,732)
Accrued taxes 51,005 - (51,005)
Accrued interest 24,983 - (40,511)
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 123,365 30 (247,681)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,445 - (281,444)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 36,267 41 (35,962)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 317,712 41 (317,406)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $1,345,238 $61,080 ($2,172,872)
============================================================= ==================== ==================== ====================
</TABLE>
764
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($19) - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (52) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(71) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 61,080 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 61,009 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable 30 - -
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 30 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 41 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $61,080 - -
============================================================= ==================== ==================== ====================
</TABLE>
765
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Loyvic Pty Ltd EME Victoria Energy Capital
Consolidated Generation Limited Partnership
Consolidated Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - $33 -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - (119) ($2)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (86) (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 86 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 331 -
Minority interest - - -
Taxes on nonoperating income (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 298 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - 63,000
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - 63,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 298 (62,998)
Retained earnings - beginning of year - - (52,361)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $298 ($115,359)
============================================================= ==================== ==================== ====================
</TABLE>
766
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro EME Generation Consolidating
Holdings Company Holdings Limited Adjustments
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $343,425 - ($343,425)
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 343,425 - (343,425)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 92,010 - (92,010)
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 69,315 $73 (69,348)
Maintenance - - -
Depreciation and decommissioning 25,524 - (25,524)
Income taxes 16,107 (8) (15,986)
Property and other taxes 17,063 - (17,063)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 220,019 65 (219,931)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 123,406 (65) (123,494)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 4,666 21 (4,997)
Minority interest - - -
Taxes on nonoperating income (1,447) (8) 1,566
Other nonoperating income - net 1 - (1)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 3,220 13 (3,432)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 126,626 (52) (126,926)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,231 - (123,231)
Other interest expense 95 - (95)
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,326 - (123,326)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 66,300 (52) (3,600)
Retained earnings - beginning of year 136,146 - (83,785)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202,446 ($52) ($87,385)
============================================================= ==================== ==================== ====================
</TABLE>
767
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited and Subsidiaries [Tier 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EME Generation
Holdings Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $73 - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes (8) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 65 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (65) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 21 - -
Minority interest - - -
Taxes on nonoperating income (8)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 13 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (52) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (52) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($52) - -
============================================================= ==================== ==================== ====================
</TABLE>
768
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [11]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
769
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries ($766,554) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (766,554) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($766,554) - -
============================================================= ==================== ==================== ====================
</TABLE>
770
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [11]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $766,554 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 (10,582) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) 115,547 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 (871,519) -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 ($871,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
771
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($766,554) - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 192 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (188) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(766,550) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (746,217) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (1,512,767) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (14,053) - -
Short-term debt - - -
Account payable 776,243 - -
Accrued taxes - - -
Accrued interest (15,528) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 746,212 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1 - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 1 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($766,554) - -
============================================================= ==================== ==================== ====================
</TABLE>
772
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Loyvic Pty Ltd
Partnership [11]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) ($22,747) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) (22,747) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 22,747 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 63,186 -
Minority interest - - -
Taxes on nonoperating income (22,747)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 63,186 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) 63,186 -
Retained earnings - beginning of year (52,361) 52,361 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) $115,547 -
============================================================= ==================== ==================== ====================
</TABLE>
773
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Loyvic Pty Ltd and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Loyvic Pty Ltd
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes $22,749 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,749 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,749) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (63,186) - -
Minority interest - - -
Taxes on nonoperating income 22,747
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (40,439) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (63,188) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (63,000) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (63,000) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (188) - -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($188) - -
============================================================= ==================== ==================== ====================
</TABLE>
774
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd. Mission Energy
Partnership [11] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 -
Investments in leveraged leases - -
Other investments - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
775
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $565,143 $1,268,171 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - 766,554 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 565,143 2,034,725 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 10,971 23,761 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,537 11,498 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 4,629 9,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 21,137 44,705 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 11,214 15,921 $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 11,214 15,921 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $597,494 $2,095,351 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
776
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation ($1,833,314) - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (1,533,108) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (3,366,422) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents (34,732) - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (17,035) - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (14,075) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (65,842) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges (88,215) $61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (88,215) 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($3,520,479) $61,080 -
============================================================= ==================== ==================== ====================
</TABLE>
777
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $766,554 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 (10,582) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) 115,547 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) 871,519 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - $61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 871,519 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Accounts payable 95,276 (871,519) -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 ($871,519) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - $61,080
============================================================= ==================== ==================== ====================
</TABLE>
778
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $39,702 $806,256 -
Additional Paid in Capital - 174,082 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (3,354) (10,578) ($2)
Unrealized gain in equity investments
- net - - -
Retained Earnings 35,206 87,848 298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
71,554 1,057,608 296
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 422,309 752,325 61,080
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 493,863 1,809,933 61,376
