SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
- ---------------------------------------------
In the Matter of :
:
EUA ENERGY INVESTMENT CORPORATION :
(EUA ENERGY) :
BOSTON, MA : Certificate of
: Notification
: Pursuant to Rule 24,
: Interim Report
:
(70-8617) :
:
(Public Utility Holding Company Act of 1935):
- ---------------------------------------------
In accordance with the terms and conditions of Rule 24 under
the Public Utility Holding Company Act of 1935, and the Orders of
the Commission dated April 16, 1998 Release No. 35-26858, November 14, 1996
Release No. 35-26604, June 21, 1995 Release No. 35-26314 (the "Orders")
authorizing transactions as more fully described in the Application-
Declaration as amended (the "Application"), the undersigned hereby encloses
herewith for filing pursuant to the above-referenced Orders the balance sheet,
the income statement, and the statement of cash flows of BIOTEN Partnership
for the period ended December 31, 1998 and other information required to be
filed by said Orders.
Very truly yours,
EUA ENERGY INVESTMENT CORPORATION
By: /s/ Clifford J. Hebert, Jr.
Clifford J. Hebert, Jr.
Treasurer
Dated: February 26, 1999
BIOTEN GENERAL PARTNERSHIP
FOURTH QUARTER 1998
(i) In June 1998, the BIOTEN Partnership formed a special purpose offshore
company in Mauritius called BIOTEN GPM to serve as a provider in
connection with BIOTEN Partnership's proposed Opportunity in India.
BIOTEN Partnership is currently in the final stage of testing components
necessary to commence full capacity start-up by the end of second quarter
of 1999 at its Tennessee facility. EUA is currently in negotiations with
a third party investor for the restructuring of BIOETN Partnership into a
corporation. EUA intends to transfer its total partnership investment of
$13.5 million at December 31, 1998 into a non-voting preferred interest
in a newly formed corporation. EUA has provided funding through February
28, 1999. EUA BIOTEN has issued a collateralized promissory note to
BIOTEN General Partnership to provide funding through December 31, 1999.
Financial information is provided only through October 31, 1998. EUA
anticipates the restructuring of BIOTEN to be effective November 1, 1998.
(ii) EUA Energy Investment advanced $822,000 in loans to BIOTEN in the fourth
quarter of 1998. On a cumulative basis EUA Energy has invested
$13,852,543 in BIOTEN, which includes amounts funded under the Research
and Development Agreement prior to the formation of the Partnership.
(iii) Services were provided by 3 EUA Service Corporation staff personnel in
the following areas:
a. Marketing and planning
b. Budgeting and funding requirements
c. Construction management & scheduling
(iv) BIOTEN's Financial Statements through October 31, 1998.
BIOTEN GENERAL PARTNERSHIP
CONSOLIDATED CONDENSED BALANCE SHEET
October 31, 1998
(Unaudited)
(In Thousands of Dollars)
ASSETS
Fixed Assets:
Equipment, net $12,728
Land 48
Total fixed Assets 12,776
Current Assets:
Cash and temporary Cash Investments (124)
Prepaid expenses 30
Total Current Assets (94)
Other Assets:
Intangible assets 776
TOTAL ASSETS $13,458
LIABILITIES AND PARTNERSHIP CAPITAL
Current Liabilities:
Due to partners - current maturities $ 255
accrued expenses 1,959
Total Current Liabilities 2,214
Other Liabilities:
Due to partners 7,749
Total Other Liabilities 7,749
Partners' Capital:
Partners' Capital - EUA Bioten 3,420
Partners' Capital - Bioten LLC 75
Total Partners' Capital 3,495
Total Liabilities and Partnership Capital $13,458
BIOTEN GENERAL PARTNERSHIP
CONDENSED INCOME STATEMENT
For the Quarter ended and year to date period ended October 31, 1998
(Unaudited)
(In Thousands of Dollars)
QUARTER ENDED YTD
Operating Income $0 $0
Operating Expenses:
General and Administrative Expenses (22) 562
Total Operating Expenses (22) 562
Operating Income (Loss) 22 (562)
Interest Expense, net 9 83
Net Income (Loss) ($13) ($645)
BIOTEN GENERAL PARTNERSHIP
STATEMENT OF CASH FLOWS
For the Ten Months Ended October 31, 1998
(Unaudited)
(In Thousands of Dollars)
Operating Activities:
Net Income (Loss) $(645)
Net change in current assets and liabilities 753
Net Cash (used in) Operating Activities 108
Investing Activities:
Capital Expenditures (4,001)
Net cash (used in) Investing Activities (4,001)
Financing Activities:
Capital Contributions and working Capital notes 3,616
Net cash provided from Financing Activities 3,616
Net (decrease) in cash (277)
Cash at December 31, 1997 153
Cash at December 31, 1998 ($124)
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