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (57,856) (234,534) 9
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (57,856) (220,031) 9
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18,040 18,038 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits 143,447 487,441 (305)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 161,487 505,449 (305)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $597,494 $2,095,351 $61,080
============================================================= ==================== ==================== ====================
</TABLE>
\
779
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($1,612,512) - -
Additional Paid in Capital (174,082) - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 14,124 ($2) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (123,242) 298 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(1,895,712) 296 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt (1,981,931) 61,080 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (3,877,643) 61,376 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt (29,006) - -
Short-term debt - - -
Account payable 1,068,633 9 -
Accrued taxes - - -
Accrued interest (15,528) - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,024,099 9 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (36,077) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits (630,858) (305) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (666,935) (305) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($3,520,479) $61,080 -
============================================================= ==================== ==================== ====================
</TABLE>
780
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) ($22,747) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) (22,747) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 22,747 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 63,186 -
Minority interest - - -
Taxes on nonoperating income (22,747)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 40,439 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 2 63,186 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 63,000 - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 63,000 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (62,998) 63,186 -
Retained earnings - beginning of year (52,361) 52,361 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($115,359) $115,547 -
============================================================= ==================== ==================== ====================
</TABLE>
781
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $88,726 $161,213 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88,726 161,213 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 10,567 21,522 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 10,153 20,786 $33
Maintenance - - -
Depreciation and decommissioning 13,079 27,617 -
Income taxes 9,066 3,809 (119)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 42,865 73,734 (86)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 45,861 87,479 86
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 3,145 17,741 331
Minority interest - - -
Taxes on nonoperating income (1,132) (6,387) (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 2,013 11,354 212
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 47,874 98,833 298
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 29,804 64,052 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 29,804 64,052 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 18,070 34,781 298
Retained earnings - beginning of year 17,136 53,067 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $35,206 $87,848 $298
============================================================= ==================== ==================== ====================
</TABLE>
782
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
EME Victoria Generation Limited and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue ($249,939) - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (249,939) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (32,089) - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses (30,939) $33 -
Maintenance - - -
Depreciation and decommissioning (40,696) (119) -
Income taxes 9,874 - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (93,850) (86) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (156,089) 86 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84,072) 331 -
Minority interest - - -
Taxes on nonoperating income 30,266 (119)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (53,806) 212 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (209,895) 298 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (156,856) - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (156,856) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (53,039) 298 -
Retained earnings - beginning of year (70,203) - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($123,242) $298 -
============================================================= ==================== ==================== ====================
</TABLE>
783
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - $766,554 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - 766,554 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - $766,554 -
============================================================= ==================== ==================== ====================
</TABLE>
784
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $766,554 - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 766,554 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
785
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $766,554 - ($766,554)
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (10,582) $10,390 10,582
Unrealized gain in equity investments
- net - - -
Retained Earnings 115,547 (115,359) (115,547)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
871,519 (104,969) (871,519)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 746,217 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 871,519 641,248 (871,519)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 14,503 -
Short-term debt - - -
Account payable (871,519) 95,276 871,519
Accrued taxes - - -
Accrued interest - 15,528 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities ($871,519) 125,307 $871,519
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - (1) -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - (1) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - $766,554 -
============================================================= ==================== ==================== ====================
</TABLE>
786
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net $10,390 - -
Unrealized gain in equity investments
- net - - -
Retained Earnings (115,359) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(104,969) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 746,217 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 641,248 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 14,503 - -
Short-term debt - - -
Account payable 95,276 - -
Accrued taxes - - -
Accrued interest 15,528 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 125,307 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (1) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $766,554 - -
============================================================= ==================== ==================== ====================
</TABLE>
787
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Enerloy Pty Ltd Energy Capital Consolidating
Partnership Adjustments
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($22,747) ($2) $22,747
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (22,747) (2) 22,747
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 22,747 2 (22,747)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 63,186 - (63,186)
Minority interest - - -
Taxes on nonoperating income (22,747) 22,747
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 40,439 - (40,439)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 63,186 2 (63,186)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 63,000 -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 63,000 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 63,186 (62,998) (63,186)
Retained earnings - beginning of year 52,361 (52,361) (52,361)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $115,547 ($115,359) ($115,547)
============================================================= ==================== ==================== ====================
</TABLE>
788
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
Energy Capital Partnership and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Energy Capital
Partnership
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes ($2) - -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - -
Minority interest - - -
Taxes on nonoperating income - - -
Other nonoperating income - net
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
Total other income (deductions) - net 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Income before interest and other expenses 63,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Interest on long-term debt - - -
Other interest expense
Allowance for borrowed funds used during - - -
construction - - -
Capitalized interest
Dividends on subsidiary preferred - - -
securities
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Total interest and other expenses - net 63,000
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Net Income (62,998) - -
Retained earnings - beginning of year (52,361) - -
Dividends declared on common stock -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- -
Retained earnings - end of year ($115,359)
============================================================= ==================== ==================== ====================
</TABLE>
789
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $10,919 $175 $793,135
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries 585,401 7,098 -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 596,320 7,273 793,135
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 30,096 625 16,654
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 5,493 25,033 33,487
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - 6,018
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 35,589 25,658 56,159
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 308,050 29,930 33
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
790
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $279,476 $1,083,705 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries (761,826) (169,327) -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (482,350) 914,378 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 1 47,376 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts (24,561) 39,452 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 6,018 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (24,560) 92,846 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 338,014 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
791
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $181,987 $19 $605,585
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (267,003) (3,184) 50,911
Unrealized gain in equity investments
- net - - -
Retained Earnings 24,261 3,574 125,920
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(60,755) 409 782,416
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 657,088 8,032 (36,121)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 596,333 8,441 746,295
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable 37,035 (488) 16,021
Accrued taxes - - 51,005
Accrued interest 24,888 24,980 3
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 61,923 54,422 67,029
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 281,703 (2) (264)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - 36,267
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 281,703 (2) 36,003
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $939,959 $62,861 $849,327
============================================================= ==================== ==================== ====================
</TABLE>
792
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($605,604) $181,987 -
Additional Paid in Capital - - -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net 74,884 (144,392) -
Unrealized gain in equity investments
- net - - -
Retained Earnings 48,691 202,446 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(482,029) 240,041 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 36,121 665,120 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (445,908) 905,161 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 29,930 -
Short-term debt - - -
Account payable (36,121) 16,447 -
Accrued taxes - 51,005 -
Accrued interest (24,888) 24,983 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (61,009) 122,365 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 8 281,445 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 36,267 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 8 317,712 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($506,909) $1,345,238 -
============================================================= ==================== ==================== ====================
</TABLE>
793
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
First Hydro First Hydro First Hydro Company
Holdings Company Finance plc
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - $343,425
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - 343,425
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - 92,010
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $1,249 ($194) 68,257
Maintenance - - -
Depreciation and decommissioning 8,356 - 13,582
Income taxes (35,141) (18,270) 50,820
Property and other taxes - - 17,063
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (25,536) (18,464) 241,732
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 25,536 18,464 101,693
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 139 59,615 65
Minority interest - - -
Taxes on nonoperating income (43) (18,307) (20)
Other nonoperating income - net - - 3,067
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 96 41,308 3,112
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 25,632 59,772 104,805
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 60,232 59,720 -
Other interest expense - 92 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 60,232 59,812 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (34,600) (40) 104,802
Retained earnings - beginning of year 58,861 3,614 186,081
Dividends declared on common stock - - (164,963)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $24,261 $3,574 $125,920
============================================================= ==================== ==================== ====================
</TABLE>
794
<PAGE>
MEC International B.V., Mission Energy Company (UK) Limited,
Mission Hydro (UK) Limited, Mission Hydro Limited Partnership,
EME Generation Holdings Limited,
First Hydro Holdings Company and Subsidiaries [Tier 10]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating First Hydro
Adjustments Holdings Company
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $343,425 -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 343,425 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 92,010 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses $3 69,315 -
Maintenance - - -
Depreciation and decommissioning 3,586 25,524 -
Income taxes 18,698 16,107 -
Property and other taxes - 17,063 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22,287 220,019 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (22,287) 123,406 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (55,153) 4,666 -
Minority interest - - -
Taxes on nonoperating income 16,923 (1,447)
Other nonoperating income - net (3,066) 1 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (41,296) 3,220 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (63,583) 126,626 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt (59,721) 60,231 -
Other interest expense - 95 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net (59,721) 60,326 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (3,862) 66,300 -
Retained earnings - beginning of year (112,410) 136,146 -
Dividends declared on common stock 164,963 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $48,691 $202,446 -
============================================================= ==================== ==================== ====================
</TABLE>
795
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Pride Hold Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeland Power Ltd Lakeland Power Pride Hold Limited
Development Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $149,390 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 149,390 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 58,027 $2 $16
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 12,474 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 544 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 71,045 2 16
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 4,596 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,596 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $225,031 $2 $17
============================================================= ==================== ==================== ====================
</TABLE>
796
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Pride Hold Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Pride Hold Limited
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $149,390 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries ($1) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (1) 149,390 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 58,045 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 12,474 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (1) 543 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1) 71,062 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,596 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,596 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2) $225,048 -
============================================================= ==================== ==================== ====================
</TABLE>
797
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Pride Hold Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeland Power Ltd Lakeland Power Pride Hold Limited
Development Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $2 - -
Additional Paid in Capital - - $153
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (1,448) - 9
Unrealized gain in equity investments
- net - - -
Retained Earnings 46,792 $189 153
- ------------------------------------------------------------- -------------------- -------------------- --------------------
45,346 189 315
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 117,715 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 163,061 189 315
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 22,676 - -
Short-term debt - - -
Account payable 10,720 (187) (298)
Accrued taxes (426) - -
Accrued interest 3,351 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 36,321 (187) (298)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 25,649 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25,649 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $225,031 $2 $17
============================================================= ==================== ==================== ====================
</TABLE>
798
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Pride Hold Limited and Subsidiaries [Tier 7]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Pride Hold Limited
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($2) - -
Additional Paid in Capital $153 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (1,439) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (8,482) 38,652 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(8,484) 37,366 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 117,715 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (8,484) 155,081 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 22,676 -
Short-term debt - - -
Account payable - 10,235 -
Accrued taxes - (426) -
Accrued interest - 3,351 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 35,836 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 25,649 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 25,649 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 8,482 8,482 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($2) $225,048 -
============================================================= ==================== ==================== ====================
</TABLE>
799
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Pride Hold Limited and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeland Power Ltd Lakeland Power Pride Hold Limited
Development Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $97,254 - -
Diversified operations - - $1,306
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 97,254 - 1,306
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 43,276 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 12,609 - 1,313
Maintenance - - -
Depreciation and decommissioning 8,584 - -
Income taxes 5,815 - (1)
Property and other taxes 2,073 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 72,357 - 1,312
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 24,897 - (6)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,620 - 3
Minority interest - - -
Taxes on nonoperating income (502) (1)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,118 - 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 26,015 - (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 11,906 -
Other interest expense - - 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 11,906 - 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 14,109 - (7)
Retained earnings - beginning of year 32,683 $189 160
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $46,792 $189 $153
============================================================= ==================== ==================== ====================
</TABLE>
800
<PAGE>
MEC International B.V.
Mission Energy Company (UK) Limited
Pride Hold Limited and Subsidiaries [Tier 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Pride Hold Limited
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $97,254 -
Diversified operations - 1,306 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 98,560 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 43,276 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 13,922 -
Maintenance - - -
Depreciation and decommissioning - 8,584 -
Income taxes - 5,814 -
Property and other taxes - 2,073 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 73,669 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 24,891 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 1,623 -
Minority interest ($2,602) (2,602) -
(503)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (2,602) (1,482) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2,602) 23,409 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 11,906 -
Other interest expense - 3 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 11,909 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2,602) 11,500 -
Retained earnings - beginning of year (5,880) 27,152 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8,482) $38,652 -
============================================================= ==================== ==================== ====================
</TABLE>
801
<PAGE>
MEC International B.V.
Pride Hold Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeland Power Ltd Lakeland Power Pride Hold Limited
Development Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation $149,390 - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 149,390 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 58,027 $2 $16
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts 12,474 - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets 544 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 71,045 2 16
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges 4,596 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 4,596 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $225,031 $2 $17
============================================================= ==================== ==================== ====================
</TABLE>
802
<PAGE>
MEC International B.V.
Pride Hold Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Pride Hold Limited
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $149,390 -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries ($1) - -
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments (1) 149,390 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 58,045 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 12,474 -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets (1) 543 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1) 71,062 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,596 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,596 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2) $225,048 -
============================================================= ==================== ==================== ====================
</TABLE>
803
<PAGE>
MEC International B.V.
Pride Hold Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeland Power Ltd Lakeland Power Pride Hold Limited
Development Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock $2 - -
Additional Paid in Capital - - $153
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (1,448) - 9
Unrealized gain in equity investments
- net - - -
Retained Earnings 46,792 $189 153
- ------------------------------------------------------------- -------------------- -------------------- --------------------
45,346 189 315
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 117,715 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 163,061 189 315
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt 22,676 - -
Short-term debt - - -
Account payable 10,720 (187) (298)
Accrued taxes (426) - -
Accrued interest 3,351 - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 36,321 (187) (298)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 25,649 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits 25,649 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $225,031 $2 $17
============================================================= ==================== ==================== ====================
</TABLE>
804
<PAGE>
MEC International B.V.
Pride Hold Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Pride Hold Limited
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock ($2) - -
Additional Paid in Capital $153 -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net - (1,439) -
Unrealized gain in equity investments
- net - - -
Retained Earnings (8,482) 38,652 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(8,484) 37,366 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 117,715 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization (8,484) 155,081 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - 22,676 -
Short-term debt - - -
Account payable - 10,235 -
Accrued taxes - (426) -
Accrued interest - 3,351 -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 35,836 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - 25,649 -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - 25,649 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest 8,482 8,482 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities ($2) $225,048 -
============================================================= ==================== ==================== ====================
</TABLE>
805
<PAGE>
MEC International B.V.
Pride Hold Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Lakeland Power Ltd Lakeland Power Pride Hold Limited
Development Company
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue $97,254 - -
Diversified operations - - $1,306
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 97,254 - 1,306
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 43,276 - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses 12,609 - -
Maintenance - - 1,313
Depreciation and decommissioning 8,584 - -
Income taxes 5,815 - (1)
Property and other taxes 2,073 - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 72,357 - 1,312
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 24,897 - (6)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,620 - 3
Minority interest - - -
Taxes on nonoperating income (502) (1)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 1,118 - 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses 26,015 - (4)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt 11,906 - -
Other interest expense - - 3
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net 11,906 - 3
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income 14,109 - (7)
Retained earnings - beginning of year 32,683 $189 160
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $46,792 $189 $153
============================================================= ==================== ==================== ====================
</TABLE>
806
<PAGE>
MEC International B.V.
Pride Hold Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Consolidating Pride Hold Limited
Adjustments Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $97,254 -
Diversified operations - 1,306 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 98,560 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 43,276 -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 13,922 -
Maintenance - - -
Depreciation and decommissioning - 8,584 -
Income taxes - 5,814 -
Property and other taxes - 2,073 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - 73,669 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 24,891 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 1,623 -
Minority interest ($2,602) (2,602)
(503)
Other nonoperating income - net - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (2,602) (1,482) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (2,602) 23,409 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 11,906 -
Other interest expense - 3 -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 11,909 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (2,602) 11,500 -
Retained earnings - beginning of year (5,880) 27,152 -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8,482) $38,652 -
============================================================= ==================== ==================== ====================
</TABLE>
807
<PAGE>
MEC International B.V.
Rillington Holdings Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rillington EME del Caribe EME del Caribe [7]
Holdings Limited Holding GmbH
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $224,308 $218,276 $218,976
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 224,308 218,276 218,976
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - 6,279 -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - 6,279
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $224,308 $224,555 $218,976
============================================================= ==================== ==================== ====================
</TABLE>
808
<PAGE>
MEC International B.V.
Rillington Holdings Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EcoElectrica Consolidating Rillington
Holdings, Ltd. [8] Adjustments Holdings Limted
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries - ($442,584) $218,976
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments - (442,584) 218,976
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - - 6,279
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - - -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6,279
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets - ($442,584) $225,255
============================================================= ==================== ==================== ====================
</TABLE>
809
<PAGE>
MEC International B.V.
Rillington Holdings Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rillington EME del Caribe EME del Caribe [7]
Holdings Limited Holding GmbH
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - $43 -
Additional Paid in Capital $224,308 224,265 $218,276
Accumulated other comprehensive income: - - -
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 162 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
224,308 224,470 218,276
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 224,308 224,470 218,276
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable - - 700
Accrued taxes - 85 -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other - - -
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 85 700
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $224,308 $224,555 $218,976
============================================================= ==================== ==================== ====================
</TABLE>
810
<PAGE>
MEC International B.V.
Rillington Holdings Limited and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EcoElectrica Consolidating Rillington
Holdings, Ltd. [8] Adjustments Holdings Limted
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - ($43) -
Additional Paid in Capital - (442,541) $224,308
Accumulated other comprehensive income: - - -
Cumulative translation adjustments
- net - - -
Unrealized gain in equity investments
- net - - -
Retained Earnings - 162
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization - (442,584) 224,470
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - -
Short-term debt - - -
Account payable - - 700
Accrued taxes - 85
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities - 785
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net - - -
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities - ($442,584) $225,255
============================================================= ==================== ==================== ====================
</TABLE>
811
<PAGE>
MEC International B.V.
Rillington Holdings Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Rillington EME del Caribe EME del Caribe [7]
Holdings Limited Holding GmbH
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - ($2) -
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - (2) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - 2 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - 246 -
Minority interest - - -
Taxes on nonoperating income - (86) -
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - 160 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - 162 -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - 162 -
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - $162 -
============================================================= ==================== ==================== ====================
</TABLE>
812
<PAGE>
MEC International B.V.
Rillington Holdings Limited and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
EcoElectrica Consolidating Rillington
Holdings, Ltd. [8] Adjustments Holdings Limted
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - - -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - - -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - - -
Maintenance - - -
Depreciation and decommissioning - - -
Income taxes - - ($2)
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses - - (2)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income - - 2
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income - - 246
Minority interest - - -
Taxes on nonoperating income - - (86)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net - - 160
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses - - 162
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - - -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income - - 162
Retained earnings - beginning of year - - -
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year - - $162
============================================================= ==================== ==================== ====================
</TABLE>
813
<PAGE>
MEC International B.V.
Traralgon Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [7] Venture [8]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - $703,028 $1,268,171
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $171,714 - 766,554
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 171,714 703,028 2,034,725
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents 51 12,789 23,761
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - 5,962 11,498
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - 4,817 9,446
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51 23,568 44,705
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - 4,706 15,921
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
814
<PAGE>
MEC International B.V.
Traralgon Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Transmission and distribution:
Utility plant, at original cost, subject
to cost-based rate regulation - - -
Accumulated provision for depreciation - - -
Construction work in progress - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Generation:
Utility plant, at original cost, not
subject to cost-based rate regulation - - -
Accumulated provision for depreciation
and decommissioning - - -
Construction work in progress - - -
Nuclear fuel, at amortized cost - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net of accumulated
provision for depreciation - ($1,971,199) -
Nuclear decommissioning trusts - - -
Investments in partnerships
and unconsolidated subsidiaries $79,150 (938,268) $79,150
Investments in leveraged leases - - -
Other investments - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other property and investments 79,150 (2,909,467) 79,150
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents - (36,601) -
Receivables, including unbilled revenue,
net of allowance for uncollectible
accounts - (17,460) -
Fuel inventory - - -
Materials and supplies, at average cost - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Prepayments and other current assets - (14,263) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets - (68,324) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Unamortized debt issuance and
reacquisition expense - - -
Rate phase-in plan - - -
Income tax-related deferred charges - - -
Other deferred charges - (20,627) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges - (20,627) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $79,150 ($2,998,418) $79,150
============================================================= ==================== ==================== ====================
</TABLE>
815
<PAGE>
MEC International B.V.
Traralgon Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [7] Venture [8]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - - $806,256
Additional Paid in Capital $169,523 $174,082 174,082
Accumulated other comprehensive income:
Cumulative translation adjustments
- net (447) (6,263) (10,578)
Unrealized gain in equity investments
- net - - -
Retained Earnings 4,886 51,683 87,848
- ------------------------------------------------------------- -------------------- -------------------- --------------------
173,962 219,502 1,057,608
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt - 405,600 752,325
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 173,962 625,102 1,809,933
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - - 14,503
Short-term debt - - -
Account payable (2,189) (236,986) (234,534)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,189) (236,986) (220,031)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (8) - 18,038
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - 343,186 487,411
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (8) 343,186 505,449
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $171,765 $731,302 $2,095,351
============================================================= ==================== ==================== ====================
</TABLE>
816
<PAGE>
MEC International B.V.
Traralgon Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Balance Sheet
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
CAPITALIZATION AND LIABILITIES
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Common shareholders' equity:
Common Stock - ($806,256) -
Additional Paid in Capital - (517,687) -
Accumulated other comprehensive income:
Cumulative translation adjustments
- net ($25,828) 17,288 ($25,828)
Unrealized gain in equity investments
- net - - -
Retained Earnings (2,387) (144,418) (2,387)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
(28,215) (1,451,073) (28,215)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred securities of subsidiaries:
Not subject to mandatory redemption - - -
Subject to mandatory redemption - - -
Long-term debt 133,068 (1,157,925) 133,068
- ------------------------------------------------------------- -------------------- -------------------- --------------------
- - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization 104,853 (2,608,998) 104,853
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Current portion of long-term debt - (14,503) -
Short-term debt - - -
Account payable (9,585) 473,709 (9,585)
Accrued taxes - - -
Accrued interest - - -
Dividends payable - - -
Accumulated deferred income taxes - net - - -
Regulatory balancing accounts - net - - -
Deferred unbilled revenue and other
current liabilities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (9,585) 459,206 (9,585)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (16,118) (18,030) (16,118)
Accumulated deferred investment tax
credits - - -
Customer advances and other deferred
credits - (830,597) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits (16,118) (848,627) (16,118)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Minority interest - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total capitalization and liabilities $79,150 ($2,998,419) $79,150
============================================================= ==================== ==================== ====================
</TABLE>
817
<PAGE>
MEC International B.V.
Traralgon Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [7] Venture [8]
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - $72,487 $161,213
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - 72,487 161,213
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - 10,999 21,522
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - 10,540 20,786
Maintenance - - -
Depreciation and decommissioning - 15,381 27,617
Income taxes $30 (5,255) 3,809
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 30 31,665 73,734
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (30) 40,822 87,479
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income (84) 14,597 17,741
Minority interest - -
30 (5,255) (6,387)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net (54) 9,342 11,354
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (84) 50,164 98,833
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - 33,449 64,052
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - 33,449 64,052
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (84) 16,715 34,781
Retained earnings - beginning of year 4,970 34,968 53,067
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4,886 $51,683 $87,848
============================================================= ==================== ==================== ====================
</TABLE>
818
<PAGE>
MEC International B.V.
Traralgon Power Pty Ltd and Subsidiaries [Tier 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Traralgon Power Consolidating Traralgon Power
Pty Ltd Adjustments Pty Ltd
Consolidated
- ------------------------------------------------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C>
Electric utility revenue - ($233,700) -
Diversified operations - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue - (233,700) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel - (32,521) -
Purchased power - - -
Provisions for regulatory adjustment
clauses - net - - -
Other operating expenses - (31,326) -
Maintenance - - -
Depreciation and decommissioning - (42,998) -
Income taxes $2,350 1,416 $2,350
Property and other taxes - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2,350 (105,429) 2,350
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (2,350) (128,271) (2,350)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Provisions for rate phase-in plan - - -
Allowance for equity funds used during
construction - - -
Interest and dividend income 1,347 (32,254) 1,347
Minority interest - - -
Taxes on nonoperating income (485) 11,612 (485)
Other nonoperating income - net - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total other income (deductions) - net 862 (20,642) 862
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Income before interest and other expenses (1,488) (148,913) (1,488)
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Interest on long-term debt - (97,501) -
Other interest expense - - -
Allowance for borrowed funds used during
construction - - -
Capitalized interest - - -
Dividends on subsidiary preferred
securities - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Total interest and other expenses - net - (97,501) -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Net Income (1,488) (51,412) (1,488)
Retained earnings - beginning of year (899) (93,005) (899)
Dividends declared on common stock - - -
- ------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,387) ($144,417) ($2,387)
============================================================= ==================== ==================== ====================
</TABLE>
819
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Derwent Cogeneration EcoElectria, L.P. ISAB Energy s.r.l.
Limited
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $81,459 $190,181 $424,351
Revenues $30,306
Net Income (Loss) $3,108
Nature/Purpose of Business: To own and operate a 214 To own and operate a 540 To own and operate a 512
MW gas-fired, combined MW gas-fired, combined MW cogeneration facility
cycle cogeneration cycle cogeneration located in Sicily, Itally
facility in the United facility in Puerto Rico
Kingdom.
Ownership Interest(s) 33% by Mission Energy 99.0% of 50% by 49% by MEC {riolo B.V.
Company (UK) Limited EcoElectrica Holdings,
Ltd., which is owned 50%
by EME del Caribe
1.0% of 50% by
EcoElectrica Ltd. which
is owned by EcoElectrica
Holdings, Ltd., which
is owned 50% by EME
del Caribe
</TABLE>
820
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: P.T. Paiton Energy Company P.T. Adaro Indonesia San Pascual Cogeneration
Company International B.V.
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets $896,672 $19,079 -
Revenues $24,695 -
Net Income (Loss) $1,590 -
Nature/Purpose of Business: To own and operate a Fuel supplier for P.T. To own and operate a 304
1,230 MW cogeneration Paiton Energy Company MW oil-fired, combined
facility located in located in Indonesia cogeneration facility located in
Indonesia. Philippines.
Ownership Interest(s) 40% by MEC Indonesia B.V. 10% MEC Indo Coal B.V. 50% by MEC San Pascual
B.V.
</TABLE>
821
<PAGE>
MEC International B.V.
Equity Investments
December 31, 1998
(In thousands)
<TABLE>
<CAPTION>
Name of Entity: Morningstar Holdings B.V. San Pascual Cogeneration Tri Energy Company Limited
Company (Philippines) Ltd.
- ---------------------------------------- --------------------------- --------------------------- ---------------------------
<S> <C> <C> <C>
Equity Interest:
Assets - $67 $65,568
Revenues -
Net Income (Loss) -
Nature/Purpose of Business: To own and operate a 304 To own and operate a 304 To own and operate a 700
MW oil-fired, combined MW oil-fired combined MW combined cycle cogeneration
cycle cogeneration cycle cogeneration facility located in Thailand.
facility located in facility located in
Philippines. Philippines.
Ownership Interest(s) 50% by MEC San Pascual 49% by Morningstar 25% EME of Tri Gen B.V.
B.V. Holdings B.V.
1% by San Pascual
Cogeneration Company
International B.V.
822
</TABLE>
EXHIBIT B
FINANCIAL DATA SCHEDULE
The following is provided for Edison International on a consolidated
basis:
Item No. Caption Heading Amount
- ------------------ -------------------------------- ----------------------------
1. Total Assets $24,697,879,000
2. Total Operating Revenue $10,207,888,000
3. Net Income $ 668,164,000
823
<PAGE>
EXHIBIT C
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
4.01 EPZ MISSION FUNDING MU TRUST [FUCO]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Alpha
06 Mission Funding Mu
07 EPZ Mission Funding Mu Trust
4.02 EPZ MISSION FUNDING NU TRUST [FUCO]
00 Edison International
01 The Mission Group
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Delta
06 Mission Funding Nu
07 EPZ Mission Funding Nu Trust
4.03 AUBURNDALE POWER PARTNERS, L.P. [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Devereaux Energy Company
04 Auburndale Power Partners, L.P. (49%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 El Dorado Energy Company
04 Auburndale Power Partners, L.P. (1%)
4.04 BROOKLYN NAVY YARD COGENERATION PARTNERS, LP [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy New York, Inc.
04 Brooklyn Navy Yard Cogeneration Partners, LP (50%)
4.05 COMMONWEALTH ATLANTIC LIMITED PARTNERSHIP [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Hanover Energy Company
04 Chickahominy River Energy Corp.
05 Commonwealth Atlantic Limited Partnership (50%)
824
<PAGE>
4.06 GORDONSVILLE ENERGY, LP [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Madison Energy Company
04 Gordonsville Energy, LP (49%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Rapidan Energy Company
04 Gordonsville Energy, LP (1%)
4.07 NEVADA SUN-PEAK LIMITED PARTNERSHIP [EWG]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Quartz Peak Energy Company
04 Nevada Sun-Peak Limited Partnership (50%)
4.08 IBERICA DE ENERGIAS, S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Hydro Energy B.V. (10%)
06 Iberica de Energias, S.A.
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Iberian Hy-Power Amsterdam B.V.
06 Hydro Energy B.V. (90%)
07 Iberica de Energias, S.A.
4.09 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Hydro Energy B.V. (10%)
06 Iberica de Energias, S.A.
07 Electrometalurgica del Ebro, S.A. (91%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Iberian Hy-Power Amsterdam B.V.
06 Hydro Energy B.V. (90%)
07 Iberica de Energias, S.A.
08 Electrometalurgica del Ebro, S.A. (91%)
825
<PAGE>
4.10 LOY YANG B JOINT VENTURE [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
- ---
05A Loy Yang Holdings Pty Ltd
06A Edison Mission Energy Holdings Pty Ltd
07A Edison Mission Energy Australia Ltd
08A Latrobe Power Partnership (1%)
09A Loy Yang B Joint Venture (51%)
- ---
05B Loy Yang Holdings Pty Ltd
06B Latrobe Power Pty Ltd (1%)
07B Mission Victoria Partnership (52.31%)
08B Latrobe Power Partnership (99%)
09B Loy Yang B Joint Venture (51%)
- ---
05C Loy Yang Holdings Pty Ltd
06C Mission Energy Ventures Australia Pty Ltd
07C Mission Victoria Partnership (1%)
08C Latrobe Power Partnership (99%)
09C Loy Yang B Joint Venture (51%)
- ---
05D Loy Yang Holdings Pty Ltd
06D Traralgon Power Pty Ltd (1%)
07D Mission Victoria Partnership (46.69%)
08D Latrobe Power Partnership (99%)
09D Loy Yang B Joint Venture (51%)
- ---
05E Latrobe Power Pty Ltd (99%)
06E Mission Victoria Partnership (52.31%)
07E Latrobe Power Partnership (99%)
08E Loy Yang B Joint Venture (51%)
- ---
05F Traralgon Power Pty Ltd (99%)
06F Mission Victoria Partnership (46.69%)
07F Latrobe Power Partnership (99%)
08F Loy Yang B Joint Venture (51%)
- ---
05G Mission Energy Company (UK) Limited
06G Mission Hydro (UK) Ltd
07G Mission Hydro Limited Partnership (1%)
08G EME Generation Holdings Ltd
09G EME Victoria Generation Ltd
10G Mission Energy Development Australia
Pty Ltd
11G Gippsland Power Pty Ltd
12G Loy Yang B Joint Venture (49%)
- ---
05H MEC Wales B.V. (99%)
06H Mission Hydro Limited Partnership (69%)
07H EME Generation Holdings Ltd
08H EME Victoria Generation Ltd
09H Mission Energy Development Australia
Pty Ltd
10H Gippsland Power Pty Ltd
11H Loy Yang B Joint Venture (49%)
826
<PAGE>
- ---
05I MEC International Holdings B.V.
06I MEC Wales B.V. (1%)
07I Mission Hydro Limited Partnership (69%)
08I EME Generation Holdings Ltd
09I EME Victoria Generation Ltd
10I Mission Energy Development Australia
Pty Ltd
11I Gippsland Power Pty Ltd
12I Loy Yang B Joint Venture (49%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Wales Company
04 Mission Hydro Limited Partnership (30%)
05 EME Generation Holdings Ltd
06 EME Victoria Generation Ltd
07 Mission Energy Development Australia
Pty Ltd
08 Gippsland Power Pty Ltd
09 Loy Yang B Joint Venture (49%)
4.11 P. T. PAITON ENERGY COMPANY [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC Indonesia B.V. (99%)
06 P. T. Paiton Energy Company
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC International Holdings B.V.
06 MEC Indonesia B.V. (1%)
07 P. T. Paiton Energy Company
4.12 ISAB ENERGY, s.r.l. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC Priolo B.V. (99%)
06 ISAB Energy, s.r.l.
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC International Holdings B.V.
06 MEC Priolo B.V. (1%)
07 ISAB Energy, s.r.l.
827
<PAGE>
4.13 FIRST HYDRO COMPANY [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
- ---
05J Mission Energy Company (UK) Limited
06J Mission Hydro (UK) Ltd
07J Mission Hydro Limited Partnership (1%)
08J EME Generation Holdings Ltd
09J First Hydro Holdings Company (99%)
10J First Hydro Company (99%)
- ---
05K Mission Energy Company (UK) Limited
06K Mission Hydro (UK) Ltd
07K Mission Hydro Limited Partnership (1%)
08K EME Generation Holdings Ltd
09K First Hydro Holdings Company (99%)
10K First Hydro Finance plc
11K First Hydro Company (1%)
- ---
05L MEC Wales B.V. (99%)
06L Mission Hydro Limited Partnership (69%)
07L EME Generation Holdings Ltd
08L First Hydro Holdings Company (99%)
09L First Hydro Company (99%)
- ---
05M MEC Wales B.V. (99%)
06M Mission Hydro Limited Partnership (69%)
07M EME Generation Holdings Ltd
08M First Hydro Holdings Company (99%)
09M First Hydro Finance plc
10M First Hydro Company (1%)
- ---
05N MEC International Holdings B.V.
06N MEC Wales B.V. (1%)
07N Mission Hydro Limited Partnership (69%)
08N EME Generation Holdings Ltd
09N First Hydro Holdings Company (99%)
10N First Hydro Company (99%)
- ---
05O MEC International Holdings B.V.
06O MEC Wales B.V. (1%)
07O Mission Hydro Limited Partnership (69%)
08O EME Generation Holdings Ltd
09O First Hydro Holdings Company (99%)
10O First Hydro Finance plc
11O First Hydro Company (1%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Wales Company
04 Mission Hydro Limited Partnership (30%)
05 EME Generation Holdings Ltd
06 First Hydro Holdings Company (99%)
- ---
07 First Hydro Company (99%)
- ---
07 First Hydro Finance plc
08 First Hydro Company (1%)
828
<PAGE>
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Mission Energy Company (UK) Limited
06 Mission Hydro (UK) Ltd
07 First Hydro Holdings Company (1%)
08 First Hydro Company (99%)
- ---
08 First Hydro Finance plc
09 First Hydro Company (1%)
4.14 DERWENT COGENERATION LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Mission Energy Company (UK) Limited
06 Derwent Cogeneration Limited (33%)
4.15 LAKELAND POWER LIMITED [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Mission Energy Company (UK) Limited
06 Pride Hold Limited (99%)
07 Lakeland Power Limited (80%)
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 Pride Hold Limited (1%)
06 Lakeland Power Limited (80%)
4.16 KWINANA POWER PARTNERSHIP [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC Perth B.V. (99%)
06 Kwinana Power Partnership
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 MEC International Holdings B.V.
06 MEC Perth B.V. (1%)
07 Kwinana Power Partnership
829
<PAGE>
4.17 EME TRI GEN B.V. [FUCO]
00 Edison International
01 The Mission Group
02 Edison Mission Energy
03 Mission Energy Holdings International, Inc.
04 MEC International B.V.
05 EME Tri Gen B.V.
06 Tri Energy Company Limited (25%)
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
Exhibit 27 to Edison International Form U-3A-2 for 12/31/98
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<BOOK-VALUE> PER-BOOK
<TOTAL-ASSETS> 24,697,879,000
<TOTAL-OPERATING-REVENUES> 10,207,888,000
<NET-INCOME> 668,164,000
</TABLE>